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2022 Annual Report

RiverSource^®

Retirement Advisor Variable Annuity – Band 3

This wrapper contains an annual report that has been produced solely for the purpose of updating RiverSource Life Insurance Company’s financial statements for the fiscal years ended December 31, 2022, and 2021 due to a change in accounting standards.

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ANN9008_12_B02_(10/23)

Issued by: RiverSource Life Insurance Company

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Annual Financial Information

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND

THE CONTRACT OWNERS OF RIVERSOURCE VARIABLE ACCOUNT 10

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Variable Account 10, as indicated in Note 1, offered through RiverSource^® Retirement Advisor Variable Annuity – Band 3 sponsored by RiverSource Life Insurance Company, as of December 31, 2022, 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 Variable Account 10 as of December 31, 2022, 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 Variable Account 10 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 Variable Account 10 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, 2022 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 20, 2023

We have served as the auditor of one or more of the divisions of RiverSource Variable Account 10 since 2010.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			1

Statement of Assets and Liabilities


December 31, 2022	AB VPS Dyn Asset Alloc, Cl B		AB VPS Gro & Inc, Cl B		AB VPS Intl Val, Cl B		AB VPS Sus Gbl Thematic, Cl B		Allspg VT Index Asset Alloc, Cl 2
Assets
Investments, at fair value^(1),(2)	$	8,890,818	$	72,787,590	$	64,851,502	$	7,697,418	$	18,561,500
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		30		15		109,967		181		100
Receivable for share redemptions		8,151		106,390		167,722		6,857		24,884
Total assets		8,898,999		72,893,995		65,129,191		7,704,456		18,586,484

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		8,004		52,872		47,308		6,056		13,033
Contract terminations		147		53,518		120,414		801		11,851
Payable for investments purchased		30		15		109,967		181		100
Total liabilities		8,181		106,405		277,689		7,038		24,984
Net assets applicable to contracts in accumulation period		8,890,064		72,538,785		64,709,541		7,644,008		18,059,446
Net assets applicable to contracts in payment period		—		247,791		141,961		52,587		501,930
Net assets applicable to seed money		754		1,014		—		823		124
Total net assets	$	8,890,818	$	72,787,590	$	64,851,502	$	7,697,418	$	18,561,500
⁽¹⁾ Investment shares		1,126,846		2,566,558		5,027,248		269,235		1,114,136
⁽²⁾ Investments, at cost	$	12,595,569	$	65,801,770	$	76,037,596	$	8,378,107	$	18,484,909

December 31, 2022 (continued)	Allspg VT Intl Eq, Cl 2		Allspg VT Sm Cap Gro, Cl 2		ALPS Alerian Engy Infr, Class III		AC VP Intl, Cl I		AC VP Mid Cap Val, Cl II
Assets
Investments, at fair value^(1),(2)	$	21,236,903	$	71,368,662	$	42,305,667	$	6,232,614	$	40,248,737
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		11,233		46,606		64,361		—		—
Receivable for share redemptions		29,831		117,534		54,459		8,917		68,852
Total assets		21,277,967		71,532,802		42,424,487		6,241,531		40,317,589

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		15,932		59,479		36,308		4,378		31,206
Contract terminations		13,899		58,055		18,151		4,539		37,646
Payable for investments purchased		11,233		46,606		64,361		—		—
Total liabilities		41,064		164,140		118,820		8,917		68,852
Net assets applicable to contracts in accumulation period		21,084,280		71,239,681		42,238,209		6,178,293		40,124,890
Net assets applicable to contracts in payment period		152,623		128,149		66,362		54,321		123,175
Net assets applicable to seed money		—		832		1,096		—		672
Total net assets	$	21,236,903	$	71,368,662	$	42,305,667	$	6,232,614	$	40,248,737
⁽¹⁾ Investment shares		12,347,037		9,452,803		4,273,300		653,999		1,901,216
⁽²⁾ Investments, at cost	$	34,272,836	$	94,935,285	$	40,166,228	$	6,510,960	$	36,417,469

See accompanying notes to financial statements.



2		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Assets and Liabilities


December 31, 2022 (continued)	AC VP Ultra, Cl II		AC VP Val, Cl I		BlackRock Global Alloc, Cl III		Calvert VP SRI Bal, Cl I		Col VP Bal, Cl 3
Assets
Investments, at fair value^(1),(2)	$	36,105,898	$	28,456,286	$	71,676,615	$	19,357,174	$	489,961,560
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		103,347		—		791		821		114,186
Receivable for share redemptions		27,803		24,448		94,497		13,687		551,740
Total assets		36,237,048		28,480,734		71,771,903		19,371,682		490,627,486

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		27,803		19,730		62,080		13,685		421,378
Contract terminations		—		4,718		32,417		2		130,362
Payable for investments purchased		103,347		—		791		821		114,186
Total liabilities		131,150		24,448		95,288		14,508		665,926
Net assets applicable to contracts in accumulation period		35,907,031		28,089,717		71,389,119		19,298,965		485,466,045
Net assets applicable to contracts in payment period		198,867		366,569		287,065		58,209		4,495,457
Net assets applicable to seed money		—		—		431		—		58
Total net assets	$	36,105,898	$	28,456,286	$	71,676,615	$	19,357,174	$	489,961,560
⁽¹⁾ Investment shares		1,932,864		2,285,645		6,038,468		9,351,292		14,075,311
⁽²⁾ Investments, at cost	$	35,918,970	$	19,318,955	$	89,048,756	$	19,242,534	$	327,950,805

December 31, 2022 (continued)	Col VP Commodity Strategy, Cl 2		Col VP Contrarian Core, Cl 2		Col VP Disciplined Core, Cl 3		Col VP Divd Opp, Cl 3		Col VP Emerg Mkts Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	24,622,744	$	114,014,619	$	302,302,150	$	398,252,532	$	9,401,141
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		951		18,843		23,247		39,962		462
Receivable for share redemptions		42,740		100,203		349,367		524,285		11,153
Total assets		24,666,435		114,133,665		302,674,764		398,816,779		9,412,756

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		20,935		97,589		250,499		306,065		7,949
Contract terminations		21,805		2,614		98,868		218,220		3,204
Payable for investments purchased		951		18,843		23,247		39,962		462
Total liabilities		43,691		119,046		372,614		564,247		11,615
Net assets applicable to contracts in accumulation period		24,621,719		113,691,821		298,746,634		395,172,227		9,398,645
Net assets applicable to contracts in payment period		—		322,635		3,555,516		3,080,305		1,669
Net assets applicable to seed money		1,025		163		—		—		827
Total net assets	$	24,622,744	$	114,014,619	$	302,302,150	$	398,252,532	$	9,401,141
⁽¹⁾ Investment shares		4,914,719		3,536,434		4,265,587		10,839,753		1,250,152
⁽²⁾ Investments, at cost	$	28,525,852	$	76,926,580	$	104,668,579	$	143,584,502	$	11,689,326

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			3

Statement of Assets and Liabilities


December 31, 2022 (continued)	Col VP Emer Mkts, Cl 3		Col VP Global Strategic Inc, Cl 3		Col VP Govt Money Mkt, Cl 3		Col VP Hi Yield Bond, Cl 3		Col VP Inc Opp, Cl 3
Assets
Investments, at fair value^(1),(2)	$	71,144,153	$	45,419,507	$	135,591,924	$	118,265,851	$	73,104,368
Dividends receivable		—		—		13,207		—		—
Accounts receivable from RiverSource Life for contract purchase payments		24,470		19,654		157		8,579		21,725
Receivable for share redemptions		57,452		36,352		383,327		104,138		63,199
Total assets		71,226,075		45,475,513		135,988,615		118,378,568		73,189,292

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		57,438		34,996		106,033		91,945		55,526
Contract terminations		14		1,356		277,294		12,193		7,673
Payable for investments purchased		24,470		19,654		157		8,579		21,725
Total liabilities		81,922		56,006		383,484		112,717		84,924
Net assets applicable to contracts in accumulation period		70,923,325		45,122,717		135,147,556		117,237,907		72,718,502
Net assets applicable to contracts in payment period		220,828		296,790		457,575		1,027,944		385,866
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	71,144,153	$	45,419,507	$	135,605,131	$	118,265,851	$	73,104,368
⁽¹⁾ Investment shares		7,975,802		6,238,943		135,591,924		20,603,807		12,103,372
⁽²⁾ Investments, at cost	$	104,159,704	$	62,680,728	$	135,589,987	$	136,332,276	$	98,036,052

December 31, 2022 (continued)	Col VP Inter Bond, Cl 3		Col VP Lg Cap Gro, Cl 3		Col VP Lg Cap Index, Cl 3		Col VP Limited Duration Cr, Cl 2		Col VP Long Govt/Cr Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	218,262,867	$	101,466,597	$	454,455,836	$	74,819,442	$	10,487,401
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		74,395		39,766		37,579		61,774		319
Receivable for share redemptions		169,887		88,038		430,307		63,865		24,504
Total assets		218,507,149		101,594,401		454,923,722		74,945,081		10,512,224

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		167,814		72,305		382,532		62,791		8,782
Contract terminations		2,073		15,733		47,775		1,074		15,722
Payable for investments purchased		74,395		39,766		37,579		61,774		319
Total liabilities		244,282		127,804		467,886		125,639		24,823
Net assets applicable to contracts in accumulation period		216,752,940		100,893,565		452,965,269		74,801,809		10,426,439
Net assets applicable to contracts in payment period		1,509,927		573,032		1,490,432		17,066		60,257
Net assets applicable to seed money		—		—		135		567		705
Total net assets	$	218,262,867	$	101,466,597	$	454,455,836	$	74,819,442	$	10,487,401
⁽¹⁾ Investment shares		26,360,250		3,954,271		14,376,964		8,203,886		1,376,299
⁽²⁾ Investments, at cost	$	276,127,065	$	40,781,839	$	259,663,546	$	78,390,804	$	14,662,256

See accompanying notes to financial statements.



4		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Assets and Liabilities


December 31, 2022 (continued)	Col VP Overseas Core, Cl 3		Col VP Select Lg Cap Val, Cl 3		Col VP Select Mid Cap Gro, Cl 3		Col VP Select Mid Cap Val, Cl 3		Col VP Select Sm Cap Val, Cl 3
Assets
Investments, at fair value^(1),(2)	$	49,412,603	$	50,931,510	$	58,877,623	$	42,797,010	$	29,169,455
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		315		10,245		—		2,029
Receivable for share redemptions		80,316		71,259		127,888		65,460		28,461
Total assets		49,492,919		51,003,084		59,015,756		42,862,470		29,199,945

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		41,678		38,211		49,220		32,361		21,124
Contract terminations		38,638		33,048		78,668		33,099		7,337
Payable for investments purchased		—		315		10,245		—		2,029
Total liabilities		80,316		71,574		138,133		65,460		30,490
Net assets applicable to contracts in accumulation period		48,911,737		50,887,278		58,252,071		42,695,047		29,120,298
Net assets applicable to contracts in payment period		500,866		44,232		625,552		101,963		49,157
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	49,412,603	$	50,931,510	$	58,877,623	$	42,797,010	$	29,169,455
⁽¹⁾ Investment shares		4,212,498		1,409,284		1,650,158		1,300,426		970,374
⁽²⁾ Investments, at cost	$	51,443,586	$	35,033,894	$	25,778,556	$	19,558,401	$	15,680,324

December 31, 2022 (continued)	Col VP US Govt Mtge, Cl 3		CS Commodity Return		CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP Prin Blue Chip Gro, Cl 1		CTIVP Vty Sycamore Estb Val, Cl 3
Assets
Investments, at fair value^(1),(2)	$	40,241,502	$	15,136,544	$	51,672,881	$	92,282,015	$	43,663,526
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		13,970		5,859		11,055		35,262		—
Receivable for share redemptions		30,118		13,929		49,852		86,272		62,940
Total assets		40,285,590		15,156,332		51,733,788		92,403,549		43,726,466

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		30,118		11,545		38,870		69,787		33,174
Contract terminations		—		2,384		10,982		16,485		29,766
Payable for investments purchased		13,970		5,859		11,055		35,262		—
Total liabilities		44,088		19,788		60,907		121,534		62,940
Net assets applicable to contracts in accumulation period		39,985,840		15,135,081		51,556,977		92,053,488		43,540,308
Net assets applicable to contracts in payment period		255,662		1,463		115,904		228,527		123,218
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	40,241,502	$	15,136,544	$	51,672,881	$	92,282,015	$	43,663,526
⁽¹⁾ Investment shares		4,630,783		619,842		10,970,888		2,182,124		1,054,929
⁽²⁾ Investments, at cost	$	47,997,785	$	20,438,418	$	71,335,634	$	49,898,868	$	25,970,268

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			5

Statement of Assets and Liabilities


December 31, 2022 (continued)	Del Ivy VIP Asset Strategy, Cl II		DWS Alt Asset Alloc VIP, Cl B		EV VT Floating-Rate Inc, Init Cl		Fid VIP Contrafund, Serv Cl 2		Fid VIP Gro & Inc, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	12,502,154	$	17,387,662	$	83,654,722	$	416,575,542	$	37,405,330
Dividends receivable		—		—		507,796		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		2,389		153,355		60,682		2,107
Receivable for share redemptions		18,559		15,476		123,033		344,288		28,492
Total assets		12,520,713		17,405,527		84,438,906		416,980,512		37,435,929

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		10,876		14,424		64,671		344,288		25,720
Contract terminations		7,683		1,052		58,362		—		2,772
Payable for investments purchased		—		2,389		661,151		60,682		2,107
Total liabilities		18,559		17,865		784,184		404,970		30,599
Net assets applicable to contracts in accumulation period		12,345,886		17,371,205		83,390,229		415,932,793		37,191,499
Net assets applicable to contracts in payment period		155,364		15,899		254,349		642,109		213,831
Net assets applicable to seed money		904		558		10,144		640		—
Total net assets	$	12,502,154	$	17,387,662	$	83,654,722	$	416,575,542	$	37,405,330
⁽¹⁾ Investment shares		1,592,631		1,339,573		9,911,697		11,400,535		1,576,289
⁽²⁾ Investments, at cost	$	15,911,371	$	18,406,932	$	90,504,509	$	384,665,559	$	27,393,506

December 31, 2022 (continued)	Fid VIP Mid Cap, Serv Cl		Fid VIP Overseas, Serv Cl		Fid VIP Strategic Inc, Serv Cl 2		Frank Global Real Est, Cl 2		Frank Inc, Cl 2
Assets
Investments, at fair value^(1),(2)	$	60,814,675	$	8,317,638	$	147,369,751	$	48,212,512	$	59,977,508
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		75,099		64,906		87,520
Receivable for share redemptions		42,805		7,398		136,497		35,058		104,551
Total assets		60,857,480		8,325,036		147,581,347		48,312,476		60,169,579

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		42,052		5,696		123,062		35,058		51,921
Contract terminations		753		1,702		13,435		—		52,630
Payable for investments purchased		—		—		75,099		64,906		87,520
Total liabilities		42,805		7,398		211,596		99,964		192,071
Net assets applicable to contracts in accumulation period		59,965,089		8,240,390		146,971,535		48,061,534		59,897,517
Net assets applicable to contracts in payment period		849,586		77,248		397,989		150,978		79,468
Net assets applicable to seed money		—		—		227		—		523
Total net assets	$	60,814,675	$	8,317,638	$	147,369,751	$	48,212,512	$	59,977,508
⁽¹⁾ Investment shares		1,885,726		385,433		14,885,833		4,159,837		4,071,793
⁽²⁾ Investments, at cost	$	57,035,609	$	7,646,584	$	168,890,474	$	68,884,006	$	63,079,110

See accompanying notes to financial statements.



6		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Assets and Liabilities


December 31, 2022 (continued)	Frank Sm Cap Val, Cl 2		GS VIT Mid Cap Val, Inst		GS VIT Multi-Strategy Alt, Advisor		GS VIT Sm Cap Eq Insights, Inst		GS VIT U.S. Eq Insights, Inst
Assets
Investments, at fair value^(1),(2)	$	113,286,298	$	106,671,178	$	9,492,903	$	4,208,768	$	85,875,174
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,944		—		1,788		249		14,563
Receivable for share redemptions		151,880		104,290		8,151		2,932		64,583
Total assets		113,442,122		106,775,468		9,502,842		4,211,949		85,954,320

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		90,149		75,103		8,151		2,932		61,814
Contract terminations		61,731		29,187		—		—		2,769
Payable for investments purchased		3,944		—		1,788		249		14,563
Total liabilities		155,824		104,290		9,939		3,181		79,146
Net assets applicable to contracts in accumulation period		113,056,612		105,825,361		9,489,008		4,190,311		85,098,100
Net assets applicable to contracts in payment period		229,225		845,817		3,325		18,457		777,074
Net assets applicable to seed money		461		—		570		—		—
Total net assets	$	113,286,298	$	106,671,178	$	9,492,903	$	4,208,768	$	85,875,174
⁽¹⁾ Investment shares		9,041,205		7,163,948		1,082,429		404,689		5,407,757
⁽²⁾ Investments, at cost	$	133,672,893	$	110,891,954	$	9,975,688	$	5,002,677	$	87,370,618

December 31, 2022 (continued)	Invesco VI Am Fran, Ser I		Invesco VI Bal Risk Alloc, Ser II		Invesco VI Comstock, Ser II		Invesco VI Dis Mid Cap Gro, Ser I		Invesco VI EQV Intl Eq, Ser II
Assets
Investments, at fair value^(1),(2)	$	10,393,050	$	32,128,877	$	95,536,227	$	15,420,735	$	36,629,567
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,684		5,443		45,067		5,044		4,809
Receivable for share redemptions		7,452		64,216		180,059		11,367		45,861
Total assets		10,404,186		32,198,536		95,761,353		15,437,146		36,680,237

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,068		28,011		70,354		10,731		27,105
Contract terminations		384		36,205		109,705		636		18,756
Payable for investments purchased		3,684		5,443		45,067		5,044		4,809
Total liabilities		11,136		69,659		225,126		16,411		50,670
Net assets applicable to contracts in accumulation period		10,373,684		31,921,618		95,313,768		15,342,767		36,529,158
Net assets applicable to contracts in payment period		19,366		206,608		221,877		77,968		100,409
Net assets applicable to seed money		—		651		582		—		—
Total net assets	$	10,393,050	$	32,128,877	$	95,536,227	$	15,420,735	$	36,629,567
⁽¹⁾ Investment shares		242,602		4,031,227		4,717,838		277,801		1,288,866
⁽²⁾ Investments, at cost	$	12,554,420	$	41,978,890	$	72,073,865	$	20,730,665	$	39,739,863

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			7

Statement of Assets and Liabilities


December 31, 2022 (continued)	Invesco VI Global, Ser II		Invesco VI Gbl Strat Inc, Ser II		Invesco VI Hlth, Ser II		Invesco VI Mn St Sm Cap, Ser II		Janus Henderson VIT Bal, Serv
Assets
Investments, at fair value^(1),(2)	$	103,292,568	$	126,018,115	$	36,734,266	$	85,386,232	$	113,815,583
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		43,825		44,696		690		14,394		10,938
Receivable for share redemptions		114,041		175,895		33,455		80,556		165,498
Total assets		103,450,434		126,238,706		36,768,411		85,481,182		113,992,019

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		84,376		96,831		27,628		70,898		99,391
Contract terminations		29,665		79,064		5,827		9,658		66,107
Payable for investments purchased		43,825		44,696		690		14,394		10,938
Total liabilities		157,866		220,591		34,145		94,950		176,436
Net assets applicable to contracts in accumulation period		103,097,506		125,357,581		36,504,656		85,215,301		113,778,153
Net assets applicable to contracts in payment period		194,065		660,059		229,610		170,337		36,480
Net assets applicable to seed money		997		475		—		594		950
Total net assets	$	103,292,568	$	126,018,115	$	36,734,266	$	85,386,232	$	113,815,583
⁽¹⁾ Investment shares		3,408,996		30,962,682		1,587,479		3,784,851		2,679,905
⁽²⁾ Investments, at cost	$	127,692,405	$	159,872,517	$	41,061,517	$	87,718,493	$	113,552,873

December 31, 2022 (continued)	Janus Henderson VIT Enter, Serv		Janus Henderson VIT Flex Bd, Serv		Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Res, Serv
Assets
Investments, at fair value^(1),(2)	$	13,771,867	$	49,951,385	$	22,289,861	$	19,075,426	$	43,310,938
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		188		18,652		30,506		1,748		5,167
Receivable for share redemptions		9,778		41,791		15,313		43,906		35,849
Total assets		13,781,833		50,011,828		22,335,680		19,121,080		43,351,954

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		9,328		41,311		15,313		13,296		35,750
Contract terminations		450		480		—		30,610		99
Payable for investments purchased		188		18,652		30,506		1,748		5,167
Total liabilities		9,966		60,443		45,819		45,654		41,016
Net assets applicable to contracts in accumulation period		13,719,665		49,944,872		22,187,723		18,938,151		43,268,812
Net assets applicable to contracts in payment period		52,202		5,989		101,405		136,104		40,865
Net assets applicable to seed money		—		524		733		1,171		1,261
Total net assets	$	13,771,867	$	49,951,385	$	22,289,861	$	19,075,426	$	43,310,938
⁽¹⁾ Investment shares		219,367		4,545,167		2,141,197		518,918		1,435,563
⁽²⁾ Investments, at cost	$	12,236,576	$	59,111,047	$	23,369,419	$	17,816,574	$	48,048,560

See accompanying notes to financial statements.



8		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Assets and Liabilities


December 31, 2022 (continued)	Lazard Ret Global Dyn MA, Serv		MFS Mass Inv Gro Stock, Serv Cl		MFS New Dis, Serv Cl		MFS Utilities, Serv Cl		MS VIF Dis, Cl II
Assets
Investments, at fair value^(1),(2)	$	11,621,587	$	63,984,791	$	28,557,521	$	153,187,598	$	48,221,137
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		532		2,808		3,700		7,774		124,570
Receivable for share redemptions		10,315		51,655		20,068		134,319		40,819
Total assets		11,632,434		64,039,254		28,581,289		153,329,691		48,386,526

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		10,311		46,890		20,019		121,679		40,819
Contract terminations		4		4,765		49		12,640		—
Payable for investments purchased		532		2,808		3,700		7,774		124,570
Total liabilities		10,847		54,463		23,768		142,093		165,389
Net assets applicable to contracts in accumulation period		11,620,647		63,877,416		28,459,263		152,738,211		48,124,887
Net assets applicable to contracts in payment period		—		107,375		98,258		448,507		95,569
Net assets applicable to seed money		940		—		—		880		681
Total net assets	$	11,621,587	$	63,984,791	$	28,557,521	$	153,187,598	$	48,221,137
⁽¹⁾ Investment shares		1,015,873		3,392,619		3,230,489		4,306,652		17,160,547
⁽²⁾ Investments, at cost	$	13,000,845	$	67,639,700	$	46,385,007	$	126,578,567	$	157,613,502

December 31, 2022 (continued)	MS VIF Global Real Est, Cl II		NB AMT Intl Eq, Cl S		NB AMT US Eq Index PW Strat, Cl S		PIMCO VIT All Asset, Advisor Cl		PIMCO VIT Glb Man As Alloc, Adv Cl
Assets
Investments, at fair value^(1),(2)	$	12,631,559	$	7,668,536	$	7,542,087	$	51,711,024	$	5,604,815
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		7,018		—		214		263		3
Receivable for share redemptions		9,744		11,870		51,234		43,842		5,006
Total assets		12,648,321		7,680,406		7,593,535		51,755,129		5,609,824

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		9,735		5,900		6,475		42,051		5,000
Contract terminations		9		5,970		44,759		1,791		6
Payable for investments purchased		7,018		—		214		263		3
Total liabilities		16,762		11,870		51,448		44,105		5,009
Net assets applicable to contracts in accumulation period		12,587,916		7,667,327		7,539,950		51,276,185		5,601,668
Net assets applicable to contracts in payment period		43,643		1,209		1,246		433,991		2,244
Net assets applicable to seed money		—		—		891		848		903
Total net assets	$	12,631,559	$	7,668,536	$	7,542,087	$	51,711,024	$	5,604,815
⁽¹⁾ Investment shares		1,814,879		1,207,643		919,767		5,903,085		658,615
⁽²⁾ Investments, at cost	$	16,095,422	$	10,417,168	$	8,977,548	$	63,413,418	$	7,647,471

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			9

Statement of Assets and Liabilities


December 31, 2022 (continued)	PIMCO VIT Tot Return, Advisor Cl		Put VT Sus Leaders, Cl IB		Royce Micro-Cap, Invest Cl		Temp Global Bond, Cl 2		Third Ave VST Third Ave Value
Assets
Investments, at fair value^(1),(2)	$	52,772,850	$	29,066,321	$	10,011,437	$	20,670,965	$	10,107,318
Dividends receivable		184,985		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		7,019		6,429		150		2,056		—
Receivable for share redemptions		46,962		20,332		7,488		18,355		31,463
Total assets		53,011,816		29,093,082		10,019,075		20,691,376		10,138,781

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		44,219		20,332		6,921		17,592		6,975
Contract terminations		2,743		—		567		763		24,488
Payable for investments purchased		192,004		6,429		150		2,056		—
Total liabilities		238,966		26,761		7,638		20,411		31,463
Net assets applicable to contracts in accumulation period		52,757,476		28,978,098		9,956,180		20,670,592		9,953,752
Net assets applicable to contracts in payment period		—		86,866		55,257		—		153,566
Net assets applicable to seed money		15,374		1,357		—		373		—
Total net assets	$	52,772,850	$	29,066,321	$	10,011,437	$	20,670,965	$	10,107,318
⁽¹⁾ Investment shares		5,876,709		889,967		1,296,818		1,656,327		477,662
⁽²⁾ Investments, at cost	$	63,250,656	$	27,401,285	$	11,745,808	$	26,334,860	$	7,788,804

December 31, 2022 (continued)	VanEck VIP Global Gold, Cl S		VP Aggr, Cl 2		VP Aggr, Cl 4		VP Conserv, Cl 2		VP Conserv, Cl 4
Assets
Investments, at fair value^(1),(2)	$	27,791,285	$	745,332,291	$	417,888,455	$	453,757,110	$	309,416,320
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,749		4,135		4,271		3,705		—
Receivable for share redemptions		35,930		1,282,683		319,284		421,298		327,329
Total assets		27,829,964		746,619,109		418,212,010		454,182,113		309,743,649

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		24,201		611,686		318,243		382,806		247,979
Contract terminations		11,729		670,997		1,041		38,492		79,350
Payable for investments purchased		2,749		4,135		4,271		3,705		—
Total liabilities		38,679		1,286,818		323,555		425,003		327,329
Net assets applicable to contracts in accumulation period		27,790,130		743,948,619		417,888,455		453,211,322		309,416,269
Net assets applicable to contracts in payment period		—		1,383,519		—		545,684		—
Net assets applicable to seed money		1,155		153		—		104		51
Total net assets	$	27,791,285	$	745,332,291	$	417,888,455	$	453,757,110	$	309,416,320
⁽¹⁾ Investment shares		3,661,566		31,081,413		17,397,521		31,999,796		21,820,615
⁽²⁾ Investments, at cost	$	31,544,610	$	484,894,710	$	202,906,941	$	447,360,817	$	274,344,633

See accompanying notes to financial statements.



10		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Assets and Liabilities


December 31, 2022 (continued)	VP Man Risk, Cl 2		VP Man Risk US, Cl 2		VP Man Vol Conserv, Cl 2		VP Man Vol Conserv Gro, Cl 2		VP Man Vol Gro, Cl 2
Assets
Investments, at fair value^(1),(2)	$	209,643,363	$	338,221,212	$	548,638,965	$	1,094,440,598	$	9,852,364,491
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		518		—		91,659		76,081
Receivable for share redemptions		196,358		313,352		647,463		1,171,902		9,855,328
Total assets		209,839,721		338,535,082		549,286,428		1,095,704,159		9,862,295,900

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		170,701		273,892		455,899		917,516		8,022,357
Contract terminations		25,657		39,460		191,564		254,386		1,832,971
Payable for investments purchased		—		518		—		91,659		76,081
Total liabilities		196,358		313,870		647,463		1,263,561		9,931,409
Net assets applicable to contracts in accumulation period		209,589,246		337,948,619		548,475,254		1,094,047,821		9,851,311,175
Net assets applicable to contracts in payment period		53,917		272,354		163,425		392,663		1,053,199
Net assets applicable to seed money		200		239		286		114		117
Total net assets	$	209,643,363	$	338,221,212	$	548,638,965	$	1,094,440,598	$	9,852,364,491
⁽¹⁾ Investment shares		18,618,416		27,475,322		46,416,156		85,303,242		656,386,708
⁽²⁾ Investments, at cost	$	204,650,372	$	327,623,839	$	560,331,368	$	986,906,793	$	7,943,034,499

December 31, 2022 (continued)	VP Man Vol Mod Gro, Cl 2		VP Mod, Cl 2		VP Mod, Cl 4		VP Mod Aggr, Cl 2		VP Mod Aggr, Cl 4
Assets
Investments, at fair value^(1),(2)	$	11,208,243,941	$	6,245,287,406	$	4,942,959,274	$	2,119,615,610	$	1,312,157,046
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		551		10,028		1,563		521,687		18,934
Receivable for share redemptions		11,316,637		6,350,678		4,756,076		2,582,192		1,040,704
Total assets		11,219,561,129		6,251,648,112		4,947,716,913		2,122,719,489		1,313,216,684

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		9,297,248		5,128,566		3,850,321		1,740,940		1,002,882
Contract terminations		2,019,389		1,222,112		905,755		841,252		37,822
Payable for investments purchased		551		10,028		1,563		521,687		18,934
Total liabilities		11,317,188		6,360,706		4,757,639		3,103,879		1,059,638
Net assets applicable to contracts in accumulation period		11,207,604,433		6,241,070,557		4,942,959,274		2,118,292,738		1,312,157,046
Net assets applicable to contracts in payment period		639,368		4,216,753		—		1,322,801		—
Net assets applicable to seed money		140		96		—		71		—
Total net assets	$	11,208,243,941	$	6,245,287,406	$	4,942,959,274	$	2,119,615,610	$	1,312,157,046
⁽¹⁾ Investment shares		735,449,077		329,045,701		260,018,899		99,232,941		61,315,750
⁽²⁾ Investments, at cost	$	8,664,330,381	$	4,171,673,093	$	2,651,539,930	$	1,297,130,581	$	644,164,404

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			11

Statement of Assets and Liabilities


December 31, 2022 (continued)	VP Mod Conserv, Cl 2		VP Mod Conserv, Cl 4		VP Ptnrs Core Eq, Cl 3		VP Ptnrs Sm Cap Val, Cl 3		VP US Flex Conserv Gro, Cl 2
Assets
Investments, at fair value^(1),(2)	$	1,025,805,453	$	843,639,695	$	17,356,032	$	47,331,726	$	282,912,330
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		57,550		2,185		3,679		—		75
Receivable for share redemptions		946,233		734,269		13,124		50,901		275,977
Total assets		1,026,809,236		844,376,149		17,372,835		47,382,627		283,188,382

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		866,667		672,235		13,106		33,812		236,972
Contract terminations		79,566		62,034		18		17,089		39,005
Payable for investments purchased		57,550		2,185		3,679		—		75
Total liabilities		1,003,783		736,454		16,803		50,901		276,052
Net assets applicable to contracts in accumulation period		1,024,805,840		843,639,695		17,334,316		47,069,845		282,774,693
Net assets applicable to contracts in payment period		999,544		—		21,716		261,881		137,360
Net assets applicable to seed money		69		—		—		—		277
Total net assets	$	1,025,805,453	$	843,639,695	$	17,356,032	$	47,331,726	$	282,912,330
⁽¹⁾ Investment shares		62,625,486		51,410,097		590,140		1,472,215		23,694,500
⁽²⁾ Investments, at cost	$	831,818,651	$	564,996,248	$	6,944,545	$	22,406,572	$	284,720,314

December 31, 2022 (continued)	VP US Flex Gro, Cl 2		VP US Flex Mod Gro, Cl 2		Wanger Acorn		Wanger Intl		WA Var Global Hi Yd Bond, Cl II
Assets
Investments, at fair value^(1),(2)	$	3,322,897,778	$	1,742,584,184	$	147,223,126	$	100,085,453	$	10,760,413
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		100		—		57,369		6,509		78
Receivable for share redemptions		3,193,086		1,615,944		116,539		128,049		13,351
Total assets		3,326,090,964		1,744,200,128		147,397,034		100,220,011		10,773,842

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,703,156		1,430,109		107,299		73,706		9,503
Contract terminations		489,930		185,835		9,240		54,343		3,848
Payable for investments purchased		100		—		57,369		6,509		78
Total liabilities		3,193,186		1,615,944		173,908		134,558		13,429
Net assets applicable to contracts in accumulation period		3,322,897,637		1,742,315,708		146,664,557		99,775,898		10,759,648
Net assets applicable to contracts in payment period		—		268,363		558,107		308,925		—
Net assets applicable to seed money		141		113		462		630		765
Total net assets	$	3,322,897,778	$	1,742,584,184	$	147,223,126	$	100,085,453	$	10,760,413
⁽¹⁾ Investment shares		238,542,554		134,251,478		13,445,034		5,725,712		1,793,402
⁽²⁾ Investments, at cost	$	3,036,463,631	$	1,611,619,273	$	271,323,234	$	143,302,226	$	13,240,857

See accompanying notes to financial statements.



12		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Operations


Year ended December 31, 2022	AB VPS Dyn Asset Alloc, Cl B			AB VPS Gro & Inc, Cl B			AB VPS Intl Val, Cl B			AB VPS Sus Gbl Thematic, Cl B			Allspg VT Index Asset Alloc, Cl 2
Investment income
Dividend income	$	247,321		$	819,713		$	2,781,396		$	—		$	130,296
Variable account expenses		105,113			653,167			592,675			79,939			175,250
Investment income (loss) — net		142,208			166,546			2,188,721			(79,939	)		(44,954	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,339,915			9,295,905			7,564,627			1,928,881			2,261,655
Cost of investments sold		1,368,533			7,527,034			8,574,692			1,831,086			2,002,265
Net realized gain (loss) on sales of investments		(28,618	)		1,768,871			(1,010,065	)		97,795			259,390
Distributions from capital gains		3,139,433			12,145,689			—			909,965			2,388,319
Net change in unrealized appreciation or depreciation of investments		(5,489,637	)		(18,467,069	)		(12,857,394	)		(4,060,706	)		(6,902,765	)
Net gain (loss) on investments		(2,378,822	)		(4,552,509	)		(13,867,459	)		(3,052,946	)		(4,255,056	)
Net increase (decrease) in net assets resulting from operations	$	(2,236,614	)	$	(4,385,963	)	$	(11,678,738	)	$	(3,132,885	)	$	(4,300,010	)

Year ended December 31, 2022 (continued)	Allspg VT Intl Eq, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III			AC VP Intl, Cl I			AC VP Mid Cap Val, Cl II
Investment income
Dividend income	$	819,736		$	—		$	1,846,741		$	103,552		$	856,595
Variable account expenses		203,933			832,274			404,237			57,639			380,596
Investment income (loss) — net		615,803			(832,274	)		1,442,504			45,913			475,999

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,380,826			15,806,345			5,463,549			954,095			5,943,436
Cost of investments sold		5,341,053			17,117,924			4,887,706			940,698			5,142,727
Net realized gain (loss) on sales of investments		(1,960,227	)		(1,311,579	)		575,843			13,397			800,709
Distributions from capital gains		—			14,078,742			—			1,089,967			5,462,523
Net change in unrealized appreciation or depreciation of investments		(1,966,346	)		(53,586,450	)		2,724,142			(3,504,847	)		(7,748,949	)
Net gain (loss) on investments		(3,926,573	)		(40,819,287	)		3,299,985			(2,401,483	)		(1,485,717	)
Net increase (decrease) in net assets resulting from operations	$	(3,310,770	)	$	(41,651,561	)	$	4,742,489		$	(2,355,570	)	$	(1,009,718	)

Year ended December 31, 2022 (continued)	AC VP Ultra, Cl II			AC VP Val, Cl I			BlackRock Global Alloc, Cl III			Calvert VP SRI Bal, Cl I			Col VP Bal, Cl 3
Investment income
Dividend income	$	—		$	612,560		$	—		$	249,786		$	—
Variable account expenses		401,601			242,553			819,874			180,311			5,667,745
Investment income (loss) — net		(401,601	)		370,007			(819,874	)		69,475			(5,667,745	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,848,243			3,707,365			11,601,183			3,320,517			66,497,787
Cost of investments sold		6,359,100			2,432,529			13,696,353			2,828,951			41,998,793
Net realized gain (loss) on sales of investments		1,489,143			1,274,836			(2,095,170	)		491,566			24,498,994
Distributions from capital gains		4,903,698			2,350,156			1,214,202			1,980,801			—
Net change in unrealized appreciation or depreciation of investments		(25,033,247	)		(4,107,048	)		(13,871,502	)		(6,571,833	)		(129,741,871	)
Net gain (loss) on investments		(18,640,406	)		(482,056	)		(14,752,470	)		(4,099,466	)		(105,242,877	)
Net increase (decrease) in net assets resulting from operations	$	(19,042,007	)	$	(112,049	)	$	(15,572,344	)	$	(4,029,991	)	$	(110,910,622	)

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			13

Statement of Operations


Year ended December 31, 2022 (continued)	Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2
Investment income
Dividend income	$	6,050,576		$	—		$	—		$	—		$	416,164
Variable account expenses		217,242			1,273,410			3,375,895			3,765,145			103,978
Investment income (loss) — net		5,833,334			(1,273,410	)		(3,375,895	)		(3,765,145	)		312,186

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,230,030			15,480,050			35,931,279			38,935,984			3,232,620
Cost of investments sold		3,285,772			9,298,902			11,725,794			13,937,084			3,833,699
Net realized gain (loss) on sales of investments		(55,742	)		6,181,148			24,205,485			24,998,900			(601,079	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(4,757,238	)		(32,995,668	)		(99,350,460	)		(30,525,369	)		(1,910,395	)
Net gain (loss) on investments		(4,812,980	)		(26,814,520	)		(75,144,975	)		(5,526,469	)		(2,511,474	)
Net increase (decrease) in net assets resulting from operations	$	1,020,354		$	(28,087,930	)	$	(78,520,870	)	$	(9,291,614	)	$	(2,199,288	)

Year ended December 31, 2022 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 3
Investment income
Dividend income	$	—		$	1,725,745		$	1,565,087		$	6,635,918		$	4,151,478
Variable account expenses		806,813			468,072			1,210,799			1,222,788			736,660
Investment income (loss) — net		(806,813	)		1,257,673			354,288			5,413,130			3,414,818

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		11,901,881			7,970,366			39,607,893			20,275,299			13,231,348
Cost of investments sold		14,218,467			10,483,949			39,607,371			22,092,789			16,672,266
Net realized gain (loss) on sales of investments		(2,316,586	)		(2,513,583	)		522			(1,817,490	)		(3,440,918	)
Distributions from capital gains		24,565,511			—			—			915,434			2,846,426
Net change in unrealized appreciation or depreciation of investments		(60,150,237	)		(7,067,054	)		(521	)		(21,720,233	)		(12,976,127	)
Net gain (loss) on investments		(37,901,312	)		(9,580,637	)		1			(22,622,289	)		(13,570,619	)
Net increase (decrease) in net assets resulting from operations	$	(38,708,125	)	$	(8,322,964	)	$	354,289		$	(17,209,159	)	$	(10,155,801	)

Year ended December 31, 2022 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 3			Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2
Investment income
Dividend income	$	7,501,910		$	—		$	—		$	352,791		$	291,318
Variable account expenses		2,300,101			1,044,931			5,000,673			693,740			124,448
Investment income (loss) — net		5,201,809			(1,044,931	)		(5,000,673	)		(340,949	)		166,870

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		43,652,302			17,924,652			57,851,322			14,605,972			4,421,779
Cost of investments sold		50,345,637			6,502,722			30,794,047			15,220,290			5,347,632
Net realized gain (loss) on sales of investments		(6,693,335	)		11,421,930			27,057,275			(614,318	)		(925,853	)
Distributions from capital gains		162,126			—			—			—			360,214
Net change in unrealized appreciation or depreciation of investments		(50,380,220	)		(62,192,739	)		(134,908,925	)		(4,022,767	)		(4,164,409	)
Net gain (loss) on investments		(56,911,429	)		(50,770,809	)		(107,851,650	)		(4,637,085	)		(4,730,048	)
Net increase (decrease) in net assets resulting from operations	$	(51,709,620	)	$	(51,815,740	)	$	(112,852,323	)	$	(4,978,034	)	$	(4,563,178	)

See accompanying notes to financial statements.



14		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Operations


Year ended December 31, 2022 (continued)	Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 3
Investment income
Dividend income	$	417,101		$	—		$	—		$	—		$	—
Variable account expenses		531,046			433,602			671,354			408,017			273,218
Investment income (loss) — net		(113,945	)		(433,602	)		(671,354	)		(408,017	)		(273,218	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,717,888			6,374,042			9,457,529			5,335,070			3,754,088
Cost of investments sold		5,695,065			4,207,387			3,908,558			2,351,184			1,885,911
Net realized gain (loss) on sales of investments		22,823			2,166,655			5,548,971			2,983,886			1,868,177
Distributions from capital gains		3,886,452			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(13,610,610	)		(2,971,233	)		(34,474,655	)		(7,757,129	)		(7,188,560	)
Net gain (loss) on investments		(9,701,335	)		(804,578	)		(28,925,684	)		(4,773,243	)		(5,320,383	)
Net increase (decrease) in net assets resulting from operations	$	(9,815,280	)	$	(1,238,180	)	$	(29,597,038	)	$	(5,181,260	)	$	(5,593,601	)

Year ended December 31, 2022 (continued)	Col VP US Govt Mtge, Cl 3			CS Commodity Return			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Vty Sycamore Estb Val, Cl 3
Investment income
Dividend income	$	911,799		$	2,433,880		$	2,655,756		$	—		$	—
Variable account expenses		415,642			146,455			540,054			980,443			395,757
Investment income (loss) — net		496,157			2,287,425			2,115,702			(980,443	)		(395,757	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		9,532,654			3,009,136			10,119,351			14,838,785			5,582,013
Cost of investments sold		10,560,531			3,855,071			12,442,858			6,988,089			3,224,253
Net realized gain (loss) on sales of investments		(1,027,877	)		(845,935	)		(2,323,507	)		7,850,696			2,357,760
Distributions from capital gains		—			—			1,093,085			—			—
Net change in unrealized appreciation or depreciation of investments		(7,308,581	)		309,591			(13,171,199	)		(46,637,263	)		(3,644,519	)
Net gain (loss) on investments		(8,336,458	)		(536,344	)		(14,401,621	)		(38,786,567	)		(1,286,759	)
Net increase (decrease) in net assets resulting from operations	$	(7,840,301	)	$	1,751,081		$	(12,285,919	)	$	(39,767,010	)	$	(1,682,516	)

Year ended December 31, 2022 (continued)	Del Ivy VIP Asset Strategy, Cl II			DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl
Investment income
Dividend income	$	207,301		$	1,095,538		$	3,872,499		$	1,226,882		$	606,127
Variable account expenses		142,612			166,043			773,334			4,678,243			323,482
Investment income (loss) — net		64,689			929,495			3,099,165			(3,451,361	)		282,645

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,341,676			1,964,277			9,845,082			56,644,794			3,795,566
Cost of investments sold		2,801,542			1,975,431			10,487,880			45,108,598			2,628,810
Net realized gain (loss) on sales of investments		(459,866	)		(11,154	)		(642,798	)		11,536,196			1,166,756
Distributions from capital gains		1,068,972			15,948			—			23,241,274			773,681
Net change in unrealized appreciation or depreciation of investments		(3,197,647	)		(2,418,917	)		(5,565,569	)		(196,028,409	)		(4,676,180	)
Net gain (loss) on investments		(2,588,541	)		(2,414,123	)		(6,208,367	)		(161,250,939	)		(2,735,743	)
Net increase (decrease) in net assets resulting from operations	$	(2,523,852	)	$	(1,484,628	)	$	(3,109,202	)	$	(164,702,300	)	$	(2,453,098	)

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			15

Statement of Operations


Year ended December 31, 2022 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Overseas, Serv Cl			Fid VIP Strategic Inc, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 2
Investment income
Dividend income	$	258,536		$	86,077		$	5,334,152		$	1,361,061		$	2,887,106
Variable account expenses		541,640			74,202			1,587,438			494,323			631,560
Investment income (loss) — net		(283,104	)		11,875			3,746,714			866,738			2,255,546

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,674,724			887,818			24,837,686			6,298,449			9,380,764
Cost of investments sold		5,757,365			781,659			26,939,552			7,709,165			9,392,389
Net realized gain (loss) on sales of investments		917,359			106,159			(2,101,866	)		(1,410,716	)		(11,625	)
Distributions from capital gains		4,293,440			85,742			168,709			4,068,379			1,171,891
Net change in unrealized appreciation or depreciation of investments		(16,997,512	)		(3,199,783	)		(23,680,415	)		(21,902,271	)		(7,454,821	)
Net gain (loss) on investments		(11,786,713	)		(3,007,882	)		(25,613,572	)		(19,244,608	)		(6,294,555	)
Net increase (decrease) in net assets resulting from operations	$	(12,069,817	)	$	(2,996,007	)	$	(21,866,858	)	$	(18,377,870	)	$	(4,039,009	)

Year ended December 31, 2022 (continued)	Frank Sm Cap Val, Cl 2			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Sm Cap Eq Insights, Inst			GS VIT U.S. Eq Insights, Inst
Investment income
Dividend income	$	1,180,976		$	766,650		$	298,768		$	14,403		$	770,402
Variable account expenses		1,136,794			963,539			90,421			38,925			840,230
Investment income (loss) — net		44,182			(196,889	)		208,347			(24,522	)		(69,828	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		14,262,286			13,108,794			1,399,048			638,726			12,397,820
Cost of investments sold		15,446,825			11,583,153			1,424,990			707,277			11,623,318
Net realized gain (loss) on sales of investments		(1,184,539	)		1,525,641			(25,942	)		(68,551	)		774,502
Distributions from capital gains		22,286,507			16,486,966			—			48,295			490,403
Net change in unrealized appreciation or depreciation of investments		(35,864,250	)		(31,833,295	)		(843,280	)		(1,101,852	)		(25,034,190	)
Net gain (loss) on investments		(14,762,282	)		(13,820,688	)		(869,222	)		(1,122,108	)		(23,769,285	)
Net increase (decrease) in net assets resulting from operations	$	(14,718,100	)	$	(14,017,577	)	$	(660,875	)	$	(1,146,630	)	$	(23,839,113	)

Year ended December 31, 2022 (continued)	Invesco VI Am Fran, Ser I			Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI EQV Intl Eq, Ser II
Investment income
Dividend income	$	—		$	2,541,192		$	1,309,341		$	—		$	554,551
Variable account expenses		100,285			362,421			865,569			148,261			352,837
Investment income (loss) — net		(100,285	)		2,178,771			443,772			(148,261	)		201,714

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,031,114			4,890,316			14,626,892			2,619,776			4,936,790
Cost of investments sold		843,487			5,449,478			10,559,228			2,560,009			4,707,674
Net realized gain (loss) on sales of investments		187,627			(559,162	)		4,067,664			59,767			229,116
Distributions from capital gains		3,191,572			1,229,448			2,985,642			4,738,747			4,337,898
Net change in unrealized appreciation or depreciation of investments		(8,314,427	)		(8,638,965	)		(7,761,378	)		(12,446,557	)		(14,184,549	)
Net gain (loss) on investments		(4,935,228	)		(7,968,679	)		(708,072	)		(7,648,043	)		(9,617,535	)
Net increase (decrease) in net assets resulting from operations	$	(5,035,513	)	$	(5,789,908	)	$	(264,300	)	$	(7,796,304	)	$	(9,415,821	)

See accompanying notes to financial statements.



16		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Operations


Year ended December 31, 2022 (continued)	Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Mn St Sm Cap, Ser II			Janus Henderson VIT Bal, Serv
Investment income
Dividend income	$	—		$	—		$	—		$	231,993		$	1,182,599
Variable account expenses		1,173,354			1,272,127			341,519			925,357			1,270,033
Investment income (loss) — net		(1,173,354	)		(1,272,127	)		(341,519	)		(693,364	)		(87,434	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		18,558,625			22,068,324			5,847,126			14,804,183			16,202,938
Cost of investments sold		18,172,419			27,475,706			5,872,522			13,142,963			15,236,159
Net realized gain (loss) on sales of investments		386,206			(5,407,382	)		(25,396	)		1,661,220			966,779
Distributions from capital gains		20,604,273			—			5,485,983			10,870,048			3,608,990
Net change in unrealized appreciation or depreciation of investments		(73,989,728	)		(13,494,406	)		(11,780,913	)		(30,484,081	)		(28,983,212	)
Net gain (loss) on investments		(52,999,249	)		(18,901,788	)		(6,320,326	)		(17,952,813	)		(24,407,443	)
Net increase (decrease) in net assets resulting from operations	$	(54,172,603	)	$	(20,173,915	)	$	(6,661,845	)	$	(18,646,177	)	$	(24,494,877	)

Year ended December 31, 2022 (continued)	Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv
Investment income
Dividend income	$	12,111		$	1,069,219		$	—		$	323,086		$	—
Variable account expenses		122,301			545,169			225,093			159,099			498,493
Investment income (loss) — net		(110,190	)		524,050			(225,093	)		163,987			(498,493	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,917,458			11,019,978			5,336,070			2,335,893			7,049,148
Cost of investments sold		1,469,224			12,131,699			4,143,493			2,187,779			6,430,160
Net realized gain (loss) on sales of investments		448,234			(1,111,721	)		1,192,577			148,114			618,988
Distributions from capital gains		2,652,366			916,457			4,994,140			—			9,389,258
Net change in unrealized appreciation or depreciation of investments		(6,022,365	)		(9,466,231	)		(20,786,413	)		(2,367,995	)		(29,823,009	)
Net gain (loss) on investments		(2,921,765	)		(9,661,495	)		(14,599,696	)		(2,219,881	)		(19,814,763	)
Net increase (decrease) in net assets resulting from operations	$	(3,031,955	)	$	(9,137,445	)	$	(14,824,789	)	$	(2,055,894	)	$	(20,313,256	)

Year ended December 31, 2022 (continued)	Lazard Ret Global Dyn MA, Serv			MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II
Investment income
Dividend income	$	11,175		$	—		$	—		$	3,369,644		$	—
Variable account expenses		145,269			612,966			272,760			1,456,071			699,554
Investment income (loss) — net		(134,094	)		(612,966	)		(272,760	)		1,913,573			(699,554	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,544,160			8,027,595			3,810,188			15,087,850			13,425,704
Cost of investments sold		3,760,480			7,271,021			4,804,150			12,087,514			26,205,297
Net realized gain (loss) on sales of investments		(216,320	)		756,574			(993,962	)		3,000,336			(12,779,593	)
Distributions from capital gains		755,885			9,506,603			11,467,750			5,924,621			32,662,701
Net change in unrealized appreciation or depreciation of investments		(3,543,174	)		(26,496,366	)		(23,718,192	)		(11,715,812	)		(100,731,236	)
Net gain (loss) on investments		(3,003,609	)		(16,233,189	)		(13,244,404	)		(2,790,855	)		(80,848,128	)
Net increase (decrease) in net assets resulting from operations	$	(3,137,703	)	$	(16,846,155	)	$	(13,517,164	)	$	(877,282	)	$	(81,547,682	)

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			17

Statement of Operations


Year ended December 31, 2022 (continued)	MS VIF Global Real Est, Cl II			NB AMT Intl Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S			PIMCO VIT All Asset, Advisor Cl			PIMCO VIT Glb Man As Alloc, Adv Cl
Investment income
Dividend income	$	668,657		$	129,957		$	—		$	4,185,544		$	115,730
Variable account expenses		139,798			77,413			73,593			538,376			65,381
Investment income (loss) — net		528,859			52,544			(73,593	)		3,647,168			50,349

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,486,642			1,170,343			822,994			6,837,654			693,447
Cost of investments sold		2,678,039			1,149,623			854,841			7,614,796			813,829
Net realized gain (loss) on sales of investments		(191,397	)		20,720			(31,847	)		(777,142	)		(120,382	)
Distributions from capital gains		591,577			3,282,684			1,349,030			4,500,582			1,077,979
Net change in unrealized appreciation or depreciation of investments		(5,877,371	)		(5,876,053	)		(2,154,459	)		(15,202,572	)		(2,403,669	)
Net gain (loss) on investments		(5,477,191	)		(2,572,649	)		(837,276	)		(11,479,132	)		(1,446,072	)
Net increase (decrease) in net assets resulting from operations	$	(4,948,332	)	$	(2,520,105	)	$	(910,869	)	$	(7,831,964	)	$	(1,395,723	)

Year ended December 31, 2022 (continued)	PIMCO VIT Tot Return, Advisor Cl			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value
Investment income
Dividend income	$	1,348,408		$	176,656		$	—		$	—		$	144,518
Variable account expenses		551,877			269,218			90,528			224,881			81,148
Investment income (loss) — net		796,531			(92,562	)		(90,528	)		(224,881	)		63,370

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		11,723,100			5,640,877			1,356,826			4,350,211			1,165,623
Cost of investments sold		13,246,280			4,732,365			1,121,745			5,540,156			959,390
Net realized gain (loss) on sales of investments		(1,523,180	)		908,512			235,081			(1,189,945	)		206,233
Distributions from capital gains		—			4,915,568			3,267,391			—			—
Net change in unrealized appreciation or depreciation of investments		(8,506,581	)		(15,213,008	)		(6,692,815	)		(18,145	)		1,120,659
Net gain (loss) on investments		(10,029,761	)		(9,388,928	)		(3,190,343	)		(1,208,090	)		1,326,892
Net increase (decrease) in net assets resulting from operations	$	(9,233,230	)	$	(9,481,490	)	$	(3,280,871	)	$	(1,432,971	)	$	1,390,262

Year ended December 31, 2022 (continued)	VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 2			VP Conserv, Cl 4
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		288,689			8,037,126			4,208,036			5,003,306			3,357,770
Investment income (loss) — net		(288,689	)		(8,037,126	)		(4,208,036	)		(5,003,306	)		(3,357,770	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,327,004			136,100,815			50,228,073			93,532,784			66,534,523
Cost of investments sold		5,756,696			78,548,321			22,877,663			86,439,829			55,672,238
Net realized gain (loss) on sales of investments		(429,692	)		57,552,494			27,350,410			7,092,955			10,862,285
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(3,918,963	)		(233,845,523	)		(127,037,561	)		(94,183,209	)		(73,130,353	)
Net gain (loss) on investments		(4,348,655	)		(176,293,029	)		(99,687,151	)		(87,090,254	)		(62,268,068	)
Net increase (decrease) in net assets resulting from operations	$	(4,637,344	)	$	(184,330,155	)	$	(103,895,187	)	$	(92,093,560	)	$	(65,625,838	)

See accompanying notes to financial statements.



18		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Operations


Year ended December 31, 2022 (continued)	VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		2,249,770			3,249,101			5,914,400			12,343,695			106,289,118
Investment income (loss) — net		(2,249,770	)		(3,249,101	)		(5,914,400	)		(12,343,695	)		(106,289,118	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		20,970,437			18,614,013			110,448,067			166,631,940			775,032,016
Cost of investments sold		19,692,531			17,134,882			106,038,583			142,252,631			588,991,623
Net realized gain (loss) on sales of investments		1,277,906			1,479,131			4,409,484			24,379,309			186,040,393
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(47,682,193	)		(63,757,481	)		(110,908,401	)		(268,324,706	)		(2,699,396,473	)
Net gain (loss) on investments		(46,404,287	)		(62,278,350	)		(106,498,917	)		(243,945,397	)		(2,513,356,080	)
Net increase (decrease) in net assets resulting from operations	$	(48,654,057	)	$	(65,527,451	)	$	(112,413,317	)	$	(256,289,092	)	$	(2,619,645,198	)

Year ended December 31, 2022 (continued)	VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		124,361,538			66,871,661			51,545,684			23,622,703			13,566,570
Investment income (loss) — net		(124,361,538	)		(66,871,661	)		(51,545,684	)		(23,622,703	)		(13,566,570	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,134,214,512			505,896,225			642,594,180			443,170,520			209,690,079
Cost of investments sold		834,471,725			324,300,614			328,146,290			245,504,501			96,971,527
Net realized gain (loss) on sales of investments		299,742,787			181,595,611			314,447,890			197,666,019			112,718,552
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(2,968,538,341	)		(1,482,814,832	)		(1,387,251,880	)		(702,476,866	)		(422,560,131	)
Net gain (loss) on investments		(2,668,795,554	)		(1,301,219,221	)		(1,072,803,990	)		(504,810,847	)		(309,841,579	)
Net increase (decrease) in net assets resulting from operations	$	(2,793,157,092	)	$	(1,368,090,882	)	$	(1,124,349,674	)	$	(528,433,550	)	$	(323,408,149	)

Year ended December 31, 2022 (continued)	VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		11,609,979			9,139,565			175,895			444,122			3,013,981
Investment income (loss) — net		(11,609,979	)		(9,139,565	)		(175,895	)		(444,122	)		(3,013,981	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		165,244,889			149,764,040			2,544,707			6,172,918			47,079,497
Cost of investments sold		126,721,551			94,837,986			962,382			2,822,212			44,861,464
Net realized gain (loss) on sales of investments		38,523,338			54,926,054			1,582,325			3,350,706			2,218,033
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(251,565,641	)		(234,885,744	)		(5,608,448	)		(11,082,463	)		(58,883,882	)
Net gain (loss) on investments		(213,042,303	)		(179,959,690	)		(4,026,123	)		(7,731,757	)		(56,665,849	)
Net increase (decrease) in net assets resulting from operations	$	(224,652,282	)	$	(189,099,255	)	$	(4,202,018	)	$	(8,175,879	)	$	(59,679,830	)

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			19

Statement of Operations


Year ended December 31, 2022 (continued)	VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Investment income
Dividend income	$	—		$	—		$	—		$	1,035,330		$	701,894
Variable account expenses		34,581,394			18,507,801			1,500,367			1,000,034			119,679
Investment income (loss) — net		(34,581,394	)		(18,507,801	)		(1,500,367	)		35,296			582,215

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		133,872,663			122,449,020			21,226,451			15,322,576			1,444,988
Cost of investments sold		115,456,051			107,929,475			32,553,610			19,082,200			1,636,492
Net realized gain (loss) on sales of investments		18,416,612			14,519,545			(11,327,159	)		(3,759,624	)		(191,504	)
Distributions from capital gains		—			—			60,652,447			20,477,078			—
Net change in unrealized appreciation or depreciation of investments		(785,071,659	)		(393,616,718	)		(130,030,971	)		(73,329,368	)		(2,273,185	)
Net gain (loss) on investments		(766,655,047	)		(379,097,173	)		(80,705,683	)		(56,611,914	)		(2,464,689	)
Net increase (decrease) in net assets resulting from operations	$	(801,236,441	)	$	(397,604,974	)	$	(82,206,050	)	$	(56,576,618	)	$	(1,882,474	)

See accompanying notes to financial statements.



20		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022	AB VPS Dyn Asset Alloc, Cl B			AB VPS Gro & Inc, Cl B			AB VPS Intl Val, Cl B			AB VPS Sus Gbl Thematic, Cl B			Allspg VT Index Asset Alloc, Cl 2
Operations
Investment income (loss) — net	$	142,208		$	166,546		$	2,188,721		$	(79,939	)	$	(44,954	)
Net realized gain (loss) on sales of investments		(28,618	)		1,768,871			(1,010,065	)		97,795			259,390
Distributions from capital gains		3,139,433			12,145,689			—			909,965			2,388,319
Net change in unrealized appreciation or depreciation of investments		(5,489,637	)		(18,467,069	)		(12,857,394	)		(4,060,706	)		(6,902,765	)
Net increase (decrease) in net assets resulting from operations		(2,236,614	)		(4,385,963	)		(11,678,738	)		(3,132,885	)		(4,300,010	)

Contract transactions
Contract purchase payments		374,778			1,650,583			794,409			167,881			88,733
Net transfers⁽¹⁾		(709,184	)		(1,226,808	)		440,699			(395,358	)		(356,660	)
Transfers for policy loans		—			26,820			63,479			3,180			2,775
Adjustments to net assets allocated to contracts in payment period		—			(32,913	)		17,261			(3,297	)		(45,065	)
Contract charges		(3,260	)		(49,846	)		(87,519	)		(5,953	)		(12,909	)
Contract terminations:
Surrender benefits		(312,302	)		(5,224,981	)		(5,156,878	)		(539,449	)		(1,185,691	)
Death benefits		(72,875	)		(809,134	)		(803,608	)		(41,232	)		(477,661	)
Increase (decrease) from transactions		(722,843	)		(5,666,279	)		(4,732,157	)		(814,228	)		(1,986,478	)
Net assets at beginning of year		11,850,275			82,839,832			81,262,397			11,644,531			24,847,988
Net assets at end of year	$	8,890,818		$	72,787,590		$	64,851,502		$	7,697,418		$	18,561,500

Accumulation unit activity
Units outstanding at beginning of year		8,157,136			23,359,333			46,915,184			3,296,179			6,569,790
Units purchased		321,215			687,049			1,067,618			214,742			28,257
Units redeemed		(872,477	)		(2,277,584	)		(4,250,150	)		(446,110	)		(636,051	)
Units outstanding at end of year		7,605,874			21,768,798			43,732,652			3,064,811			5,961,996

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			21

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Allspg VT Intl Eq, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III			AC VP Intl, Cl I			AC VP Mid Cap Val, Cl II
Operations
Investment income (loss) — net	$	615,803		$	(832,274	)	$	1,442,504		$	45,913		$	475,999
Net realized gain (loss) on sales of investments		(1,960,227	)		(1,311,579	)		575,843			13,397			800,709
Distributions from capital gains		—			14,078,742			—			1,089,967			5,462,523
Net change in unrealized appreciation or depreciation of investments		(1,966,346	)		(53,586,450	)		2,724,142			(3,504,847	)		(7,748,949	)
Net increase (decrease) in net assets resulting from operations		(3,310,770	)		(41,651,561	)		4,742,489			(2,355,570	)		(1,009,718	)

Contract transactions
Contract purchase payments		254,857			2,516,798			1,981,619			49,678			1,164,764
Net transfers⁽¹⁾		69,717			(4,800,626	)		8,562,234			(276,579	)		1,361,593
Transfers for policy loans		9,174			(2,893	)		(48,961	)		13,579			(5,274	)
Adjustments to net assets allocated to contracts in payment period		(12,721	)		(17,277	)		(6,657	)		(4,477	)		(17,418	)
Contract charges		(26,452	)		(40,517	)		(17,424	)		(1,711	)		(22,173	)
Contract terminations:
Surrender benefits		(1,692,720	)		(5,517,350	)		(2,107,384	)		(443,512	)		(3,312,634	)
Death benefits		(336,868	)		(1,152,712	)		(507,579	)		(89,691	)		(681,070	)
Increase (decrease) from transactions		(1,735,013	)		(9,014,577	)		7,855,848			(752,713	)		(1,512,212	)
Net assets at beginning of year		26,282,686			122,034,800			29,707,330			9,340,897			42,770,667
Net assets at end of year	$	21,236,903		$	71,368,662		$	42,305,667		$	6,232,614		$	40,248,737

Accumulation unit activity
Units outstanding at beginning of year		14,752,496			21,888,208			31,011,401			3,596,752			12,840,911
Units purchased		439,801			665,638			9,450,037			31,847			904,355
Units redeemed		(1,586,024	)		(2,844,276	)		(2,416,151	)		(411,230	)		(1,296,791	)
Units outstanding at end of year		13,606,273			19,709,570			38,045,287			3,217,369			12,448,475

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

See accompanying notes to financial statements.



22		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	AC VP Ultra, Cl II			AC VP Val, Cl I			BlackRock Global Alloc, Cl III			Calvert VP SRI Bal, Cl I			Col VP Bal, Cl 3
Operations
Investment income (loss) — net	$	(401,601	)	$	370,007		$	(819,874	)	$	69,475		$	(5,667,745	)
Net realized gain (loss) on sales of investments		1,489,143			1,274,836			(2,095,170	)		491,566			24,498,994
Distributions from capital gains		4,903,698			2,350,156			1,214,202			1,980,801			—
Net change in unrealized appreciation or depreciation of investments		(25,033,247	)		(4,107,048	)		(13,871,502	)		(6,571,833	)		(129,741,871	)
Net increase (decrease) in net assets resulting from operations		(19,042,007	)		(112,049	)		(15,572,344	)		(4,029,991	)		(110,910,622	)

Contract transactions
Contract purchase payments		305,072			204,558			4,599,452			97,487			3,542,582
Net transfers⁽¹⁾		(2,052,296	)		549,723			(3,124,386	)		(700,217	)		4,408,714
Transfers for policy loans		4,677			10,778			5,905			15,969			17,147
Adjustments to net assets allocated to contracts in payment period		(12,484	)		(32,185	)		(37,409	)		(4,520	)		296,144
Contract charges		(29,468	)		(5,987	)		(30,937	)		(17,783	)		(273,506	)
Contract terminations:
Surrender benefits		(2,696,279	)		(2,188,984	)		(4,474,486	)		(1,542,082	)		(35,968,511	)
Death benefits		(373,386	)		(821,000	)		(1,831,584	)		(236,252	)		(14,866,758	)
Increase (decrease) from transactions		(4,854,164	)		(2,283,097	)		(4,893,445	)		(2,387,398	)		(42,844,188	)
Net assets at beginning of year		60,002,069			30,851,432			92,142,404			25,774,563			643,716,370
Net assets at end of year	$	36,105,898		$	28,456,286		$	71,676,615		$	19,357,174		$	489,961,560

Accumulation unit activity
Units outstanding at beginning of year		9,890,390			6,246,189			51,484,473			9,171,894			198,848,512
Units purchased		107,930			157,472			2,898,244			114,757			3,453,074
Units redeemed		(1,101,470	)		(625,307	)		(6,151,305	)		(1,062,132	)		(19,132,512	)
Units outstanding at end of year		8,896,850			5,778,354			48,231,412			8,224,519			183,169,074

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			23

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2
Operations
Investment income (loss) — net	$	5,833,334		$	(1,273,410	)	$	(3,375,895	)	$	(3,765,145	)	$	312,186
Net realized gain (loss) on sales of investments		(55,742	)		6,181,148			24,205,485			24,998,900			(601,079	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(4,757,238	)		(32,995,668	)		(99,350,460	)		(30,525,369	)		(1,910,395	)
Net increase (decrease) in net assets resulting from operations		1,020,354			(28,087,930	)		(78,520,870	)		(9,291,614	)		(2,199,288	)

Contract transactions
Contract purchase payments		2,153,928			7,874,497			1,997,005			2,683,512			690,398
Net transfers⁽¹⁾		11,329,932			(317,296	)		(5,401,646	)		7,145,549			(1,669,446	)
Transfers for policy loans		(2,002	)		(7,687	)		171,170			66,030			1,451
Adjustments to net assets allocated to contracts in payment period		—			(39,802	)		(554,688	)		(183,194	)		(292	)
Contract charges		(6,380	)		(78,319	)		(304,458	)		(308,861	)		(3,696	)
Contract terminations:
Surrender benefits		(706,770	)		(7,137,984	)		(22,098,187	)		(28,595,190	)		(594,151	)
Death benefits		(182,473	)		(1,604,944	)		(4,725,042	)		(6,111,367	)		(153,871	)
Increase (decrease) from transactions		12,586,235			(1,311,535	)		(30,915,846	)		(25,303,521	)		(1,729,607	)
Net assets at beginning of year		11,016,155			143,414,084			411,738,866			432,847,667			13,330,036
Net assets at end of year	$	24,622,744		$	114,014,619		$	302,302,150		$	398,252,532		$	9,401,141

Accumulation unit activity
Units outstanding at beginning of year		15,751,668			46,001,392			105,497,931			112,747,565			11,854,409
Units purchased		15,232,875			3,672,388			826,015			3,196,762			709,305
Units redeemed		(1,075,892	)		(4,044,175	)		(10,003,753	)		(9,489,113	)		(2,475,528	)
Units outstanding at end of year		29,908,651			45,629,605			96,320,193			106,455,214			10,088,186

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

See accompanying notes to financial statements.



24		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 3
Operations
Investment income (loss) — net	$	(806,813	)	$	1,257,673		$	354,288		$	5,413,130		$	3,414,818
Net realized gain (loss) on sales of investments		(2,316,586	)		(2,513,583	)		522			(1,817,490	)		(3,440,918	)
Distributions from capital gains		24,565,511			—			—			915,434			2,846,426
Net change in unrealized appreciation or depreciation of investments		(60,150,237	)		(7,067,054	)		(521	)		(21,720,233	)		(12,976,127	)
Net increase (decrease) in net assets resulting from operations		(38,708,125	)		(8,322,964	)		354,289			(17,209,159	)		(10,155,801	)

Contract transactions
Contract purchase payments		964,679			261,920			2,151,673			649,744			387,315
Net transfers⁽¹⁾		(1,628,758	)		(1,223,664	)		49,565,781			(5,302,494	)		(3,282,378	)
Transfers for policy loans		35,009			7,657			86,066			16,040			21,241
Adjustments to net assets allocated to contracts in payment period		(29,039	)		(36,106	)		(39,240	)		(139,155	)		(19,109	)
Contract charges		(82,321	)		(80,218	)		(110,550	)		(84,088	)		(121,675	)
Contract terminations:
Surrender benefits		(5,791,803	)		(4,084,429	)		(25,148,879	)		(10,518,713	)		(6,720,879	)
Death benefits		(965,320	)		(1,081,580	)		(1,643,778	)		(2,540,791	)		(1,712,716	)
Increase (decrease) from transactions		(7,497,553	)		(6,236,420	)		24,861,073			(17,919,457	)		(11,448,201	)
Net assets at beginning of year		117,349,831			59,978,891			110,389,769			153,394,467			94,708,370
Net assets at end of year	$	71,144,153		$	45,419,507		$	135,605,131		$	118,265,851		$	73,104,368

Accumulation unit activity
Units outstanding at beginning of year		35,030,758			35,881,569			101,435,080			50,238,066			37,713,907
Units purchased		468,941			448,867			49,367,346			245,183			192,779
Units redeemed		(3,577,942	)		(4,515,493	)		(25,023,448	)		(6,692,808	)		(5,174,657	)
Units outstanding at end of year		31,921,757			31,814,943			125,778,978			43,790,441			32,732,029

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			25

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 3			Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2
Operations
Investment income (loss) — net	$	5,201,809		$	(1,044,931	)	$	(5,000,673	)	$	(340,949	)	$	166,870
Net realized gain (loss) on sales of investments		(6,693,335	)		11,421,930			27,057,275			(614,318	)		(925,853	)
Distributions from capital gains		162,126			—			—			—			360,214
Net change in unrealized appreciation or depreciation of investments		(50,380,220	)		(62,192,739	)		(134,908,925	)		(4,022,767	)		(4,164,409	)
Net increase (decrease) in net assets resulting from operations		(51,709,620	)		(51,815,740	)		(112,852,323	)		(4,978,034	)		(4,563,178	)

Contract transactions
Contract purchase payments		1,211,600			720,111			4,627,024			9,329,578			361,923
Net transfers⁽¹⁾		(11,175,330	)		(4,262,390	)		6,990,579			8,580,789			(1,815,943	)
Transfers for policy loans		23,534			81,034			28,464			135			1,537
Adjustments to net assets allocated to contracts in payment period		(196,640	)		9,088			(131,300	)		(2,942	)		(31,753	)
Contract charges		(296,414	)		(95,703	)		(214,291	)		(35,024	)		(4,583	)
Contract terminations:
Surrender benefits		(19,991,335	)		(9,490,856	)		(31,274,221	)		(5,011,715	)		(626,523	)
Death benefits		(5,751,004	)		(1,737,024	)		(8,541,080	)		(1,278,178	)		(289,881	)
Increase (decrease) from transactions		(36,175,589	)		(14,775,740	)		(28,514,825	)		11,582,643			(2,405,223	)
Net assets at beginning of year		306,148,076			168,058,077			595,822,984			68,214,833			17,455,802
Net assets at end of year	$	218,262,867		$	101,466,597		$	454,455,836		$	74,819,442		$	10,487,401

Accumulation unit activity
Units outstanding at beginning of year		145,682,426			47,378,391			149,902,952			59,734,656			12,912,109
Units purchased		679,319			275,581			4,624,360			17,952,113			388,063
Units redeemed		(19,968,864	)		(5,538,876	)		(12,701,261	)		(7,212,263	)		(2,453,779	)
Units outstanding at end of year		126,392,881			42,115,096			141,826,051			70,474,506			10,846,393

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

See accompanying notes to financial statements.



26		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 3
Operations
Investment income (loss) — net	$	(113,945	)	$	(433,602	)	$	(671,354	)	$	(408,017	)	$	(273,218	)
Net realized gain (loss) on sales of investments		22,823			2,166,655			5,548,971			2,983,886			1,868,177
Distributions from capital gains		3,886,452			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(13,610,610	)		(2,971,233	)		(34,474,655	)		(7,757,129	)		(7,188,560	)
Net increase (decrease) in net assets resulting from operations		(9,815,280	)		(1,238,180	)		(29,597,038	)		(5,181,260	)		(5,593,601	)

Contract transactions
Contract purchase payments		577,845			483,492			440,027			307,263			275,219
Net transfers⁽¹⁾		(400,204	)		7,979,887			(1,963,149	)		1,890,954			1,056,758
Transfers for policy loans		24,946			11,512			37,235			3,697			6,028
Adjustments to net assets allocated to contracts in payment period		(58,805	)		(14,009	)		(67,560	)		(9,236	)		12,574
Contract charges		(36,194	)		(26,006	)		(43,176	)		(32,367	)		(22,656	)
Contract terminations:
Surrender benefits		(3,206,067	)		(3,001,118	)		(4,840,881	)		(3,116,464	)		(1,997,793	)
Death benefits		(673,956	)		(461,468	)		(878,705	)		(818,593	)		(605,886	)
Increase (decrease) from transactions		(3,772,435	)		4,972,290			(7,316,209	)		(1,774,746	)		(1,275,756	)
Net assets at beginning of year		63,000,318			47,197,400			95,790,870			49,753,016			36,038,812
Net assets at end of year	$	49,412,603		$	50,931,510		$	58,877,623		$	42,797,010		$	29,169,455

Accumulation unit activity
Units outstanding at beginning of year		32,569,313			12,549,129			22,031,826			13,270,259			8,094,303
Units purchased		553,605			2,408,390			177,362			640,532			372,168
Units redeemed		(2,853,850	)		(982,341	)		(2,321,088	)		(1,167,268	)		(661,484	)
Units outstanding at end of year		30,269,068			13,975,178			19,888,100			12,743,523			7,804,987

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			27

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP US Govt Mtge, Cl 3			CS Commodity Return			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Vty Sycamore Estb Val, Cl 3
Operations
Investment income (loss) — net	$	496,157		$	2,287,425		$	2,115,702		$	(980,443	)	$	(395,757	)
Net realized gain (loss) on sales of investments		(1,027,877	)		(845,935	)		(2,323,507	)		7,850,696			2,357,760
Distributions from capital gains		—			—			1,093,085			—			—
Net change in unrealized appreciation or depreciation of investments		(7,308,581	)		309,591			(13,171,199	)		(46,637,263	)		(3,644,519	)
Net increase (decrease) in net assets resulting from operations		(7,840,301	)		1,751,081			(12,285,919	)		(39,767,010	)		(1,682,516	)

Contract transactions
Contract purchase payments		232,170			270,876			188,305			767,611			344,704
Net transfers⁽¹⁾		(2,385,764	)		1,872,725			(67,013	)		(3,451,136	)		2,287,214
Transfers for policy loans		54,600			(2,469	)		(722	)		(14,820	)		5,010
Adjustments to net assets allocated to contracts in payment period		(2,183	)		(625	)		(27,115	)		(17,022	)		(21,929	)
Contract charges		(31,620	)		(9,190	)		(145,828	)		(90,887	)		(26,431	)
Contract terminations:
Surrender benefits		(3,991,793	)		(1,240,367	)		(4,659,949	)		(8,212,984	)		(2,993,043	)
Death benefits		(1,141,493	)		(110,858	)		(1,292,451	)		(1,106,385	)		(407,167	)
Increase (decrease) from transactions		(7,266,083	)		780,092			(6,004,773	)		(12,125,623	)		(811,642	)
Net assets at beginning of year		55,347,886			12,605,371			69,963,573			144,174,648			46,157,684
Net assets at end of year	$	40,241,502		$	15,136,544		$	51,672,881		$	92,282,015		$	43,663,526

Accumulation unit activity
Units outstanding at beginning of year		37,438,717			21,049,825			39,790,907			53,190,388			10,177,816
Units purchased		221,992			2,914,705			443,935			390,040			725,254
Units redeemed		(5,677,014	)		(1,971,961	)		(4,225,395	)		(5,856,303	)		(893,129	)
Units outstanding at end of year		31,983,695			21,992,569			36,009,447			47,724,125			10,009,941

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

See accompanying notes to financial statements.



28		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Del Ivy VIP Asset Strategy, Cl II			DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl
Operations
Investment income (loss) — net	$	64,689		$	929,495		$	3,099,165		$	(3,451,361	)	$	282,645
Net realized gain (loss) on sales of investments		(459,866	)		(11,154	)		(642,798	)		11,536,196			1,166,756
Distributions from capital gains		1,068,972			15,948			—			23,241,274			773,681
Net change in unrealized appreciation or depreciation of investments		(3,197,647	)		(2,418,917	)		(5,565,569	)		(196,028,409	)		(4,676,180	)
Net increase (decrease) in net assets resulting from operations		(2,523,852	)		(1,484,628	)		(3,109,202	)		(164,702,300	)		(2,453,098	)

Contract transactions
Contract purchase payments		357,282			1,578,986			2,937,367			15,760,354			175,302
Net transfers⁽¹⁾		(518,351	)		3,173,994			12,313,920			(14,768,194	)		(109,063	)
Transfers for policy loans		444			4,538			3,685			5,063			28,779
Adjustments to net assets allocated to contracts in payment period		(18,411	)		(1,820	)		(45,426	)		(76,920	)		(38,599	)
Contract charges		(5,499	)		(6,510	)		(65,740	)		(224,639	)		(9,855	)
Contract terminations:
Surrender benefits		(827,121	)		(742,655	)		(6,337,571	)		(32,800,620	)		(2,508,731	)
Death benefits		(199,214	)		(141,206	)		(1,428,548	)		(5,069,240	)		(397,058	)
Increase (decrease) from transactions		(1,210,870	)		3,865,327			7,377,687			(37,174,196	)		(2,859,225	)
Net assets at beginning of year		16,236,876			15,006,963			79,386,237			618,452,038			42,717,653
Net assets at end of year	$	12,502,154		$	17,387,662		$	83,654,722		$	416,575,542		$	37,405,330

Accumulation unit activity
Units outstanding at beginning of year		10,018,715			12,269,192			52,306,854			143,617,443			11,781,550
Units purchased		373,493			4,088,243			10,367,578			4,662,425			86,303
Units redeemed		(1,247,484	)		(802,439	)		(5,352,426	)		(15,250,786	)		(909,363	)
Units outstanding at end of year		9,144,724			15,554,996			57,322,006			133,029,082			10,958,490

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			29

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Overseas, Serv Cl			Fid VIP Strategic Inc, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 2
Operations
Investment income (loss) — net	$	(283,104	)	$	11,875		$	3,746,714		$	866,738		$	2,255,546
Net realized gain (loss) on sales of investments		917,359			106,159			(2,101,866	)		(1,410,716	)		(11,625	)
Distributions from capital gains		4,293,440			85,742			168,709			4,068,379			1,171,891
Net change in unrealized appreciation or depreciation of investments		(16,997,512	)		(3,199,783	)		(23,680,415	)		(21,902,271	)		(7,454,821	)
Net increase (decrease) in net assets resulting from operations		(12,069,817	)		(2,996,007	)		(21,866,858	)		(18,377,870	)		(4,039,009	)

Contract transactions
Contract purchase payments		322,845			75,109			7,333,267			551,594			2,382,586
Net transfers⁽¹⁾		(1,527,210	)		(92,159	)		(1,994,703	)		455,224			9,009,832
Transfers for policy loans		13,846			16,026			(17,527	)		13,162			(879	)
Adjustments to net assets allocated to contracts in payment period		(111,281	)		(15,047	)		(63,745	)		(27,542	)		(12,645	)
Contract charges		(16,579	)		(2,333	)		(51,930	)		(46,180	)		(22,331	)
Contract terminations:
Surrender benefits		(4,024,053	)		(535,655	)		(10,699,639	)		(4,048,852	)		(6,229,024	)
Death benefits		(754,131	)		(99,261	)		(2,473,727	)		(1,013,374	)		(1,148,319	)
Increase (decrease) from transactions		(6,096,563	)		(653,320	)		(7,968,004	)		(4,115,968	)		3,979,220
Net assets at beginning of year		78,981,055			11,966,965			177,204,613			70,706,350			60,037,297
Net assets at end of year	$	60,814,675		$	8,317,638		$	147,369,751		$	48,212,512		$	59,977,508

Accumulation unit activity
Units outstanding at beginning of year		7,266,156			4,659,753			138,729,752			23,528,263			38,475,361
Units purchased		35,904			45,664			7,513,227			661,919			7,561,191
Units redeemed		(672,179	)		(375,004	)		(14,471,701	)		(2,126,636	)		(4,996,623	)
Units outstanding at end of year		6,629,881			4,330,413			131,771,278			22,063,546			41,039,929

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

See accompanying notes to financial statements.



30		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Frank Sm Cap Val, Cl 2			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Sm Cap Eq Insights, Inst			GS VIT U.S. Eq Insights, Inst
Operations
Investment income (loss) — net	$	44,182		$	(196,889	)	$	208,347		$	(24,522	)	$	(69,828	)
Net realized gain (loss) on sales of investments		(1,184,539	)		1,525,641			(25,942	)		(68,551	)		774,502
Distributions from capital gains		22,286,507			16,486,966			—			48,295			490,403
Net change in unrealized appreciation or depreciation of investments		(35,864,250	)		(31,833,295	)		(843,280	)		(1,101,852	)		(25,034,190	)
Net increase (decrease) in net assets resulting from operations		(14,718,100	)		(14,017,577	)		(660,875	)		(1,146,630	)		(23,839,113	)

Contract transactions
Contract purchase payments		2,922,746			546,678			253,603			29,863			417,450
Net transfers⁽¹⁾		1,064,111			(1,420,503	)		2,232,437			(84,054	)		(3,028,711	)
Transfers for policy loans		9,673			10,207			(368	)		12,343			11,565
Adjustments to net assets allocated to contracts in payment period		(27,134	)		(109,397	)		(266	)		(2,394	)		(98,799	)
Contract charges		(60,919	)		(105,119	)		(2,953	)		(1,326	)		(133,917	)
Contract terminations:
Surrender benefits		(8,381,659	)		(8,235,172	)		(266,040	)		(442,474	)		(6,597,384	)
Death benefits		(1,861,465	)		(1,911,299	)		(119,224	)		(34,797	)		(1,315,420	)
Increase (decrease) from transactions		(6,334,647	)		(11,224,605	)		2,097,189			(522,839	)		(10,745,216	)
Net assets at beginning of year		134,339,045			131,913,360			8,056,589			5,878,237			120,459,503
Net assets at end of year	$	113,286,298		$	106,671,178		$	9,492,903		$	4,208,768		$	85,875,174

Accumulation unit activity
Units outstanding at beginning of year		26,793,810			16,894,010			7,939,938			1,088,178			29,415,216
Units purchased		1,060,558			81,884			2,628,358			9,107			121,371
Units redeemed		(2,456,562	)		(1,660,229	)		(431,892	)		(122,595	)		(3,185,029	)
Units outstanding at end of year		25,397,806			15,315,665			10,136,404			974,690			26,351,558

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			31

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Am Fran, Ser I			Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI EQV Intl Eq, Ser II
Operations
Investment income (loss) — net	$	(100,285	)	$	2,178,771		$	443,772		$	(148,261	)	$	201,714
Net realized gain (loss) on sales of investments		187,627			(559,162	)		4,067,664			59,767			229,116
Distributions from capital gains		3,191,572			1,229,448			2,985,642			4,738,747			4,337,898
Net change in unrealized appreciation or depreciation of investments		(8,314,427	)		(8,638,965	)		(7,761,378	)		(12,446,557	)		(14,184,549	)
Net increase (decrease) in net assets resulting from operations		(5,035,513	)		(5,789,908	)		(264,300	)		(7,796,304	)		(9,415,821	)

Contract transactions
Contract purchase payments		50,005			1,631,992			1,130,576			104,220			368,237
Net transfers⁽¹⁾		(171,231	)		1,704,566			1,275,394			(876,960	)		(921,481	)
Transfers for policy loans		10,053			(9,014	)		(7	)		16,542			35,356
Adjustments to net assets allocated to contracts in payment period		(2,058	)		(24,329	)		(98,829	)		(10,289	)		(10,511	)
Contract charges		(4,082	)		(12,941	)		(194,314	)		(8,629	)		(34,744	)
Contract terminations:
Surrender benefits		(555,493	)		(1,474,687	)		(7,316,867	)		(1,127,046	)		(2,737,426	)
Death benefits		(106,224	)		(1,373,137	)		(1,717,188	)		(214,161	)		(514,420	)
Increase (decrease) from transactions		(779,030	)		442,450			(6,921,235	)		(2,116,323	)		(3,814,989	)
Net assets at beginning of year		16,207,593			37,476,335			102,721,762			25,333,362			49,860,377
Net assets at end of year	$	10,393,050		$	32,128,877		$	95,536,227		$	15,420,735		$	36,629,567

Accumulation unit activity
Units outstanding at beginning of year		4,116,948			25,889,609			29,782,171			14,159,472			20,910,263
Units purchased		19,833			2,728,991			1,148,604			125,140			206,663
Units redeemed		(272,318	)		(2,382,482	)		(3,012,440	)		(1,690,582	)		(2,113,905	)
Units outstanding at end of year		3,864,463			26,236,118			27,918,335			12,594,030			19,003,021

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

See accompanying notes to financial statements.



32		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Mn St Sm Cap, Ser II			Janus Henderson VIT Bal, Serv
Operations
Investment income (loss) — net	$	(1,173,354	)	$	(1,272,127	)	$	(341,519	)	$	(693,364	)	$	(87,434	)
Net realized gain (loss) on sales of investments		386,206			(5,407,382	)		(25,396	)		1,661,220			966,779
Distributions from capital gains		20,604,273			—			5,485,983			10,870,048			3,608,990
Net change in unrealized appreciation or depreciation of investments		(73,989,728	)		(13,494,406	)		(11,780,913	)		(30,484,081	)		(28,983,212	)
Net increase (decrease) in net assets resulting from operations		(54,172,603	)		(20,173,915	)		(6,661,845	)		(18,646,177	)		(24,494,877	)

Contract transactions
Contract purchase payments		3,037,501			1,117,638			421,927			2,802,651			10,193,316
Net transfers⁽¹⁾		(2,910,895	)		(5,515,116	)		(850,665	)		(1,520,729	)		365,263
Transfers for policy loans		15,313			19,464			10,390			13,622			12,078
Adjustments to net assets allocated to contracts in payment period		(41,600	)		(110,107	)		79,526			(6,206	)		(7,209	)
Contract charges		(67,204	)		(175,869	)		(21,185	)		(44,784	)		(39,533	)
Contract terminations:
Surrender benefits		(9,474,361	)		(10,974,543	)		(2,601,257	)		(9,037,577	)		(7,518,842	)
Death benefits		(1,623,422	)		(2,927,847	)		(309,104	)		(820,074	)		(1,933,252	)
Increase (decrease) from transactions		(11,064,668	)		(18,566,380	)		(3,270,368	)		(8,613,097	)		1,071,821
Net assets at beginning of year		168,529,839			164,758,410			46,666,479			112,645,506			137,238,639
Net assets at end of year	$	103,292,568		$	126,018,115		$	36,734,266		$	85,386,232		$	113,815,583

Accumulation unit activity
Units outstanding at beginning of year		41,188,115			98,263,411			12,804,720			26,167,724			87,751,802
Units purchased		1,216,951			821,935			211,864			849,478			10,396,899
Units redeemed		(4,853,364	)		(13,101,718	)		(1,293,021	)		(3,118,712	)		(9,933,428	)
Units outstanding at end of year		37,551,702			85,983,628			11,723,563			23,898,490			88,215,273

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			33

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv
Operations
Investment income (loss) — net	$	(110,190	)	$	524,050		$	(225,093	)	$	163,987		$	(498,493	)
Net realized gain (loss) on sales of investments		448,234			(1,111,721	)		1,192,577			148,114			618,988
Distributions from capital gains		2,652,366			916,457			4,994,140			—			9,389,258
Net change in unrealized appreciation or depreciation of investments		(6,022,365	)		(9,466,231	)		(20,786,413	)		(2,367,995	)		(29,823,009	)
Net increase (decrease) in net assets resulting from operations		(3,031,955	)		(9,137,445	)		(14,824,789	)		(2,055,894	)		(20,313,256	)

Contract transactions
Contract purchase payments		85,639			2,014,115			495,152			573,249			1,435,582
Net transfers⁽¹⁾		(374,021	)		(2,940,769	)		(2,664,020	)		598,782			(1,106,847	)
Transfers for policy loans		12,448			(3,778	)		(8,696	)		10,228			12,272
Adjustments to net assets allocated to contracts in payment period		(6,326	)		(4,535	)		(17,007	)		(9,017	)		(8,001	)
Contract charges		(4,709	)		(16,653	)		(10,581	)		(9,274	)		(47,464	)
Contract terminations:
Surrender benefits		(1,198,586	)		(3,945,851	)		(1,797,133	)		(1,576,539	)		(2,927,640	)
Death benefits		(80,541	)		(719,048	)		(202,690	)		(83,235	)		(647,602	)
Increase (decrease) from transactions		(1,566,096	)		(5,616,519	)		(4,204,975	)		(495,806	)		(3,289,700	)
Net assets at beginning of year		18,369,918			64,705,349			41,319,625			21,627,126			66,913,894
Net assets at end of year	$	13,771,867		$	49,951,385		$	22,289,861		$	19,075,426		$	43,310,938

Accumulation unit activity
Units outstanding at beginning of year		5,925,669			54,881,528			11,041,930			10,885,861			16,791,771
Units purchased		36,342			2,353,147			342,864			912,056			532,457
Units redeemed		(619,272	)		(7,519,342	)		(1,734,787	)		(1,129,475	)		(1,611,758	)
Units outstanding at end of year		5,342,739			49,715,333			9,650,007			10,668,442			15,712,470

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

See accompanying notes to financial statements.



34		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Lazard Ret Global Dyn MA, Serv			MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II
Operations
Investment income (loss) — net	$	(134,094	)	$	(612,966	)	$	(272,760	)	$	1,913,573		$	(699,554	)
Net realized gain (loss) on sales of investments		(216,320	)		756,574			(993,962	)		3,000,336			(12,779,593	)
Distributions from capital gains		755,885			9,506,603			11,467,750			5,924,621			32,662,701
Net change in unrealized appreciation or depreciation of investments		(3,543,174	)		(26,496,366	)		(23,718,192	)		(11,715,812	)		(100,731,236	)
Net increase (decrease) in net assets resulting from operations		(3,137,703	)		(16,846,155	)		(13,517,164	)		(877,282	)		(81,547,682	)

Contract transactions
Contract purchase payments		680,916			451,934			174,037			3,884,667			4,019,386
Net transfers⁽¹⁾		(1,211,732	)		(50,600	)		(1,164,766	)		8,869,444			769,815
Transfers for policy loans		(1,256	)		511			20,012			(8,407	)		13,018
Adjustments to net assets allocated to contracts in payment period		—			(15,783	)		(20,505	)		39,136			(11,840	)
Contract charges		(5,691	)		(31,862	)		(20,534	)		(87,857	)		(36,106	)
Contract terminations:
Surrender benefits		(511,443	)		(3,510,294	)		(1,781,656	)		(10,104,496	)		(3,967,495	)
Death benefits		(1,274,181	)		(830,294	)		(180,592	)		(2,885,663	)		(830,150	)
Increase (decrease) from transactions		(2,323,387	)		(3,986,388	)		(2,974,004	)		(293,176	)		(43,372	)
Net assets at beginning of year		17,082,677			84,817,334			45,048,689			154,358,056			129,812,191
Net assets at end of year	$	11,621,587		$	63,984,791		$	28,557,521		$	153,187,598		$	48,221,137

Accumulation unit activity
Units outstanding at beginning of year		10,498,130			31,273,080			9,510,893			35,893,819			18,789,944
Units purchased		612,603			542,815			53,920			3,068,578			1,949,398
Units redeemed		(2,380,124	)		(2,265,414	)		(876,869	)		(3,237,081	)		(1,611,820	)
Units outstanding at end of year		8,730,609			29,550,481			8,687,944			35,725,316			19,127,522

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			35

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MS VIF Global Real Est, Cl II			NB AMT Intl Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S			PIMCO VIT All Asset, Advisor Cl			PIMCO VIT Glb Man As Alloc, Adv Cl
Operations
Investment income (loss) — net	$	528,859		$	52,544		$	(73,593	)	$	3,647,168		$	50,349
Net realized gain (loss) on sales of investments		(191,397	)		20,720			(31,847	)		(777,142	)		(120,382	)
Distributions from capital gains		591,577			3,282,684			1,349,030			4,500,582			1,077,979
Net change in unrealized appreciation or depreciation of investments		(5,877,371	)		(5,876,053	)		(2,154,459	)		(15,202,572	)		(2,403,669	)
Net increase (decrease) in net assets resulting from operations		(4,948,332	)		(2,520,105	)		(910,869	)		(7,831,964	)		(1,395,723	)

Contract transactions
Contract purchase payments		132,910			63,220			649,716			2,822,881			91,259
Net transfers⁽¹⁾		(267,459	)		34,005			1,611,254			1,933,211			(121,254	)
Transfers for policy loans		13,030			(1,512	)		218			5,267			340
Adjustments to net assets allocated to contracts in payment period		(2,988	)		(133	)		(159	)		(48,834	)		(453	)
Contract charges		(15,408	)		(9,959	)		(1,650	)		(51,997	)		(1,404	)
Contract terminations:
Surrender benefits		(1,394,866	)		(651,098	)		(172,734	)		(3,940,349	)		(133,472	)
Death benefits		(154,927	)		(72,879	)		(219,371	)		(976,431	)		(243,385	)
Increase (decrease) from transactions		(1,689,708	)		(638,356	)		1,867,274			(256,252	)		(408,369	)
Net assets at beginning of year		19,269,599			10,826,997			6,585,682			59,799,240			7,408,907
Net assets at end of year	$	12,631,559		$	7,668,536		$	7,542,087		$	51,711,024		$	5,604,815

Accumulation unit activity
Units outstanding at beginning of year		11,544,956			6,174,544			5,209,287			28,909,936			4,797,712
Units purchased		193,727			136,797			1,931,202			3,010,894			101,524
Units redeemed		(1,396,665	)		(602,001	)		(352,244	)		(3,035,220	)		(403,790	)
Units outstanding at end of year		10,342,018			5,709,340			6,788,245			28,885,610			4,495,446

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

See accompanying notes to financial statements.



36		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	PIMCO VIT Tot Return, Advisor Cl			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value
Operations
Investment income (loss) — net	$	796,531		$	(92,562	)	$	(90,528	)	$	(224,881	)	$	63,370
Net realized gain (loss) on sales of investments		(1,523,180	)		908,512			235,081			(1,189,945	)		206,233
Distributions from capital gains		—			4,915,568			3,267,391			—			—
Net change in unrealized appreciation or depreciation of investments		(8,506,581	)		(15,213,008	)		(6,692,815	)		(18,145	)		1,120,659
Net increase (decrease) in net assets resulting from operations		(9,233,230	)		(9,481,490	)		(3,280,871	)		(1,432,971	)		1,390,262

Contract transactions
Contract purchase payments		3,411,909			908,969			87,099			738,621			53,143
Net transfers⁽¹⁾		(2,239,800	)		(1,404,617	)		(301,783	)		(1,089,923	)		(156,783	)
Transfers for policy loans		2,888			38,849			12,565			1,304			2,795
Adjustments to net assets allocated to contracts in payment period		—			(7,159	)		(24,344	)		—			(16,539	)
Contract charges		(14,186	)		(16,316	)		(3,400	)		(6,183	)		(3,304	)
Contract terminations:
Surrender benefits		(2,898,711	)		(2,312,389	)		(774,502	)		(1,223,734	)		(639,417	)
Death benefits		(438,201	)		(308,977	)		(118,815	)		(485,360	)		(92,880	)
Increase (decrease) from transactions		(2,176,101	)		(3,101,640	)		(1,123,180	)		(2,065,275	)		(852,985	)
Net assets at beginning of year		64,182,181			41,649,451			14,415,488			24,169,211			9,570,041
Net assets at end of year	$	52,772,850		$	29,066,321		$	10,011,437		$	20,670,965		$	10,107,318

Accumulation unit activity
Units outstanding at beginning of year		56,072,313			7,904,079			1,880,895			28,020,708			2,361,013
Units purchased		5,127,304			410,941			16,386			1,208,653			13,082
Units redeemed		(6,830,920	)		(923,399	)		(195,123	)		(3,763,790	)		(208,548	)
Units outstanding at end of year		54,368,697			7,391,621			1,702,158			25,465,571			2,165,547

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			37

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 2			VP Conserv, Cl 4
Operations
Investment income (loss) — net	$	(288,689	)	$	(8,037,126	)	$	(4,208,036	)	$	(5,003,306	)	$	(3,357,770	)
Net realized gain (loss) on sales of investments		(429,692	)		57,552,494			27,350,410			7,092,955			10,862,285
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(3,918,963	)		(233,845,523	)		(127,037,561	)		(94,183,209	)		(73,130,353	)
Net increase (decrease) in net assets resulting from operations		(4,637,344	)		(184,330,155	)		(103,895,187	)		(92,093,560	)		(65,625,838	)

Contract transactions
Contract purchase payments		2,625,800			48,596,297			4,334,279			14,559,633			547,464
Net transfers⁽¹⁾		2,399,422			(49,039,327	)		(7,244,186	)		15,035,831			5,236,724
Transfers for policy loans		(3,375	)		157,855			66,272			21,219			(9,819	)
Adjustments to net assets allocated to contracts in payment period		—			(174,022	)		—			16,716			—
Contract charges		(8,354	)		(4,539,432	)		(2,387,250	)		(4,015,528	)		(2,381,260	)
Contract terminations:
Surrender benefits		(1,693,424	)		(50,885,195	)		(30,749,757	)		(45,430,706	)		(35,741,443	)
Death benefits		(1,149,038	)		(7,698,791	)		(2,831,594	)		(10,112,094	)		(12,166,580	)
Increase (decrease) from transactions		2,171,031			(63,582,615	)		(38,812,236	)		(29,924,929	)		(44,514,914	)
Net assets at beginning of year		30,257,598			993,245,061			560,595,878			575,775,599			419,557,072
Net assets at end of year	$	27,791,285		$	745,332,291		$	417,888,455		$	453,757,110		$	309,416,320

Accumulation unit activity
Units outstanding at beginning of year		26,220,604			379,326,849			212,647,443			386,139,654			279,903,504
Units purchased		4,478,958			25,878,067			2,246,640			24,780,842			5,042,309
Units redeemed		(2,629,894	)		(52,015,176	)		(19,327,067	)		(46,862,933	)		(38,253,566	)
Units outstanding at end of year		28,069,668			353,189,740			195,567,016			364,057,563			246,692,247

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

See accompanying notes to financial statements.



38		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2
Operations
Investment income (loss) — net	$	(2,249,770	)	$	(3,249,101	)	$	(5,914,400	)	$	(12,343,695	)	$	(106,289,118	)
Net realized gain (loss) on sales of investments		1,277,906			1,479,131			4,409,484			24,379,309			186,040,393
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(47,682,193	)		(63,757,481	)		(110,908,401	)		(268,324,706	)		(2,699,396,473	)
Net increase (decrease) in net assets resulting from operations		(48,654,057	)		(65,527,451	)		(112,413,317	)		(256,289,092	)		(2,619,645,198	)

Contract transactions
Contract purchase payments		3,344,430			12,262,707			4,866,057			10,927,181			50,627,579
Net transfers⁽¹⁾		767,993			55,374,608			31,307,423			(29,919,440	)		(69,059,428	)
Transfers for policy loans		13,720			—			9,078			(2,110	)		(4,936	)
Adjustments to net assets allocated to contracts in payment period		59,087			(51,652	)		108,224			(119,754	)		(154,978	)
Contract charges		(3,476,994	)		(5,003,845	)		(9,233,680	)		(18,067,075	)		(165,842,314	)
Contract terminations:
Surrender benefits		(7,339,288	)		(9,005,900	)		(44,927,692	)		(67,099,038	)		(386,009,525	)
Death benefits		(1,346,152	)		(1,482,455	)		(4,953,169	)		(17,898,572	)		(72,737,951	)
Increase (decrease) from transactions		(7,977,204	)		52,093,463			(22,823,759	)		(122,178,808	)		(643,181,553	)
Net assets at beginning of year		266,274,624			351,655,200			683,876,041			1,472,908,498			13,115,191,242
Net assets at end of year	$	209,643,363		$	338,221,212		$	548,638,965		$	1,094,440,598		$	9,852,364,491

Accumulation unit activity
Units outstanding at beginning of year		203,989,154			246,733,059			529,356,637			1,036,905,704			7,665,950,739
Units purchased		3,520,283			55,460,531			35,778,726			10,526,746			35,507,611
Units redeemed		(11,223,503	)		(12,662,989	)		(54,456,018	)		(109,068,399	)		(486,521,183	)
Units outstanding at end of year		196,285,934			289,530,601			510,679,345			938,364,051			7,214,937,167

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			39

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4
Operations
Investment income (loss) — net	$	(124,361,538	)	$	(66,871,661	)	$	(51,545,684	)	$	(23,622,703	)	$	(13,566,570	)
Net realized gain (loss) on sales of investments		299,742,787			181,595,611			314,447,890			197,666,019			112,718,552
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(2,968,538,341	)		(1,482,814,832	)		(1,387,251,880	)		(702,476,866	)		(422,560,131	)
Net increase (decrease) in net assets resulting from operations		(2,793,157,092	)		(1,368,090,882	)		(1,124,349,674	)		(528,433,550	)		(323,408,149	)

Contract transactions
Contract purchase payments		57,878,040			133,226,979			7,374,155			107,548,275			9,908,972
Net transfers⁽¹⁾		(163,523,659	)		257,616,673			13,073,424			(233,273,551	)		(57,171,691	)
Transfers for policy loans		27,735			83,598			101,821			117,435			201,181
Adjustments to net assets allocated to contracts in payment period		334,854			(382,303	)		—			(125,989	)		—
Contract charges		(190,254,372	)		(69,197,916	)		(40,921,377	)		(13,401,044	)		(6,694,445	)
Contract terminations:
Surrender benefits		(577,774,091	)		(522,501,281	)		(461,101,466	)		(180,136,205	)		(120,989,871	)
Death benefits		(111,833,223	)		(94,499,136	)		(100,297,744	)		(25,986,262	)		(14,513,278	)
Increase (decrease) from transactions		(985,144,716	)		(295,653,386	)		(581,771,187	)		(345,257,341	)		(189,259,132	)
Net assets at beginning of year		14,986,545,749			7,909,031,674			6,649,080,135			2,993,306,501			1,824,824,327
Net assets at end of year	$	11,208,243,941		$	6,245,287,406		$	4,942,959,274		$	2,119,615,610		$	1,312,157,046

Accumulation unit activity
Units outstanding at beginning of year		9,058,516,734			3,901,973,231			3,257,132,964			1,295,508,959			783,175,851
Units purchased		39,344,236			222,538,110			17,479,739			58,995,805			5,124,837
Units redeemed		(742,119,084	)		(393,343,258	)		(344,291,198	)		(227,299,089	)		(98,758,646	)
Units outstanding at end of year		8,355,741,886			3,731,168,083			2,930,321,505			1,127,205,675			689,542,042

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

See accompanying notes to financial statements.



40		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2
Operations
Investment income (loss) — net	$	(11,609,979	)	$	(9,139,565	)	$	(175,895	)	$	(444,122	)	$	(3,013,981	)
Net realized gain (loss) on sales of investments		38,523,338			54,926,054			1,582,325			3,350,706			2,218,033
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(251,565,641	)		(234,885,744	)		(5,608,448	)		(11,082,463	)		(58,883,882	)
Net increase (decrease) in net assets resulting from operations		(224,652,282	)		(189,099,255	)		(4,202,018	)		(8,175,879	)		(59,679,830	)

Contract transactions
Contract purchase payments		25,975,658			1,190,064			70,099			337,610			6,232,871
Net transfers⁽¹⁾		(15,263,173	)		(11,917,231	)		(602,752	)		(770,184	)		15,042,143
Transfers for policy loans		79,807			121,257			4,070			7,958			638
Adjustments to net assets allocated to contracts in payment period		(108	)		—			(5,088	)		(42,309	)		72,113
Contract charges		(8,434,425	)		(6,210,923	)		(38,506	)		(103,216	)		(4,175,909	)
Contract terminations:
Surrender benefits		(84,196,230	)		(83,337,580	)		(1,391,907	)		(3,403,973	)		(13,348,433	)
Death benefits		(31,135,421	)		(29,714,645	)		(184,597	)		(927,600	)		(4,447,467	)
Increase (decrease) from transactions		(112,973,892	)		(129,869,058	)		(2,148,681	)		(4,901,714	)		(624,044	)
Net assets at beginning of year		1,363,431,627			1,162,608,008			23,706,731			60,409,319			343,216,204
Net assets at end of year	$	1,025,805,453		$	843,639,695		$	17,356,032		$	47,331,726		$	282,912,330

Accumulation unit activity
Units outstanding at beginning of year		787,086,042			665,339,212			7,412,475			14,914,925			252,397,827
Units purchased		19,172,511			1,254,016			33,277			148,016			19,027,265
Units redeemed		(93,638,039	)		(85,548,809	)		(810,342	)		(1,488,835	)		(19,076,396	)
Units outstanding at end of year		712,620,514			581,044,419			6,635,410			13,574,106			252,348,696

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			41

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	(34,581,394	)	$	(18,507,801	)	$	(1,500,367	)	$	35,296		$	582,215
Net realized gain (loss) on sales of investments		18,416,612			14,519,545			(11,327,159	)		(3,759,624	)		(191,504	)
Distributions from capital gains		—			—			60,652,447			20,477,078			—
Net change in unrealized appreciation or depreciation of investments		(785,071,659	)		(393,616,718	)		(130,030,971	)		(73,329,368	)		(2,273,185	)
Net increase (decrease) in net assets resulting from operations		(801,236,441	)		(397,604,974	)		(82,206,050	)		(56,576,618	)		(1,882,474	)

Contract transactions
Contract purchase payments		42,423,938			33,678,841			1,336,328			1,508,366			897,239
Net transfers⁽¹⁾		169,121,642			30,104,817			(2,841,932	)		(1,414,655	)		(402,067	)
Transfers for policy loans		6,134			32,560			49,734			40,931			1,090
Adjustments to net assets allocated to contracts in payment period		—			(47,893	)		(65,293	)		(31,812	)		—
Contract charges		(56,689,687	)		(28,061,203	)		(144,926	)		(112,506	)		(3,005	)
Contract terminations:
Surrender benefits		(91,498,987	)		(59,415,946	)		(12,996,540	)		(8,693,402	)		(358,415	)
Death benefits		(21,184,054	)		(13,613,655	)		(2,084,761	)		(1,623,958	)		(110,725	)
Increase (decrease) from transactions		42,178,986			(37,322,479	)		(16,747,390	)		(10,327,036	)		24,117
Net assets at beginning of year		4,081,955,233			2,177,511,637			246,176,566			166,989,107			12,618,770
Net assets at end of year	$	3,322,897,778		$	1,742,584,184		$	147,223,126		$	100,085,453		$	10,760,413

Accumulation unit activity
Units outstanding at beginning of year		2,507,110,772			1,457,022,417			39,685,097			36,341,836			9,902,684
Units purchased		150,700,230			51,216,584			357,119			588,946			832,542
Units redeemed		(121,716,520	)		(80,140,148	)		(3,982,540	)		(3,656,451	)		(813,058	)
Units outstanding at end of year		2,536,094,482			1,428,098,853			36,059,676			33,274,331			9,922,168

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

See accompanying notes to financial statements.



42		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021	AB VPS Dyn Asset Alloc, Cl B			AB VPS Gro & Inc, Cl B			AB VPS Intl Val, Cl B			AB VPS Sus Gbl Thematic, Cl B			Allspg VT Index Asset Alloc, Cl 2
Operations
Investment income (loss) — net	$	59,057		$	(196,761	)	$	650,380		$	(105,667	)	$	(64,295	)
Net realized gain (loss) on sales of investments		167,090			3,041,595			107,157			702,491			902,954
Distributions from capital gains		—			—			—			1,369,912			2,269,875
Net change in unrealized appreciation or depreciation of investments		636,151			15,971,360			7,267,136			194,497			313,008
Net increase (decrease) in net assets resulting from operations		862,298			18,816,194			8,024,673			2,161,233			3,421,542

Contract transactions
Contract purchase payments		1,327,579			573,804			979,981			126,789			131,091
Net transfers⁽¹⁾		87,445			(1,769,487	)		(1,400,207	)		167,011			(382,857	)
Transfers for policy loans		—			4,491			23,962			(799	)		10,678
Adjustments to net assets allocated to contracts in payment period		—			(7,537	)		(21,555	)		75,275			(51,141	)
Contract charges		(3,400	)		(52,998	)		(107,869	)		(7,563	)		(14,112	)
Contract terminations:
Surrender benefits		(510,409	)		(7,070,681	)		(8,442,079	)		(1,064,653	)		(2,208,703	)
Death benefits		(374,361	)		(1,291,908	)		(1,253,246	)		(186,412	)		(229,339	)
Increase (decrease) from contract transactions		526,854			(9,614,316	)		(10,221,013	)		(890,352	)		(2,744,383	)
Net assets at beginning of year		10,461,123			73,637,954			83,458,737			10,373,650			24,170,829
Net assets at end of year	$	11,850,275		$	82,839,832		$	81,262,397		$	11,644,531		$	24,847,988

Accumulation unit activity
Units outstanding at beginning of year		7,781,875			26,311,008			52,865,319			3,590,158			7,351,426
Units purchased		1,020,800			338,467			777,962			147,699			42,016
Units redeemed		(645,539	)		(3,290,142	)		(6,728,097	)		(441,678	)		(823,652	)
Units outstanding at end of year		8,157,136			23,359,333			46,915,184			3,296,179			6,569,790

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			43

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Allspg VT Intl Eq, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III			AC VP Intl, Cl I			AC VP Mid Cap Val, Cl II
Operations
Investment income (loss) — net	$	49,326		$	(1,287,917	)	$	292,818		$	(64,372	)	$	28,413
Net realized gain (loss) on sales of investments		(2,148,707	)		7,495,157			(282,739	)		352,797			1,698,944
Distributions from capital gains		—			14,036,357			—			270,932			—
Net change in unrealized appreciation or depreciation of investments		3,730,280			(11,991,459	)		8,055,043			165,889			6,615,382
Net increase (decrease) in net assets resulting from operations		1,630,899			8,252,138			8,065,122			725,246			8,342,739

Contract transactions
Contract purchase payments		262,971			6,729,771			2,572,561			64,586			357,636
Net transfers⁽¹⁾		176,331			(3,944,090	)		(814,335	)		(4,627	)		(1,342,991	)
Transfers for policy loans		13,502			23,735			(3,367	)		5,873			1,761
Adjustments to net assets allocated to contracts in payment period		8,815			(38,056	)		(6,121	)		(5,987	)		(25,240	)
Contract charges		(31,786	)		(58,462	)		(12,449	)		(1,983	)		(24,681	)
Contract terminations:
Surrender benefits		(2,886,759	)		(9,994,554	)		(1,939,010	)		(727,941	)		(4,346,154	)
Death benefits		(363,705	)		(2,410,684	)		(468,886	)		(41,015	)		(583,140	)
Increase (decrease) from contract transactions		(2,820,631	)		(9,692,340	)		(671,607	)		(711,094	)		(5,962,809	)
Net assets at beginning of year		27,472,418			123,475,002			22,313,815			9,326,745			40,390,737
Net assets at end of year	$	26,282,686		$	122,034,800		$	29,707,330		$	9,340,897		$	42,770,667

Accumulation unit activity
Units outstanding at beginning of year		16,330,827			23,583,472			31,725,253			3,870,709			14,792,583
Units purchased		392,087			1,307,684			3,932,972			45,802			158,411
Units redeemed		(1,970,418	)		(3,002,948	)		(4,646,824	)		(319,759	)		(2,110,083	)
Units outstanding at end of year		14,752,496			21,888,208			31,011,401			3,596,752			12,840,911

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

See accompanying notes to financial statements.



44		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	AC VP Ultra, Cl II			AC VP Val, Cl I			BlackRock Global Alloc, Cl III			Calvert VP SRI Bal, Cl I			Col VP Bal, Cl 3
Operations
Investment income (loss) — net	$	(535,302	)	$	275,087		$	(191,588	)	$	79,523		$	(6,484,480	)
Net realized gain (loss) on sales of investments		4,327,491			1,708,004			1,239,723			694,791			29,817,890
Distributions from capital gains		4,011,620			—			15,297,963			750,318			—
Net change in unrealized appreciation or depreciation of investments		3,685,891			4,295,510			(11,851,697	)		1,777,567			54,883,342
Net increase (decrease) in net assets resulting from operations		11,489,700			6,278,601			4,494,401			3,302,199			78,216,752

Contract transactions
Contract purchase payments		328,446			216,037			7,696,707			119,736			18,477,378
Net transfers⁽¹⁾		(486,447	)		(158,273	)		3,892,746			365,889			32,380,910
Transfers for policy loans		304			4,101			7,544			18,870			5,303
Adjustments to net assets allocated to contracts in payment period		87,281			(144,283	)		(44,954	)		(5,055	)		(361,822	)
Contract charges		(34,969	)		(5,756	)		(35,434	)		(18,587	)		(285,110	)
Contract terminations:
Surrender benefits		(5,277,317	)		(2,771,188	)		(6,158,861	)		(1,711,125	)		(51,746,769	)
Death benefits		(1,085,901	)		(332,381	)		(1,577,492	)		(543,032	)		(10,582,164	)
Increase (decrease) from contract transactions		(6,468,603	)		(3,191,743	)		3,780,256			(1,773,304	)		(12,112,274	)
Net assets at beginning of year		54,980,972			27,764,574			83,867,747			24,245,668			577,611,892
Net assets at end of year	$	60,002,069		$	30,851,432		$	92,142,404		$	25,774,563		$	643,716,370

Accumulation unit activity
Units outstanding at beginning of year		11,056,907			6,915,778			49,336,687			9,850,076			202,405,994
Units purchased		134,071			52,784			6,711,664			191,070			17,467,695
Units redeemed		(1,300,588	)		(722,373	)		(4,563,878	)		(869,252	)		(21,025,177	)
Units outstanding at end of year		9,890,390			6,246,189			51,484,473			9,171,894			198,848,512

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			45

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2
Operations
Investment income (loss) — net	$	(88,325	)	$	(1,370,268	)	$	(3,841,542	)	$	(3,890,394	)	$	376,805
Net realized gain (loss) on sales of investments		(5,220	)		7,969,262			31,172,594			38,093,747			(11,950	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		1,944,287			20,033,628			76,142,366			58,412,482			(844,183	)
Net increase (decrease) in net assets resulting from operations		1,850,742			26,632,622			103,473,418			92,615,835			(479,328	)

Contract transactions
Contract purchase payments		1,185,189			6,527,815			2,161,468			2,998,840			947,183
Net transfers⁽¹⁾		4,069,869			1,551,876			(6,278,695	)		(10,277,483	)		180,648
Transfers for policy loans		171			19,892			236,098			155,966			1,455
Adjustments to net assets allocated to contracts in payment period		—			(43,991	)		(759,344	)		(464,653	)		(6,600	)
Contract charges		(2,285	)		(60,726	)		(343,628	)		(316,191	)		(4,664	)
Contract terminations:
Surrender benefits		(445,886	)		(8,648,732	)		(27,964,803	)		(40,291,947	)		(1,120,251	)
Death benefits		(14,863	)		(1,346,157	)		(5,804,520	)		(6,623,472	)		(327,922	)
Increase (decrease) from contract transactions		4,792,195			(2,000,023	)		(38,753,424	)		(54,818,940	)		(330,151	)
Net assets at beginning of year		4,373,218			118,781,485			347,018,872			395,050,772			14,139,515
Net assets at end of year	$	11,016,155		$	143,414,084		$	411,738,866		$	432,847,667		$	13,330,036

Accumulation unit activity
Units outstanding at beginning of year		8,170,211			46,707,257			116,774,399			128,498,033			12,121,739
Units purchased		8,294,169			3,077,338			819,396			963,402			1,182,709
Units redeemed		(712,712	)		(3,783,203	)		(12,095,864	)		(16,713,870	)		(1,450,039	)
Units outstanding at end of year		15,751,668			46,001,392			105,497,931			112,747,565			11,854,409

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

See accompanying notes to financial statements.



46		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 3
Operations
Investment income (loss) — net	$	28,865		$	1,879,751		$	(1,127,687	)	$	6,311,997		$	7,800,651
Net realized gain (loss) on sales of investments		6,286,069			(1,406,273	)		1,029			608,623			(1,479,714	)
Distributions from capital gains		4,989,257			—			12,025			—			—
Net change in unrealized appreciation or depreciation of investments		(21,741,296	)		(330,010	)		(1,028	)		(901,222	)		(2,926,111	)
Net increase (decrease) in net assets resulting from operations		(10,437,105	)		143,468			(1,115,661	)		6,019,398			3,394,826

Contract transactions
Contract purchase payments		1,285,816			423,511			2,590,354			810,067			528,902
Net transfers⁽¹⁾		2,337,269			2,585,606			5,797,329			1,138,718			879,068
Transfers for policy loans		59,422			11,550			84,050			17,338			6,348
Adjustments to net assets allocated to contracts in payment period		(37,784	)		(44,740	)		(35,993	)		(199,444	)		(22,274	)
Contract charges		(116,763	)		(97,195	)		(113,005	)		(98,381	)		(144,742	)
Contract terminations:
Surrender benefits		(13,928,983	)		(5,754,873	)		(30,005,151	)		(14,776,330	)		(9,725,669	)
Death benefits		(1,470,155	)		(1,596,283	)		(2,394,779	)		(3,366,123	)		(2,206,786	)
Increase (decrease) from contract transactions		(11,871,178	)		(4,472,424	)		(24,077,195	)		(16,474,155	)		(10,685,153	)
Net assets at beginning of year		139,658,114			64,307,847			135,582,625			163,849,224			101,998,697
Net assets at end of year	$	117,349,831		$	59,978,891		$	110,389,769		$	153,394,467		$	94,708,370

Accumulation unit activity
Units outstanding at beginning of year		38,325,602			38,476,819			123,714,814			55,713,045			42,051,511
Units purchased		1,104,415			1,887,024			8,640,465			785,933			761,238
Units redeemed		(4,399,259	)		(4,482,274	)		(30,920,199	)		(6,260,912	)		(5,098,842	)
Units outstanding at end of year		35,030,758			35,881,569			101,435,080			50,238,066			37,713,907

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			47

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 3			Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2
Operations
Investment income (loss) — net	$	7,334,497		$	(1,408,993	)	$	(5,537,314	)	$	239,472		$	128,043
Net realized gain (loss) on sales of investments		1,768,096			20,383,264			31,235,480			371,727			94,308
Distributions from capital gains		23,329,427			—			—			—			871,481
Net change in unrealized appreciation or depreciation of investments		(36,576,830	)		20,515,470			102,912,300			(1,862,620	)		(2,557,361	)
Net increase (decrease) in net assets resulting from operations		(4,144,810	)		39,489,741			128,610,466			(1,251,421	)		(1,463,529	)

Contract transactions
Contract purchase payments		1,760,047			930,296			21,055,037			8,548,986			898,509
Net transfers⁽¹⁾		6,254,809			(4,638,996	)		12,451,851			5,244,702			(6,269,175	)
Transfers for policy loans		63,667			(13,621	)		47,119			7,729			(515	)
Adjustments to net assets allocated to contracts in payment period		(295,072	)		(40,395	)		(303,737	)		(3,301	)		(10,035	)
Contract charges		(361,384	)		(116,309	)		(227,827	)		(22,899	)		(6,671	)
Contract terminations:
Surrender benefits		(32,617,663	)		(16,584,678	)		(36,841,369	)		(5,180,675	)		(2,237,743	)
Death benefits		(7,034,092	)		(3,365,035	)		(8,868,452	)		(2,052,688	)		(463,530	)
Increase (decrease) from contract transactions		(32,229,688	)		(23,828,738	)		(12,687,378	)		6,541,854			(8,089,160	)
Net assets at beginning of year		342,522,574			152,397,074			479,899,896			62,924,400			27,008,491
Net assets at end of year	$	306,148,076		$	168,058,077		$	595,822,984		$	68,214,833		$	17,455,802

Accumulation unit activity
Units outstanding at beginning of year		160,950,028			55,015,614			152,957,505			54,108,549			19,114,334
Units purchased		4,094,817			417,521			10,297,105			13,191,269			824,181
Units redeemed		(19,362,419	)		(8,054,744	)		(13,351,658	)		(7,565,162	)		(7,026,406	)
Units outstanding at end of year		145,682,426			47,378,391			149,902,952			59,734,656			12,912,109

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

See accompanying notes to financial statements.



48		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 3
Operations
Investment income (loss) — net	$	112,479		$	(387,643	)	$	(971,126	)	$	(426,924	)	$	(308,074	)
Net realized gain (loss) on sales of investments		1,858,180			2,253,370			9,147,963			4,993,441			2,949,738
Distributions from capital gains		1,350,406			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		2,236,570			6,789,334			5,475,102			7,958,998			6,069,610
Net increase (decrease) in net assets resulting from operations		5,557,635			8,655,061			13,651,939			12,525,515			8,711,274

Contract transactions
Contract purchase payments		688,339			427,604			571,695			393,984			329,787
Net transfers⁽¹⁾		(111,034	)		10,589,206			(785,585	)		(226,178	)		831,530
Transfers for policy loans		50,247			(2,619	)		14,006			8,126			12,043
Adjustments to net assets allocated to contracts in payment period		(279,371	)		(14,439	)		(81,480	)		5,069			(10,786	)
Contract charges		(40,955	)		(23,637	)		(53,747	)		(33,513	)		(23,975	)
Contract terminations:
Surrender benefits		(6,073,247	)		(3,679,961	)		(8,924,794	)		(5,344,093	)		(3,409,590	)
Death benefits		(957,770	)		(746,813	)		(936,017	)		(673,425	)		(500,128	)
Increase (decrease) from contract transactions		(6,723,791	)		6,549,341			(10,195,922	)		(5,870,030	)		(2,771,119	)
Net assets at beginning of year		64,166,474			31,992,998			92,334,853			43,097,531			30,098,657
Net assets at end of year	$	63,000,318		$	47,197,400		$	95,790,870		$	49,753,016		$	36,038,812

Accumulation unit activity
Units outstanding at beginning of year		36,058,004			10,598,368			24,410,008			15,060,312			8,683,590
Units purchased		580,626			3,211,302			193,221			229,847			423,694
Units redeemed		(4,069,317	)		(1,260,541	)		(2,571,403	)		(2,019,900	)		(1,012,981	)
Units outstanding at end of year		32,569,313			12,549,129			22,031,826			13,270,259			8,094,303

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			49

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Col VP US Govt Mtge, Cl 3			CS Commodity Return			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Vty Sycamore Estb Val, Cl 3
Operations
Investment income (loss) — net	$	586,061		$	467,375		$	(146,545	)	$	(1,328,374	)	$	(387,207	)
Net realized gain (loss) on sales of investments		333,113			(1,388,840	)		(1,111,031	)		15,354,532			2,688,838
Distributions from capital gains		923,596			—			1,431,678			—			—
Net change in unrealized appreciation or depreciation of investments		(2,942,572	)		3,721,400			2,308,070			9,496,086			8,373,773
Net increase (decrease) in net assets resulting from operations		(1,099,802	)		2,799,935			2,482,172			23,522,244			10,675,404

Contract transactions
Contract purchase payments		390,575			261,477			283,366			997,350			364,554
Net transfers⁽¹⁾		1,766,240			779,838			7,695,695			(7,780,755	)		4,503,776
Transfers for policy loans		12,832			3,874			6,345			32,124			8,472
Adjustments to net assets allocated to contracts in payment period		(25,135	)		(554	)		(27,229	)		(30,943	)		(67,273	)
Contract charges		(37,460	)		(7,566	)		(177,166	)		(113,651	)		(24,963	)
Contract terminations:
Surrender benefits		(6,019,866	)		(1,256,656	)		(6,320,628	)		(14,169,173	)		(3,854,055	)
Death benefits		(1,425,064	)		(102,639	)		(1,348,016	)		(2,083,689	)		(439,807	)
Increase (decrease) from contract transactions		(5,337,878	)		(322,226	)		112,367			(23,148,737	)		490,704
Net assets at beginning of year		61,785,566			10,127,662			67,369,034			143,801,141			34,991,576
Net assets at end of year	$	55,347,886		$	12,605,371		$	69,963,573		$	144,174,648		$	46,157,684

Accumulation unit activity
Units outstanding at beginning of year		41,014,603			21,422,578			39,638,358			62,336,420			10,051,638
Units purchased		1,731,249			2,300,093			4,737,297			429,534			1,185,335
Units redeemed		(5,307,135	)		(2,672,846	)		(4,584,748	)		(9,575,566	)		(1,059,157	)
Units outstanding at end of year		37,438,717			21,049,825			39,790,907			53,190,388			10,177,816

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

See accompanying notes to financial statements.



50		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Del Ivy VIP Asset Strategy, Cl II			DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl
Operations
Investment income (loss) — net	$	85,930		$	77,165		$	1,544,914		$	(5,570,583	)	$	605,282
Net realized gain (loss) on sales of investments		116,772			183,699			(192,035	)		29,690,761			1,494,264
Distributions from capital gains		1,633,272			—			—			72,753,709			1,879,101
Net change in unrealized appreciation or depreciation of investments		(430,743	)		1,080,002			713,488			36,860,615			4,979,124
Net increase (decrease) in net assets resulting from operations		1,405,231			1,340,866			2,066,367			133,734,502			8,957,771

Contract transactions
Contract purchase payments		626,152			478,037			725,692			24,961,417			195,393
Net transfers⁽¹⁾		(365,340	)		2,370,298			7,956,730			(15,718,467	)		(131,110	)
Transfers for policy loans		(365	)		(1,942	)		17,056			(22,946	)		34,316
Adjustments to net assets allocated to contracts in payment period		(24,207	)		(2,170	)		(37,763	)		(115,699	)		(43,610	)
Contract charges		(6,098	)		(5,247	)		(68,502	)		(258,512	)		(9,416	)
Contract terminations:
Surrender benefits		(1,057,951	)		(1,111,012	)		(8,381,481	)		(50,008,035	)		(3,119,785	)
Death benefits		(305,575	)		(166,200	)		(1,739,579	)		(8,359,678	)		(484,738	)
Increase (decrease) from contract transactions		(1,133,384	)		1,561,764			(1,527,847	)		(49,521,920	)		(3,558,950	)
Net assets at beginning of year		15,965,029			12,104,333			78,847,717			534,239,456			37,318,832
Net assets at end of year	$	16,236,876		$	15,006,963		$	79,386,237		$	618,452,038		$	42,717,653

Accumulation unit activity
Units outstanding at beginning of year		10,756,237			10,983,851			53,305,625			156,502,878			12,828,800
Units purchased		530,146			2,387,996			5,839,963			6,575,028			68,597
Units redeemed		(1,267,668	)		(1,102,655	)		(6,838,734	)		(19,460,463	)		(1,115,847	)
Units outstanding at end of year		10,018,715			12,269,192			52,306,854			143,617,443			11,781,550

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			51

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Overseas, Serv Cl			Fid VIP Strategic Inc, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 2
Operations
Investment income (loss) — net	$	(258,108	)	$	(45,709	)	$	2,600,053		$	5,044		$	1,956,092
Net realized gain (loss) on sales of investments		3,605,405			462,584			739,188			(1,011,058	)		197,568
Distributions from capital gains		12,002,323			865,740			2,763,781			1,550,852			—
Net change in unrealized appreciation or depreciation of investments		1,337,221			679,386			(2,026,327	)		14,866,940			5,715,205
Net increase (decrease) in net assets resulting from operations		16,686,841			1,962,001			4,076,695			15,411,778			7,868,865

Contract transactions
Contract purchase payments		477,942			87,769			10,368,555			707,257			3,200,671
Net transfers⁽¹⁾		(1,940,420	)		(105,147	)		20,490,450			(1,602,967	)		1,588,870
Transfers for policy loans		33,463			6,335			26,026			17,199			4,014
Adjustments to net assets allocated to contracts in payment period		(142,057	)		(16,613	)		79,148			80,030			7,106
Contract charges		(17,082	)		(2,528	)		(57,109	)		(53,952	)		(19,410	)
Contract terminations:
Surrender benefits		(6,784,343	)		(1,005,911	)		(14,446,742	)		(7,398,284	)		(3,638,449	)
Death benefits		(722,095	)		(47,384	)		(2,750,042	)		(931,747	)		(1,275,179	)
Increase (decrease) from contract transactions		(9,094,592	)		(1,083,479	)		13,710,286			(9,182,464	)		(132,377	)
Net assets at beginning of year		71,388,806			11,088,443			159,417,632			64,477,036			52,300,809
Net assets at end of year	$	78,981,055		$	11,966,965		$	177,204,613		$	70,706,350		$	60,037,297

Accumulation unit activity
Units outstanding at beginning of year		8,169,100			5,118,065			127,919,805			26,983,898			38,727,567
Units purchased		54,964			39,735			24,544,160			327,965			3,650,464
Units redeemed		(957,908	)		(498,047	)		(13,734,213	)		(3,783,600	)		(3,902,670	)
Units outstanding at end of year		7,266,156			4,659,753			138,729,752			23,528,263			38,475,361

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

See accompanying notes to financial statements.



52		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Frank Sm Cap Val, Cl 2			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Sm Cap Eq Insights, Inst			GS VIT U.S. Eq Insights, Inst
Operations
Investment income (loss) — net	$	88,395		$	(491,911	)	$	26,305		$	(22,516	)	$	(101,564	)
Net realized gain (loss) on sales of investments		1,517,427			4,654,578			43,136			235,742			6,607,895
Distributions from capital gains		3,571,332			17,101,983			—			1,262,179			26,340,265
Net change in unrealized appreciation or depreciation of investments		22,110,191			11,375,098			185,545			(263,513	)		(3,959,781	)
Net increase (decrease) in net assets resulting from operations		27,287,345			32,639,748			254,986			1,211,892			28,886,815

Contract transactions
Contract purchase payments		5,378,228			648,563			399,742			35,534			457,776
Net transfers⁽¹⁾		698,714			(4,391,843	)		667,970			(5,716	)		(5,847,963	)
Transfers for policy loans		287			33,444			—			5,030			14,125
Adjustments to net assets allocated to contracts in payment period		(29,380	)		2,776			(290	)		(2,886	)		(109,184	)
Contract charges		(67,016	)		(117,403	)		(2,994	)		(1,512	)		(163,660	)
Contract terminations:
Surrender benefits		(12,479,285	)		(12,030,403	)		(265,100	)		(685,397	)		(10,054,746	)
Death benefits		(1,902,148	)		(1,473,291	)		(102,123	)		(129,452	)		(1,924,410	)
Increase (decrease) from contract transactions		(8,400,600	)		(17,328,157	)		697,205			(784,399	)		(17,628,062	)
Net assets at beginning of year		115,452,300			116,601,769			7,104,398			5,450,744			109,200,750
Net assets at end of year	$	134,339,045		$	131,913,360		$	8,056,589		$	5,878,237		$	120,459,503

Accumulation unit activity
Units outstanding at beginning of year		28,578,192			19,376,417			7,249,521			1,238,111			34,241,674
Units purchased		1,621,935			105,841			1,100,388			14,959			129,636
Units redeemed		(3,406,317	)		(2,588,248	)		(409,971	)		(164,892	)		(4,956,094	)
Units outstanding at end of year		26,793,810			16,894,010			7,939,938			1,088,178			29,415,216

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			53

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Invesco VI Am Fran, Ser I			Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI EQV Intl Eq, Ser II
Operations
Investment income (loss) — net	$	(138,356	)	$	714,693		$	691,178		$	(209,747	)	$	75,334
Net realized gain (loss) on sales of investments		1,232,126			(92,256	)		5,232,699			1,211,002			2,297,283
Distributions from capital gains		1,900,396			1,183,548			—			2,634,410			3,490,903
Net change in unrealized appreciation or depreciation of investments		(1,224,146	)		975,144			21,806,406			491,061			(3,412,247	)
Net increase (decrease) in net assets resulting from operations		1,770,020			2,781,129			27,730,283			4,126,726			2,451,273

Contract transactions
Contract purchase payments		56,974			1,900,863			556,304			98,017			485,976
Net transfers⁽¹⁾		(838,136	)		1,370,155			(7,988,789	)		(351,475	)		(298,810	)
Transfers for policy loans		26,391			(7,846	)		26,969			(3,005	)		20,539
Adjustments to net assets allocated to contracts in payment period		(2,419	)		(132,305	)		106,877			(13,525	)		(17,494	)
Contract charges		(4,633	)		(13,553	)		(223,371	)		(11,858	)		(42,019	)
Contract terminations:
Surrender benefits		(1,552,141	)		(2,738,539	)		(9,491,753	)		(2,195,276	)		(5,224,847	)
Death benefits		(125,084	)		(479,104	)		(2,652,564	)		(471,186	)		(711,156	)
Increase (decrease) from contract transactions		(2,439,048	)		(100,329	)		(19,666,327	)		(2,948,308	)		(5,787,811	)
Net assets at beginning of year		16,876,621			34,795,535			94,657,806			24,154,944			53,196,915
Net assets at end of year	$	16,207,593		$	37,476,335		$	102,721,762		$	25,333,362		$	49,860,377

Accumulation unit activity
Units outstanding at beginning of year		4,758,183			25,879,810			36,169,809			15,946,166			23,325,526
Units purchased		21,586			2,452,759			292,788			59,927			379,845
Units redeemed		(662,821	)		(2,442,960	)		(6,680,426	)		(1,846,621	)		(2,795,108	)
Units outstanding at end of year		4,116,948			25,889,609			29,782,171			14,159,472			20,910,263

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

See accompanying notes to financial statements.



54		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Mn St Sm Cap, Ser II			Janus Henderson VIT Bal, Serv
Operations
Investment income (loss) — net	$	(1,631,532	)	$	5,740,020		$	(421,074	)	$	(892,136	)	$	(434,932	)
Net realized gain (loss) on sales of investments		7,307,378			(2,188,526	)		1,446,284			4,659,608			2,195,841
Distributions from capital gains		8,614,086			—			5,151,332			7,022,394			874,263
Net change in unrealized appreciation or depreciation of investments		7,402,734			(11,887,113	)		(1,366,448	)		9,575,754			14,800,924
Net increase (decrease) in net assets resulting from operations		21,692,666			(8,335,619	)		4,810,094			20,365,620			17,436,096

Contract transactions
Contract purchase payments		6,581,459			2,294,250			449,975			5,224,927			19,550,293
Net transfers⁽¹⁾		(2,423,052	)		(984,386	)		(621,883	)		(1,662,258	)		8,188,514
Transfers for policy loans		12,245			42,444			1,278			6,557			25,811
Adjustments to net assets allocated to contracts in payment period		(57,217	)		(129,541	)		(16,126	)		60,599			(7,978	)
Contract charges		(83,877	)		(213,558	)		(25,004	)		(49,079	)		(36,008	)
Contract terminations:
Surrender benefits		(13,307,611	)		(16,522,214	)		(3,950,736	)		(8,718,766	)		(6,588,928	)
Death benefits		(2,101,151	)		(3,884,325	)		(534,098	)		(1,431,971	)		(1,742,484	)
Increase (decrease) from contract transactions		(11,379,204	)		(19,397,330	)		(4,696,594	)		(6,569,991	)		19,389,220
Net assets at beginning of year		158,216,377			192,491,359			46,552,979			98,849,877			100,413,323
Net assets at end of year	$	168,529,839		$	164,758,410		$	46,666,479		$	112,645,506		$	137,238,639

Accumulation unit activity
Units outstanding at beginning of year		44,144,319			109,621,404			14,172,573			27,781,304			74,252,503
Units purchased		1,720,979			2,000,752			333,032			1,441,536			19,309,467
Units redeemed		(4,677,183	)		(13,358,745	)		(1,700,885	)		(3,055,116	)		(5,810,168	)
Units outstanding at end of year		41,188,115			98,263,411			12,804,720			26,167,724			87,751,802

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			55

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv
Operations
Investment income (loss) — net	$	(104,330	)	$	414,238		$	(298,207	)	$	41,619		$	(636,405	)
Net realized gain (loss) on sales of investments		918,661			300,792			3,404,764			401,234			4,332,895
Distributions from capital gains		1,611,556			1,600,738			5,387,772			—			3,414,506
Net change in unrealized appreciation or depreciation of investments		173,947			(3,741,692	)		(2,140,938	)		2,072,091			4,154,442
Net increase (decrease) in net assets resulting from operations		2,599,834			(1,425,924	)		6,353,391			2,514,944			11,265,438

Contract transactions
Contract purchase payments		107,956			4,063,778			223,958			156,497			3,258,114
Net transfers⁽¹⁾		(654,894	)		1,497,266			(1,138,737	)		103,620			(1,968,466	)
Transfers for policy loans		25,048			7,058			9,778			30,586			(2,917	)
Adjustments to net assets allocated to contracts in payment period		205			(5,275	)		(24,164	)		(13,017	)		7,126
Contract charges		(4,680	)		(20,143	)		(14,189	)		(9,645	)		(59,759	)
Contract terminations:
Surrender benefits		(1,027,203	)		(5,212,021	)		(3,667,309	)		(1,766,680	)		(5,603,703	)
Death benefits		(160,102	)		(1,337,999	)		(253,824	)		(331,015	)		(1,195,808	)
Increase (decrease) from contract transactions		(1,713,670	)		(1,007,336	)		(4,864,487	)		(1,829,654	)		(5,565,413	)
Net assets at beginning of year		17,483,754			67,138,609			39,830,721			20,941,836			61,213,869
Net assets at end of year	$	18,369,918		$	64,705,349		$	41,319,625		$	21,627,126		$	66,913,894

Accumulation unit activity
Units outstanding at beginning of year		6,521,022			55,738,941			12,474,432			11,851,588			18,250,099
Units purchased		45,502			5,160,906			77,396			220,522			1,101,983
Units redeemed		(640,855	)		(6,018,319	)		(1,509,898	)		(1,186,249	)		(2,560,311	)
Units outstanding at end of year		5,925,669			54,881,528			11,041,930			10,885,861			16,791,771

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

See accompanying notes to financial statements.



56		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	Lazard Ret Global Dyn MA, Serv			MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II
Operations
Investment income (loss) — net	$	279,340		$	(696,565	)	$	(420,738	)	$	839,926		$	(1,558,713	)
Net realized gain (loss) on sales of investments		352,006			3,375,164			1,906,086			5,042,663			9,150,663
Distributions from capital gains		—			10,633,072			8,758,028			5,148,814			60,196,496
Net change in unrealized appreciation or depreciation of investments		1,077,776			4,471,245			(9,601,471	)		6,925,841			(85,652,731	)
Net increase (decrease) in net assets resulting from operations		1,709,122			17,782,916			641,905			17,957,244			(17,864,285	)

Contract transactions
Contract purchase payments		1,038,355			499,932			275,524			3,330,836			12,357,578
Net transfers⁽¹⁾		(685,839	)		(3,036,904	)		(876,412	)		(5,885,189	)		(5,207,801	)
Transfers for policy loans		1,409			19,243			6,437			8,186			(9,382	)
Adjustments to net assets allocated to contracts in payment period		—			7,478			(36,983	)		(51,632	)		23,146
Contract charges		(6,844	)		(38,279	)		(28,772	)		(85,304	)		(67,022	)
Contract terminations:
Surrender benefits		(862,631	)		(6,429,501	)		(3,881,209	)		(12,688,166	)		(11,205,759	)
Death benefits		(1,341,306	)		(740,630	)		(587,654	)		(3,305,063	)		(2,495,314	)
Increase (decrease) from contract transactions		(1,856,856	)		(9,718,661	)		(5,129,069	)		(18,676,332	)		(6,604,554	)
Net assets at beginning of year		17,230,411			76,753,079			49,535,853			155,077,144			154,281,030
Net assets at end of year	$	17,082,677		$	84,817,334		$	45,048,689		$	154,358,056		$	129,812,191

Accumulation unit activity
Units outstanding at beginning of year		11,732,231			35,259,601			10,532,653			40,895,329			19,576,852
Units purchased		762,635			306,787			60,776			873,762			1,675,345
Units redeemed		(1,996,736	)		(4,293,308	)		(1,082,536	)		(5,875,272	)		(2,462,253	)
Units outstanding at end of year		10,498,130			31,273,080			9,510,893			35,893,819			18,789,944

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			57

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	MS VIF Global Real Est, Cl II			NB AMT Intl Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S			PIMCO VIT All Asset, Advisor Cl			PIMCO VIT Glb Man As Alloc, Adv Cl
Operations
Investment income (loss) — net	$	266,605		$	(67,669	)	$	(42,123	)	$	6,009,390		$	90,644
Net realized gain (loss) on sales of investments		187,460			518,403			80,112			644,876			40,221
Distributions from capital gains		—			158,890			378,142			—			768,012
Net change in unrealized appreciation or depreciation of investments		3,402,540			667,966			451,929			1,692,060			(174,853	)
Net increase (decrease) in net assets resulting from operations		3,856,605			1,277,590			868,060			8,346,326			724,024

Contract transactions
Contract purchase payments		167,309			89,685			503,534			1,087,141			1,311,375
Net transfers⁽¹⁾		(644,382	)		(111,389	)		819,021			(1,560,869	)		35,646
Transfers for policy loans		4,364			187			212			9,904			(680	)
Adjustments to net assets allocated to contracts in payment period		(3,828	)		(166	)		1,522			(55,479	)		(526	)
Contract charges		(17,783	)		(12,688	)		(1,767	)		(60,324	)		(1,453	)
Contract terminations:
Surrender benefits		(2,137,960	)		(848,844	)		(265,063	)		(4,760,564	)		(367,304	)
Death benefits		(200,415	)		(190,126	)		(108,909	)		(1,334,653	)		(38,891	)
Increase (decrease) from contract transactions		(2,832,695	)		(1,073,341	)		948,550			(6,674,844	)		938,167
Net assets at beginning of year		18,245,689			10,622,748			4,769,072			58,127,758			5,746,716
Net assets at end of year	$	19,269,599		$	10,826,997		$	6,585,682		$	59,799,240		$	7,408,907

Accumulation unit activity
Units outstanding at beginning of year		13,407,797			6,799,600			4,401,416			32,326,045			4,148,150
Units purchased		173,416			242,526			1,164,590			734,519			1,109,464
Units redeemed		(2,036,257	)		(867,582	)		(356,719	)		(4,150,628	)		(459,902	)
Units outstanding at end of year		11,544,956			6,174,544			5,209,287			28,909,936			4,797,712

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

See accompanying notes to financial statements.



58		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	PIMCO VIT Tot Return, Advisor Cl			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value
Operations
Investment income (loss) — net	$	451,921		$	(279,676	)	$	(122,225	)	$	(264,807	)	$	(14,706	)
Net realized gain (loss) on sales of investments		(62,870	)		1,612,538			832,416			(1,002,014	)		165,789
Distributions from capital gains		2,799,333			3,701,541			629,979			—			—
Net change in unrealized appreciation or depreciation of investments		(4,769,563	)		2,962,685			2,271,698			(338,112	)		1,719,089
Net increase (decrease) in net assets resulting from operations		(1,581,179	)		7,997,088			3,611,868			(1,604,933	)		1,870,172

Contract transactions
Contract purchase payments		6,691,777			193,785			97,886			1,028,835			84,796
Net transfers⁽¹⁾		(106,161	)		194,532			(626,538	)		(338,448	)		(297,920	)
Transfers for policy loans		12,101			(3,004	)		11,384			1,306			13,976
Adjustments to net assets allocated to contracts in payment period		—			(503	)		(11,913	)		—			(17,836	)
Contract charges		(17,541	)		(18,127	)		(3,692	)		(7,370	)		(3,103	)
Contract terminations:
Surrender benefits		(4,336,394	)		(2,561,252	)		(1,361,451	)		(1,556,810	)		(905,393	)
Death benefits		(924,799	)		(377,406	)		(224,794	)		(517,433	)		(125,673	)
Increase (decrease) from contract transactions		1,318,983			(2,571,975	)		(2,119,118	)		(1,389,920	)		(1,251,153	)
Net assets at beginning of year		64,444,377			36,224,338			12,922,738			27,164,064			8,951,022
Net assets at end of year	$	64,182,181		$	41,649,451		$	14,415,488		$	24,169,211		$	9,570,041

Accumulation unit activity
Units outstanding at beginning of year		54,941,667			8,423,998			2,174,081			29,604,899			2,673,065
Units purchased		7,112,830			154,402			16,110			1,822,162			24,495
Units redeemed		(5,982,184	)		(674,321	)		(309,296	)		(3,406,353	)		(336,547	)
Units outstanding at end of year		56,072,313			7,904,079			1,880,895			28,020,708			2,361,013

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			59

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 2			VP Conserv, Cl 4
Operations
Investment income (loss) — net	$	3,296,248		$	(9,985,336	)	$	(5,219,722	)	$	(6,204,994	)	$	(4,420,562	)
Net realized gain (loss) on sales of investments		701,242			123,104,730			58,620,689			31,988,021			29,513,355
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(9,015,094	)		26,729,264			24,777,632			(15,216,853	)		(16,939,698	)
Net increase (decrease) in net assets resulting from operations		(5,017,604	)		139,848,658			78,178,599			10,566,174			8,153,095

Contract transactions
Contract purchase payments		3,240,532			55,244,968			4,754,283			24,080,343			658,211
Net transfers⁽¹⁾		806,125			(96,215,962	)		(20,260,520	)		(21,706,751	)		(39,068,201	)
Transfers for policy loans		(222	)		(52,227	)		168,897			(882	)		15,315
Adjustments to net assets allocated to contracts in payment period		—			71,371			—			26,859			—
Contract charges		(8,277	)		(6,088,960	)		(2,788,281	)		(4,804,176	)		(2,886,162	)
Contract terminations:
Surrender benefits		(1,926,180	)		(112,562,818	)		(61,199,679	)		(68,632,841	)		(42,066,189	)
Death benefits		(232,750	)		(9,254,358	)		(1,420,324	)		(15,702,196	)		(13,978,112	)
Increase (decrease) from contract transactions		1,879,228			(168,857,986	)		(80,745,624	)		(86,739,644	)		(97,325,138	)
Net assets at beginning of year		33,395,974			1,022,254,389			563,162,903			651,949,069			508,729,115
Net assets at end of year	$	30,257,598		$	993,245,061		$	560,595,878		$	575,775,599		$	419,557,072

Accumulation unit activity
Units outstanding at beginning of year		24,608,649			447,139,775			244,947,371			444,638,598			345,596,844
Units purchased		3,613,746			23,223,616			2,425,786			21,539,265			466,390
Units redeemed		(2,001,791	)		(91,036,542	)		(34,725,714	)		(80,038,209	)		(66,159,730	)
Units outstanding at end of year		26,220,604			379,326,849			212,647,443			386,139,654			279,903,504

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

See accompanying notes to financial statements.



60		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2
Operations
Investment income (loss) — net	$	(2,434,077	)	$	(3,114,425	)	$	(7,500,662	)	$	(15,208,382	)	$	(124,041,821	)
Net realized gain (loss) on sales of investments		2,006,436			2,082,566			32,446,991			49,507,034			163,790,957
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		22,751,681			36,727,995			(13,791,546	)		30,371,297			1,233,789,031
Net increase (decrease) in net assets resulting from operations		22,324,040			35,696,136			11,154,783			64,669,949			1,273,538,167

Contract transactions
Contract purchase payments		18,037,654			38,782,295			13,612,336			27,893,172			631,686,988
Net transfers⁽¹⁾		17,688,196			26,075,023			(100,058,084	)		(44,693,832	)		286,115,406
Transfers for policy loans		4,253			—			8,837			3,494			36,925
Adjustments to net assets allocated to contracts in payment period		—			29,690			78,870			(143,132	)		(188,802	)
Contract charges		(3,070,405	)		(3,827,090	)		(10,384,721	)		(18,750,206	)		(154,986,850	)
Contract terminations:
Surrender benefits		(7,055,823	)		(6,559,743	)		(48,926,691	)		(73,867,133	)		(529,087,779	)
Death benefits		(2,153,028	)		(2,370,582	)		(7,740,582	)		(17,701,631	)		(70,985,638	)
Increase (decrease) from contract transactions		23,450,847			52,129,593			(153,410,035	)		(127,259,268	)		162,590,250
Net assets at beginning of year		220,499,737			263,829,471			826,131,293			1,535,497,817			11,679,062,825
Net assets at end of year	$	266,274,624		$	351,655,200		$	683,876,041		$	1,472,908,498		$	13,115,191,242

Accumulation unit activity
Units outstanding at beginning of year		185,210,047			207,705,529			649,931,678			1,128,541,922			7,572,902,104
Units purchased		28,495,480			48,442,160			11,486,230			21,599,330			556,761,387
Units redeemed		(9,716,373	)		(9,414,630	)		(132,061,271	)		(113,235,548	)		(463,712,752	)
Units outstanding at end of year		203,989,154			246,733,059			529,356,637			1,036,905,704			7,665,950,739

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			61

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4
Operations
Investment income (loss) — net	$	(149,444,834	)	$	(77,383,980	)	$	(64,157,043	)	$	(30,903,182	)	$	(17,347,361	)
Net realized gain (loss) on sales of investments		309,373,814			243,493,278			448,928,334			319,262,379			175,005,221
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		929,349,260			423,868,121			144,748,521			49,284,812			44,656,033
Net increase (decrease) in net assets resulting from operations		1,089,278,240			589,977,419			529,519,812			337,644,009			202,313,893

Contract transactions
Contract purchase payments		323,680,326			343,373,706			10,094,339			108,824,297			11,618,814
Net transfers⁽¹⁾		77,681,919			393,614,699			48,410,791			(207,633,721	)		(52,948,795	)
Transfers for policy loans		(5,665	)		158,037			291,642			185,281			234,077
Adjustments to net assets allocated to contracts in payment period		(90,413	)		(427,246	)		—			(262,542	)		—
Contract charges		(189,721,623	)		(66,526,329	)		(45,461,294	)		(19,870,923	)		(8,176,580	)
Contract terminations:
Surrender benefits		(690,549,890	)		(727,440,844	)		(642,947,242	)		(376,499,413	)		(203,124,133	)
Death benefits		(115,638,088	)		(116,929,331	)		(120,926,174	)		(29,381,760	)		(15,608,347	)
Increase (decrease) from contract transactions		(594,643,434	)		(174,177,308	)		(750,537,938	)		(524,638,781	)		(268,004,964	)
Net assets at beginning of year		14,491,910,943			7,493,231,563			6,870,098,261			3,180,301,273			1,890,515,398
Net assets at end of year	$	14,986,545,749		$	7,909,031,674		$	6,649,080,135		$	2,993,306,501		$	1,824,824,327

Accumulation unit activity
Units outstanding at beginning of year		9,435,051,253			3,989,791,192			3,634,890,696			1,529,550,881			903,027,681
Units purchased		255,133,843			374,291,606			35,297,397			51,412,930			5,364,229
Units redeemed		(631,668,362	)		(462,109,567	)		(413,055,129	)		(285,454,852	)		(125,216,059	)
Units outstanding at end of year		9,058,516,734			3,901,973,231			3,257,132,964			1,295,508,959			783,175,851

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

See accompanying notes to financial statements.



62		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2
Operations
Investment income (loss) — net	$	(14,143,185	)	$	(11,674,237	)	$	(207,894	)	$	(532,712	)	$	(3,515,831	)
Net realized gain (loss) on sales of investments		66,740,923			79,928,393			3,098,193			7,440,768			12,608,074
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		10,770,713			(11,295,938	)		2,738,888			5,830,453			12,065,854
Net increase (decrease) in net assets resulting from operations		63,368,451			56,958,218			5,629,187			12,738,509			21,158,097

Contract transactions
Contract purchase payments		52,598,860			1,286,863			92,934			408,469			16,511,957
Net transfers⁽¹⁾		(3,998,384	)		(9,636,369	)		(937,752	)		(4,453,287	)		(50,402,011	)
Transfers for policy loans		47,885			(11,411	)		2,381			13,138			657
Adjustments to net assets allocated to contracts in payment period		14,849			—			(5,429	)		(103,083	)		66,566
Contract charges		(8,844,419	)		(7,035,242	)		(46,733	)		(124,630	)		(4,330,948	)
Contract terminations:
Surrender benefits		(111,786,081	)		(101,688,135	)		(2,332,246	)		(5,646,629	)		(17,155,449	)
Death benefits		(32,315,194	)		(37,173,487	)		(408,059	)		(967,036	)		(3,637,651	)
Increase (decrease) from contract transactions		(104,282,484	)		(154,257,781	)		(3,634,904	)		(10,873,058	)		(58,946,879	)
Net assets at beginning of year		1,404,345,660			1,259,907,571			21,712,448			58,543,868			381,004,986
Net assets at end of year	$	1,363,431,627		$	1,162,608,008		$	23,706,731		$	60,409,319		$	343,216,204

Accumulation unit activity
Units outstanding at beginning of year		848,395,998			755,455,996			8,698,696			17,789,270			298,160,760
Units purchased		37,587,253			858,092			100,563			118,611			12,541,193
Units redeemed		(98,897,209	)		(90,974,876	)		(1,386,784	)		(2,992,956	)		(58,304,126	)
Units outstanding at end of year		787,086,042			665,339,212			7,412,475			14,914,925			252,397,827

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

See accompanying notes to financial statements.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			63

Statement of Changes in Net Assets


Year ended December 31, 2021 (continued)	VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	(36,725,805	)	$	(20,468,000	)	$	(400,367	)	$	(553,033	)	$	376,574
Net realized gain (loss) on sales of investments		29,473,073			21,728,344			2,018,498			3,317,098			34,970
Distributions from capital gains		—			—			8,567,612			2,544,504			—
Net change in unrealized appreciation or depreciation of investments		501,496,847			200,812,572			10,953,775			21,903,785			(411,974	)
Net increase (decrease) in net assets resulting from operations		494,244,115			202,072,916			21,139,518			27,212,354			(430	)

Contract transactions
Contract purchase payments		395,385,187			146,311,714			1,592,613			1,296,642			1,644,956
Net transfers⁽¹⁾		(29,800,798	)		(9,478,884	)		(9,675,984	)		(5,313,333	)		1,021,546
Transfers for policy loans		(369	)		9,194			66,718			32,653			684
Adjustments to net assets allocated to contracts in payment period		—			(55,007	)		(328,812	)		(31,115	)		—
Contract charges		(47,117,589	)		(25,414,663	)		(198,583	)		(152,245	)		(3,271	)
Contract terminations:
Surrender benefits		(100,974,840	)		(57,500,275	)		(26,512,044	)		(16,501,439	)		(724,726	)
Death benefits		(21,902,747	)		(13,957,159	)		(3,141,130	)		(2,162,203	)		(177,020	)
Increase (decrease) from contract transactions		195,588,844			39,914,920			(38,197,222	)		(22,831,040	)		1,762,169
Net assets at beginning of year		3,392,122,274			1,935,523,801			263,234,270			162,607,793			10,857,031
Net assets at end of year	$	4,081,955,233		$	2,177,511,637		$	246,176,566		$	166,989,107		$	12,618,770

Accumulation unit activity
Units outstanding at beginning of year		2,383,120,370			1,429,369,072			45,839,020			41,614,091			8,499,174
Units purchased		259,375,681			107,808,383			290,327			350,712			2,271,142
Units redeemed		(135,385,279	)		(80,155,038	)		(6,444,250	)		(5,622,967	)		(867,632	)
Units outstanding at end of year		2,507,110,772			1,457,022,417			39,685,097			36,341,836			9,902,684

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

See	accompanying notes to financial statements.



64		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT

Notes to Financial Statements

1. ORGANIZATION

RiverSource Variable Account 10 (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 RiverSource^® Retirement Advisor Variable Annuity – Band 3 (RAVA Band 3) contracts issued by RiverSource Life.

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 offered through RAVA Band 3 contracts and the corresponding division name are provided below. There are various other divisions offered in the Account that are not available under RAVA Band 3 contracts. 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, 2022, 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. These financial statements are of the Divisions of the Account offered through RAVA Band 3.


Division		Fund
AB VPS Dyn Asset Alloc, Cl B		AB VPS Dynamic Asset Allocation Portfolio (Class B)
AB VPS Gro & Inc, Cl B		AB VPS Growth and Income Portfolio (Class B) (renamed to AB VPS Relative Value Portfolio (Class B) effective sometime during the second quarter of 2023)
AB VPS Intl Val, Cl B		AB VPS International Value Portfolio (Class B)
AB VPS Sus Gbl Thematic, Cl B		AB VPS Sustainable Global Thematic Portfolio (Class B) (previously AB VPS Global Thematic Growth Portfolio (Class B))
Allspg VT Index Asset Alloc, Cl 2		Allspring VT Index Asset Allocation Fund – Class 2
Allspg VT Intl Eq, Cl 2		Allspring VT International Equity Fund – Class 2
Allspg VT Sm Cap Gro, Cl 2		Allspring VT Small Cap Growth Fund – Class 2
ALPS Alerian Engy Infr, Class III		ALPS/Alerian Energy Infrastructure Portfolio: Class III
AC VP Intl, Cl I		American Century VP International, Class I
AC VP Mid Cap Val, Cl II		American Century VP Mid Cap Value, Class II
AC VP Ultra, Cl II		American Century VP Ultra^®, Class II
AC VP Val, Cl I		American Century VP Value, Class I
BlackRock Global Alloc, Cl III		BlackRock Global Allocation V.I. Fund (Class III)
Calvert VP SRI Bal, Cl I		Calvert VP SRI Balanced Portfolio – Class I
Col VP Bal, Cl 3		Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Commodity Strategy, Cl 2		Columbia Variable Portfolio – Commodity Strategy Fund (Class 2)
Col VP Contrarian Core, Cl 2		Columbia Variable Portfolio – Contrarian Core Fund (Class 2)
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 Emerg Mkts Bond, Cl 2		Columbia Variable Portfolio – Emerging Markets Bond Fund (Class 2)
Col VP Emer Mkts, Cl 3		Columbia Variable Portfolio – Emerging Markets Fund (Class 3)
Col VP Global Strategic Inc, Cl 3		Columbia Variable Portfolio – Global Strategic Income Fund (Class 3)
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 Inc Opp, Cl 3		Columbia Variable Portfolio – Income Opportunities 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 Lg Cap Index, Cl 3		Columbia Variable Portfolio – Large Cap Index Fund (Class 3)
Col VP Limited Duration Cr, Cl 2		Columbia Variable Portfolio – Limited Duration Credit Fund (Class 2)
Col VP Long Govt/Cr Bond, Cl 2		Columbia Variable Portfolio – Long Government/Credit Bond Fund (Class 2)
Col VP Overseas Core, Cl 3		Columbia Variable Portfolio – Overseas Core Fund (Class 3)
Col VP Select Lg Cap Val, Cl 3		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 3)
Col VP Select Mid Cap Gro, Cl 3		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3) (previously Columbia Variable Portfolio – Mid Cap Growth Fund (Class 3))
Col VP Select Mid Cap Val, Cl 3		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 3)
Col VP Select Sm Cap Val, Cl 3		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3)
Col VP US Govt Mtge, Cl 3		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 3)
CS Commodity Return		Credit Suisse Trust – Commodity Return Strategy Portfolio
CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 3)



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			65


Division		Fund
CTIVP Prin Blue Chip Gro, Cl 1		CTIVP^® – Principal Blue Chip Growth Fund (Class 1) (previously CTIVP^® – Loomis Sayles Growth Fund (Class 1))
CTIVP Vty Sycamore Estb Val, Cl 3		CTIVP^® – Victory Sycamore Established Value Fund (Class 3)
Del Ivy VIP Asset Strategy, Cl II		Delaware Ivy VIP Asset Strategy, Class II
DWS Alt Asset Alloc VIP, Cl B		DWS Alternative Asset Allocation VIP, Class B
EV VT Floating-Rate Inc, Init Cl		Eaton Vance VT Floating-Rate Income Fund – Initial Class
Fid VIP Contrafund, Serv Cl 2		Fidelity^® VIP Contrafund^SM Portfolio Service Class 2
Fid VIP Gro & Inc, Serv Cl		Fidelity^® VIP Growth & Income Portfolio Service Class
Fid VIP Mid Cap, Serv Cl		Fidelity^® VIP Mid Cap Portfolio Service Class
Fid VIP Overseas, Serv Cl		Fidelity^® VIP Overseas Portfolio Service Class
Fid VIP Strategic Inc, Serv Cl 2		Fidelity^® VIP Strategic Income Portfolio Service Class 2
Frank Global Real Est, Cl 2		Franklin Global Real Estate VIP Fund – Class 2
Frank Inc, Cl 2		Franklin Income VIP Fund – Class 2
Frank Sm Cap Val, Cl 2		Franklin Small Cap Value VIP Fund – Class 2
GS VIT Mid Cap Val, Inst		Goldman Sachs VIT Mid Cap Value Fund – Institutional Shares
GS VIT Multi-Strategy Alt, Advisor		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Advisor Shares
GS VIT Sm Cap Eq Insights, Inst		Goldman Sachs VIT Small Cap Equity Insights Fund – Institutional Shares
GS VIT U.S. Eq Insights, Inst		Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares
Invesco VI Am Fran, Ser I		Invesco V.I. American Franchise Fund, Series I Shares
Invesco VI Bal Risk Alloc, Ser II		Invesco V.I. Balanced-Risk Allocation Fund, Series II Shares
Invesco VI Comstock, Ser II		Invesco V.I. Comstock Fund, Series II Shares
Invesco VI Dis Mid Cap Gro, Ser I		Invesco V.I. Discovery Mid Cap Growth Fund, Series I Shares
Invesco VI EQV Intl Eq, Ser II		Invesco V.I. EQV International Equity Fund, Series II Shares (previously Invesco V.I. International Growth Fund, Series II Shares)
Invesco VI Global, Ser II		Invesco V.I. Global Fund, Series II Shares
Invesco VI Gbl Strat Inc, Ser II		Invesco V.I. Global Strategic Income Fund, Series II Shares
Invesco VI Hlth, Ser II		Invesco V.I. Health Care Fund, Series II Shares
Invesco VI Mn St Sm Cap, Ser II		Invesco V.I. Main Street Small Cap Fund^®, Series II Shares
Janus Henderson VIT Bal, Serv		Janus Henderson VIT Balanced Portfolio: Service Shares
Janus Henderson VIT Enter, Serv		Janus Henderson VIT Enterprise Portfolio: Service Shares
Janus Henderson VIT Flex Bd, Serv		Janus Henderson VIT Flexible Bond Portfolio: Service Shares
Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Global Technology and Innovation Portfolio: Service Shares
Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Overseas Portfolio: Service Shares
Janus Henderson VIT Res, Serv		Janus Henderson VIT Research Portfolio: Service Shares
Lazard Ret Global Dyn MA, Serv		Lazard Retirement Global Dynamic Multi-Asset Portfolio – Service Shares
MFS Mass Inv Gro Stock, Serv Cl		MFS^® Massachusetts Investors Growth Stock Portfolio – Service Class
MFS New Dis, Serv Cl		MFS^® New Discovery Series – Service Class
MFS Utilities, Serv Cl		MFS^® Utilities Series – Service Class
MS VIF Dis, Cl II		Morgan Stanley VIF Discovery Portfolio, Class II Shares
MS VIF Global Real Est, Cl II		Morgan Stanley VIF Global Real Estate Portfolio, Class II Shares
NB AMT Intl Eq, Cl S		Neuberger Berman AMT International Equity Portfolio (Class S)
NB AMT US Eq Index PW Strat, Cl S		Neuberger Berman AMT U.S. Equity Index PutWrite Strategy Portfolio (Class S)
PIMCO VIT All Asset, Advisor Cl		PIMCO VIT All Asset Portfolio, Advisor Class
PIMCO VIT Glb Man As Alloc, Adv Cl		PIMCO VIT Global Managed Asset Allocation Portfolio, Advisor Class
PIMCO VIT Tot Return, Advisor Cl		PIMCO VIT Total Return Portfolio, Advisor Class
Put VT Sus Leaders, Cl IB		Putnam VT Sustainable Leaders Fund – Class IB Shares
Royce Micro-Cap, Invest Cl		Royce Capital Fund – Micro-Cap Portfolio, Investment Class
Temp Global Bond, Cl 2		Templeton Global Bond VIP Fund – Class 2
Third Ave VST Third Ave Value		Third Avenue VST Third Avenue Value Portfolio
VanEck VIP Global Gold, Cl S		VanEck VIP Global Gold Fund (Class S Shares)
VP Aggr, Cl 2		Variable Portfolio – Aggressive Portfolio (Class 2)
VP Aggr, Cl 4		Variable Portfolio – Aggressive Portfolio (Class 4)
VP Conserv, Cl 2		Variable Portfolio – Conservative Portfolio (Class 2)
VP Conserv, Cl 4		Variable Portfolio – Conservative Portfolio (Class 4)
VP Man Risk, Cl 2		Variable Portfolio – Managed Risk Fund (Class 2)
VP Man Risk US, Cl 2		Variable Portfolio – Managed Risk U.S. Fund (Class 2)
VP Man Vol Conserv, Cl 2		Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
VP Man Vol Conserv Gro, Cl 2		Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
VP Man Vol Gro, Cl 2		Variable Portfolio – Managed Volatility Growth Fund (Class 2)
VP Man Vol Mod Gro, Cl 2		Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
VP Mod, Cl 2		Variable Portfolio – Moderate Portfolio (Class 2)
VP Mod, Cl 4		Variable Portfolio – Moderate Portfolio (Class 4)
VP Mod Aggr, Cl 2		Variable Portfolio – Moderately Aggressive Portfolio (Class 2)



66		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


Division		Fund
VP Mod Aggr, Cl 4		Variable Portfolio – Moderately Aggressive Portfolio (Class 4)
VP Mod Conserv, Cl 2		Variable Portfolio – Moderately Conservative Portfolio (Class 2)
VP Mod Conserv, Cl 4		Variable Portfolio – Moderately Conservative Portfolio (Class 4)
VP Ptnrs Core Eq, Cl 3		Variable Portfolio – Partners Core Equity Fund (Class 3)
VP Ptnrs Sm Cap Val, Cl 3		Variable Portfolio – Partners Small Cap Value Fund (Class 3)
VP US Flex Conserv Gro, Cl 2		Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
VP US Flex Gro, Cl 2		Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
VP US Flex Mod Gro, Cl 2		Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
Wanger Acorn		Wanger Acorn (previously Wanger USA)
Wanger Intl		Wanger International
WA Var Global Hi Yd Bond, Cl II		Western Asset Variable Global High Yield Bond Portfolio – Class II

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 contract.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

Investment transactions are accounted for on the 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. This hierarchy prioritizes the inputs used by the Account to value investment securities. 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.

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, 2022.

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.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			67

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.

3. VARIABLE ACCOUNT EXPENSES

For RAVA Band 3 contracts, RiverSource Life deducts a daily mortality and expense risk fee equal, on an annual basis, to 0.55% of the average daily net assets of each subaccount.

4. CONTRACT CHARGES

RiverSource Life deducts a contract administrative charge of $30 per year on the contract anniversary. 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.

Optional riders are available on this product and if selected, the related fees are deducted annually from the contract value on the contract anniversary.

5. SURRENDER CHARGES

There is no charge if you surrender all or part of your contract during the accumulation phase.

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, 2022 were as follows:


Division	Purchases
AB VPS Dyn Asset Alloc, Cl B	$	3,898,713
AB VPS Gro & Inc, Cl B		15,941,861
AB VPS Intl Val, Cl B		5,021,191
AB VPS Sus Gbl Thematic, Cl B		1,944,679
Allspg VT Index Asset Alloc, Cl 2		2,618,542
Allspg VT Intl Eq, Cl 2		2,261,616
Allspg VT Sm Cap Gro, Cl 2		20,038,236
ALPS Alerian Engy Infr, Class III		14,761,901
AC VP Intl, Cl I		1,337,262
AC VP Mid Cap Val, Cl II		10,369,746
AC VP Ultra, Cl II		7,496,176
AC VP Val, Cl I		4,144,431
BlackRock Global Alloc, Cl III		7,102,066
Calvert VP SRI Bal, Cl I		2,983,395
Col VP Bal, Cl 3		17,985,854
Col VP Commodity Strategy, Cl 2		21,649,599
Col VP Contrarian Core, Cl 2		12,895,105
Col VP Disciplined Core, Cl 3		1,639,538
Col VP Divd Opp, Cl 3		9,867,318
Col VP Emerg Mkts Bond, Cl 2		1,815,199
Col VP Emer Mkts, Cl 3		28,163,026
Col VP Global Strategic Inc, Cl 3		2,991,619
Col VP Govt Money Mkt, Cl 3		64,810,077
Col VP Hi Yield Bond, Cl 3		8,684,406
Col VP Inc Opp, Cl 3		8,044,391
Col VP Inter Bond, Cl 3		12,840,648
Col VP Lg Cap Gro, Cl 3		2,103,981


Division	Purchases
Col VP Lg Cap Index, Cl 3	$	24,335,824
Col VP Limited Duration Cr, Cl 2		25,847,666
Col VP Long Govt/Cr Bond, Cl 2		2,543,640
Col VP Overseas Core, Cl 3		5,717,960
Col VP Select Lg Cap Val, Cl 3		10,912,730
Col VP Select Mid Cap Gro, Cl 3		1,469,966
Col VP Select Mid Cap Val, Cl 3		3,152,307
Col VP Select Sm Cap Val, Cl 3		2,205,114
Col VP US Govt Mtge, Cl 3		2,762,728
CS Commodity Return		6,076,653
CTIVP BR Gl Infl Prot Sec, Cl 3		7,323,365
CTIVP Prin Blue Chip Gro, Cl 1		1,732,719
CTIVP Vty Sycamore Estb Val, Cl 3		4,374,614
Del Ivy VIP Asset Strategy, Cl II		2,264,467
DWS Alt Asset Alloc VIP, Cl B		6,775,047
EV VT Floating-Rate Inc, Init Cl		20,321,934
Fid VIP Contrafund, Serv Cl 2		39,260,511
Fid VIP Gro & Inc, Serv Cl		1,992,667
Fid VIP Mid Cap, Serv Cl		4,588,497
Fid VIP Overseas, Serv Cl		332,115
Fid VIP Strategic Inc, Serv Cl 2		20,785,105
Frank Global Real Est, Cl 2		7,117,598
Frank Inc, Cl 2		16,787,421
Frank Sm Cap Val, Cl 2		30,258,328
GS VIT Mid Cap Val, Inst		18,174,266
GS VIT Multi-Strategy Alt, Advisor		3,704,584
GS VIT Sm Cap Eq Insights, Inst		139,660



68		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


Division	Purchases
GS VIT U.S. Eq Insights, Inst	$	2,073,179
Invesco VI Am Fran, Ser I		3,343,371
Invesco VI Bal Risk Alloc, Ser II		8,740,985
Invesco VI Comstock, Ser II		11,135,071
Invesco VI Dis Mid Cap Gro, Ser I		5,093,939
Invesco VI EQV Intl Eq, Ser II		5,661,413
Invesco VI Global, Ser II		26,924,876
Invesco VI Gbl Strat Inc, Ser II		2,229,817
Invesco VI Hlth, Ser II		7,721,222
Invesco VI Mn St Sm Cap, Ser II		16,367,770
Janus Henderson VIT Bal, Serv		20,796,315
Janus Henderson VIT Enter, Serv		2,893,538
Janus Henderson VIT Flex Bd, Serv		6,843,966
Janus Hend VIT Gbl Tech Innov, Srv		5,900,142
Janus Henderson VIT Overseas, Serv		2,004,074
Janus Henderson VIT Res, Serv		12,650,213
Lazard Ret Global Dyn MA, Serv		1,842,564
MFS Mass Inv Gro Stock, Serv Cl		12,934,844
MFS New Dis, Serv Cl		12,031,174
MFS Utilities, Serv Cl		22,632,868
MS VIF Dis, Cl II		45,345,479
MS VIF Global Real Est, Cl II		1,917,370
NB AMT Intl Eq, Cl S		3,867,215
NB AMT US Eq Index PW Strat, Cl S		3,965,705
PIMCO VIT All Asset, Advisor Cl		14,729,152
PIMCO VIT Glb Man As Alloc, Adv Cl		1,413,406
PIMCO VIT Tot Return, Advisor Cl		10,343,530
Put VT Sus Leaders, Cl IB		7,362,243


Division	Purchases
Royce Micro-Cap, Invest Cl	$	3,410,509
Temp Global Bond, Cl 2		2,060,055
Third Ave VST Third Ave Value		376,008
VanEck VIP Global Gold, Cl S		7,209,346
VP Aggr, Cl 2		64,481,074
VP Aggr, Cl 4		7,207,801
VP Conserv, Cl 2		58,604,549
VP Conserv, Cl 4		18,661,839
VP Man Risk, Cl 2		10,743,463
VP Man Risk US, Cl 2		67,458,375
VP Man Vol Conserv, Cl 2		81,709,908
VP Man Vol Conserv Gro, Cl 2		32,109,437
VP Man Vol Gro, Cl 2		25,561,345
VP Man Vol Mod Gro, Cl 2		24,708,258
VP Mod, Cl 2		143,371,178
VP Mod, Cl 4		9,277,309
VP Mod Aggr, Cl 2		74,290,476
VP Mod Aggr, Cl 4		6,864,377
VP Mod Conserv, Cl 2		40,661,018
VP Mod Conserv, Cl 4		10,755,417
VP Ptnrs Core Eq, Cl 3		220,131
VP Ptnrs Sm Cap Val, Cl 3		827,082
VP US Flex Conserv Gro, Cl 2		43,441,472
VP US Flex Gro, Cl 2		141,470,255
VP US Flex Mod Gro, Cl 2		66,618,740
Wanger Acorn		63,631,141
Wanger Intl		25,507,914
WA Var Global Hi Yd Bond, Cl II		2,051,320

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 lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
AB VPS Dyn Asset Alloc, Cl B
2022		7,606		$1.23	to	$1.08		$8,891		2.55	%		0.55	%	to	1.90	%		(19.12	%)	to	(20.21	%)
2021		8,157		$1.52	to	$1.35		$11,850		1.61	%		0.55	%	to	1.90	%		8.68	%	to	7.22	%
2020		7,782		$1.40	to	$1.26		$10,461		1.52	%		0.55	%	to	1.90	%		4.29	%	to	2.89	%
2019		9,012		$1.34	to	$1.23		$11,673		1.80	%		0.55	%	to	1.90	%		14.61	%	to	13.07	%
2018		7,870		$1.17	to	$1.08		$8,930		1.54	%		0.55	%	to	1.90	%		(7.86	%)	to	(9.10	%)
AB VPS Gro & Inc, Cl B
2022		21,769		$3.62	to	$1.00		$72,788		1.10	%		0.55	%	to	1.55	%		(4.94	%)	to	(0.06	%)⁽⁷⁾
2021		23,359		$3.80	to	$2.96		$82,840		0.63	%		0.55	%	to	1.45	%		27.14	%	to	26.00	%
2020		26,311		$2.99	to	$2.35		$73,638		1.34	%		0.55	%	to	1.45	%		1.91	%	to	1.00	%
2019		29,990		$2.94	to	$2.33		$82,516		1.02	%		0.55	%	to	1.45	%		22.93	%	to	21.83	%
2018		33,116		$2.39	to	$1.91		$74,356		0.73	%		0.55	%	to	1.45	%		(6.36	%)	to	(7.21	%)
AB VPS Intl Val, Cl B
2022		43,733		$1.90	to	$0.80		$64,852		4.13	%		0.55	%	to	1.45	%		(14.27	%)	to	(15.03	%)
2021		46,915		$2.22	to	$0.94		$81,262		1.65	%		0.55	%	to	1.45	%		10.25	%	to	9.26	%
2020		52,865		$2.01	to	$0.86		$83,459		1.53	%		0.55	%	to	1.45	%		1.65	%	to	0.74	%
2019		60,148		$1.98	to	$0.86		$93,276		0.77	%		0.55	%	to	1.45	%		16.15	%	to	15.11	%
2018		69,012		$1.70	to	$0.74		$92,028		1.06	%		0.55	%	to	1.45	%		(23.40	%)	to	(24.09	%)
AB VPS Sus Gbl Thematic, Cl B
2022		3,065		$2.69	to	$0.94		$7,697		—			0.55	%	to	1.55	%		(27.57	%)	to	(6.14	%)⁽⁷⁾
2021		3,296		$3.71	to	$3.27		$11,645		—			0.55	%	to	1.45	%		21.90	%	to	20.81	%
2020		3,590		$3.05	to	$2.71		$10,374		0.42	%		0.55	%	to	1.45	%		38.32	%	to	37.08	%
2019		3,339		$2.20	to	$1.97		$7,016		0.17	%		0.55	%	to	1.45	%		29.07	%	to	27.91	%
2018		3,433		$1.71	to	$1.54		$5,616		—			0.55	%	to	1.45	%		(10.48	%)	to	(11.29	%)



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			69


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Allspg VT Index Asset Alloc, Cl 2
2022		5,962		$3.22	to	$2.96		$18,562		0.63	%		0.55	%	to	1.20	%		(17.48	%)	to	(18.01	%)
2021		6,570		$3.90	to	$3.61		$24,848		0.59	%		0.55	%	to	1.20	%		15.36	%	to	14.61	%
2020		7,351		$3.38	to	$3.15		$24,171		0.82	%		0.55	%	to	1.20	%		15.94	%	to	15.20	%
2019		8,230		$2.92	to	$2.74		$23,399		1.09	%		0.55	%	to	1.20	%		19.50	%	to	18.72	%
2018		9,481		$2.44	to	$2.30		$22,593		0.97	%		0.55	%	to	1.20	%		(3.44	%)	to	(4.07	%)
Allspg VT Intl Eq, Cl 2
2022		13,606		$1.84	to	$1.15		$21,237		3.65	%		0.55	%	to	1.45	%		(12.37	%)	to	(13.15	%)
2021		14,752		$2.10	to	$1.33		$26,283		1.08	%		0.55	%	to	1.45	%		6.28	%	to	5.33	%
2020		16,331		$1.98	to	$1.26		$27,472		2.58	%		0.55	%	to	1.45	%		4.35	%	to	3.42	%
2019		18,783		$1.89	to	$1.22		$30,400		3.69	%		0.55	%	to	1.45	%		14.85	%	to	13.82	%
2018		20,982		$1.65	to	$1.07		$29,640		11.24	%		0.55	%	to	1.45	%		(17.73	%)	to	(18.48	%)
Allspg VT Sm Cap Gro, Cl 2
2022		19,710		$3.97	to	$2.10		$71,369		—			0.55	%	to	1.90	%		(34.78	%)	to	(35.66	%)
2021		21,888		$6.09	to	$3.27		$122,035		—			0.55	%	to	1.90	%		7.05	%	to	5.61	%
2020		23,583		$5.69	to	$3.10		$123,475		—			0.55	%	to	1.90	%		56.92	%	to	54.82	%
2019		24,616		$3.63	to	$2.00		$82,575		—			0.55	%	to	1.90	%		24.14	%	to	22.48	%
2018		26,761		$2.92	to	$1.63		$72,561		—			0.55	%	to	1.90	%		0.75	%	to	(0.61	%)
ALPS Alerian Engy Infr, Class III
2022		38,045		$1.16	to	$1.02		$42,306		4.78	%		0.55	%	to	1.90	%		16.68	%	to	15.12	%
2021		31,011		$1.00	to	$0.89		$29,707		2.06	%		0.55	%	to	1.90	%		37.02	%	to	35.18	%
2020		31,725		$0.73	to	$0.66		$22,314		2.78	%		0.55	%	to	1.90	%		(25.54	%)	to	(26.54	%)
2019		35,763		$0.98	to	$0.89		$33,932		1.50	%		0.55	%	to	1.90	%		19.75	%	to	18.15	%
2018		40,353		$0.82	to	$0.76		$32,131		1.69	%		0.55	%	to	1.90	%		(19.40	%)	to	(20.49	%)
AC VP Intl, Cl I
2022		3,217		$2.05	to	$1.87		$6,233		1.50	%		0.55	%	to	0.95	%		(25.17	%)	to	(25.47	%)
2021		3,597		$2.75	to	$2.51		$9,341		0.16	%		0.55	%	to	0.95	%		8.15	%	to	7.72	%
2020		3,871		$2.54	to	$2.33		$9,327		0.49	%		0.55	%	to	0.95	%		25.19	%	to	24.69	%
2019		4,271		$2.03	to	$1.87		$8,221		0.88	%		0.55	%	to	0.95	%		27.72	%	to	27.21	%
2018		4,951		$1.59	to	$1.47		$7,484		1.29	%		0.55	%	to	0.95	%		(15.69	%)	to	(16.03	%)
AC VP Mid Cap Val, Cl II
2022		12,448		$3.13	to	$0.99		$40,249		2.11	%		0.55	%	to	1.55	%		(1.92	%)	to	(0.64	%)⁽⁷⁾
2021		12,841		$3.19	to	$3.46		$42,771		1.00	%		0.55	%	to	1.45	%		22.34	%	to	21.25	%
2020		14,793		$2.61	to	$2.85		$40,391		1.63	%		0.55	%	to	1.45	%		0.56	%	to	(0.35	%)
2019		19,355		$2.59	to	$2.86		$52,756		1.91	%		0.55	%	to	1.45	%		28.29	%	to	27.14	%
2018		23,734		$2.02	to	$2.25		$50,642		1.25	%		0.55	%	to	1.45	%		(13.44	%)	to	(14.22	%)
AC VP Ultra, Cl II
2022		8,897		$4.24	to	$3.83		$36,106		—			0.55	%	to	1.45	%		(32.83	%)	to	(33.43	%)
2021		9,890		$6.32	to	$5.75		$60,002		—			0.55	%	to	1.45	%		22.32	%	to	21.23	%
2020		11,057		$5.16	to	$4.74		$54,981		—			0.55	%	to	1.45	%		48.73	%	to	47.40	%
2019		11,208		$3.47	to	$3.22		$37,737		—			0.55	%	to	1.45	%		33.72	%	to	32.53	%
2018		12,466		$2.60	to	$2.43		$31,543		0.11	%		0.55	%	to	1.45	%		0.04	%	to	(0.86	%)
AC VP Val, Cl I
2022		5,778		$5.19	to	$4.73		$28,456		2.09	%		0.55	%	to	0.95	%		(0.01	%)	to	(0.41	%)
2021		6,246		$5.19	to	$4.75		$30,851		1.73	%		0.55	%	to	0.95	%		23.83	%	to	23.33	%
2020		6,916		$4.19	to	$3.85		$27,765		2.28	%		0.55	%	to	0.95	%		0.42	%	to	0.02	%
2019		8,222		$4.17	to	$3.85		$32,899		2.11	%		0.55	%	to	0.95	%		26.34	%	to	25.83	%
2018		9,425		$3.30	to	$3.06		$29,909		1.63	%		0.55	%	to	0.95	%		(9.65	%)	to	(10.01	%)
BlackRock Global Alloc, Cl III
2022		48,231		$1.56	to	$1.35		$71,677		—			0.55	%	to	1.90	%		(16.53	%)	to	(17.64	%)
2021		51,484		$1.87	to	$1.64		$92,142		0.83	%		0.55	%	to	1.90	%		5.83	%	to	4.41	%
2020		49,337		$1.77	to	$1.57		$83,868		1.34	%		0.55	%	to	1.90	%		20.05	%	to	18.43	%
2019		51,774		$1.47	to	$1.33		$73,748		1.25	%		0.55	%	to	1.90	%		17.11	%	to	15.55	%
2018		58,332		$1.26	to	$1.15		$71,337		0.83	%		0.55	%	to	1.90	%		(8.09	%)	to	(9.32	%)



70		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Calvert VP SRI Bal, Cl I
2022		8,225		$2.47	to	$2.44		$19,357		1.18	%		0.55	%	to	1.20	%		(15.88	%)	to	(16.42	%)
2021		9,172		$2.93	to	$2.92		$25,775		1.16	%		0.55	%	to	1.20	%		14.49	%	to	13.74	%
2020		9,850		$2.56	to	$2.57		$24,246		1.51	%		0.55	%	to	1.20	%		14.63	%	to	13.88	%
2019		10,384		$2.24	to	$2.26		$22,358		1.56	%		0.55	%	to	1.20	%		23.72	%	to	22.92	%
2018		10,525		$1.81	to	$1.83		$18,359		1.74	%		0.55	%	to	1.20	%		(3.20	%)	to	(3.84	%)
Col VP Bal, Cl 3
2022		183,169		$2.87	to	$1.84		$489,962		—			0.55	%	to	1.90	%		(17.20	%)	to	(18.31	%)
2021		198,849		$3.46	to	$2.25		$643,716		—			0.55	%	to	1.90	%		14.11	%	to	12.58	%
2020		202,406		$3.03	to	$2.00		$577,612		—			0.55	%	to	1.90	%		16.94	%	to	15.37	%
2019		200,210		$2.59	to	$1.73		$493,462		—			0.55	%	to	1.90	%		22.11	%	to	20.47	%
2018		209,029		$2.13	to	$1.44		$424,747		—			0.55	%	to	1.90	%		(6.41	%)	to	(7.67	%)
Col VP Commodity Strategy, Cl 2
2022		29,909		$0.86	to	$0.76		$24,623		28.61	%		0.55	%	to	1.90	%		18.05	%	to	16.47	%
2021		15,752		$0.73	to	$0.65		$11,016		—			0.55	%	to	1.90	%		31.29	%	to	29.53	%
2020		8,170		$0.56	to	$0.50		$4,373		20.03	%		0.55	%	to	1.90	%		(2.09	%)	to	(3.40	%)
2019		8,107		$0.57	to	$0.52		$4,460		0.93	%		0.55	%	to	1.90	%		7.19	%	to	5.75	%
2018		8,710		$0.53	to	$0.49		$4,491		—			0.55	%	to	1.90	%		(14.64	%)	to	(15.79	%)
Col VP Contrarian Core, Cl 2
2022		45,630		$2.62	to	$2.29		$114,015		—			0.55	%	to	1.90	%		(19.30	%)	to	(20.38	%)
2021		46,001		$3.24	to	$2.88		$143,414		—			0.55	%	to	1.90	%		23.28	%	to	21.63	%
2020		46,707		$2.63	to	$2.37		$118,781		—			0.55	%	to	1.90	%		21.33	%	to	19.71	%
2019		48,211		$2.17	to	$1.98		$101,337		—			0.55	%	to	1.90	%		32.08	%	to	30.31	%
2018		52,094		$1.64	to	$1.52		$83,307		—			0.55	%	to	1.90	%		(9.64	%)	to	(10.86	%)
Col VP Disciplined Core, Cl 3
2022		96,320		$2.83	to	$2.90		$302,302		—			0.55	%	to	1.45	%		(19.27	%)	to	(20.00	%)
2021		105,498		$3.50	to	$3.63		$411,739		—			0.55	%	to	1.45	%		31.84	%	to	30.66	%
2020		116,774		$2.65	to	$2.77		$347,019		—			0.55	%	to	1.45	%		13.36	%	to	12.34	%
2019		131,960		$2.34	to	$2.47		$346,230		—			0.55	%	to	1.45	%		23.95	%	to	22.84	%
2018		147,359		$1.89	to	$2.01		$312,920		—			0.55	%	to	1.45	%		(4.27	%)	to	(5.13	%)
Col VP Divd Opp, Cl 3
2022		106,455		$4.47	to	$2.38		$398,253		—			0.55	%	to	1.45	%		(1.78	%)	to	(2.66	%)
2021		112,748		$4.55	to	$2.45		$432,848		—			0.55	%	to	1.45	%		25.33	%	to	24.20	%
2020		128,498		$3.63	to	$1.97		$395,051		—			0.55	%	to	1.45	%		0.47	%	to	(0.43	%)
2019		148,528		$3.62	to	$1.98		$456,364		—			0.55	%	to	1.45	%		23.24	%	to	22.14	%
2018		172,206		$2.93	to	$1.62		$430,290		—			0.55	%	to	1.45	%		(6.39	%)	to	(7.23	%)
Col VP Emerg Mkts Bond, Cl 2
2022		10,088		$0.97	to	$0.85		$9,401		4.03	%		0.55	%	to	1.90	%		(16.62	%)	to	(17.73	%)
2021		11,854		$1.17	to	$1.04		$13,330		3.68	%		0.55	%	to	1.90	%		(2.99	%)	to	(4.29	%)
2020		12,122		$1.21	to	$1.09		$14,140		3.23	%		0.55	%	to	1.90	%		6.58	%	to	5.14	%
2019		13,256		$1.13	to	$1.03		$14,563		4.87	%		0.55	%	to	1.90	%		11.47	%	to	9.98	%
2018		13,128		$1.01	to	$0.94		$12,998		4.32	%		0.55	%	to	1.90	%		(7.89	%)	to	(9.13	%)
Col VP Emer Mkts, Cl 3
2022		31,922		$2.82	to	$1.55		$71,144		—			0.55	%	to	1.45	%		(33.34	%)	to	(33.94	%)
2021		35,031		$4.23	to	$2.35		$117,350		0.99	%		0.55	%	to	1.45	%		(7.84	%)	to	(8.67	%)
2020		38,326		$4.59	to	$2.57		$139,658		0.56	%		0.55	%	to	1.45	%		32.63	%	to	31.44	%
2019		45,589		$3.46	to	$1.96		$125,995		0.18	%		0.55	%	to	1.45	%		30.71	%	to	29.54	%
2018		53,483		$2.65	to	$1.51		$113,557		0.45	%		0.55	%	to	1.45	%		(22.01	%)	to	(22.71	%)
Col VP Global Strategic Inc, Cl 3
2022		31,815		$1.66	to	$1.03		$45,420		3.43	%		0.55	%	to	1.45	%		(14.08	%)	to	(14.85	%)
2021		35,882		$1.93	to	$1.21		$59,979		3.92	%		0.55	%	to	1.45	%		0.59	%	to	(0.32	%)
2020		38,477		$1.92	to	$1.22		$64,308		5.22	%		0.55	%	to	1.45	%		4.11	%	to	3.17	%
2019		43,214		$1.85	to	$1.18		$69,749		—			0.55	%	to	1.45	%		10.30	%	to	9.31	%
2018		49,751		$1.67	to	$1.08		$73,103		4.33	%		0.55	%	to	1.45	%		(5.86	%)	to	(6.71	%)



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			71


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Govt Money Mkt, Cl 3
2022		125,779		$1.21	to	$0.91		$135,605		1.22	%		0.55	%	to	1.45	%		0.61	%	to	(0.29	%)
2021		101,435		$1.21	to	$0.91		$110,390		0.01	%		0.55	%	to	1.45	%		(0.53	%)	to	(1.41	%)
2020		123,715		$1.21	to	$0.93		$135,583		0.18	%		0.55	%	to	1.45	%		(0.27	%)	to	(1.16	%)
2019		86,619		$1.22	to	$0.94		$96,069		1.73	%		0.55	%	to	1.45	%		1.21	%	to	0.30	%
2018		105,979		$1.20	to	$0.93		$116,885		1.36	%		0.55	%	to	1.45	%		0.83	%	to	(0.08	%)
Col VP Hi Yield Bond, Cl 3
2022		43,790		$3.01	to	$2.01		$118,266		5.08	%		0.55	%	to	1.45	%		(11.19	%)	to	(11.99	%)
2021		50,238		$3.39	to	$2.28		$153,394		4.93	%		0.55	%	to	1.45	%		4.29	%	to	3.35	%
2020		55,713		$3.25	to	$2.21		$163,849		5.64	%		0.55	%	to	1.45	%		5.96	%	to	5.01	%
2019		66,858		$3.07	to	$2.10		$185,992		5.75	%		0.55	%	to	1.45	%		16.08	%	to	15.04	%
2018		78,729		$2.64	to	$1.83		$189,434		5.46	%		0.55	%	to	1.45	%		(4.53	%)	to	(5.39	%)
Col VP Inc Opp, Cl 3
2022		32,732		$2.43	to	$1.95		$73,104		5.16	%		0.55	%	to	1.45	%		(10.70	%)	to	(11.50	%)
2021		37,714		$2.72	to	$2.20		$94,708		8.85	%		0.55	%	to	1.45	%		3.90	%	to	2.97	%
2020		42,052		$2.61	to	$2.14		$101,999		4.60	%		0.55	%	to	1.45	%		5.16	%	to	4.21	%
2019		49,492		$2.49	to	$2.05		$114,398		4.99	%		0.55	%	to	1.45	%		15.59	%	to	14.56	%
2018		57,728		$2.15	to	$1.79		$115,887		4.80	%		0.55	%	to	1.45	%		(4.39	%)	to	(5.25	%)
Col VP Inter Bond, Cl 3
2022		126,393		$1.98	to	$1.32		$218,263		3.03	%		0.55	%	to	1.45	%		(17.62	%)	to	(18.36	%)
2021		145,682		$2.41	to	$1.62		$306,148		3.17	%		0.55	%	to	1.45	%		(0.90	%)	to	(1.79	%)
2020		160,950		$2.43	to	$1.65		$342,523		2.75	%		0.55	%	to	1.45	%		11.83	%	to	10.83	%
2019		159,192		$2.17	to	$1.49		$305,425		3.11	%		0.55	%	to	1.45	%		8.52	%	to	7.55	%
2018		167,470		$2.00	to	$1.38		$298,059		2.22	%		0.55	%	to	1.45	%		(0.29	%)	to	(1.19	%)
Col VP Lg Cap Gro, Cl 3
2022		42,115		$2.33	to	$3.11		$101,467		—			0.55	%	to	1.45	%		(31.82	%)	to	(32.43	%)
2021		47,378		$3.42	to	$4.60		$168,058		—			0.55	%	to	1.45	%		27.83	%	to	26.69	%
2020		55,016		$2.67	to	$3.63		$152,397		—			0.55	%	to	1.45	%		33.83	%	to	32.63	%
2019		62,416		$2.00	to	$2.74		$128,985		—			0.55	%	to	1.45	%		35.02	%	to	33.80	%
2018		73,335		$1.48	to	$2.05		$112,703		—			0.55	%	to	1.45	%		(4.62	%)	to	(5.48	%)
Col VP Lg Cap Index, Cl 3
2022		141,826		$3.24	to	$2.64		$454,456		—			0.55	%	to	1.90	%		(18.89	%)	to	(19.98	%)
2021		149,903		$3.99	to	$3.30		$595,823		—			0.55	%	to	1.90	%		27.52	%	to	25.81	%
2020		152,958		$3.13	to	$2.62		$479,900		—			0.55	%	to	1.90	%		17.25	%	to	15.68	%
2019		156,149		$2.67	to	$2.27		$420,166		—			0.55	%	to	1.90	%		30.23	%	to	28.49	%
2018		149,134		$2.05	to	$1.76		$309,702		—			0.55	%	to	1.90	%		(5.34	%)	to	(6.62	%)
Col VP Limited Duration Cr, Cl 2
2022		70,475		$1.00	to	$0.94		$74,819		0.52	%		0.55	%	to	1.90	%		(6.87	%)	to	(8.12	%)
2021		59,735		$1.07	to	$1.03		$68,215		1.39	%		0.55	%	to	1.90	%		(1.38	%)	to	(2.71	%)
2020		54,109		$1.09	to	$1.06		$62,924		2.54	%		0.55	%	to	1.90	%		4.99	%	to	3.58	%
2019		39,044		$1.04	to	$1.02		$43,437		2.09	%		0.55	%	to	1.90	%		6.88	%	to	5.44	%
2018		36,076		$0.97	to	$0.97		$37,787		1.64	%		0.55	%	to	1.90	%		(0.57	%)	to	(1.90	%)
Col VP Long Govt/Cr Bond, Cl 2
2022		10,846		$1.01	to	$0.88		$10,487		2.36	%		0.55	%	to	1.90	%		(28.09	%)	to	(29.06	%)
2021		12,912		$1.40	to	$1.24		$17,456		1.65	%		0.55	%	to	1.90	%		(4.00	%)	to	(5.28	%)
2020		19,114		$1.46	to	$1.31		$27,008		2.51	%		0.55	%	to	1.90	%		16.43	%	to	14.87	%
2019		12,488		$1.25	to	$1.14		$15,275		2.52	%		0.55	%	to	1.90	%		18.77	%	to	17.17	%
2018		11,169		$1.05	to	$0.98		$11,586		3.20	%		0.55	%	to	1.90	%		(5.90	%)	to	(7.17	%)
Col VP Overseas Core, Cl 3
2022		30,269		$1.57	to	$1.40		$49,413		0.80	%		0.55	%	to	1.45	%		(15.27	%)	to	(16.03	%)
2021		32,569		$1.85	to	$1.66		$63,000		1.18	%		0.55	%	to	1.45	%		9.28	%	to	8.30	%
2020		36,058		$1.69	to	$1.54		$64,166		1.56	%		0.55	%	to	1.45	%		8.33	%	to	7.36	%
2019		42,438		$1.56	to	$1.43		$69,942		1.96	%		0.55	%	to	1.45	%		24.63	%	to	23.52	%
2018		50,268		$1.25	to	$1.16		$66,585		2.69	%		0.55	%	to	1.45	%		(17.16	%)	to	(17.91	%)



72		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Select Lg Cap Val, Cl 3
2022		13,975		$4.09	to	$3.04		$50,932		—			0.55	%	to	1.45	%		(2.49	%)	to	(3.36	%)
2021		12,549		$4.20	to	$3.15		$47,197		—			0.55	%	to	1.45	%		25.46	%	to	24.33	%
2020		10,598		$3.34	to	$2.53		$31,993		—			0.55	%	to	1.45	%		6.37	%	to	5.41	%
2019		13,028		$3.14	to	$2.40		$36,838		—			0.55	%	to	1.45	%		25.85	%	to	24.72	%
2018		14,388		$2.50	to	$1.92		$32,487		—			0.55	%	to	1.45	%		(12.79	%)	to	(13.58	%)
Col VP Select Mid Cap Gro, Cl 3
2022		19,888		$3.64	to	$2.64		$58,878		—			0.55	%	to	1.45	%		(31.30	%)	to	(31.91	%)
2021		22,032		$5.30	to	$3.88		$95,791		—			0.55	%	to	1.45	%		15.77	%	to	14.73	%
2020		24,410		$4.57	to	$3.38		$92,335		—			0.55	%	to	1.45	%		34.49	%	to	33.29	%
2019		27,275		$3.40	to	$2.54		$77,186		—			0.55	%	to	1.45	%		34.28	%	to	33.08	%
2018		31,843		$2.53	to	$1.91		$67,559		—			0.55	%	to	1.45	%		(5.38	%)	to	(6.23	%)
Col VP Select Mid Cap Val, Cl 3
2022		12,744		$3.95	to	$2.72		$42,797		—			0.55	%	to	1.45	%		(10.06	%)	to	(10.86	%)
2021		13,270		$4.39	to	$3.05		$49,753		—			0.55	%	to	1.45	%		31.41	%	to	30.23	%
2020		15,060		$3.34	to	$2.34		$43,098		—			0.55	%	to	1.45	%		6.82	%	to	5.86	%
2019		18,698		$3.13	to	$2.21		$50,177		—			0.55	%	to	1.45	%		30.70	%	to	29.53	%
2018		22,628		$2.39	to	$1.71		$46,653		—			0.55	%	to	1.45	%		(13.88	%)	to	(14.66	%)
Col VP Select Sm Cap Val, Cl 3
2022		7,805		$4.45	to	$2.36		$29,169		—			0.55	%	to	1.45	%		(15.29	%)	to	(16.04	%)
2021		8,094		$5.26	to	$2.82		$36,039		—			0.55	%	to	1.45	%		30.08	%	to	28.92	%
2020		8,684		$4.04	to	$2.18		$30,099		—			0.55	%	to	1.45	%		8.46	%	to	7.48	%
2019		10,587		$3.73	to	$2.03		$33,704		—			0.55	%	to	1.45	%		16.94	%	to	15.89	%
2018		12,563		$3.19	to	$1.75		$34,140		—			0.55	%	to	1.45	%		(13.18	%)	to	(13.96	%)
Col VP US Govt Mtge, Cl 3
2022		31,984		$1.44	to	$1.00		$40,242		1.98	%		0.55	%	to	1.45	%		(14.73	%)	to	(15.50	%)
2021		37,439		$1.69	to	$1.19		$55,348		1.89	%		0.55	%	to	1.45	%		(1.61	%)	to	(2.49	%)
2020		41,015		$1.72	to	$1.22		$61,786		2.50	%		0.55	%	to	1.45	%		4.38	%	to	3.44	%
2019		42,323		$1.65	to	$1.18		$61,670		2.69	%		0.55	%	to	1.45	%		6.03	%	to	5.08	%
2018		47,865		$1.55	to	$1.12		$66,263		2.72	%		0.55	%	to	1.45	%		1.16	%	to	0.24	%
CS Commodity Return
2022		21,993		$0.72	to	$0.65		$15,137		15.31	%		0.55	%	to	1.45	%		15.40	%	to	14.37	%
2021		21,050		$0.62	to	$0.57		$12,605		4.76	%		0.55	%	to	1.45	%		27.20	%	to	26.06	%
2020		21,423		$0.49	to	$0.45		$10,128		5.96	%		0.55	%	to	1.45	%		(2.02	%)	to	(2.90	%)
2019		25,441		$0.50	to	$0.47		$12,321		0.87	%		0.55	%	to	1.45	%		6.11	%	to	5.16	%
2018		29,778		$0.47	to	$0.44		$13,656		2.60	%		0.55	%	to	1.45	%		(12.14	%)	to	(12.94	%)
CTIVP BR Gl Infl Prot Sec, Cl 3
2022		36,009		$1.53	to	$1.29		$51,673		4.45	%		0.55	%	to	1.45	%		(18.04	%)	to	(18.77	%)
2021		39,791		$1.87	to	$1.59		$69,964		0.69	%		0.55	%	to	1.45	%		3.91	%	to	2.97	%
2020		39,638		$1.80	to	$1.55		$67,369		0.56	%		0.55	%	to	1.45	%		8.52	%	to	7.54	%
2019		45,328		$1.66	to	$1.44		$71,210		3.16	%		0.55	%	to	1.45	%		7.22	%	to	6.26	%
2018		53,141		$1.55	to	$1.35		$78,153		—			0.55	%	to	1.45	%		(1.06	%)	to	(1.95	%)
CTIVP Prin Blue Chip Gro, Cl 1
2022		47,724		$1.98	to	$1.86		$92,282		—			0.55	%	to	1.45	%		(28.40	%)	to	(29.04	%)
2021		53,190		$2.76	to	$2.62		$144,175		—			0.55	%	to	1.45	%		17.92	%	to	16.87	%
2020		62,336		$2.34	to	$2.24		$143,801		—			0.55	%	to	1.45	%		31.21	%	to	30.04	%
2019		72,360		$1.78	to	$1.73		$127,746		—			0.55	%	to	1.45	%		31.03	%	to	29.86	%
2018		86,651		$1.36	to	$1.33		$117,135		—			0.55	%	to	1.45	%		(2.93	%)	to	(3.81	%)
CTIVP Vty Sycamore Estb Val, Cl 3
2022		10,010		$4.91	to	$3.61		$43,664		—			0.55	%	to	1.45	%		(3.42	%)	to	(4.28	%)
2021		10,178		$5.09	to	$3.77		$46,158		—			0.55	%	to	1.45	%		31.03	%	to	29.85	%
2020		10,052		$3.88	to	$2.90		$34,992		—			0.55	%	to	1.45	%		7.31	%	to	6.35	%
2019		12,437		$3.62	to	$2.73		$40,364		—			0.55	%	to	1.45	%		27.31	%	to	26.17	%
2018		12,856		$2.84	to	$2.16		$32,901		—			0.55	%	to	1.45	%		(10.59	%)	to	(11.40	%)



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			73


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Del Ivy VIP Asset Strategy, Cl II
2022		9,145		$1.42	to	$1.24		$12,502		1.52	%		0.55	%	to	1.90	%		(15.21	%)	to	(16.34	%)
2021		10,019		$1.67	to	$1.49		$16,237		1.59	%		0.55	%	to	1.90	%		9.84	%	to	8.37	%
2020		10,756		$1.52	to	$1.37		$15,965		2.00	%		0.55	%	to	1.90	%		13.25	%	to	11.73	%
2019		12,187		$1.34	to	$1.23		$16,046		2.12	%		0.55	%	to	1.90	%		21.11	%	to	19.48	%
2018		13,310		$1.11	to	$1.03		$14,604		1.83	%		0.55	%	to	1.90	%		(5.96	%)	to	(7.23	%)
DWS Alt Asset Alloc VIP, Cl B
2022		15,555		$1.17	to	$1.02		$17,388		6.64	%		0.55	%	to	1.90	%		(8.25	%)	to	(9.47	%)
2021		12,269		$1.28	to	$1.12		$15,007		1.58	%		0.55	%	to	1.90	%		11.73	%	to	10.24	%
2020		10,984		$1.14	to	$1.02		$12,104		2.51	%		0.55	%	to	1.90	%		4.74	%	to	3.34	%
2019		13,011		$1.09	to	$0.98		$13,753		3.56	%		0.55	%	to	1.90	%		13.72	%	to	12.20	%
2018		14,302		$0.96	to	$0.88		$13,348		1.94	%		0.55	%	to	1.90	%		(9.85	%)	to	(11.07	%)
EV VT Floating-Rate Inc, Init Cl
2022		57,322		$1.55	to	$0.97		$83,655		4.66	%		0.55	%	to	1.55	%		(3.27	%)	to	(2.68	%)⁽⁷⁾
2021		52,307		$1.61	to	$1.39		$79,386		2.90	%		0.55	%	to	1.45	%		3.06	%	to	2.13	%
2020		53,306		$1.56	to	$1.36		$78,848		3.33	%		0.55	%	to	1.45	%		1.41	%	to	0.53	%
2019		75,165		$1.54	to	$1.36		$109,951		4.32	%		0.55	%	to	1.45	%		6.49	%	to	5.54	%
2018		103,408		$1.44	to	$1.29		$142,449		3.75	%		0.55	%	to	1.45	%		(0.62	%)	to	(1.52	%)
Fid VIP Contrafund, Serv Cl 2
2022		133,029		$3.28	to	$2.41		$416,576		0.26	%		0.55	%	to	1.90	%		(26.89	%)	to	(27.87	%)
2021		143,617		$4.48	to	$3.34		$618,452		0.03	%		0.55	%	to	1.90	%		26.81	%	to	25.11	%
2020		156,503		$3.53	to	$2.67		$534,239		0.08	%		0.55	%	to	1.90	%		29.52	%	to	27.78	%
2019		172,296		$2.73	to	$2.09		$456,586		0.21	%		0.55	%	to	1.90	%		30.56	%	to	28.81	%
2018		190,555		$2.09	to	$1.62		$388,931		0.43	%		0.55	%	to	1.90	%		(7.16	%)	to	(8.41	%)
Fid VIP Gro & Inc, Serv Cl
2022		10,958		$3.62	to	$3.30		$37,405		1.56	%		0.55	%	to	0.95	%		(5.54	%)	to	(5.92	%)
2021		11,782		$3.84	to	$3.51		$42,718		2.29	%		0.55	%	to	0.95	%		25.07	%	to	24.58	%
2020		12,829		$3.07	to	$2.82		$37,319		2.01	%		0.55	%	to	0.95	%		7.14	%	to	6.72	%
2019		14,530		$2.86	to	$2.64		$39,574		3.51	%		0.55	%	to	0.95	%		29.23	%	to	28.71	%
2018		16,690		$2.22	to	$2.05		$35,297		0.25	%		0.55	%	to	0.95	%		(9.58	%)	to	(9.94	%)
Fid VIP Mid Cap, Serv Cl
2022		6,630		$9.67	to	$8.81		$60,815		0.40	%		0.55	%	to	0.95	%		(15.32	%)	to	(15.66	%)
2021		7,266		$11.42	to	$10.44		$78,981		0.50	%		0.55	%	to	0.95	%		24.82	%	to	24.32	%
2020		8,169		$9.15	to	$8.40		$71,389		0.55	%		0.55	%	to	0.95	%		17.39	%	to	16.92	%
2019		9,419		$7.79	to	$7.18		$70,309		0.77	%		0.55	%	to	0.95	%		22.67	%	to	22.18	%
2018		10,955		$6.35	to	$5.88		$66,853		0.53	%		0.55	%	to	0.95	%		(15.11	%)	to	(15.45	%)
Fid VIP Overseas, Serv Cl
2022		4,330		$2.03	to	$1.85		$8,318		0.96	%		0.55	%	to	0.95	%		(25.00	%)	to	(25.30	%)
2021		4,660		$2.71	to	$2.48		$11,967		0.44	%		0.55	%	to	0.95	%		18.92	%	to	18.44	%
2020		5,118		$2.28	to	$2.09		$11,088		0.34	%		0.55	%	to	0.95	%		14.86	%	to	14.40	%
2019		5,912		$1.98	to	$1.83		$11,189		1.61	%		0.55	%	to	0.95	%		26.97	%	to	26.47	%
2018		6,601		$1.56	to	$1.45		$9,868		1.37	%		0.55	%	to	0.95	%		(15.35	%)	to	(15.69	%)
Fid VIP Strategic Inc, Serv Cl 2
2022		131,771		$1.17	to	$1.02		$147,370		3.39	%		0.55	%	to	1.90	%		(12.00	%)	to	(13.18	%)
2021		138,730		$1.33	to	$1.18		$177,205		2.56	%		0.55	%	to	1.90	%		2.97	%	to	1.58	%
2020		127,920		$1.29	to	$1.16		$159,418		3.05	%		0.55	%	to	1.90	%		6.57	%	to	5.14	%
2019		135,767		$1.21	to	$1.10		$159,517		3.40	%		0.55	%	to	1.90	%		10.05	%	to	8.57	%
2018		116,492		$1.10	to	$1.02		$125,045		3.67	%		0.55	%	to	1.90	%		(3.36	%)	to	(4.66	%)
Frank Global Real Est, Cl 2
2022		22,064		$3.15	to	$1.00		$48,213		2.42	%		0.55	%	to	1.45	%		(26.47	%)	to	(27.12	%)
2021		23,528		$4.28	to	$1.37		$70,706		0.89	%		0.55	%	to	1.45	%		26.09	%	to	24.97	%
2020		26,984		$3.40	to	$1.10		$64,477		3.29	%		0.55	%	to	1.45	%		(5.91	%)	to	(6.75	%)
2019		31,459		$3.61	to	$1.18		$80,181		2.64	%		0.55	%	to	1.45	%		21.70	%	to	20.61	%
2018		36,256		$2.96	to	$0.98		$76,097		2.62	%		0.55	%	to	1.45	%		(7.29	%)	to	(8.12	%)



74		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Frank Inc, Cl 2
2022		41,040		$1.53	to	$1.34		$59,978		4.85	%		0.55	%	to	1.90	%		(5.99	%)	to	(7.25	%)
2021		38,475		$1.63	to	$1.45		$60,037		4.60	%		0.55	%	to	1.90	%		16.12	%	to	14.56	%
2020		38,728		$1.40	to	$1.27		$52,301		5.97	%		0.55	%	to	1.90	%		0.14	%	to	(1.21	%)
2019		46,150		$1.40	to	$1.28		$62,607		5.35	%		0.55	%	to	1.90	%		15.42	%	to	13.87	%
2018		44,620		$1.22	to	$1.12		$52,750		4.72	%		0.55	%	to	1.90	%		(4.83	%)	to	(6.12	%)
Frank Sm Cap Val, Cl 2
2022		25,398		$6.71	to	$2.10		$113,286		1.00	%		0.55	%	to	1.90	%		(10.56	%)	to	(11.75	%)
2021		26,794		$7.50	to	$2.38		$134,339		1.02	%		0.55	%	to	1.90	%		24.68	%	to	23.00	%
2020		28,578		$6.02	to	$1.94		$115,452		1.50	%		0.55	%	to	1.90	%		4.61	%	to	3.22	%
2019		32,667		$5.75	to	$1.88		$126,596		1.05	%		0.55	%	to	1.90	%		25.66	%	to	23.97	%
2018		34,466		$4.58	to	$1.51		$107,886		0.88	%		0.55	%	to	1.90	%		(13.36	%)	to	(14.53	%)
GS VIT Mid Cap Val, Inst
2022		15,316		$7.74	to	$4.95		$106,671		0.68	%		0.55	%	to	1.20	%		(10.48	%)	to	(11.06	%)
2021		16,894		$8.65	to	$5.57		$131,913		0.46	%		0.55	%	to	1.20	%		30.23	%	to	29.39	%
2020		19,376		$6.64	to	$4.31		$116,602		0.62	%		0.55	%	to	1.20	%		7.81	%	to	7.11	%
2019		22,573		$6.16	to	$4.02		$126,366		0.77	%		0.55	%	to	1.20	%		30.81	%	to	29.96	%
2018		26,237		$4.71	to	$3.09		$112,625		1.25	%		0.55	%	to	1.20	%		(10.95	%)	to	(11.53	%)
GS VIT Multi-Strategy Alt, Advisor
2022		10,136		$0.97	to	$0.87		$9,493		3.47	%		0.55	%	to	1.90	%		(7.36	%)	to	(8.59	%)
2021		7,940		$1.05	to	$0.95		$8,057		1.38	%		0.55	%	to	1.90	%		4.08	%	to	2.68	%
2020		7,250		$1.01	to	$0.93		$7,104		1.83	%		0.55	%	to	1.90	%		5.99	%	to	4.57	%
2019		6,769		$0.95	to	$0.88		$6,290		2.68	%		0.55	%	to	1.90	%		8.01	%	to	6.55	%
2018		6,233		$0.88	to	$0.83		$5,394		2.36	%		0.55	%	to	1.90	%		(7.61	%)	to	(8.86	%)
GS VIT Sm Cap Eq Insights, Inst
2022		975		$4.59	to	$4.18		$4,209		0.31	%		0.55	%	to	0.95	%		(19.82	%)	to	(20.14	%)
2021		1,088		$5.73	to	$5.24		$5,878		0.45	%		0.55	%	to	0.95	%		23.11	%	to	22.62	%
2020		1,238		$4.65	to	$4.27		$5,451		0.22	%		0.55	%	to	0.95	%		7.99	%	to	7.56	%
2019		1,456		$4.31	to	$3.97		$5,957		0.48	%		0.55	%	to	0.95	%		24.16	%	to	23.66	%
2018		1,610		$3.47	to	$3.21		$5,327		0.44	%		0.55	%	to	0.95	%		(9.13	%)	to	(9.49	%)
GS VIT U.S. Eq Insights, Inst
2022		26,352		$3.44	to	$2.84		$85,875		0.79	%		0.55	%	to	1.45	%		(20.18	%)	to	(20.89	%)
2021		29,415		$4.30	to	$3.59		$120,460		0.78	%		0.55	%	to	1.45	%		28.70	%	to	27.54	%
2020		34,242		$3.34	to	$2.81		$109,201		0.84	%		0.55	%	to	1.45	%		16.90	%	to	15.86	%
2019		40,322		$2.86	to	$2.43		$110,217		1.21	%		0.55	%	to	1.45	%		24.52	%	to	23.41	%
2018		47,779		$2.30	to	$1.97		$105,192		1.19	%		0.55	%	to	1.45	%		(6.71	%)	to	(7.55	%)
Invesco VI Am Fran, Ser I
2022		3,864		$2.76	to	$2.65		$10,393		—			0.55	%	to	0.95	%		(31.49	%)	to	(31.76	%)
2021		4,117		$4.03	to	$3.88		$16,208		—			0.55	%	to	0.95	%		11.31	%	to	10.87	%
2020		4,758		$3.62	to	$3.50		$16,877		0.07	%		0.55	%	to	0.95	%		41.57	%	to	41.01	%
2019		5,370		$2.56	to	$2.48		$13,489		—			0.55	%	to	0.95	%		36.01	%	to	35.46	%
2018		6,121		$1.88	to	$1.83		$11,336		—			0.55	%	to	0.95	%		(4.16	%)	to	(4.54	%)
Invesco VI Bal Risk Alloc, Ser II
2022		26,236		$1.28	to	$1.12		$32,129		7.41	%		0.55	%	to	1.90	%		(14.98	%)	to	(16.12	%)
2021		25,890		$1.50	to	$1.34		$37,476		3.03	%		0.55	%	to	1.90	%		8.66	%	to	7.21	%
2020		25,880		$1.38	to	$1.25		$34,796		7.46	%		0.55	%	to	1.90	%		9.39	%	to	7.92	%
2019		31,724		$1.27	to	$1.16		$39,137		—			0.55	%	to	1.90	%		14.25	%	to	12.72	%
2018		34,792		$1.11	to	$1.02		$37,768		1.26	%		0.55	%	to	1.90	%		(7.23	%)	to	(8.49	%)
Invesco VI Comstock, Ser II
2022		27,918		$3.80	to	$1.01		$95,536		1.35	%		0.55	%	to	1.55	%		0.29	%	to	0.68	%⁽⁷⁾
2021		29,782		$3.79	to	$2.71		$102,722		1.57	%		0.55	%	to	1.45	%		32.31	%	to	31.13	%
2020		36,170		$2.86	to	$2.07		$94,658		2.13	%		0.55	%	to	1.45	%		(1.63	%)	to	(2.51	%)
2019		42,757		$2.91	to	$2.12		$113,810		1.67	%		0.55	%	to	1.45	%		24.26	%	to	23.14	%
2018		50,584		$2.34	to	$1.72		$108,556		1.40	%		0.55	%	to	1.45	%		(12.85	%)	to	(13.64	%)
Invesco VI Dis Mid Cap Gro, Ser I
2022		12,594		$1.23	to	$1.21		$15,421		—			0.55	%	to	1.20	%		(31.36	%)	to	(31.80	%)
2021		14,159		$1.79	to	$1.77		$25,333		—			0.55	%	to	1.20	%		18.45	%	to	17.68	%
2020		15,946		$1.51	to	$1.50		$24,155		0.05	%		0.55	%	to	1.20	%		51.03	%⁽⁶⁾	to	50.36	%⁽⁶⁾



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			75


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI EQV Intl Eq, Ser II
2022		19,003		$2.12	to	$1.63		$36,630		1.41	%		0.55	%	to	1.45	%		(18.95	%)	to	(19.68	%)
2021		20,910		$2.61	to	$2.02		$49,860		1.03	%		0.55	%	to	1.45	%		5.03	%	to	4.09	%
2020		23,326		$2.49	to	$1.94		$53,197		2.08	%		0.55	%	to	1.45	%		13.11	%	to	12.10	%
2019		27,790		$2.20	to	$1.73		$56,237		1.25	%		0.55	%	to	1.45	%		27.54	%	to	26.39	%
2018		33,586		$1.72	to	$1.37		$53,415		1.70	%		0.55	%	to	1.45	%		(15.67	%)	to	(16.43	%)
Invesco VI Global, Ser II
2022		37,552		$3.29	to	$1.85		$103,293		—			0.55	%	to	1.90	%		(32.31	%)	to	(33.22	%)
2021		41,188		$4.87	to	$2.77		$168,530		—			0.55	%	to	1.90	%		14.54	%	to	13.00	%
2020		44,144		$4.25	to	$2.45		$158,216		0.44	%		0.55	%	to	1.90	%		26.64	%	to	24.94	%
2019		49,088		$3.36	to	$1.96		$139,266		0.64	%		0.55	%	to	1.90	%		30.73	%	to	28.98	%
2018		52,505		$2.57	to	$1.52		$114,539		0.75	%		0.55	%	to	1.90	%		(13.87	%)	to	(15.03	%)
Invesco VI Gbl Strat Inc, Ser II
2022		85,984		$1.60	to	$0.85		$126,018		—			0.55	%	to	1.90	%		(12.20	%)	to	(13.37	%)
2021		98,263		$1.83	to	$0.98		$164,758		4.16	%		0.55	%	to	1.90	%		(4.09	%)	to	(5.38	%)
2020		109,621		$1.91	to	$1.03		$192,491		5.23	%		0.55	%	to	1.90	%		2.43	%	to	1.06	%
2019		128,020		$1.86	to	$1.02		$220,135		3.41	%		0.55	%	to	1.90	%		10.00	%	to	8.52	%
2018		149,770		$1.69	to	$0.94		$234,872		4.57	%		0.55	%	to	1.90	%		(5.07	%)	to	(6.35	%)
Invesco VI Hlth, Ser II
2022		11,724		$3.23	to	$2.95		$36,734		—			0.55	%	to	1.45	%		(14.01	%)	to	(14.78	%)
2021		12,805		$3.75	to	$3.46		$46,666		0.00	%		0.55	%	to	1.45	%		11.43	%	to	10.43	%
2020		14,173		$3.37	to	$3.13		$46,553		0.10	%		0.55	%	to	1.45	%		13.57	%	to	12.56	%
2019		14,951		$2.96	to	$2.78		$43,401		—			0.55	%	to	1.45	%		31.46	%	to	30.28	%
2018		17,735		$2.26	to	$2.13		$39,354		—			0.55	%	to	1.45	%		0.06	%	to	(0.84	%)
Invesco VI Mn St Sm Cap, Ser II
2022		23,898		$4.26	to	$2.32		$85,386		0.25	%		0.55	%	to	1.90	%		(16.50	%)	to	(17.62	%)
2021		26,168		$5.11	to	$2.82		$112,646		0.18	%		0.55	%	to	1.90	%		21.59	%	to	19.96	%
2020		27,781		$4.20	to	$2.35		$98,850		0.37	%		0.55	%	to	1.90	%		18.98	%	to	17.38	%
2019		31,718		$3.53	to	$2.00		$94,237		—			0.55	%	to	1.90	%		25.44	%	to	23.76	%
2018		35,518		$2.81	to	$1.62		$84,593		0.06	%		0.55	%	to	1.90	%		(11.03	%)	to	(12.23	%)
Janus Henderson VIT Bal, Serv
2022		88,215		$1.32	to	$1.24		$113,816		0.98	%		0.55	%	to	1.90	%		(17.07	%)	to	(18.18	%)
2021		87,752		$1.59	to	$1.52		$137,239		0.69	%		0.55	%	to	1.90	%		16.27	%	to	14.70	%
2020		74,253		$1.37	to	$1.32		$100,413		1.60	%		0.55	%	to	1.90	%		13.40	%	to	11.88	%
2019		56,949		$1.21	to	$1.18		$68,253		1.82	%		0.55	%	to	1.90	%		21.60	%	to	19.98	%
2018		32,123		$0.99	to	$0.98		$31,839		1.50	%		0.55	%	to	1.90	%		(0.67	%)⁽⁵⁾	to	(1.58	%)⁽⁵⁾
Janus Henderson VIT Enter, Serv
2022		5,343		$2.73	to	$2.49		$13,772		0.08	%		0.55	%	to	0.95	%		(16.61	%)	to	(16.94	%)
2021		5,926		$3.27	to	$3.00		$18,370		0.24	%		0.55	%	to	0.95	%		15.90	%	to	15.44	%
2020		6,521		$2.82	to	$2.60		$17,484		—			0.55	%	to	0.95	%		18.53	%	to	18.06	%
2019		7,645		$2.38	to	$2.20		$17,333		0.05	%		0.55	%	to	0.95	%		34.42	%	to	33.88	%
2018		8,646		$1.77	to	$1.65		$14,621		0.11	%		0.55	%	to	0.95	%		(1.21	%)	to	(1.61	%)
Janus Henderson VIT Flex Bd, Serv
2022		49,715		$1.05	to	$0.92		$49,951		1.97	%		0.55	%	to	1.90	%		(14.37	%)	to	(15.51	%)
2021		54,882		$1.23	to	$1.09		$64,705		1.63	%		0.55	%	to	1.90	%		(1.66	%)	to	(2.97	%)
2020		55,739		$1.25	to	$1.12		$67,139		2.47	%		0.55	%	to	1.90	%		9.65	%	to	8.18	%
2019		44,425		$1.14	to	$1.04		$49,020		2.88	%		0.55	%	to	1.90	%		8.68	%	to	7.22	%
2018		41,077		$1.05	to	$0.97		$41,907		2.59	%		0.55	%	to	1.90	%		(1.83	%)	to	(3.15	%)
Janus Hend VIT Gbl Tech Innov, Srv
2022		9,650		$2.40	to	$0.85		$22,290		—			0.55	%	to	1.55	%		(37.47	%)	to	(16.26	%)⁽⁷⁾
2021		11,042		$3.84	to	$8.59		$41,320		0.11	%		0.55	%	to	1.20	%		17.10	%	to	16.34	%
2020		12,474		$3.28	to	$7.38		$39,831		—			0.55	%	to	1.20	%		49.90	%	to	48.93	%
2019		13,302		$2.19	to	$4.96		$28,362		—			0.55	%	to	1.20	%		44.03	%	to	43.09	%
2018		15,070		$1.52	to	$3.46		$22,441		—			0.55	%	to	1.20	%		0.35	%	to	(0.30	%)



76		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Janus Henderson VIT Overseas, Serv
2022		10,668		$1.88	to	$1.00		$19,075		1.70	%		0.55	%	to	1.55	%		(9.34	%)	to	(0.29	%)⁽⁷⁾
2021		10,886		$2.08	to	$3.21		$21,627		1.02	%		0.55	%	to	1.20	%		12.67	%	to	11.94	%
2020		11,852		$1.84	to	$2.86		$20,942		1.20	%		0.55	%	to	1.20	%		15.39	%	to	14.64	%
2019		13,664		$1.60	to	$2.50		$20,973		1.82	%		0.55	%	to	1.20	%		26.01	%	to	25.20	%
2018		15,915		$1.27	to	$2.00		$19,487		1.64	%		0.55	%	to	1.20	%		(15.60	%)	to	(16.16	%)
Janus Henderson VIT Res, Serv
2022		15,712		$2.94	to	$2.39		$43,311		—			0.55	%	to	1.90	%		(30.45	%)	to	(31.38	%)
2021		16,792		$4.23	to	$3.48		$66,914		0.02	%		0.55	%	to	1.90	%		19.39	%	to	17.79	%
2020		18,250		$3.54	to	$2.96		$61,214		0.22	%		0.55	%	to	1.90	%		31.85	%	to	30.08	%
2019		20,124		$2.68	to	$2.27		$51,489		0.31	%		0.55	%	to	1.90	%		34.48	%	to	32.68	%
2018		21,976		$2.00	to	$1.71		$42,067		0.36	%		0.55	%	to	1.90	%		(3.37	%)	to	(4.68	%)
Lazard Ret Global Dyn MA, Serv
2022		8,731		$1.40	to	$1.23		$11,622		0.08	%		0.55	%	to	1.90	%		(17.83	%)	to	(18.93	%)
2021		10,498		$1.70	to	$1.51		$17,083		2.74	%		0.55	%	to	1.90	%		11.32	%	to	9.83	%
2020		11,732		$1.53	to	$1.38		$17,230		0.61	%		0.55	%	to	1.90	%		0.26	%	to	(1.09	%)
2019		14,412		$1.53	to	$1.39		$21,230		0.05	%		0.55	%	to	1.90	%		17.14	%	to	15.57	%
2018		15,222		$1.30	to	$1.21		$19,245		1.38	%		0.55	%	to	1.90	%		(7.08	%)	to	(8.34	%)
MFS Mass Inv Gro Stock, Serv Cl
2022		29,550		$2.22	to	$2.07		$63,985		—			0.55	%	to	1.45	%		(19.89	%)	to	(20.61	%)
2021		31,273		$2.77	to	$2.61		$84,817		0.03	%		0.55	%	to	1.45	%		24.97	%	to	23.85	%
2020		35,260		$2.22	to	$2.10		$76,753		0.22	%		0.55	%	to	1.45	%		21.53	%	to	20.44	%
2019		36,777		$1.82	to	$1.75		$66,117		0.34	%		0.55	%	to	1.45	%		38.82	%	to	37.58	%
2018		41,339		$1.31	to	$1.27		$53,770		0.33	%		0.55	%	to	1.45	%		0.02	%	to	(0.88	%)
MFS New Dis, Serv Cl
2022		8,688		$3.45	to	$3.57		$28,558		—			0.55	%	to	1.20	%		(30.38	%)	to	(30.83	%)
2021		9,511		$4.96	to	$5.16		$45,049		—			0.55	%	to	1.20	%		1.02	%	to	0.36	%
2020		10,533		$4.91	to	$5.15		$49,536		—			0.55	%	to	1.20	%		44.78	%	to	43.85	%
2019		11,428		$3.39	to	$3.58		$37,250		—			0.55	%	to	1.20	%		40.50	%	to	39.59	%
2018		12,560		$2.41	to	$2.56		$29,201		—			0.55	%	to	1.20	%		(2.26	%)	to	(2.90	%)
MFS Utilities, Serv Cl
2022		35,725		$5.30	to	$1.97		$153,188		2.24	%		0.55	%	to	1.90	%		(0.07	%)	to	(1.41	%)
2021		35,894		$5.31	to	$2.00		$154,358		1.52	%		0.55	%	to	1.90	%		13.20	%	to	11.68	%
2020		40,895		$4.69	to	$1.79		$155,077		2.21	%		0.55	%	to	1.90	%		5.04	%	to	3.63	%
2019		46,751		$4.46	to	$1.73		$169,548		3.78	%		0.55	%	to	1.90	%		24.12	%	to	22.45	%
2018		51,317		$3.59	to	$1.41		$151,015		0.83	%		0.55	%	to	1.90	%		0.26	%	to	(1.09	%)
MS VIF Dis, Cl II
2022		19,128		$2.64	to	$1.63		$48,221		—			0.55	%	to	1.90	%		(63.17	%)	to	(63.67	%)
2021		18,790		$7.18	to	$4.48		$129,812		—			0.55	%	to	1.90	%		(11.68	%)	to	(12.87	%)
2020		19,577		$8.13	to	$5.14		$154,281		—			0.55	%	to	1.90	%		150.66	%	to	147.31	%
2019		18,470		$3.24	to	$2.08		$58,529		—			0.55	%	to	1.90	%		39.20	%	to	37.33	%
2018		17,284		$2.33	to	$1.51		$39,637		—			0.55	%	to	1.90	%		9.92	%	to	8.43	%
MS VIF Global Real Est, Cl II
2022		10,342		$1.27	to	$1.15		$12,632		4.44	%		0.55	%	to	1.45	%		(26.60	%)	to	(27.26	%)
2021		11,545		$1.73	to	$1.58		$19,270		2.35	%		0.55	%	to	1.45	%		23.16	%	to	22.05	%
2020		13,408		$1.41	to	$1.29		$18,246		4.39	%		0.55	%	to	1.45	%		(15.32	%)	to	(16.08	%)
2019		16,636		$1.66	to	$1.54		$26,812		2.61	%		0.55	%	to	1.45	%		17.41	%	to	16.35	%
2018		20,200		$1.41	to	$1.32		$27,834		3.10	%		0.55	%	to	1.45	%		(8.71	%)	to	(9.53	%)
NB AMT Intl Eq, Cl S
2022		5,709		$1.36	to	$1.32		$7,669		1.55	%		0.55	%	to	1.45	%		(23.12	%)	to	(23.81	%)
2021		6,175		$1.77	to	$1.73		$10,827		0.32	%		0.55	%	to	1.45	%		12.73	%	to	11.72	%
2020		6,800		$1.57	to	$1.55		$10,623		0.50	%		0.55	%	to	1.45	%		11.95	%	to	10.95	%
2019		7,924		$1.40	to	$1.40		$11,112		0.15	%		0.55	%	to	1.45	%		26.98	%	to	25.85	%
2018		9,712		$1.10	to	$1.11		$10,777		0.15	%		0.55	%	to	1.45	%		(17.41	%)	to	(18.15	%)



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			77


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
NB AMT US Eq Index PW Strat, Cl S
2022		6,788		$1.16	to	$1.03		$7,542		—			0.55	%	to	1.90	%		(11.76	%)	to	(12.95	%)
2021		5,209		$1.31	to	$1.19		$6,586		0.32	%		0.55	%	to	1.90	%		17.30	%	to	15.72	%
2020		4,401		$1.12	to	$1.02		$4,769		0.86	%		0.55	%	to	1.90	%		7.67	%	to	6.22	%
2019		4,240		$1.04	to	$0.96		$4,286		0.16	%		0.55	%	to	1.90	%		14.63	%	to	13.09	%
2018		4,045		$0.91	to	$0.85		$3,586		—			0.55	%	to	1.90	%		(7.30	%)	to	(8.54	%)
PIMCO VIT All Asset, Advisor Cl
2022		28,886		$1.90	to	$1.21		$51,711		7.56	%		0.55	%	to	1.90	%		(12.35	%)	to	(13.53	%)
2021		28,910		$2.17	to	$1.40		$59,799		10.91	%		0.55	%	to	1.90	%		15.41	%	to	13.86	%
2020		32,326		$1.88	to	$1.23		$58,128		4.85	%		0.55	%	to	1.90	%		7.32	%	to	5.88	%
2019		39,328		$1.75	to	$1.16		$66,173		2.77	%		0.55	%	to	1.90	%		11.13	%	to	9.64	%
2018		46,372		$1.58	to	$1.06		$70,331		2.95	%		0.55	%	to	1.90	%		(5.97	%)	to	(7.23	%)
PIMCO VIT Glb Man As Alloc, Adv Cl
2022		4,495		$1.32	to	$1.14		$5,605		1.90	%		0.55	%	to	1.90	%		(18.84	%)	to	(19.93	%)
2021		4,798		$1.63	to	$1.43		$7,409		2.38	%		0.55	%	to	1.90	%		11.99	%	to	10.47	%
2020		4,148		$1.45	to	$1.29		$5,747		7.83	%		0.55	%	to	1.90	%		16.08	%	to	14.51	%
2019		4,415		$1.25	to	$1.13		$5,298		2.12	%		0.55	%	to	1.90	%		16.32	%	to	14.77	%
2018		4,395		$1.08	to	$0.98		$4,553		1.59	%		0.55	%	to	1.90	%		(6.13	%)	to	(7.40	%)
PIMCO VIT Tot Return, Advisor Cl
2022		54,369		$1.02	to	$0.89		$52,773		2.52	%		0.55	%	to	1.90	%		(14.85	%)	to	(15.99	%)
2021		56,072		$1.19	to	$1.06		$64,182		1.72	%		0.55	%	to	1.90	%		(1.91	%)	to	(3.22	%)
2020		54,942		$1.22	to	$1.10		$64,444		1.99	%		0.55	%	to	1.90	%		7.94	%	to	6.50	%
2019		39,647		$1.13	to	$1.03		$43,292		2.89	%		0.55	%	to	1.90	%		7.65	%	to	6.21	%
2018		29,874		$1.05	to	$0.97		$30,435		2.43	%		0.55	%	to	1.90	%		(1.18	%)	to	(2.51	%)
Put VT Sus Leaders, Cl IB
2022		7,392		$4.16	to	$0.93		$29,066		0.55	%		0.55	%	to	1.55	%		(23.33	%)	to	(7.80	%)⁽⁷⁾
2021		7,904		$5.43	to	$5.04		$41,649		0.14	%		0.55	%	to	1.20	%		22.86	%	to	22.06	%
2020		8,424		$4.42	to	$4.13		$36,224		0.42	%		0.55	%	to	1.20	%		28.19	%	to	27.36	%
2019		9,530		$3.45	to	$3.24		$32,045		0.45	%		0.55	%	to	1.20	%		35.61	%	to	34.73	%
2018		10,470		$2.54	to	$2.41		$26,029		—			0.55	%	to	1.20	%		(2.07	%)	to	(2.71	%)
Royce Micro-Cap, Invest Cl
2022		1,702		$6.25	to	$5.69		$10,011		—			0.55	%	to	0.95	%		(22.86	%)	to	(23.17	%)
2021		1,881		$8.10	to	$7.41		$14,415		—			0.55	%	to	0.95	%		29.27	%	to	28.75	%
2020		2,174		$6.27	to	$5.76		$12,923		—			0.55	%	to	0.95	%		23.12	%	to	22.62	%
2019		2,431		$5.09	to	$4.69		$11,773		—			0.55	%	to	0.95	%		18.90	%	to	18.42	%
2018		2,779		$4.28	to	$3.96		$11,343		—			0.55	%	to	0.95	%		(9.55	%)	to	(9.91	%)
Temp Global Bond, Cl 2
2022		25,466		$0.85	to	$0.75		$20,671		—			0.55	%	to	1.90	%		(5.47	%)	to	(6.74	%)
2021		28,021		$0.90	to	$0.80		$24,169		—			0.55	%	to	1.90	%		(5.51	%)	to	(6.78	%)
2020		29,605		$0.95	to	$0.86		$27,164		8.50	%		0.55	%	to	1.90	%		(5.80	%)	to	(7.07	%)
2019		35,065		$1.01	to	$0.92		$34,358		7.17	%		0.55	%	to	1.90	%		1.45	%	to	0.09	%
2018		37,431		$1.00	to	$0.92		$36,361		—			0.55	%	to	1.90	%		1.38	%	to	0.01	%
Third Ave VST Third Ave Value
2022		2,166		$4.91	to	$4.47		$10,107		1.49	%		0.55	%	to	0.95	%		15.47	%	to	15.01	%
2021		2,361		$4.25	to	$3.89		$9,570		0.69	%		0.55	%	to	0.95	%		21.39	%	to	20.91	%
2020		2,673		$3.50	to	$3.22		$8,951		2.67	%		0.55	%	to	0.95	%		(2.93	%)	to	(3.32	%)
2019		3,063		$3.61	to	$3.33		$10,588		0.27	%		0.55	%	to	0.95	%		11.85	%	to	11.40	%
2018		3,676		$3.23	to	$2.99		$11,381		1.82	%		0.55	%	to	0.95	%		(20.78	%)	to	(21.10	%)
VanEck VIP Global Gold, Cl S
2022		28,070		$1.04	to	$0.91		$27,791		—			0.55	%	to	1.90	%		(13.83	%)	to	(14.99	%)
2021		26,221		$1.21	to	$1.07		$30,258		11.86	%		0.55	%	to	1.90	%		(14.48	%)	to	(15.63	%)
2020		24,609		$1.41	to	$1.27		$33,396		2.86	%		0.55	%	to	1.90	%		37.87	%	to	36.02	%
2019		19,858		$1.02	to	$0.94		$19,650		—			0.55	%	to	1.90	%		37.99	%	to	36.14	%
2018		17,188		$0.74	to	$0.69		$12,411		3.11	%		0.55	%	to	1.90	%		(16.16	%)	to	(17.30	%)



78		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Aggr, Cl 2
2022		353,190		$2.24	to	$1.63		$745,332		—		0.55	%	to	1.90	%		(18.63	%)	to	(19.72	%)
2021		379,327		$2.75	to	$2.03		$993,245		—		0.55	%	to	1.90	%		15.12	%	to	13.58	%
2020		447,140		$2.39	to	$1.79		$1,022,254		—		0.55	%	to	1.90	%		14.36	%	to	12.82	%
2019		514,782		$2.09	to	$1.58		$1,033,752		—		0.55	%	to	1.90	%		20.92	%	to	19.30	%
2018		589,593		$1.73	to	$1.33		$983,660		—		0.55	%	to	1.90	%		(9.09	%)	to	(10.31	%)
VP Aggr, Cl 4
2022		195,567		$2.24	to	$2.00		$417,888		—		0.55	%	to	1.45	%		(18.64	%)	to	(19.36	%)
2021		212,647		$2.75	to	$2.48		$560,596		—		0.55	%	to	1.45	%		15.14	%	to	14.11	%
2020		244,947		$2.39	to	$2.17		$563,163		—		0.55	%	to	1.45	%		14.33	%	to	13.30	%
2019		297,629		$2.09	to	$1.92		$600,819		—		0.55	%	to	1.45	%		21.01	%	to	19.93	%
2018		364,028		$1.73	to	$1.60		$609,397		—		0.55	%	to	1.45	%		(9.12	%)	to	(9.94	%)
VP Conserv, Cl 2
2022		364,058		$1.32	to	$1.03		$453,757		—		0.55	%	to	1.90	%		(16.01	%)	to	(17.13	%)
2021		386,140		$1.57	to	$1.24		$575,776		—		0.55	%	to	1.90	%		2.25	%	to	0.88	%
2020		444,639		$1.54	to	$1.23		$651,949		—		0.55	%	to	1.90	%		8.70	%	to	7.25	%
2019		334,581		$1.42	to	$1.15		$452,819		—		0.55	%	to	1.90	%		10.14	%	to	8.67	%
2018		313,974		$1.29	to	$1.06		$387,057		—		0.55	%	to	1.90	%		(3.49	%)	to	(4.79	%)
VP Conserv, Cl 4
2022		246,692		$1.32	to	$1.18		$309,416		—		0.55	%	to	1.45	%		(15.96	%)	to	(16.71	%)
2021		279,904		$1.57	to	$1.42		$419,557		—		0.55	%	to	1.45	%		2.25	%	to	1.34	%
2020		345,597		$1.54	to	$1.40		$508,729		—		0.55	%	to	1.45	%		8.64	%	to	7.66	%
2019		322,396		$1.42	to	$1.30		$438,288		—		0.55	%	to	1.45	%		10.14	%	to	9.15	%
2018		359,816		$1.29	to	$1.19		$446,021		—		0.55	%	to	1.45	%		(3.41	%)	to	(4.29	%)
VP Man Risk, Cl 2
2022		196,286		$1.09	to	$1.02		$209,643		—		0.55	%	to	1.90	%		(17.84	%)	to	(18.94	%)
2021		203,989		$1.33	to	$1.25		$266,275		—		0.55	%	to	1.90	%		10.12	%	to	8.64	%
2020		185,210		$1.21	to	$1.16		$220,500		—		0.55	%	to	1.90	%		7.20	%	to	5.76	%
2019		159,500		$1.13	to	$1.09		$177,905		—		0.55	%	to	1.90	%		15.42	%	to	13.87	%
2018		95,804		$0.98	to	$0.96		$92,980		—		0.55	%	to	1.90	%		(5.82	%)	to	(7.09	%)
VP Man Risk US, Cl 2
2022		289,531		$1.19	to	$1.11		$338,221		—		0.55	%	to	1.90	%		(17.67	%)	to	(18.77	%)
2021		246,733		$1.45	to	$1.37		$351,655		—		0.55	%	to	1.90	%		12.72	%	to	11.21	%
2020		207,706		$1.29	to	$1.23		$263,829		—		0.55	%	to	1.90	%		9.19	%	to	7.72	%
2019		146,325		$1.18	to	$1.14		$171,094		—		0.55	%	to	1.90	%		17.67	%	to	16.09	%
2018		72,408		$1.00	to	$0.98		$72,135		—		0.55	%	to	1.90	%		(4.07	%)	to	(5.36	%)
VP Man Vol Conserv, Cl 2
2022		510,679		$1.11	to	$0.99		$548,639		—		0.55	%	to	1.90	%		(16.45	%)	to	(17.57	%)
2021		529,357		$1.33	to	$1.20		$683,876		—		0.55	%	to	1.90	%		2.06	%	to	0.69	%
2020		649,932		$1.30	to	$1.19		$826,131		—		0.55	%	to	1.90	%		7.53	%	to	6.09	%
2019		430,973		$1.21	to	$1.12		$511,641		—		0.55	%	to	1.90	%		11.30	%	to	9.81	%
2018		352,073		$1.09	to	$1.02		$377,188		—		0.55	%	to	1.90	%		(3.12	%)	to	(4.42	%)
VP Man Vol Conserv Gro, Cl 2
2022		938,364		$1.18	to	$1.07		$1,094,441		—		0.55	%	to	1.90	%		(17.52	%)	to	(18.62	%)
2021		1,036,906		$1.43	to	$1.32		$1,472,908		—		0.55	%	to	1.90	%		4.88	%	to	3.47	%
2020		1,128,542		$1.37	to	$1.27		$1,535,498		—		0.55	%	to	1.90	%		8.55	%	to	7.10	%
2019		1,086,807		$1.26	to	$1.19		$1,368,390		—		0.55	%	to	1.90	%		13.37	%	to	11.85	%
2018		1,045,272		$1.11	to	$1.06		$1,166,105		—		0.55	%	to	1.90	%		(4.83	%)	to	(6.11	%)
VP Man Vol Gro, Cl 2
2022		7,214,937		$1.32	to	$1.26		$9,852,364		—		0.55	%	to	1.90	%		(19.87	%)	to	(20.94	%)
2021		7,665,951		$1.65	to	$1.59		$13,115,191		—		0.55	%	to	1.90	%		11.28	%	to	9.79	%
2020		7,572,902		$1.48	to	$1.45		$11,679,063		—		0.55	%	to	1.90	%		10.69	%	to	9.20	%
2019		7,648,690		$1.34	to	$1.33		$10,691,504		—		0.55	%	to	1.90	%		17.61	%	to	16.03	%
2018		7,690,166		$1.14	to	$1.15		$9,161,189		—		0.55	%	to	1.90	%		(8.24	%)	to	(9.48	%)



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			79


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Man Vol Mod Gro, Cl 2
2022		8,355,742		$1.26	to	$1.24		$11,208,244		—		0.55	%	to	1.90	%		(18.60	%)	to	(19.69	%)
2021		9,058,517		$1.55	to	$1.55		$14,986,546		—		0.55	%	to	1.90	%		8.10	%	to	6.65	%
2020		9,435,051		$1.43	to	$1.45		$14,491,911		—		0.55	%	to	1.90	%		9.77	%	to	8.30	%
2019		9,915,419		$1.31	to	$1.34		$13,928,600		—		0.55	%	to	1.90	%		15.53	%	to	13.98	%
2018		10,282,670		$1.13	to	$1.18		$12,547,330		—		0.55	%	to	1.90	%		(6.37	%)	to	(7.63	%)
VP Mod, Cl 2
2022		3,731,168		$1.77	to	$1.32		$6,245,287		—		0.55	%	to	1.90	%		(17.06	%)	to	(18.18	%)
2021		3,901,973		$2.13	to	$1.61		$7,909,032		—		0.55	%	to	1.90	%		8.41	%	to	6.95	%
2020		3,989,791		$1.97	to	$1.50		$7,493,232		—		0.55	%	to	1.90	%		12.25	%	to	10.74	%
2019		4,164,098		$1.75	to	$1.36		$6,996,952		—		0.55	%	to	1.90	%		15.50	%	to	13.95	%
2018		4,279,589		$1.52	to	$1.19		$6,252,850		—		0.55	%	to	1.90	%		(6.09	%)	to	(7.36	%)
VP Mod, Cl 4
2022		2,930,322		$1.77	to	$1.58		$4,942,959		—		0.55	%	to	1.45	%		(17.04	%)	to	(17.78	%)
2021		3,257,133		$2.14	to	$1.92		$6,649,080		—		0.55	%	to	1.45	%		8.45	%	to	7.47	%
2020		3,634,891		$1.97	to	$1.79		$6,870,098		—		0.55	%	to	1.45	%		12.17	%	to	11.17	%
2019		4,146,579		$1.76	to	$1.61		$7,014,436		—		0.55	%	to	1.45	%		15.54	%	to	14.50	%
2018		4,786,697		$1.52	to	$1.41		$7,036,348		—		0.55	%	to	1.45	%		(6.09	%)	to	(6.93	%)
VP Mod Aggr, Cl 2
2022		1,127,206		$1.99	to	$1.46		$2,119,616		—		0.55	%	to	1.90	%		(18.04	%)	to	(19.14	%)
2021		1,295,509		$2.43	to	$1.80		$2,993,307		—		0.55	%	to	1.90	%		11.69	%	to	10.19	%
2020		1,529,551		$2.18	to	$1.64		$3,180,301		—		0.55	%	to	1.90	%		13.41	%	to	11.89	%
2019		1,759,401		$1.92	to	$1.46		$3,240,508		—		0.55	%	to	1.90	%		18.06	%	to	16.48	%
2018		2,013,548		$1.63	to	$1.26		$3,155,126		—		0.55	%	to	1.90	%		(7.55	%)	to	(8.79	%)
VP Mod Aggr, Cl 4
2022		689,542		$2.00	to	$1.78		$1,312,157		—		0.55	%	to	1.45	%		(18.02	%)	to	(18.75	%)
2021		783,176		$2.43	to	$2.19		$1,824,824		—		0.55	%	to	1.45	%		11.72	%	to	10.72	%
2020		903,028		$2.18	to	$1.98		$1,890,515		—		0.55	%	to	1.45	%		13.39	%	to	12.37	%
2019		1,095,299		$1.92	to	$1.76		$2,029,967		—		0.55	%	to	1.45	%		18.10	%	to	17.04	%
2018		1,388,678		$1.63	to	$1.50		$2,188,002		—		0.55	%	to	1.45	%		(7.59	%)	to	(8.42	%)
VP Mod Conserv, Cl 2
2022		712,621		$1.53	to	$1.16		$1,025,805		—		0.55	%	to	1.90	%		(16.55	%)	to	(17.66	%)
2021		787,086		$1.83	to	$1.41		$1,363,432		—		0.55	%	to	1.90	%		5.16	%	to	3.75	%
2020		848,396		$1.74	to	$1.36		$1,404,346		—		0.55	%	to	1.90	%		10.40	%	to	8.92	%
2019		853,533		$1.58	to	$1.25		$1,285,589		—		0.55	%	to	1.90	%		12.89	%	to	11.38	%
2018		857,276		$1.40	to	$1.12		$1,148,665		—		0.55	%	to	1.90	%		(4.65	%)	to	(5.94	%)
VP Mod Conserv, Cl 4
2022		581,044		$1.53	to	$1.36		$843,640		—		0.55	%	to	1.45	%		(16.56	%)	to	(17.31	%)
2021		665,339		$1.83	to	$1.65		$1,162,608		—		0.55	%	to	1.45	%		5.21	%	to	4.26	%
2020		755,456		$1.74	to	$1.58		$1,259,908		—		0.55	%	to	1.45	%		10.38	%	to	9.39	%
2019		848,431		$1.58	to	$1.45		$1,287,128		—		0.55	%	to	1.45	%		12.87	%	to	11.86	%
2018		966,531		$1.40	to	$1.29		$1,304,637		—		0.55	%	to	1.45	%		(4.58	%)	to	(5.44	%)
VP Ptnrs Core Eq, Cl 3
2022		6,635		$2.76	to	$2.43		$17,356		—		0.55	%	to	1.45	%		(17.89	%)	to	(18.62	%)
2021		7,412		$3.36	to	$2.98		$23,707		—		0.55	%	to	1.45	%		28.63	%	to	27.48	%
2020		8,699		$2.61	to	$2.34		$21,712		—		0.55	%	to	1.45	%		16.20	%	to	15.16	%
2019		11,078		$2.25	to	$2.03		$23,860		—		0.55	%	to	1.45	%		25.69	%	to	24.56	%
2018		13,454		$1.79	to	$1.63		$23,146		—		0.55	%	to	1.45	%		(8.59	%)	to	(9.41	%)
VP Ptnrs Sm Cap Val, Cl 3
2022		13,574		$4.10	to	$2.07		$47,332		—		0.55	%	to	1.45	%		(13.54	%)	to	(14.31	%)
2021		14,915		$4.75	to	$2.42		$60,409		—		0.55	%	to	1.45	%		23.21	%	to	22.10	%
2020		17,789		$3.85	to	$1.98		$58,544		—		0.55	%	to	1.45	%		3.55	%	to	2.62	%
2019		20,084		$3.72	to	$1.93		$63,888		—		0.55	%	to	1.45	%		19.00	%	to	17.93	%
2018		22,961		$3.13	to	$1.63		$61,363		—		0.55	%	to	1.45	%		(14.07	%)	to	(14.85	%)



80		RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP US Flex Conserv Gro, Cl 2
2022		252,349		$1.07	to	$1.06		$282,912		—			0.55	%	to	1.90	%		(17.19	%)	to	(18.30	%)
2021		252,398		$1.29	to	$1.30		$343,216		—			0.55	%	to	1.90	%		6.91	%	to	5.47	%
2020		298,161		$1.21	to	$1.23		$381,005		—			0.55	%	to	1.90	%		5.29	%	to	3.88	%
2019		216,805		$1.15	to	$1.19		$264,362		—			0.55	%	to	1.90	%		14.23	%	to	12.70	%
2018		119,444		$1.00	to	$1.05		$128,176		—			0.55	%	to	1.90	%		(3.03	%)	to	(4.33	%)
VP US Flex Gro, Cl 2
2022		2,536,094		$1.18	to	$1.24		$3,322,898		—			0.55	%	to	1.90	%		(19.17	%)	to	(20.26	%)
2021		2,507,111		$1.45	to	$1.55		$4,081,955		—			0.55	%	to	1.90	%		14.87	%	to	13.32	%
2020		2,383,120		$1.27	to	$1.37		$3,392,122		—			0.55	%	to	1.90	%		4.23	%	to	2.83	%
2019		2,087,385		$1.21	to	$1.33		$2,862,487		—			0.55	%	to	1.90	%		19.54	%	to	17.94	%
2018		1,403,049		$1.02	to	$1.13		$1,616,520		—			0.55	%	to	1.90	%		(4.45	%)	to	(5.73	%)
VP US Flex Mod Gro, Cl 2
2022		1,428,099		$1.13	to	$1.15		$1,742,584		—			0.55	%	to	1.90	%		(17.99	%)	to	(19.09	%)
2021		1,457,022		$1.38	to	$1.43		$2,177,512		—			0.55	%	to	1.90	%		10.86	%	to	9.38	%
2020		1,429,369		$1.24	to	$1.30		$1,935,524		—			0.55	%	to	1.90	%		4.95	%	to	3.54	%
2019		1,326,348		$1.18	to	$1.26		$1,718,525		—			0.55	%	to	1.90	%		16.93	%	to	15.36	%
2018		965,850		$1.01	to	$1.09		$1,074,953		—			0.55	%	to	1.90	%		(3.77	%)	to	(5.06	%)
Wanger Acorn
2022		36,060		$5.00	to	$0.92		$147,223		—			0.55	%	to	1.55	%		(33.83	%)	to	(9.83	%)⁽⁷⁾
2021		39,685		$7.55	to	$3.70		$246,177		0.72	%		0.55	%	to	1.45	%		8.30	%	to	7.33	%
2020		45,839		$6.97	to	$3.45		$263,234		—			0.55	%	to	1.45	%		23.55	%	to	22.44	%
2019		54,642		$5.64	to	$2.82		$253,728		0.26	%		0.55	%	to	1.45	%		30.38	%	to	29.21	%
2018		63,796		$4.33	to	$2.18		$227,464		0.09	%		0.55	%	to	1.45	%		(2.00	%)	to	(2.89	%)
Wanger Intl
2022		33,274		$3.83	to	$0.90		$100,085		0.91	%		0.55	%	to	1.55	%		(34.21	%)	to	(9.03	%)⁽⁷⁾
2021		36,342		$5.82	to	$2.73		$166,989		0.55	%		0.55	%	to	1.45	%		18.16	%	to	17.10	%
2020		41,614		$4.93	to	$2.33		$162,608		2.05	%		0.55	%	to	1.45	%		13.74	%	to	12.72	%
2019		50,662		$4.33	to	$2.07		$174,505		0.79	%		0.55	%	to	1.45	%		29.28	%	to	28.12	%
2018		60,391		$3.35	to	$1.61		$160,984		2.02	%		0.55	%	to	1.45	%		(18.15	%)	to	(18.89	%)
WA Var Global Hi Yd Bond, Cl II
2022		9,922		$1.14	to	$1.00		$10,760		6.23	%		0.55	%	to	1.90	%		(14.35	%)	to	(15.49	%)
2021		9,903		$1.33	to	$1.18		$12,619		4.22	%		0.55	%	to	1.90	%		0.49	%	to	(0.86	%)
2020		8,499		$1.33	to	$1.19		$10,857		3.76	%		0.55	%	to	1.90	%		6.53	%	to	5.11	%
2019		9,240		$1.24	to	$1.14		$11,151		5.39	%		0.55	%	to	1.90	%		13.39	%	to	11.86	%
2018		8,318		$1.10	to	$1.02		$8,870		4.55	%		0.55	%	to	1.90	%		(4.69	%)	to	(5.98	%)

⁽¹⁾	The accumulation unit values and total returns are presented as a range of values based on the variable annuity contracts with the lowest and highest expense ratios.

⁽²⁾

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.

⁽³⁾

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.

⁽⁴⁾

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. Although the total return is presented as a range of values based on the subaccounts representing the lowest and highest expense ratios, some individual subaccount total returns are not within the ranges presented due to the introduction of new subaccounts during the year and other market factors.

⁽⁵⁾	New subaccount operations commenced on April 27, 2018.

⁽⁶⁾	New subaccount operations commenced on April 24, 2020.

⁽⁷⁾	New subaccount operations commenced on May 2, 2022.



RIVERSOURCE RETIREMENT ADVISOR VARIABLE ANNUITY – BAND 3 – 2022 ANNUAL REPORT			81

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, 2022 and 2021, 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, 2022, 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, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

As discussed in Note 3 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance contracts in 2023.

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 matters communicated are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate 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 matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

F-1

Adoption of the new accounting standard for long-duration insurance contracts

As described in Notes 2, 3, 10 and 12 to the consolidated financial statements, the Company adopted the new accounting standard relating to targeted improvements to the accounting for long-duration contracts (“LDTI”). As disclosed by management, the consolidated financial statements reflect the modified retrospective adoption, except for market risk benefits for which management applied a full retrospective transition approach. When management adopted the new standard effective January 1, 2023 with a transition date of January 1, 2021, opening equity was adjusted for the adoption impacts to retained earnings and accumulated other comprehensive income and prior periods presented (i.e. 2021 and 2022) were recast. The new standard changes elements of the measurement models and disclosure requirements for an insurer’s long-duration insurance contract benefits and acquisition costs by expanding the use of fair value accounting to certain contract benefits and requiring at least annual updates to assumptions used to measure liabilities for future policy benefits. As of the January 1, 2021 transition date, the adoption impact was a reduction in total equity of $1.9 billion. The adjustments to retrospectively recast prior period amounts resulted in an increase of $190 million and a decrease of $1.1 billion to total equity as of December 31, 2022 and 2021, respectively, and an increase to net income of $589 million and $658 million for the years ended December 31, 2022 and 2021, respectively. The adjustments as of January 1, 2021 and for the years ended December 31, 2022 and 2021 include the remeasurement of the liability for future policy benefits at a current single A discount rate. 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. 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 (collectively, the significant market risk benefit assumptions). As of December 31, 2022 and 2021, the market risk benefits assets amounted to $1.0 billion and $539 million, respectively, and the market risk benefits liabilities amounted to $2.1 billion and $3.4 billion, respectively.

The principal considerations for our determination that performing procedures relating to the adoption of the new accounting standard for LDTI is a critical audit matter are (i) the significant judgment by management when adopting the LDTI standard and determining the transition date adjustments and the transition period adjustments, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to (a) management’s discount rate methodology and development of the discount rate curve used in determining the liability for future policy benefits, and (b) management’s significant market risk benefit assumptions used in determining the fair value of market risk benefits, and (iii) the audit effort involved the use of professionals with specialized skills 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, among others, (i) evaluating management’s process for adopting the LDTI standard and for determining the transition date and transition period adjustments, (ii) testing the relevance and reliability of the external data used by management to develop the discount rate curve, (iii) testing the completeness and accuracy of the data used by management to develop and update the significant market risk benefit assumptions, and (iv) the use of professionals with specialized skill and knowledge to assist in evaluating, based on the consideration the Company’s historical and actual experience, industry trends, and market conditions, as applicable, the (a) appropriateness of the discount rate methodology and the reasonableness of the discount rate curve, and (b) the reasonableness of the significant market risk benefit assumptions used to determine the fair value of market risk benefits.

F-2

Valuation of the embedded derivatives in certain variable annuity riders (as accounted for in the original issuance)

As described in Note 2, 10, 11, and 13 (not presented herein) to the consolidated financial statements (appearing under Item 8 of the Company’s 2022 Annual Report on Form 10-K), management values the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models. As there is no active market for the transfer of these embedded derivatives, such internal valuation models estimate fair value by discounting expected cash flows (as accounted for in the original issuance). As disclosed in the original issuance, as of December 31, 2022, the net embedded derivative liability in certain variable annuity riders was $608 million, and is included in policyholder account balances, future policy benefits and claims on the consolidated balance sheet. Management’s discounted cash flow model for estimating fair value includes observable capital market assumptions and incorporates significant unobservable inputs related to implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk, all of which management believes a market participant would expect. As described above and in Note 2, subsequent to the original issuance of the December 31, 2022 consolidated financial statements, the Company adopted the new accounting standard for LDTI effective January 1, 2023, using the modified retrospective transition approach, except for market risk benefits for which the Company applied a full retrospective transition approach. As a result of the adoption of this standard, the embedded derivatives described above are now measured at fair value and presented separately on the balance sheet as market risk benefit assets and market risk benefit liabilities.

The principal considerations for our determination that performing procedures relating to the valuation of the embedded derivatives in certain variable annuity riders (as accounted for in the original issuance) is a critical audit matter are the significant judgment used by management to estimate the fair value of the embedded derivatives in certain variable annuity riders (as accounted for in the original issuance), which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the significant unobservable inputs used to determine implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk. Also, 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 related to the Company’s estimate of the fair value of embedded derivatives in certain variable annuity riders, including controls over the significant unobservable inputs. These procedures also included, among others, evaluating and testing management’s process for developing the fair value estimate. Testing management’s process included evaluating the reasonableness of the significant unobservable inputs related to implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk and testing the completeness and accuracy of underlying data used by management in the development of the significant unobservable inputs. Professionals with specialized skill and knowledge were used to assist in (i) evaluating the reasonableness of certain significant unobservable inputs related to implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk based on industry knowledge and data as well as historical Company data and experience, and (ii) evaluating the appropriateness of management’s models.

Valuation of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities (as accounted for in the original issuance)

As described in Note 2, 10, and 11 (not presented herein) to the consolidated financial statements (appearing under Item 8 of the Company’s 2022 Annual Report on Form 10-K), the Company issues universal life, variable universal life and variable annuity policies that have product features that are accounted for as insurance liabilities. As disclosed by management, the liability for these policies, which is included in policyholder account balances, future policy benefits and claims on the consolidated balance sheet, is determined using actuarial models to estimate the present value of the projected benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments. Significant assumptions used by management in projecting the present value of future benefits and assessments include customer asset

F-3

value growth rates, mortality, persistency, and investment margins, and additionally for variable annuity policies, benefit utilization. As described above and in Note 2, subsequent to the original issuance of the December 31, 2022 consolidated financial statements, the Company adopted the new accounting standard for LDTI effective January 1, 2023, using the modified retrospective transition approach, except for market risk benefits for which the Company applied a full retrospective transition approach. As a result of the adoption of this standard, certain guarantees on variable annuity are accounted for as market risk benefits.

The principal considerations for our determination that performing procedures relating to the valuation of certain guarantees on variable annuity (as accounted for in the original issuance) and certain life insurance policies accounted for as insurance liabilities is a critical audit matter are the significant judgment used by management when developing the estimate of certain guarantees on variable annuity (as accounted for in the original issuance) and certain life insurance policies accounted for as insurance liabilities, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions used to determine customer asset value growth rates, persistency, investment margins, and, for variable annuity policies, benefit utilization. Also, 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 the Company’s valuation of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities, including controls over management’s development of the significant assumptions. These procedures also included, among others, evaluating and testing management’s process for developing the estimate of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities, testing the completeness and accuracy of underlying data used by management and testing that assumptions are accurately reflected in the models. Evaluating and testing management’s process also included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the reasonableness of the significant assumptions related to customer asset value growth rates, persistency, benefit utilization and investment margins based on industry knowledge and data as well as historical Company data and experience, and (ii) evaluating the appropriateness of management’s models.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2023, except for the change in the manner in which the Company accounts for long-duration insurance contracts discussed in Note 3 to the consolidated financial statements and the Adoption of the new accounting standard for long-duration insurance contracts Critical Audit Matter, as to which the date is September 27, 2023

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

F-4

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


December 31,	2022⁽¹⁾			2021⁽¹⁾
Assets
Investments:
Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2022, $17,331; 2021, $14,718; allowance for credit losses: 2022, $22; 2021, $1)	$	16,135		$	16,239
Mortgage loans, at amortized cost (allowance for credit losses: 2022, $11; 2021, $12)		1,768			1,788
Policy loans		847			834
Other investments (allowance for credit losses: 2022, nil; 2021, nil)		207			230
Total investments		18,957			19,091
Investments of consolidated investment entities, at fair value		2,354			2,184
Cash and cash equivalents		2,611			3,200
Cash of consolidated investment entities, at fair value		133			121
Market risk benefits		1,015			539
Reinsurance recoverables (allowance for credit losses: 2022, $23;2021, $11)		4,228			5,456
Receivables		7,577			8,148
Receivables of consolidated investment entities, at fair value		20			17
Accrued investment income		145			124
Deferred acquisition costs		2,759			2,821
Other assets		4,726			7,311
Other assets of consolidated investment entities, at fair value		2			3
Separate account assets		70,876			92,238
Total assets	$	115,403		$	141,253

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	34,122		$	35,017
Market risk benefits		2,118			3,440
Short-term borrowings		201			200
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,363			2,164
Other liabilities		4,131			6,519
Other liabilities of consolidated investment entities, at fair value		119			137
Separate account liabilities		70,876			92,238
Total liabilities		114,430			140,215
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		(412	)		(1,114	)
Accumulated other comprehensive income (loss), net of tax		(1,084	)		(317	)
Total shareholder’s equity		973			1,038
Total liabilities and shareholder’s equity	$	115,403		$	141,253

⁽¹⁾	Recast for the adoption of accounting standard, Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-5

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF INCOME

(in millions)


Years Ended December 31,	2022⁽¹⁾			2021⁽¹⁾			2020
Revenues
Premiums	$	306		$	(871	)	$	341
Net investment income		827			827			869
Policy and contract charges		2,078			2,250			2,094
Other revenues		644			616			482
Net realized investment gains (losses)		(100	)		595			(10	)
Total revenues		3,755			3,417			3,776

Benefits and expenses
Benefits, claims, losses and settlement expenses		236			(157	)		1,805
Interest credited to fixed accounts		665			600			644
Remeasurement (gains) losses of future policy benefit reserves		1			(52	)		—
Change in fair value of market risk benefits		311			(113	)		—
Amortization of deferred acquisition costs		241			245			264
Interest and debt expense		108			105			5
Other insurance and operating expenses		682			751			665
Total benefits and expenses		2,244			1,379			3,383
Pretax income (loss)		1,511			2,038			393
Income tax provision (benefit)		209			316			(45	)
Net income	$	1,302		$	1,722		$	438

⁽¹⁾	Recast for the adoption of accounting standard, Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-6

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


Years Ended December 31,	2022⁽¹⁾			2021⁽¹⁾			2020

Net income (loss)	$	1,302		$	1,722		$	438
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities		(2,035	)		(848	)		428
Effect of changes in discount rate assumptions on certain long-duration contracts		861			284			—
Effect of changes in instrument-specific credit risk on market risk benefits		407			100			—
Total other comprehensive income (loss), net of tax		(767	)		(464	)		428
Total comprehensive income (loss)	$	535		$	1,258		$	866

⁽¹⁾	Recast for the adoption of accounting standard, Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-7

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, 2020	$	3	$	2,466	$	293		$	756		$	3,518
Cumulative effect of adoption of current expected credit losses guidance		—		—		(7	)		—			(7	)
Net income		—		—		438			—			438
Other comprehensive income, net of tax		—		—		—			428			428
Cash dividends to Ameriprise Financial, Inc.		—		—		(800	)		—			(800	)

Balances at December 31, 2020		3		2,466		(76	)		1,184			3,577
Cumulative effect of adoption of long-duration contracts guidance		—		—		(860	)		(1,037	)		(1,897	)
Net income		—		—		1,722			—			1,722
Other comprehensive loss, net of tax		—		—		—			(464	)		(464	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(1,900	)		—			(1,900	)

Balances at December 31, 2021⁽¹⁾		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⁽¹⁾	$	3	$	2,466	$	(412	)	$	(1,084	)	$	973

⁽¹⁾	Recast for the adoption of accounting standard, Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-8

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


Years Ended December 31,	2022⁽¹⁾			2021⁽¹⁾			2020
Cash Flows from Operating Activities
Net income	$	1,302		$	1,722		$	438
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net		(201	)		(98	)		(22	)
Deferred income tax (benefit) expense		154			138			(278	)
Contractholder and policyholder charges, non-cash		(395	)		(390	)		(385	)
Loss from equity method investments		48			72			73
Net realized investment (gains) losses		(3	)		(611	)		(12	)
Impairments and provision for loan losses		91			(3	)		22
Net losses (gains) of consolidated investment entities		17			(20	)		(2	)
Changes in operating assets and liabilities:
Deferred acquisition costs		62			(9	)		48
Policyholder account balances, future policy benefits and claims, and market risk benefits, net		1,013			1,482			3,441
Derivatives, net of collateral		311			(575	)		(134	)
Reinsurance recoverables		84			(19	)		(166	)
Receivables		279			114			62
Accrued investment income		(21	)		10			(3	)
Current income tax, net		72			(321	)		378
Other operating assets and liabilities of consolidated investment entities		2			20			—
Other, net		136			66			79
Net cash provided by (used in) operating activities		2,951			1,578			3,539

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		1,309			555			102
Maturities, sinking fund payments and calls		1,563			2,804			2,813
Purchases		(5,600	)		(3,677	)		(4,069	)
Proceeds from sales, maturities and repayments of mortgage loans		141			272			207
Funding of mortgage loans		(124	)		(215	)		(135	)
Proceeds from sales and collections of other investments		24			93			123
Purchase of other investments		(46	)		(32	)		(184	)
Purchase of investments by consolidated investment entities		(961	)		(1,603	)		(57	)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities		615			1,047			46
Purchase of equipment and software		(13	)		(13	)		(10	)
Change in policy loans, net		(13	)		12			21
Cash paid for deposit receivable		(45	)		(377	)		(4	)
Cash received for deposit receivable		550			254			93
Advance on line of credit to Ameriprise Financial, Inc.		(1,034	)		(1	)		(702	)
Repayment from Ameriprise Financial, Inc. on line of credit		1,034			1			702
Cash paid for written options with deferred premiums		(619	)		(552	)		(338	)
Cash received from written options with deferred premiums		204			106			133
Net cash impact of consolidating consolidated investment entities		—			—			83
Other, net		21			(39	)		2
Net cash provided by (used in) investing activities	$	(2,994	)	$	(1,365	)	$	(1,174	)

Cash Flows from Financing Activities
Policyholder account balances:
Deposits and other additions	$	1,169		$	1,553		$	1,649
Net transfers from (to) separate accounts		(162	)		(273	)		(125	)
Surrenders and other benefits		(1,459	)		(1,365	)		(1,357	)
Proceeds from line of credit with Ameriprise Financial, Inc.		—			6			186
Payments on line of credit with Ameriprise Financial, Inc.		—			(6	)		(236	)
Proceeds from long-term debt with Ameriprise Financial, Inc.		—			—			500
Cash received for purchased options with deferred premiums		378			1,350			40
Cash paid for purchased options with deferred premiums		(197	)		(156	)		(211	)
Borrowings by consolidated investment entities		341			1,756			—
Repayments of debt by consolidated investment entities		(4	)		(1,142	)		(1	)
Cash dividends to Ameriprise Financial, Inc.		(600	)		(1,900	)		(800	)
Net cash provided by (used in) financing activities		(534	)		(177	)		(355	)
Net increase (decrease) in cash and cash equivalents		(577	)		36			2,010
Cash and cash equivalents at beginning of period		3,321			3,285			1,275
Cash and cash equivalents at end of period	$	2,744		$	3,321		$	3,285

Supplemental Disclosures:
Income taxes paid (received), net	$	(17	)	$	496		$	(143	)
Interest paid excluding consolidated investment entities		3			—			2
Interest paid by consolidated investment entities		75			90			—
Non-cash investing activity:
Exchange of an investment that resulted in a realized gain and an increase to amortized cost		—			17			—
Investments transferred in connection with reinsurance transaction		—			7,513			—

⁽¹⁾	Recast for the adoption of accounting standard, Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-9

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.

During 2022, the Company identified an error related to the shadow unearned revenue liability balance associated with universal life insurance products. The Company evaluated the error and determined that the impact was not material to the Company’s results for any prior period, but for comparability, the Company revised the prior period Consolidated Financial Statements and related disclosures impacted. A summary of the revision to the Company’s previously reported Consolidated Financial Statements is presented in Note 22.

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 may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. Other than disclosed in Note 15, no other subsequent events or transactions requiring recognition or disclosure were identified.

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 optional benefit riders to their contracts, such as guaranteed minimum death benefit (“GMDB”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum accumulation benefit (“GMAB”) riders. In 2020, the Company began offering structured variable annuities which give contractholders the option to allocate a portion of their account value to an indexed account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices. The Company discontinued most new sales of its variable annuities with living benefit guarantees by the end of 2021 and new sales were completely discontinued as of mid-2022. As the Company continues to optimize its risk profile and shift its business mix to lower risk offerings, it has discontinued new sales of its UL insurance with secondary guarantees and its single-pay fixed universal life with a long term care rider products at the end of 2021.

The Company also offers immediate annuities, traditional life insurance and disability income (“DI”) insurance. In 2020, the Company discontinued sales of fixed deferred annuities.

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

The Company adopted Accounting Standards Update (“ASU”), Financial Services — Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), effective January 1, 2023 with a transition date of January 1, 2021. The significant accounting policies for market risk benefits (“MRB”); deferred acquisition costs (“DAC”); deferred sales inducement costs (“DSIC”); reinsurance; policyholder account balances, future policy benefits and claims; and unearned revenue liability were added or updated as a result of adopting ASU 2018-12. See Note 3 for additional information related to the transition and adoption impact.

F-10

RiverSource Life Insurance Company

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.

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. Prior to the adoption of ASU 2018-12, DAC and the corresponding recognition of DAC amortization was also considered among the more significant estimates.

Investments

Available-for-Sale Securities

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (“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. Prior to the Company’s adoption of ASU 2018-12, unrealized gains (losses) recorded in AOCI were also net of DAC, DSIC and unearned revenue.

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 (“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

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RiverSource Life Insurance Company

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.

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 loan 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

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RiverSource Life Insurance Company

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.

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.

Restructured Loans

A loan is classified as a restructured loan when the Company makes certain concessionary modifications to contractual terms for borrowers experiencing financial difficulties. When the interest rate, minimum payments, and/or due dates have been modified in an attempt to make the loan more affordable to a borrower experiencing financial difficulties, the modification is considered a troubled debt restructuring (“TDR”). Modifications to loan terms do not automatically result in TDRs. Generally, performance prior to the restructuring or significant events that coincide with the restructuring 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 restructuring 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.

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RiverSource Life Insurance Company

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”), DI and life contingent immediate 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 Company’s data. Such differences include that the Company has no actual history of 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 both December 31, 2022 and 2021, land, buildings, equipment and software were $123 million, net of accumulated depreciation of $229 million and $216 million as of December 31, 2022 and 2021, respectively. Depreciation and amortization expense for the years ended December 31, 2022, 2021 and 2020 was $13 million, $14 million and $14 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.

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RiverSource Life Insurance Company

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 GMAB and GMWB provisions accounted for as market risk benefits under ASU 2018-12. Prior to the adoption of ASU 2018-12, the GMAB and the non-life contingent benefits associated with GMWB provisions were also considered embedded derivatives. 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 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 is a dynamic process that 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.

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RiverSource Life Insurance Company

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 over 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 over the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

Deferred Acquisition Costs (Pre-adoption of ASU 2018-12)

Non-Traditional Long-Duration Products

For non-traditional long-duration products (including variable, structured variable and fixed deferred annuity contracts, UL and VUL insurance products), DAC were amortized based on projections of EGPs over amortization periods equal to the approximate life of the business.

EGPs varied based on persistency rates (assumptions at which contractholders and policyholders were expected to surrender, make withdrawals from and make deposits to their contracts), mortality levels, client asset value growth rates (based on equity and bond market performance), variable annuity benefit utilization and interest margins (the spread between earned rates on invested assets and rates credited to contractholder and policyholder accounts) and were management’s best estimates. Management regularly monitored financial market conditions and actual contractholder and policyholder behavior experience and compared them to its assumptions. These assumptions were updated whenever it appeared that earlier estimates should be revised. When assumptions were changed, the percentage of EGPs used to amortize DAC might have also changed. A change in the required amortization percentage was applied retrospectively; an increase in amortization percentage resulted in a decrease in the DAC balance and an increase in DAC amortization expense, while a decrease in amortization percentage resulted in an increase in the DAC balance and a decrease in DAC amortization expense. The impact on results of operations of changing assumptions could have been either positive or negative in any particular period and was reflected in the period in which such changes were made. At each balance sheet date, the DAC balance was adjusted for the effect that would result from the realization of unrealized gains (losses) on securities impacting EGPs, with the related change recognized through AOCI.

The client asset value growth rates were the rates at which variable annuity and VUL insurance contract values invested in separate accounts which were assumed to appreciate in the future. The rates used varied by equity and fixed income investments. Management reviewed and, where appropriate, adjusted its assumptions with respect to client asset value growth rates on a regular basis. The Company typically used a five-year mean reversion process as a guideline in setting near-term equity fund growth rates based on a long-term view of financial market performance as well as recent actual performance. The suggested near-term equity fund growth rate was reviewed quarterly to ensure consistency with management’s assessment of anticipated equity market performance. DAC amortization expense recorded in a period when client asset value growth rates exceeded management’s near-term estimate were typically less than in a period when growth rates fell short of management’s near-term estimate.

Traditional Long-Duration Products

For traditional long-duration products (including traditional life and DI insurance products), DAC were generally amortized as a percentage of premiums over amortization periods equal to the premium paying period. The assumptions made in calculating the DAC balance and DAC amortization expense were consistent with those used in determining the liabilities.

For traditional life and DI insurance products, the assumptions provided for adverse deviations in experience and were revised only if management concluded experience will be so adverse that DAC were not recoverable. If management concluded that DAC were not recoverable, DAC were reduced to the amount that was recoverable based on best estimate assumptions and a corresponding expense was recorded in the Consolidated Statements of Income.

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 using the same methodology and assumptions used to amortize DAC on a constant-level basis. DSIC is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

Prior to the adoption of ASU 2018-12, DSIC was amortized based on EGPs consistent with DAC and recorded in Other assets and the amortization of DSIC was recorded in Benefits, claims, losses and settlement expenses.

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RiverSource Life Insurance Company

Separate Account Assets and Liabilities

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

Policyholder Account Balances, Future Policy Benefits and Claims

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI, 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 reserves) 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 will be 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 will be locked in quarterly, at the end of each quarter based on the average of the three months for the quarter.

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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 the disaggregated rollforwards.

Policyholder Account Balances, Future Policy Benefits and Claims (Pre-adoption of ASU 2018-12)

Non-traditional long-duration products included variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products included term life, whole life, DI and LTC insurance products.

Guarantees accounted for as insurance liabilities included GMDB, gain gross-up (“GGU”), GMIB and the life contingent benefits associated with GMWB. In addition, UL and VUL policies with product features that result in profits followed by losses were accounted for as insurance liabilities.

Guarantees accounted for as embedded derivatives included GMAB and the non-life contingent benefits associated with GMWB. In addition, the portion of structured variable annuities, indexed annuities and IUL policies allocated to the indexed account was accounted for as an embedded derivative.

Changes in future policy benefits and claims were reflected in earnings in the period adjustments are made. Where applicable, benefit amounts expected to be recoverable from reinsurance companies who share in the risk were separately recorded as Reinsurance recoverables.

Non-Traditional Long-Duration Products (Pre-adoption of ASU 2018-12)

The liabilities for non-traditional long-duration products included fixed account values on variable and fixed annuities and UL and VUL policies, liabilities for guaranteed benefits associated with variable annuities and embedded derivatives for variable and structured variable annuities, indexed annuities and IUL products.

Liabilities for fixed account values on variable, structured variable and fixed deferred annuities and UL and VUL policies were equal to accumulation values, which were the cumulative gross deposits and credited interest less withdrawals and various charges. These liabilities were not impacted by the adoption of ASU 2018-12.

F-18

RiverSource Life Insurance Company

A portion of the Company’s UL and VUL policies had product features that resulted in profits followed by losses from the insurance component of the contract. These profits followed by losses could be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensured that, subject to specified conditions, the policy would not terminate and would continue to provide a death benefit even if there was insufficient policy value to cover the monthly deductions and charges. The liability for these future losses was determined 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). These liabilities were not impacted by the adoption of ASU 2018-12. 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 were equal to the accumulation of host contract values covering guaranteed benefits and the fair value of embedded equity options. These liabilities were not impacted by the adoption of ASU 2018-12.

The GMDB and GGU liability was determined by estimating the expected value of death benefits in excess of the projected contract accumulation value and recognizing the excess over the estimated life based on expected assessments (e.g., mortality and expense fees, contractual administrative charges and similar fees).

If elected by the contract owner and after a stipulated waiting period from contract issuance, a GMIB guaranteed a minimum lifetime annuity based on a specified rate of contract accumulation value growth and predetermined annuity purchase rates. The GMIB liability was determined each period by estimating the expected value of annuitization benefits in excess of the projected contract accumulation value at the date of annuitization and recognizing the excess over the estimated life based on expected assessments.

The liability for the life contingent benefits associated with GMWB provisions was determined by estimating the expected value of benefits that were contingent upon survival after the account value was equal to zero and recognizing the benefits over the estimated life based on expected assessments (e.g., mortality and expense fees, contractual administrative charges and similar fees).

In determining the liabilities for GMDB, GGU, GMIB and the life contingent benefits associated with GMWB, the Company projected these benefits and contract assessments using actuarial models to simulate various equity market scenarios. Significant assumptions made in projecting future benefits and assessments relate to customer asset value growth rates, mortality, persistency, benefit utilization and investment margins and were consistent with those used for DAC valuation for the same contracts. As with DAC, unless the Company’s management identified a significant deviation over the course of quarterly monitoring, management reviewed and updated these assumptions annually in the third quarter of each year.

Variable annuity guarantees are now accounted for as market risk benefits under ASU 2018-12. See Note 12 for information regarding variable annuity guarantees.

Liabilities for fixed annuities in a benefit or payout status utilized assumptions established as of the date the payout phase was initiated. The liabilities were the present value of future estimated payments reduced for mortality (which was based on industry mortality tables with modifications based on the Company’s experience) and discounted with interest rates. There was no change to the accounting for non-life contingent payout annuities under ASU 2018-12. The accounting for life contingent payout annuities is described above.

Embedded Derivatives (Pre-adoption of ASU 2018-12)

The fair value of embedded derivatives related to GMAB and the non-life contingent benefits associated with GMWB provisions fluctuated based on equity, interest rate and credit markets and the estimate of the Company’s nonperformance risk, which would cause these embedded derivatives to be either an asset or a liability. The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuated based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and was a liability. Variable annuity guarantees are now accounted for as market risk benefits under ASU 2018-12. See Note 14 for information regarding the fair value measurement of embedded derivatives.

Traditional Long-Duration Products (Pre-adoption of ASU 2018-12)

The liabilities for traditional long-duration products included liabilities for unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that would become payable on term life, whole life, DI and LTC policies as claims incurred in the future.

Liabilities for unpaid amounts on reported life insurance claims were equal to the death benefits payable under the policies.

Liabilities for unpaid amounts on reported DI and LTC claims included any periodic or other benefit amounts due and accrued, along with estimates of the present value of obligations for continuing benefit payments. These unpaid amounts were calculated using anticipated claim continuance rates based on established industry tables, adjusted as appropriate for the Company’s experience. The discount rates used to calculate present values were based on average interest rates earned on assets supporting the liability for unpaid amounts.

F-19

RiverSource Life Insurance Company

Liabilities for estimated benefits payable on claims that have been incurred but not yet reported were based on periodic analysis of the actual time lag between when a claim occurred and when it was reported.

Liabilities for estimates of benefits that would become payable on future claims on term life, whole life and DI insurance policies were based on the net level premium and LTC policies were based on a gross premium valuation reflecting management’s current best estimate assumptions. Net level premium included anticipated premium payments, mortality and morbidity rates, policy persistency and interest rates earned on assets supporting the liability. Gross premium valuation included expected premium rate increases, benefit reductions, morbidity rates, policy persistency and interest rates earned on assets supporting the liability. Anticipated mortality and morbidity rates were based on established industry mortality and morbidity tables, with modifications based on the Company’s experience. Anticipated premium payments and persistency rates varied by policy form, issue age, policy duration and certain other pricing factors.

For term life, whole life, DI and LTC policies, the Company utilized best estimate assumptions as of the date the policy was issued with provisions for the risk of adverse deviation, as appropriate. After the liabilities were initially established, management performed premium deficiency tests using current best estimate assumptions without provisions for adverse deviation annually in the third quarter of each year unless management identified a material deviation over the course of quarterly monitoring. If the liabilities determined based on these best estimate assumptions were greater than the net reserves (i.e., GAAP reserves net of any DAC balance), the existing net reserves were adjusted by first reducing the DAC balance by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency was more than the DAC balance, then the net reserves were increased by the excess through a charge to current period earnings. If a premium deficiency was recognized, the assumptions as of the date of the loss recognition were locked in and used in subsequent periods. The assumptions for LTC insurance products were management’s best estimate as of the date of loss recognition and thus no longer provided for adverse deviations in experience.

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

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 consistent with DAC amortization factors. Prior to the adoption of ASU 2018-12, these charges were deferred and amortized based on EGPs. 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 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.

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.

F-20

RiverSource Life Insurance Company

Revenue Recognition

Premiums on traditional life, DI and LTC insurance products and immediate annuities with a life contingent feature 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 based on a percentage of the fair value of assets held in the Company’s separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges, 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.

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

Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the Financial Accounting Standards Board (“FASB”) updated the accounting standard related to long-duration insurance contracts (ASU 2018-12). The guidance changes elements of the measurement models and disclosure requirements for an insurer’s long-duration insurance contract benefits and acquisition costs by expanding the use of fair value accounting to certain contract benefits, requiring updates, if any, and at least annually, to assumptions used to measure liabilities for future policy benefits, changing the amortization pattern of deferred acquisition costs to a constant-level basis, and removing certain shadow adjustments previously recorded in AOCI. Adoption of the accounting standard will not impact overall cash flows, insurance subsidiaries’ dividend capacity, or regulatory capital requirements.

When the Company adopted the standard effective January 1, 2023 with a transition date of January 1, 2021 (the “transition date”), opening equity was adjusted for the adoption impacts to retained earnings and AOCI and prior periods presented (i.e. 2021 and 2022) were recast. The adoption impact as of January 1, 2021 was a reduction in total equity of $1.9 billion, of which $0.9 billion and $1.0 billion were reflected in retained earnings and AOCI, respectively. The Consolidated Financial Statements were not recast for the comparative period ended December 31, 2020.

F-21

RiverSource Life Insurance Company

The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Balance Sheets:


(in millions)	As Filed December 31, 2022			Adjustment			Post adoption Post-adoption December 31, 2022			As Filed December 31, 2021			Adjustment			Post adoption Post-adoption December 31, 2021
Assets
Market risk benefits	$	—		$	1,015		$	1,015		$	—		$	539		$	539
Reinsurance recoverables (allowance for credit losses: 2022, $23; 2021, $11)		4,412			(184	)		4,228			4,529			927			5,456
Deferred acquisition costs		3,141			(382	)		2,759			2,757			64			2,821
Other assets		4,791			(65	)		4,726			7,015			296			7,311
Total assets	$	115,019		$	384		$	115,403		$	139,427		$	1,826		$	141,253
Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	36,057		$	(1,935	)	$	34,122		$	35,744		$	(727	)	$	35,017
Market risk benefits		—			2,118			2,118			—			3,440			3,440
Other liabilities		4,120			11			4,131			6,303			216			6,519
Total liabilities		114,236			194			114,430			137,286			2,929			140,215
Shareholder’s equity:
Accumulated deficit		(799	)		387			(412	)		(912	)		(202	)		(1,114	)
Accumulated other comprehensive income (loss), net of tax		(887	)		(197	)		(1,084	)		584			(901	)		(317	)
Total shareholder’s equity		783			190			973			2,141			(1,103	)		1,038
Total liabilities and shareholder’s equity	$	115,019		$	384		$	115,403		$	139,427		$	1,826		$	141,253

The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously reported Consolidated Statements of Income:


	Years Ended December 31,
(in millions)	As Filed 2022		Adjustment			Post-adoption 2022		As Filed 2021		Adjustment			Post-adoption 2021
Revenues
Policy and contract charges	$	2,091	$	(13	)	$	2,078	$	2,304	$	(54	)	$	2,250
Total revenues		3,768		(13	)		3,755		3,471		(54	)		3,417
Benefits and expenses
Benefits, claims, losses and settlement expenses		1,366		(1,130	)		236		715		(872	)		(157	)
Remeasurement (gains) losses of future policy benefit reserves		—		1			1		—		(52	)		(52	)
Change in fair value of market risk benefits		—		311			311		—		(113	)		(113	)
Amortization of deferred acquisition costs		196		45			241		112		133			245
Other insurance and operating expenses		670		12			682		738		13			751
Total benefits and expenses		3,005		(761	)		2,244		2,270		(891	)		1,379
Pretax income (loss)		763		748			1,511		1,201		837			2,038
Income tax provision (benefit)		50		159			209		137		179			316
Net income (loss)	$	713	$	589		$	1,302	$	1,064	$	658		$	1,722

The adoption of the standard did not affect the previously reported totals for net cash flows provided by (used in) operating, investing, or financing activities.

Future Adoption of New Accounting Standards

Financial Instruments — Credit Losses — Troubled Debt Restructurings and Vintage Disclosures

In March 2022, the FASB proposed amendments to ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The update removes the recognition and measurement guidance for TDRs by creditors in Subtopic 310-40, Receivables — Troubled Debt Restructurings by Creditors, and modifies the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The update also requires

F-22

RiverSource Life Insurance Company

entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments — Credit Losses — Measured at Amortized Cost. The amendments are to be applied prospectively, but entities may apply a modified retrospective transition for changes to the recognition and measurement of TDRs. For entities that have adopted Topic 326, the amendments are effective for interim and annual periods beginning after December 15, 2022. Early adoption is permitted for entities that have adopted Topic 326, including adoption in an interim period. The Company adopted the standard on January 1, 2023. The adoption of this update did not have an impact on the Company’s consolidated financial condition and results of operations.

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)	2022		2021		2020
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	164	$	193	$	173
Unaffiliated		14		17		14
Total		178		210		187
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		42		49		44
Unaffiliated		18		20		18
		60		69		62
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)		334		389		351
Unaffiliated		4		5		4
		338		394		355
Total		398		463		417
Total revenue from contracts with customers		576		673		604
Revenue from other sources⁽¹⁾		3,179		2,744		3,172
Total revenues	$	3,755	$	3,417	$	3,776

⁽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 affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of

F-23

RiverSource Life Insurance Company

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 $48 million and $62 million as of December 31, 2022 and 2021, 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 support to these entities. The Company has unfunded commitments related to consolidated CLOs of $30 million and $27 million as of December 31, 2022 and 2021, respectively. See Note 21 for information on future funding commitments of other VIEs.

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

CLOs

CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the 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 and has the power to direct the activities that most significantly impact the economic performance of the CLO.

The Company’s maximum exposure to loss with respect to non-consolidated CLOs is limited to its amortized cost, which was $1 million as of both December 31, 2022 and 2021. 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 $92 million and $138 million as of December 31, 2022 and 2021, respectively. The Company had a liability of $7 million and $8 million as of December 31, 2022 and 2021, respectively, related to original purchase commitments not yet remitted to the VIEs. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities, 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. The Company’s maximum exposure to loss as a result of its investment in these structured investments is limited to its amortized cost. See Note 6 for additional information on these structured investments.

F-24

RiverSource Life Insurance Company

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.

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, 2022
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	35	$	—	$	35
Common stocks		—		3		—		3
Syndicated loans		—		2,191		125		2,316
Total investments		—		2,229		125		2,354
Receivables		—		20		—		20
Other assets		—		1		1		2
Total assets at fair value	$	—	$	2,250	$	126	$	2,376
Liabilities
Debt⁽¹⁾	$	—	$	2,363	$	—	$	2,363
Other liabilities		—		119		—		119
Total liabilities at fair value	$	—	$	2,482	$	—	$	2,482


	December 31, 2021
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Common stocks	$	—	$	3	$	—	$	3
Syndicated loans		—		2,117		64		2,181
Total investments		—		2,120		64		2,184
Receivables		—		17		—		17
Other assets		—		—		3		3
Total assets at fair value	$	—	$	2,137	$	67	$	2,204
Liabilities
Debt⁽¹⁾	$	—	$	2,164	$	—	$	2,164
Other liabilities		—		137		—		137
Total liabilities at fair value	$	—	$	2,301	$	—	$	2,301

⁽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 $2.2 billion as of December 31, 2022 and 2021, 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:


	Common Stocks			Syndicated Loans			Other Assets
Balance, 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, December 31, 2022	$	—		$	125		$	1
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022	$	—		$	(10	)⁽¹⁾	$	—

F-25

RiverSource Life Insurance Company


(in millions)	Syndicated Loans			Other Assets
Balance, January 1, 2021	$	92		$	2
Total gains (losses) included in:
Net income		2	⁽¹⁾		1	⁽¹⁾
Purchases		106			—
Sales		(38	)		—
Settlements		(49	)		—
Transfers into Level 3		119			2
Transfers out of Level 3		(150	)		(2	)
Deconsolidation of consolidated investment entities		(18	)		—
Balance, December 31, 2021	$	64		$	3
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2021	$	—		$	1	⁽¹⁾


(in millions)	Syndicated Loans			Other Assets
Balance, January 1, 2020	$	—		$	—
Total gains (losses) included in:
Purchases		—			2
Sales		(2	)		—
Transfers into Level 3		15			—
Transfers out of Level 3		(70	)		—
Consolidation of consolidated investment entities		149			—
Balance, December 31, 2020	$	92		$	2
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2020	$	—		$	—

⁽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, 2022 and 2021 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 held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on the CLO debt.

Fair Value Option

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

F-26

RiverSource Life Insurance Company

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


(in millions)	December 31, 2022			December 31, 2021
Syndicated loans
Unpaid principal balance	$	2,525		$	2,233
Excess unpaid principal over fair value		(209	)		(52	)
Fair value	$	2,316		$	2,181
Fair value of loans more than 90 days past due	$	—		$	—
Fair value of loans in nonaccrual status		23			13
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both		48			10
Debt
Unpaid principal balance	$	2,636		$	2,296
Excess unpaid principal over fair value		(273	)		(132	)
Carrying value ⁽¹⁾	$	2,363		$	2,164

⁽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 $2.2 billion as of December 31, 2022 and 2021, respectively.

During the third quarter of 2022, the Company launched one new CLO and issued debt of $352 million.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments are recorded in Net investment income and gains and losses on sales of investments are recorded in Net realized investment gains (losses). Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2022, 2021 and 2020.

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


	Carrying Value				Weighted Average Interest Rate
(in millions)	December 31, 2022		December 31, 2021		December 31, 2022			December 31, 2021
Debt of consolidated CLOs due 2028-2034	$	2,363	$	2,164		5.3	%		1.7	%

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.6%. 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, 2022
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	9,349	$	180	$	(803	)	$	(20	)	$	8,706
Residential mortgage backed securities		3,254		8		(303	)		—			2,959
Commercial mortgage backed securities		2,904		2		(255	)		—			2,651
State and municipal obligations		761		53		(26	)		(2	)		786
Asset backed securities		1,025		10		(38	)		—			997
Foreign government bonds and obligations		37		—		(2	)		—			35
U.S. government and agency obligations		1		—		—			—			1
Total	$	17,331	$	253	$	(1,427	)	$	(22	)	$	16,135

F-27

RiverSource Life Insurance Company


	December 31, 2021
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	8,447	$	1,238	$	(47	)	$	—		$	9,638
Residential mortgage backed securities		2,226		36		(12	)		—			2,250
Commercial mortgage backed securities		2,615		56		(15	)		—			2,656
State and municipal obligations		832		244		(1	)		(1	)		1,074
Asset backed securities		517		22		(2	)		—			537
Foreign government bonds and obligations		80		4		(1	)		—			83
U.S. government and agency obligations		1		—		—			—			1
Total	$	14,718	$	1,600	$	(78	)	$	(1	)	$	16,239

In March 2020, the Company purchased $368 million of investments at fair value, primarily agency residential mortgage backed securities, from Ameriprise Financial.

As of December 31, 2022 and 2021, accrued interest of $139 million and $118 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, 2022 and 2021, investment securities with a fair value of $2.6 billion and $2.4 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $302 million and $314 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of both December 31, 2022 and 2021, fixed maturity securities comprised approximately 85% 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, 2022 and 2021, $257 million and $359 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, 2022							December 31, 2021
Ratings (in millions, except percentages)	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
AAA	$	6,313	$	5,754		36	%	$	5,031	$	5,107		31	%
AA		1,159		1,188		7			757		932		6
A		1,572		1,594		10			1,662		2,013		12
BBB		7,646		7,023		43			6,293		7,063		44
Below investment grade⁽¹⁾		641		576		4			975		1,124		7
Total fixed maturities	$	17,331	$	16,135		100	%	$	14,718	$	16,239		100	%

⁽¹⁾

The amortized cost of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2022 and 2021. The fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million and $2 million as of December 31, 2022 and 2021, respectively. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of December 31, 2022 and 2021, approximately 36% and 40%, respectively, of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2022, the Company had holdings in Ameriprise Advisor Financing 2, LLC (“AAF 2”), an affiliate of the Company, totaling $544 million that was 56% of the Company’s total shareholder’s equity. Also, the Company had an additional 30 issuers with holdings totaling $4.4 billion that individually were between 10% and 22% of the Company’s total shareholder’s equity as of December 31, 2022. As of December 31, 2021, the Company had holdings in Ameriprise Advisor Financing, LLC (“AAF”), an affiliate of the Company, totaling $289 million that was 28% of the Company’s total shareholder’s equity. Also, the Company had an additional 35 issuers with holdings totaling $4.9 billion that individually were between 10% and 24% of the Company’s total shareholder’s equity as of December 31, 2021. There were no other holdings of any other issuer greater than 10% of the Company’s total shareholder’s equity as of December 31, 2022 and 2021.

F-28

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, 2022
(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		405	$	5,028	$	(443	)		100	$	1,532	$	(360	)		505	$	6,560	$	(803	)
Residential mortgage backed securities		189		1,643		(117	)		52		826		(186	)		241		2,469		(303	)
Commercial mortgage backed securities		176		1,746		(149	)		58		666		(106	)		234		2,412		(255	)
State and municipal obligations		40		126		(15	)		26		59		(11	)		66		185		(26	)
Asset backed securities		39		808		(28	)		4		60		(10	)		43		868		(38	)
Foreign government bonds and obligations		10		32		(1	)		1		1		(1	)		11		33		(2	)
Total		859	$	9,383	$	(753	)		241	$	3,144	$	(674	)		1,100	$	12,527	$	(1,427	)

	December 31, 2021
(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		102	$	2,007	$	(42	)		14	$	81	$	(5	)		116	$	2,088	$	(47	)
Residential mortgage backed securities		55		1,162		(12	)		2		1		—			57		1,163		(12	)
Commercial mortgage backed securities		60		809		(15	)		3		13		—			63		822		(15	)
State and municipal obligations		25		63		(1	)		—		—		—			25		63		(1	)
Asset backed securities		5		91		(2	)		—		—		—			5		91		(2	)
Foreign government bonds and obligations		5		6		—			6		4		(1	)		11		10		(1	)
Total		252	$	4,138	$	(72	)		25	$	99	$	(6	)		277	$	4,237	$	(78	)

As part of the Company’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2022 is primarily attributable to the impact of higher interest rates and wider credit spreads driven by continued market volatility, with no specific credit concerns. 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, 2022 and 2021, approximately 93% and 92%, 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, 2020	$	—		$	—	$	—
Additions for which credit losses were not previously recorded		13			—		13
Additional increases (decreases) on securities that had an allowance recorded in a previous period		(3	)		—		(3	)
Balance at December 31, 2020		10			—		10
Additions for which credit losses were not previously recorded		—			1		1
Charge-offs		(10	)		—		(10	)
Balance at December 31, 2021		—			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

F-29

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)	2022			2021			2020
Gross realized investment gains	$	28		$	576		$	17
Gross realized investment losses		(25	)		(6	)		(2	)
Credit losses		(21	)		(1	)		(10	)
Other impairments		(70	)		(13	)		—
Total	$	(88	)	$	556		$	5

Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Credit losses for the year ended December 31, 2020 primarily related to recording an allowance for credit losses on certain corporate debt securities, primarily in the oil and gas industry. Other impairments for the years ended December 31, 2022 and 2021 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, 2022 were as follows:


(in millions)	Amortized Cost		Fair Value
Due within one year	$	317	$	315
Due after one year through five years		1,644		1,581
Due after five years through 10 years		3,608		3,104
Due after 10 years		4,579		4,528
		10,148		9,528
Residential mortgage backed securities		3,254		2,959
Commercial mortgage backed securities		2,904		2,651
Asset backed securities		1,025		997
Total	$	17,331	$	16,135

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)	2022		2021		2020
Fixed maturities	$	615	$	643	$	777
Mortgage loans		73		102		115
Other investments		159		101		(3	)
		847		846		889
Less: investment expenses		20		19		20
Total	$	827	$	827	$	869

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


	Years Ended December 31,
(in millions)	2022			2021			2020
Fixed maturities	$	(88	)	$	556		$	5
Mortgage loans		(1	)		57			(10	)
Other investments		(11	)		(18	)		(5	)
Total	$	(100	)	$	595		$	(10	)

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-30

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 December 31, 2019⁽¹⁾	$	20
Cumulative effect of adoption of current expected credit losses guidance		3
Balance at January 1, 2020		23
Provisions		12
Balance at December 31, 2020		35
Provisions		(23	)
Balance at December 31, 2021		12
Provisions		1
Charge-offs		(2	)
Balance at December 31, 2022	$	11

⁽¹⁾	Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset.

The decrease in the allowance for credit losses provision for commercial loans in 2021 reflected the sale of certain commercial mortgage loans and syndicated loans in conjunction with the fixed deferred and immediate annuity reinsurance transaction in 2021.

As of December 31, 2022 and 2021, accrued interest on commercial loans was $14 million and $11 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

There were no commercial mortgage loans sold for the years ended December 31, 2022 and 2020. During the year ended December 31, 2021, the Company sold $746 million of commercial mortgage loans.

During the years ended December 31, 2022, 2021 and 2020, the Company purchased $42 million, $26 million and $140 million, respectively, of syndicated loans, and sold nil, $340 million and $13 million, 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, 2022 and 2021. 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, 2022 and 2021. 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, 2022 and 2021.

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


	December 31, 2022
Loan-to-Value Ratio (in millions)	2022		2021		2020		2019		2018		Prior		Total
> 100%	$	—	$	—	$	2	$	2	$	—	$	39	$	43
80% - 100%		1		9		2		20		7		30		69
60% - 80%		39		85		17		52		9		104		306
40% - 60%		49		84		64		80		55		426		758
< 40%		16		8		27		42		78		432		603
Total	$	105	$	186	$	112	$	196	$	149	$	1,031	$	1,779

F-31

RiverSource Life Insurance Company


	December 31, 2021
Loan-to-Value Ratio (in millions)	2021		2020		2019		2018		2017		Prior		Total
> 100%	$	—	$	—	$	20	$	10	$	—	$	29	$	59
80% - 100%		9		2		9		2		—		29		51
60% - 80%		141		76		59		15		58		133		482
40% - 60%		37		30		75		74		49		393		658
< 40%		6		8		46		—		47		443		550
Total	$	193	$	116	$	209	$	101	$	154	$	1,027	$	1,800

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.

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,
	2022		2021		2022			2021
	(in millions)
East North Central	$	192	$	183		11	%		10	%
East South Central		51		54		3			3
Middle Atlantic		100		107		6			6
Mountain		120		111		7			6
New England		17		21		1			1
Pacific		601		589		34			33
South Atlantic		467		477		26			26
West North Central		115		136		6			8
West South Central		116		122		6			7

		1,779		1,800		100	%		100	%

Less: allowance for credit losses		11		12

Total	$	1,768	$	1,788

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


	Loans				Percentage
	December 31,				December 31,
	2022		2021		2022			2021
	(in millions)
Apartments	$	465	$	464		26	%		26	%
Hotel		14		15		1			1
Industrial		295		293		17			16
Mixed use		55		57		3			3
Office		243		254		14			14
Retail		576		589		32			33
Other		131		128		7			7

		1,779		1,800		100	%		100	%

Less: allowance for credit losses		11		12

Total	$	1,768	$	1,788

Syndicated Loans

The recorded investment in syndicated loans as of December 31, 2022 and 2021 was $72 million and $43 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, 2022 and 2021. 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.

F-32

RiverSource Life Insurance Company

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


	December 31, 2022
Internal Risk Rating (in millions)	2022		2021		2020		2019		2018		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		5		—		3		—		2		10
Risk 2		5		13		2		5		—		11		36
Risk 1		3		5		1		3		5		9		26
Total	$	8	$	23	$	3	$	11	$	5	$	22	$	72


	December 31, 2021
Internal Risk Rating (in millions)	2021		2020		2019		2018		2017		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		—		—		—		—		1		1
Risk 2		11		—		4		1		8		4		28
Risk 1		4		—		—		3		3		4		14
Total	$	15	$	—	$	4	$	4	$	11	$	9	$	43

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 $7.4 billion and $7.9 billion as of December 31, 2022 and 2021, 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, 2022 and 2021.

Troubled Debt Restructurings

There were no loans accounted for as a troubled debt restructuring by the Company during the years ended December 31, 2022, 2021 and 2020. There are no commitments to lend additional funds to borrowers whose loans have been restructured.

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

The following tables summarize the balances of and changes in DAC, including the January 1, 2021 adoption of ASU 2018-12.


(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Pre-adoption balance at December 31, 2020	$	1,671		$	22		$	43		$	7		$	100		$	452
Effect of shadow reserve adjustments		42			4			18			1			31			53
Post-adoption balance at January 1, 2021		1,713			26			61			8			131			505
Capitalization of acquisition costs		110			71			—			—			3			54
Amortization		(145	)		(6	)		(8	)		(1	)		(9	)		(47	)
Balance at December 31, 2021	$	1,678		$	91		$	53		$	7		$	125		$	512


(in millions)	Indexed Universal Life Insurance			Other Life Insurance			Life Contingent Payout Annuities		Term and Whole Life Insurance			Disability Insurance			Total, All Products
Pre-adoption balance at December 31, 2020	$	108		$	(3	)	$	—	$	19		$	89		$	2,508
Effect of shadow reserve adjustments		149			6			—		—			—			304
Post-adoption balance at January 1, 2021		257			3			—		19			89			2,812
Capitalization of acquisition costs		9			—			1		2			4			254
Amortization		(18	)		—			—		(2	)		(9	)		(245	)
Balance at December 31, 2021	$	248		$	3		$	1	$	19		$	84		$	2,821

F-33

RiverSource Life Insurance Company


(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Balance at January 1, 2022	$	1,678		$	91		$	53		$	7		$	125		$	512
Capitalization of acquisition costs		39			73			—			—			1			55
Amortization		(135	)		(15	)		(8	)		(1	)		(8	)		(46	)
Balance at December 31, 2022	$	1,582		$	149		$	45		$	6		$	118		$	521


(in millions)	Indexed Universal Life Insurance			Other Life Insurance		Life Contingent Payout Annuities		Term and Whole Life Insurance			Disability Insurance			Total, All Products
Balance at January 1, 2022	$	248		$	3	$	1	$	19		$	84		$	2,821
Capitalization of acquisition costs		5			—		1		1			4			179
Amortization		(17	)		—		—		(2	)		(9	)		(241	)
Balance at December 31, 2022	$	236		$	3	$	2	$	18		$	79		$	2,759

The balances of and changes in DAC prior to the adoption of ASU 2018-12 were as follows:


(in millions)	2020
Balance at January 1	$	2,673
Capitalization of acquisition costs		216
Amortization		(164	)
Amortization, impact of valuation assumptions review		(100	)
Impact of change in net unrealized (gains) losses on securities		(117	)
Balance at December 31	$	2,508

The impact of the Company’s valuation assumption review to DAC for the year ended December 31, 2020 primarily reflected updates to interest rate assumptions, partially offset by a favorable impact from lower surrenders on annuity contracts with a withdrawal benefit.

The following tables summarize the balances of and changes in DSIC, including the January 1, 2021 adoption of ASU 2018-12. DSIC are recorded in Other assets.


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Pre-adoption balance at December 31, 2020	$	173		$	14		$	187
Effect of shadow reserve adjustments		8			8			16
Post-adoption balance at January 1, 2021		181			22			203
Capitalization of sales inducement costs		1			—			1
Amortization		(18	)		(3	)		(21	)
Balance at December 31, 2021	$	164		$	19		$	183


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Balance at January 1, 2022	$	164		$	19		$	183
Capitalization of sales inducement costs		1			—			1
Amortization		(16	)		(3	)		(19	)
Balance at December 31, 2022	$	149		$	16		$	165

The balances of and changes in DSIC prior to the adoption of ASU 2018-12 were as follows:


(in millions)	2020
Balance at January 1	$	216
Capitalization of sales inducement costs		1
Amortization		(13	)
Amortization, impact of valuation assumptions review		(16	)
Impact of change in net unrealized (gains) losses on securities		(1	)
Balance at December 31	$	187

F-34

RiverSource Life Insurance Company

9. REINSURANCE

The Company reinsures a portion of the insurance risks associated with its traditional life, DI and LTC insurance products through reinsurance agreements with unaffiliated reinsurance companies. The Company reinsures 100% of its insurance risk associated with its life contingent immediate 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.

However, 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. 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 on other policy forms introduced 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, 2022 and 2021, traditional life and UL insurance policies in force were $198.9 billion and $198.6 billion, respectively, of which $146.2 billion and $145.1 billion as of December 31, 2022 and 2021 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)	2022			2021			2020
Direct premiums	$	530		$	490		$	565
Reinsurance ceded		(224	)		(1,361	)		(224	)
Net premiums	$	306		$	(871	)	$	341

Policy and contract charges are presented on the Consolidated Statements of Income net of $165 million, $152 million and $140 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2022, 2021 and 2020, respectively.

The amount of claims recovered through reinsurance on all contracts was $435 million, $404 million and $400 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Reinsurance recoverables include approximately $2.7 billion and $3.5 billion related to LTC risk ceded to Genworth as of December 31, 2022 and 2021, respectively.

Policyholder account balances, future policy benefits and claims include $388 million and $413 million related to previously assumed reinsurance arrangements as of December 31, 2022 and 2021, respectively.

F-35

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:


	December 31,
(in millions)	2022		2021
Policyholder account balances
Policyholder account balances	$	24,986	$	23,723
Future policy benefits
Reserve for future policy benefits		7,495		9,721
Deferred profit liability		62		54
Additional liabilities for insurance guarantees		1,186		1,242
Other insurance and annuity liabilities		177		66
Total future policy benefits		8,920		11,083
Policy claims and other policyholders’ funds		216		211
Total policyholder account balances, future policy benefits and claims	$	34,122	$	35,017

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 provisions.

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. 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 indexed accounts.

Insurance Liabilities

Purchasers of UL 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-36

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, 2022	$	4,972		$	4,458		$	7,251		$	323		$	527
Contract deposits		146			2,784			55			—			53
Policy charges		(8	)		—			—			—			—
Surrenders and other benefits		(450	)		(41	)		(744	)		(17	)		(124	)
Net transfer from (to) separate account liabilities		(60	)		—			—			—			—
Other variable account adjustments		—			(791	)		—			—			—
Interest credited		152			—			237			6			15
Balance at December 31, 2022	$	4,752		$	6,410		$	6,799		$	312		$	471
Weighted-average crediting rate		3.2	%		1.1	%		3.5	%		1.9	%		N/A
Cash surrender value ⁽¹⁾	$	4,720		$	5,986		$	6,786		$	277			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, 2022	$	1,602		$	1,493		$	2,534		$	563		$	23,723
Contract deposits		134			233			218			(3	)		3,620
Policy charges		(178	)		(91	)		(116	)		—			(393	)
Surrenders and other benefits		(67	)		(70	)		(50	)		(56	)		(1,619	)
Net transfer from (to) separate account liabilities		—			(102	)		—			—			(162	)
Other variable account adjustments		—			—			—			—			(791	)
Interest credited		53			57			68			20			608
Balance at December 31, 2022	$	1,544		$	1,520		$	2,654		$	524		$	24,986
Weighted-average crediting rate		3.6	%		3.9	%		2.0	%		4.0	%
Net amount at risk	$	9,187		$	57,354		$	15,043		$	149
Cash surrender value⁽¹⁾	$	1,382		$	1,054		$	2,148		$	348


(in millions, except percentages)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2021	$	5,098		$	1,377		$	7,619		$	318		$	578
Contract deposits		332			2,699			59			—			69
Policy charges		(11	)		—			—			—			—
Surrenders and other benefits		(434	)		(15	)		(672	)		(9	)		(134	)
Net transfer from (to) separate account liabilities		(168	)		—			—			—			—
Other variable account adjustments		—			397			—			—			—
Interest credited		155			—			245			14			14
Balance at December 31, 2021	$	4,972		$	4,458		$	7,251		$	323		$	527
Weighted-average crediting rate		3.2	%		1.0	%		3.4	%		1.9	%		N/A
Cash surrender value ⁽¹⁾	$	4,936		$	4,180		$	7,232		$	319			N/A

F-37

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, 2021	$	1,640		$	1,476		$	2,269		$	605		$	20,980
Contract deposits		157			232			242			(3	)		3,787
Policy charges		(181	)		(87	)		(111	)		—			(390	)
Surrenders and other benefits		(69	)		(80	)		(41	)		(61	)		(1,515	)
Net transfer from (to) separate account liabilities		—			(105	)		—			—			(273	)
Other variable account adjustments		—			—			—			—			397
Interest credited		55			57			175			22			737
Balance at December 31, 2021	$	1,602		$	1,493		$	2,534		$	563		$	23,723
Weighted-average crediting rate		3.6	%		3.8	%		2.0	%		4.0	%
Net amount at risk	$	9,619		$	55,224		$	15,461		$	165
Cash surrender value⁽¹⁾	$	1,424		$	1,072		$	2,013		$	379

⁽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, 2022 and December 31, 2021 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, 2022
							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	%	$	169	$	102	$	18	$	—	$	—	$	289
		2	%	–	2.99	%		177		—		—		—		—		177
		3	%	–	3.99	%		2,611		—		—		1		—		2,612
		4	%	–	5.00	%		1,611		—		—		—		—		1,611

		Total					$	4,568	$	102	$	18	$	1	$	—	$	4,689

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	12	$	7	$	3	$	1	$	—	$	23
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	12	$	7	$	3	$	1	$	—	$	23

Fixed annuities		1	%	–	1.99	%	$	460	$	402	$	132	$	33	$	10	$	1,037
		2	%	–	2.99	%		67		—		—		—		—		67
		3	%	–	3.99	%		3,344		—		—		—		—		3,344
		4	%	–	5.00	%		2,333		—		—		—		—		2,333

		Total					$	6,204	$	402	$	132	$	33	$	10	$	6,781

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	1	$	3	$	7	$	14	$	—	$	25
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	1	$	3	$	7	$	14	$	—	$	25

F-38

RiverSource Life Insurance Company


							December 31, 2022
							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
Universal life insurance		1	%	–	1.99	%	$	—		$	—		$	—		$	—		$	—		$	—
		2	%	–	2.99	%		55			—			1			—			—			56
		3	%	–	3.99	%		885			1			2			—			—			888
		4	%	–	5.00	%		569			—			—			—			—			569

		Total					$	1,509		$	1		$	3		$	—		$	—		$	1,513

Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	4		$	3		$	2		$	—		$	9		$	18
		2	%	–	2.99	%		30			—			1			2			2			35
		3	%	–	3.99	%		134			1			1			1			—			137
		4	%	–	5.00	%		648			—			—			—			—			648

		Total					$	816		$	4		$	4		$	3		$	11		$	838

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—		$	—		$	3		$	—		$	—		$	3
		2	%	–	2.99	%		126			—			—			—			—			126
		3	%	–	3.99	%		—			—			—			—			—			—
		4	%	–	5.00	%		—			—			—			—			—			—

		Total					$	126		$	—		$	3		$	—		$	—		$	129

Other life insurance		1	%	–	1.99	%	$	—		$	—		$	—		$	—		$	—		$	—
		2	%	–	2.99	%		—			—			—			—			—			—
		3	%	–	3.99	%		32			—			—			—			—			32
		4	%	–	5.00	%		314			—			—			—			—			314

		Total					$	346		$	—		$	—		$	—		$	—		$	346

Total		1	%	–	1.99	%	$	646		$	517		$	165		$	48		$	19		$	1,395
		2	%	–	2.99	%		455			—			2			2			2			461
		3	%	–	3.99	%		7,006			2			3			2			—			7,013
		4	%	–	5.00	%		5,475			—			—			—			—			5,475

		Total					$	13,582		$	519		$	170		$	52		$	21		$	14,344

Percentage of total account values that reset in:
Next 12 months								99.8	%		96.3	%		93.8	%		100.0	%		100.0	%		99.6	%
> 12 months to 24 months								0.1			3.0			5.8			—			—			0.3
> 24 months								0.1			0.7			0.4			—			—			0.1
Total								100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

F-39

RiverSource Life Insurance Company



							December 31, 2021
							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	%	$	283	$	13	$	8	$	—	$	—	$	304
		2	%	–	2.99	%		193		—		—		—		—		193
		3	%	–	3.99	%		2,729		—		—		1		—		2,730
		4	%	–	5.00	%		1,627		—		—		—		—		1,627

		Total					$	4,832	$	13	$	8	$	1	$	—	$	4,854

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	13	$	—	$	—	$	—	$	—	$	13
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	13	$	—	$	—	$	—	$	—	$	13

Fixed annuities		1	%	–	1.99	%	$	1,009	$	100	$	86	$	36	$	10	$	1,241
		2	%	–	2.99	%		79		—		—		—		—		79
		3	%	–	3.99	%		3,637		—		—		—		—		3,637
		4	%	–	5.00	%		2,274		—		—		—		—		2,274

		Total					$	6,999	$	100	$	86	$	36	$	10	$	7,231

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	1	$	4	$	8	$	15	$	—	$	28
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	1	$	4	$	8	$	15	$	—	$	28

Universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		46		—		—		—		—		46
		3	%	–	3.99	%		907		—		—		—		—		907
		4	%	–	5.00	%		617		—		—		—		—		617

		Total					$	1,570	$	—	$	—	$	—	$	—	$	1,570

Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	11	$	—	$	—	$	—	$	—	$	11
		2	%	–	2.99	%		35		—		—		—		—		35
		3	%	–	3.99	%		137		—		—		—		—		137
		4	%	–	5.00	%		666		—		—		—		—		666

		Total					$	849	$	—	$	—	$	—	$	—	$	849

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—	$	—	$	3	$	—	$	—	$	3
		2	%	–	2.99	%		130		—		—		—		—		130
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	130	$	—	$	3	$	—	$	—	$	133

Other life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		35		—		—		—		—		35
		4	%	–	5.00	%		342		—		—		—		—		342

		Total					$	377	$	—	$	—	$	—	$	—	$	377

Total		1	%	–	1.99	%	$	1,317	$	117	$	105	$	51	$	10	$	1,600
		2	%	–	2.99	%		483		—		—		—		—		483
		3	%	–	3.99	%		7,445		—		—		1		—		7,446
		4	%	–	5.00	%		5,526		—		—		—		—		5,526

		Total					$	14,771	$	117	$	105	$	52	$	10	$	15,055

F-40

RiverSource Life Insurance Company



		December 31, 2021
		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
Percentage of total account values that reset in:
Next 12 months			98.8	%		85.1	%		79.8	%		33.8	%		1.1	%		98.2	%
> 12 months to 24 months			1.0			—			10.5			66.2			98.9			1.4
> 24 months			0.2			14.9			9.7			—			—			0.4
Total			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following tables summarize the balances of and changes in the liability for future policy benefits, including the January 1, 2021 adoption of ASU 2018-12.


(in millions)	Life Contingent Payout Annuities			Term and Whole Life Insurance		Disability Insurance		Long Term Care Insurance			Total, All Products
Pre-adoption balance at December 31, 2020	$	1,536		$	633	$	530	$	5,749		$	8,448
Effect of shadow reserve adjustments		(175	)		—		—		(566	)		(741	)
Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach		4			—		—		35			39
Effect of change in deferred profit liability		(43	)		—		—		—			(43	)
Effect of remeasurement of the liability at the current single A discount rate		215			265		238		1,965			2,683
Post-adoption balance at January 1, 2021		1,537			898		768		7,183			10,386
Less: reinsurance recoverable		—			601		24		3,623			4,248
Post-adoption balance at January 1, 2021, after reinsurance recoverable	$	1,537		$	297	$	744	$	3,560		$	6,138


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2021	$	—		$	702		$	238		$	1,831		$	2,771
Beginning balance at original discount rate		—			536			183			1,498			2,217
Effect of changes in cash flow assumptions		—			—			—			(6	)		(6	)
Effect of actual variances from expected experience		—			56			(35	)		(61	)		(40	)
Adjusted beginning of year balance	$	—		$	592		$	148		$	1,431		$	2,171
Issuances		38			78			18			—			134
Interest accrual		—			29			9			73			111
Net premiums collected		(38	)		(63	)		(20	)		(184	)		(305	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	636		$	155		$	1,320		$	2,111
Effect of changes in discount rate assumptions		—			141			33			227			401
Balance at December 31, 2021	$	—		$	777		$	188		$	1,547		$	2,512
Present Value of Future Policy Benefits:
Balance at January 1, 2021	$	1,537		$	1,600		$	1,006		$	9,014		$	13,157
Beginning balance at original discount rate		1,321			1,169			714			6,716			9,920
Effect of changes in cash flow assumptions		—			—			—			(8	)		(8	)
Effect of actual variances from expected experience		(14	)		58			(40	)		(124	)		(120	)
Adjusted beginning of year balance	$	1,307		$	1,227		$	674		$	6,584		$	9,792
Issuances		39			78			18			—			135
Interest accrual		53			70			39			347			509
Benefit payments		(168	)		(120	)		(43	)		(336	)		(667	)
Derecognition (lapses)		—			—			—			—			—

F-41

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Insurance			Long Term Care Insurance			Total, All Products
Ending balance at original discount rate	$	1,231		$	1,255		$	688		$	6,595		$	9,769
Effect of changes in discount rate assumptions		139			343			226			1,755			2,463
Balance at December 31, 2021	$	1,370		$	1,598		$	914		$	8,350		$	12,232
Adjustment due to reserve flooring	$	—		$	1		$	—		$	—		$	1
Net liability for future policy benefits	$	1,370		$	822		$	726		$	6,803		$	9,721
Less: reinsurance recoverable		1,265			558			25			3,443			5,291
Net liability for future policy benefits, after reinsurance recoverable	$	105		$	264		$	701		$	3,360		$	4,430
Discounted expected future gross premiums	$	—		$	2,005		$	1,158		$	1,623		$	4,786
Expected future gross premiums	$	—		$	2,815		$	1,395		$	1,905		$	6,115
Expected future benefit payments	$	1,707		$	2,159		$	1,217		$	11,568		$	16,651
Weighted average interest accretion rate		4.2	%		6.5	%		5.9	%		5.3	%
Weighted average discount rate		2.6	%		2.8	%		2.8	%		2.9	%
Weighted average duration of liability (in years)		7			8			9			10

The annual review of LTC future policy benefit reserves in the third quarter of 2021 resulted in assumption updates that decreased the net liability for future policy benefits $2 million, partially offset by a $1 million decrease to reinsurance recoverable, primarily reflecting updates to premium rate increase and benefit reduction assumptions.


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2022	$	—		$	777		$	188		$	1,547		$	2,512
Beginning balance at original discount rate		—			636			155			1,320			2,111
Effect of changes in cash flow assumptions		—			1			1			52			54
Effect of actual variances from expected experience		—			47			(22	)		(48	)		(23	)
Adjusted beginning of year balance	$	—		$	684		$	134		$	1,324		$	2,142
Issuances		42			57			12			—			111
Interest accrual		—			34			7			65			106
Net premiums collected		(42	)		(67	)		(16	)		(169	)		(294	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	708		$	137		$	1,220		$	2,065
Effect of changes in discount rate assumptions		—			(22	)		(3	)		(13	)		(38	)
Balance at December 31, 2022	$	—		$	686		$	134		$	1,207		$	2,027
Present Value of Future Policy Benefits:
Balance at January 1, 2022	$	1,370		$	1,598		$	914		$	8,350		$	12,232
Beginning balance at original discount rate		1,231			1,255			688			6,595			9,769
Effect of changes in cash flow assumptions		—			(8	)		1			42			35
Effect of actual variances from expected experience		(13	)		52			(28	)		(36	)		(25	)
Adjusted beginning of year balance	$	1,218		$	1,299		$	661		$	6,601		$	9,779
Issuances		42			57			12			—			111
Interest accrual		49			73			38			336			496
Benefit payments		(154	)		(116	)		(42	)		(368	)		(680	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,155		$	1,313		$	669		$	6,569		$	9,706
Effect of changes in discount rate assumptions		(90	)		6			27			(130	)		(187	)
Balance at December 31, 2022	$	1,065		$	1,319		$	696		$	6,439		$	9,519
Adjustment due to reserve flooring	$	—		$	3		$	—		$	—		$	3
Net liability for future policy benefits	$	1,065		$	636		$	562		$	5,232		$	7,495
Less: reinsurance recoverable		949			443			19			2,649			4,060
Net liability for future policy benefits, after reinsurance recoverable	$	116		$	193		$	543		$	2,583		$	3,435
Discounted expected future gross premiums	$	—		$	1,855		$	926		$	1,381		$	4,162
Expected future gross premiums	$	—		$	3,183		$	1,331		$	1,908		$	6,422
Expected future benefit payments	$	1,595		$	2,234		$	1,169		$	11,229		$	16,227
Weighted average interest accretion rate		4.1	%		6.4	%		6.1	%		5.2	%
Weighted average discount rate		5.2	%		5.5	%		5.4	%		5.4	%
Weighted average duration of liability (in years)		6			7			8			9

F-42

RiverSource Life Insurance Company

The annual review of LTC future policy benefit reserves in the third quarter of 2022 resulted in assumption updates that decreased the net liability for future policy benefits $10 million, partially offset by a $4 million decrease to reinsurance recoverable, primarily reflecting updates to morbidity, premium rate increase and benefit reduction assumptions. The annual review of term life insurance future policy benefit reserves in the third quarter of 2022 resulted in assumption updates that decreased the net liability for future policy benefits by $9 million, offset by a $16 million decrease to reinsurance recoverable, reflecting updates to lapse 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, 2022	$	1,120		$	76		$	46		$	1,242
Interest accrual		32			5			1			38
Benefit accrual		108			8			—			116
Benefit payments		(43	)		(14	)		(4	)		(61	)
Effect of actual variances from expected experience		(19	)		2			(2	)		(19	)
Impact of change in net unrealized (gains) losses on securities		(98	)		(3	)		(29	)		(130	)
Balance at December 31, 2022	$	1,100		$	74		$	12		$	1,186
Weighted average interest accretion rate		2.9	%		7.0	%		4.1	%
Weighted average discount rate		3.2	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		10			8			6


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2021	$	1,030		$	74		$	58		$	1,162
Interest accrual		29			5			1			35
Benefit accrual		129			8			3			140
Benefit payments		(37	)		(12	)		(5	)		(54	)
Effect of actual variances from expected experience		(10	)		2			(1	)		(9	)
Impact of change in net unrealized (gains) losses on securities		(21	)		(1	)		(10	)		(32	)
Balance at December 31, 2021	$	1,120		$	76		$	46		$	1,242
Weighted average interest accretion rate		2.9	%		7.0	%		4.0	%
Weighted average discount rate		3.1	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		12			9			7

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


	Years Ended December 31,
	2022				2021
(in millions)	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
Life contingent payout annuities	$	45	$	49	$	39	$	53
Term and whole life insurance		169		39		166		41
Disability insurance		127		31		131		30
Long term care insurance		189		271		192		274
Total	$	530	$	390	$	528	$	398

F-43

RiverSource Life Insurance Company

The following tables summarize the balances of and changes in unearned revenue, including the January 1, 2021 adoption of ASU 2018-12.


(in millions)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Total, All Products

Pre-adoption balance at December 31, 2020	$	19		$	76		$	—		$	95
Effect of shadow reserve adjustments		5			10			153			168
Post-adoption balance at January 1, 2021		24			86			153			263
Deferral of revenue		3			34			55			92
Amortization		(1	)		(8	)		(13	)		(22	)
Balance at December 31, 2021	$	26		$	112		$	195		$	333
Balance at January 1, 2022	$	26		$	112		$	195		$	333
Deferral of revenue		2			48			54			104
Amortization		(1	)		(10	)		(16	)		(27	)
Balance at December 31, 2022	$	27		$	150		$	233		$	410

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

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

No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2022, 2021 and 2020.

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


(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2022	$	82,862		$	9,376		$	92,238
Premiums and deposits		1,067			425			1,492
Policy charges		(1,396	)		(278	)		(1,674	)
Surrenders and other benefits		(4,923	)		(286	)		(5,209	)
Investment return		(14,450	)		(1,654	)		(16,104	)
Net transfer from (to) general account		63			70			133
Balance at December 31, 2022	$	63,223		$	7,653		$	70,876
Cash surrender value	$	61,461		$	7,200		$	68,661

(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2021	$	79,299		$	8,257		$	87,556
Premiums and deposits		2,590			411			3,001
Policy charges		(1,520	)		(263	)		(1,783	)
Surrenders and other benefits		(6,336	)		(362	)		(6,698	)
Investment return		8,660			1,249			9,909
Net transfer from (to) general account		169			84			253
Balance at December 31, 2021	$	82,862		$	9,376		$	92,238
Cash surrender value	$	80,746		$	8,939		$	89,685

12. MARKET RISK BENEFITS/VARIABLE ANNUITY AND INSURANCE GUARANTEES

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.

F-44

RiverSource Life Insurance Company

•

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.

The following tables summarize the balances of and changes in market risk benefits, including the January 1, 2021 adoption of ASU 2018-12.


	(in millions)
Pre-adoption balance at December 31, 2020	$	3,084
Effect of shadow reserve adjustments		(3	)
Adjustments for the cumulative effect of the changes in instrument-specific credit risk on market risk benefits between the original contract issuance date and the transition date		670
Adjustments to the host contract for differences between previous carrying amount and fair value measurement for the market risk benefits under the option-based method of valuation		20
Adjustments for the remaining difference (exclusive of the instrument-specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurements for the market risk benefits		1,058
Post-adoption balance at January 1, 2021	$	4,829

F-45

RiverSource Life Insurance Company


	Years Ended December 31,
(in millions, except age)	2022			2021
Balance at beginning of period	$	2,901		$	4,829
Issuances		27			45
Interest accrual and time decay		(237	)		(294	)
Reserve increase from attributed fees collected		810			819
Reserve release for benefit payments and derecognition		(29	)		(8	)
Effect of changes in interest rates and bond markets		(4,193	)		(1,053	)
Effect of changes in equity markets and subaccount performance		2,258			(1,558	)
Effect of changes in equity index volatility		205			73
Actual policyholder behavior different from expected behavior		17			52
Effect of changes in other future expected assumptions		(139	)		123
Effect of changes in the instrument-specific credit risk on market risk benefits		(517	)		(127	)
Balance at end of period	$	1,103		$	2,901
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	1,015		$	539
Liability position		(2,118	)		(3,440	)
Net asset (liability) position	$	(1,103	)	$	(2,901	)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	2,781		$	251
Living benefits	$	3,364		$	195
Composite (greater of)	$	5,830		$	441
Weighted average attained age of contractholders		68			68
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period	$	(2,044	)	$	(2,502	)
Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of period	$	(505	)	$	(102	)

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, 2022
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	1,103	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		11.0	%
				Surrender rate⁽²⁾		0.2	%	–	45.6	%		3.6	%
				Market volatility⁽³⁾		0.0	%	–	26.6	%		12.1	%
				Nonperformance risk⁽⁴⁾		95 bps						95 bps
				Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.5	%

	December 31, 2021
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	2,901	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		10.6	%
				Surrender rate⁽²⁾		0.2	%	–	45.6	%		3.6	%
				Market volatility⁽³⁾		0.0	%	–	25.4	%		11.4	%
				Nonperformance risk⁽⁴⁾		65 bps						65 bps
				Mortality rate⁽⁵⁾		0.0	%	–	54.5	%		1.5	%

⁽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-46

RiverSource Life Insurance Company

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2022 and 2021, 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, 2022

•

Updates to utilization of guaranteed withdrawals assumptions resulted in a decrease to pre-tax income of $39 million.

•

Updates to surrender rates resulted in a decrease to pre-tax income of $200 million.

•

Updates to mortality rates resulted in a decrease to pre-tax income of $49 million.

Year ended December 31, 2021

•

Updates to surrender rates resulted in a decrease to pre-tax income of $185 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 rates 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 rates 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 values measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender rates, utilization rates and mortality rates vary with the type of base product, type of rider, the 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 as well as contractholder behavior assumptions that include margins for risk, all of which the Company believes a market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3.

Variable Annuity and Insurance Guarantees

Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees prior to the adoption of ASU 2018-12 were as follows:


(in millions)	GMDB & GGU			GMIB			GMWB⁽¹⁾		GMAB⁽¹⁾			UL
Balance at January 1, 2020	$	16		$	7		$	1,462	$	(39	)	$	758
Incurred claims		15			—			1,587		40			209
Paid claims		(7	)		(1	)		—		—			(51	)
Balance at December 31, 2020	$	24		$	6		$	3,049	$	1		$	916

⁽¹⁾	The incurred claims for GMWB and GMAB include the change in the fair value of the liabilities (contra liabilities) less paid claims.

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. As of December 31, 2022 and 2021, the Company had accessed collateralized borrowings and pledged (granted a lien on) certain investments, primarily commercial mortgage backed securities, with an aggregate fair value of $962 million and $1.0 billion, respectively. The amount of the Company’s liability including accrued interest was $201 million and $200 million as of December 31, 2022 and 2021, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2022 and 2021. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2022 and 2021 was 4.6% and 0.3%, respectively.

F-47

RiverSource Life Insurance Company

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 for any borrowing under the agreement is established by reference to London Interbank Offered Rate (“LIBOR”) for U.S. dollar deposits with maturities comparable to the relevant interest period, 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, 2022 and 2021.

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 for any borrowing under the agreement is established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period. 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, 2022 and 2021.

RTA, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender not to exceed $100 million. The interest rate for any borrowing under the agreement is established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, 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. This line of credit is automatically renewed annually with Ameriprise Financial. There were no amounts outstanding on this line of credit as of both December 31, 2022 and 2021.

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, 2022 and 2021 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-48

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, 2022
(in millions)	Level 1		Level 2		Level 3			Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	8,311	$	395		$	8,706
Residential mortgage backed securities		—		2,959		—			2,959
Commercial mortgage backed securities		—		2,651		—			2,651
State and municipal obligations		—		786		—			786
Asset backed securities		—		452		545			997
Foreign government bonds and obligations		—		35		—			35
U.S. government and agency obligations		1		—		—			1
Total Available-for-Sale securities		1		15,194		940			16,135
Cash equivalents		1,063		1,529		—			2,592
Market risk benefits		—		—		1,015			1,015	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		48			48
Other assets:
Interest rate derivative contracts		7		260		—			267
Equity derivative contracts		129		2,564		—			2,693
Foreign exchange derivative contracts		—		34		—			34
Credit derivative contracts		—		13		—			13
Total other assets		136		2,871		—			3,007
Separate account assets at net asset value (“NAV”)									70,876	⁽²⁾
Total assets at fair value	$	1,200	$	19,594	$	2,003		$	93,673

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	3	$	44		$	47
IUL embedded derivatives		—		—		739			739
Structured variable annuity embedded derivatives		—		—		(137	)		(137	)⁽³⁾
Total policyholder account balances, future policy benefits and claims		—		3		646			649	⁽⁴⁾
Market risk benefits		—		—		2,118			2,118	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		4		351		—			355
Equity derivative contracts		138		2,228		—			2,366
Foreign exchange derivative contracts		6		4		—			10
Total other liabilities		148		2,583		—			2,731
Total liabilities at fair value	$	148	$	2,586	$	2,764		$	5,498

F-49

RiverSource Life Insurance Company


	December 31, 2021
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	9,142	$	496	$	9,638
Residential mortgage backed securities		—		2,250		—		2,250
Commercial mortgage backed securities		—		2,656		—		2,656
State and municipal obligations		—		1,074		—		1,074
Asset backed securities		—		246		291		537
Foreign government bonds and obligations		—		83		—		83
U.S. government and agency obligations		1		—		—		1
Total Available-for-Sale securities		1		15,451		787		16,239
Cash equivalents		1,985		1,191		—		3,176
Market risk benefits		—		—		539		539	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		59		59
Other assets:
Interest rate derivative contracts		1		1,251		—		1,252
Equity derivative contracts		158		4,080		—		4,238
Foreign exchange derivative contracts		1		17		—		18
Credit derivative contracts		—		9		—		9
Total other assets		160		5,357		—		5,517
Separate account assets at NAV								92,238	⁽²⁾
Total assets at fair value	$	2,146	$	21,999	$	1,385	$	117,768

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	5	$	56	$	61
IUL embedded derivatives		—		—		905		905
Structured variable annuity embedded derivatives		—		—		406		406
Total policyholder account balances, future policy benefits and claims		—		5		1,367		1,372	⁽⁵⁾
Market risk benefits		—		—		3,440		3,440	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		1		467		—		468
Equity derivative contracts		101		3,610		—		3,711
Foreign exchange derivative contracts		1		—		—		1
Total other liabilities		103		4,077		—		4,180
Total liabilities at fair value	$	103	$	4,082	$	4,807	$	8,992

⁽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 certain 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 fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

⁽⁴⁾	The Company’s adjustment for nonperformance risk resulted in a $139 million cumulative decrease to the embedded derivatives as of December 31, 2022.

⁽⁵⁾	The Company’s adjustment for nonperformance risk resulted in a $96 million cumulative decrease to the embedded derivatives as of December 31, 2021.

F-50

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			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	)


	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, 2021	$	766		$	9		$	395		$	1,170		$	—
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		3
Other comprehensive income (loss)		(10	)		—			(1	)		(11	)		—
Purchases		108			—			—			108			—
Issues		—			—			—			—			57
Settlements		(119	)		—			(81	)		(200	)		(1	)
Transfers into Level 3		168			—			2			170			—
Transfers out of Level 3		(416	)		(9	)		(24	)		(449	)		—
Balance at December 31, 2021	$	496		$	—		$	291		$	787		$	59
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021	$	(8	)	$	—		$	(1	)	$	(9	)	$	—

F-51

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, 2021	$	49		$	935		$	70		$	1,054
Total (gains) losses included in:
Net income		10	⁽²⁾		68	⁽²⁾		393	⁽³⁾		471
Issues		—			—			(28	)		(28	)
Settlements		(3	)		(98	)		(29	)		(130	)
Balance at December 31, 2021	$	56		$	905		$	406		$	1,367
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2021	$	—		$	68	⁽²⁾	$	—		$	68


	Available-for-Sale Securities
(in millions)	Corporate Debt Securities			Residential Mortgage Backed Securities			Asset Backed Securities			Total
Balance at January 1, 2020	$	735		$	17		$	389		$	1,141
Total gains (losses) included in:
Other comprehensive income (loss)		15			1			(2	)		14
Purchases		62			39			—			101
Settlements		(46	)		—			(6	)		(52	)
Transfers into Level 3		—			—			14			14
Transfers out of Level 3		—			(48	)		—			(48	)
Balance at December 31, 2020	$	766		$	9		$	395		$	1,170
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2020	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2020	$	15		$	1		$	(2	)	$	14


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			GMWB and GMAB Embedded Derivatives⁽⁵⁾			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2020	$	43		$	881		$	763		$	—		$	1,687
Total (gains) losses included in:
Net income		4	⁽²⁾		76	⁽²⁾		1,152	⁽³⁾		91	⁽³⁾		1,323
Issues		3			61			362			(21	)		405
Settlements		(1	)		(83	)		39			—			(45	)
Balance at December 31, 2020	$	49		$	935		$	2,316		$	70		$	3,370
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2020	$	—		$	76	⁽²⁾	$	1,206	⁽³⁾	$	—		$	1,282

⁽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 December 31, 2022 and the amount is presented as a contra liability.

⁽⁵⁾	GMWB and GMAB were accounted for as embedded derivatives prior to the adoption of ASU 2018-12. Upon adoption of ASU 2018-12, GMWB and GMAB are accounted for as market risk benefits.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $45 million and $(23) million, net of the reinsurance accrual, for the years ended December 31, 2022 and 2021, respectively, and $196 million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the year ended December 31, 2020 (prior to the adoption of ASU 2018-12).

F-52

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, 2022

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average

(in millions)

Corporate debt securities (private placements)

395

Discounted cash flow

Yield/spread to U.S. Treasuries⁽¹⁾

1.1%–2.3%

1.4

Asset backed securities

545

Discounted cash flow

Annual default rate

2.4%

2.4

Loss severity

25.0%

25.0

Yield/spread to U.S. Treasuries⁽²⁾

320 bps–550 bps

329 bps

Fixed deferred indexed annuity ceded embedded derivatives

Discounted cash flow

Surrender rate ⁽⁴⁾

0.0%–66.8%

1.4

Fixed deferred indexed annuity embedded derivatives

Discounted cash flow

Surrender rate ⁽⁴⁾

0.0%–66.8%

1.4

Nonperformance risk ⁽⁵⁾

95 bps

IUL embedded derivatives

739

Discounted cash flow

Nonperformance risk ⁽⁵⁾

95 bps

Structured variable annuity embedded derivatives

(137

)⁽⁶⁾

Discounted cash flow

Surrender rate ⁽⁴⁾

0.8%–40.0%

0.9

Nonperformance risk ⁽⁵⁾

95 bps

December 31, 2021

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average

(in millions)

Corporate debt securities (private placements)

496

Discounted cash flow

Yield/spread to U.S. Treasuries⁽¹⁾

0.8%–2.4%

1.1

Asset backed securities

291

Discounted cash flow

Annual default rate

5.8%

5.8

Loss severity

25.0%

25.0

Yield/spread to swap rates ⁽³⁾

175 bps–275 bps

182 bps

Fixed deferred indexed annuity ceded embedded derivatives

Discounted cash flow

Surrender rate ⁽⁴⁾

0.0%–66.8%

1.4

Fixed deferred indexed annuity embedded derivatives

Discounted cash flow

Surrender rate ⁽⁴⁾

0.0%–66.8%

1.4

Nonperformance risk ⁽⁵⁾

65 bps

IUL embedded derivatives

905

Discounted cash flow

Nonperformance risk ⁽⁵⁾

65 bps

Structured variable annuity embedded derivatives

406

Discounted cash flow

Surrender rate ⁽⁴⁾

0.8%–40.0%

0.9

Nonperformance risk ⁽⁵⁾

65 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 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.

⁽³⁾	The weighted average for the yield/spread to swap rates for asset backed securities is calculated as the sum of each tranche’s balance multiplied by its yield/spread to swap 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 observable interest rates used in the valuation of the embedded derivatives. During the third quarter of 2022, the Company changed to using a U.S. Treasury curve as its observable discount rate curve reflecting the evolution of LIBOR discontinuation as an observable reference rate used by market participants.

⁽⁶⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

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

Uncertainty of Fair Value Measurements

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

Significant increases (decreases) in the annual default 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 yield/spread to swap rates in isolation would have resulted in a significantly lower (higher) fair value measurement.

F-53

RiverSource Life Insurance Company

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

Significant increases (decreases) in nonperformance risk and surrender rate 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.

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.

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.

In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.

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

F-54

RiverSource Life Insurance Company

rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

Other Assets

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2022 and 2021. 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 certain variable annuity riders (prior to the adoption of ASU 2018-12), fixed deferred indexed annuity, structured variable annuity and IUL products.

Prior to the adoption of ASU 2018-12, the Company valued the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models. These models calculated fair value as the present value of future expected benefit payments less the present value of future expected rider fees attributable to the embedded derivative feature. The projected cash flows used by these models included observable capital market assumptions and incorporated significant unobservable inputs related to implied volatility as well as contractholder behavior assumptions that included margins for risk, all of which the Company believed a market participant would expect. The fair value also reflected a current estimate of the Company’s nonperformance risk specific to these embedded derivatives. Given the significant unobservable inputs to this valuation, these measurements were classified as Level 3. The embedded derivatives attributable to these provisions were recorded in Policyholder account balances, future policy benefits and claims. Refer to Note 12 for additional information on these provisions accounted for as market risk benefits under ASU 2018-12.

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, 2022 and 2021. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

F-55

RiverSource Life Insurance Company

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 $58 million and $93 million as of December 31, 2022 and 2021, respectively, and is classified as Level 3 in the fair value hierarchy.

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, 2022
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,768	$	—	$	—	$	1,600	$	1,600
Policy loans		847		—		847		—		847
Other investments		89		—		69		20		89
Receivables		7,372		—		—		6,174		6,174
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	14,450	$	—	$	—	$	12,470	$	12,470
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		315		—		315
Other liabilities		8		—		—		7		7
Separate account liabilities — investment contracts		298		—		298		—		298


	December 31, 2021
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,788	$	—	$	—	$	1,872	$	1,872
Policy loans		834		—		834		—		834
Other investments		61		—		40		21		61
Receivables		7,876		—		—		8,630		8,630
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	12,289	$	—	$	—	$	13,215	$	13,215
Short-term borrowings		200		—		200		—		200
Long-term debt		500		—		498		—		498
Other liabilities		9		—		—		9		9
Separate account liabilities — investment contracts		403		—		403		—		403

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, 2022, 2021 and 2020, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the five year period ending December 31, 2027 and a total of $9 million thereafter.

F-56

RiverSource Life Insurance Company

Expenses

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $320 million, $345 million and $358 million for the years ended December 31, 2022, 2021 and 2020, 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.

Income Taxes

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from (to) Ameriprise Financial for federal income taxes was $(56) million and $18 million as of December 31, 2022 and 2021, respectively, which is reflected in Other liabilities and Other assets, respectively.

Investments

The Company invested in AA and A rated asset backed securities issued by AAF as of December 31, 2021 and in AA, A and BBB rated asset backed securities issued by AAF 2 as of December 31, 2022, both affiliates of the Company. 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, 2021, the fair value of these asset backed securities was $289 million. During the third quarter of 2022, the Company redeemed the outstanding AA and A rated securities issued by 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, 2022, the fair value of these asset backed securities was $544 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 $17 million, $12 million and $14 million for the years ended December 31, 2022, 2021 and 2020, 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 for any borrowing under the agreement is established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, 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, 2022 and 2021. 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)	2022		2021		2020
Dividends paid to Ameriprise Financial	$	600	$	1,900	$	800
Dividend received from RiverSource Life of NY		63		—		—
Dividends received from RTA		—		50		95
Return of capital received from RTA		80		—		—

On February 17, 2023, RiverSource Life Insurance Company’s Board of Directors declared a cash dividend of up to $200 million to Ameriprise Financial, payable on or after March 20, 2023, pending approval by the Minnesota Department of Commerce.

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-57

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, RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned (deficit)/surplus was $(679) million and $175 million as of December 31, 2022 and 2021, 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 Minnesota Department of Commerce, and are subject to potential disapproval. Statutory capital and surplus was $3.1 billion and $3.4 billion as of December 31, 2022 and 2021, respectively.

Statutory net gain from operations and net income for RiverSource Life Insurance Company are summarized as follows:


	Years Ended December 31,
(in millions)	2022		2021		2020
Statutory net gain from operations	$	1,615	$	1,366	$	1,393
Statutory net income		1,769		253		1,582

Government debt securities of $4 million and $5 million as of December 31, 2022 and 2021, respectively, 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, 2022
	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	$	2,887	$	—	$	2,887	$	(2,313	)	$	(565	)	$	(5	)	$	4
OTC cleared		23		—		23		(9	)		—			—			14
Exchange-traded		97		—		97		(75	)		—			—			22
Total	$	3,007	$	—	$	3,007	$	(2,397	)	$	(565	)	$	(5	)	$	40


	December 31, 2021
	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	$	5,330	$	—	$	5,330	$	(3,571	)	$	(1,623	)	$	(114	)	$	22
OTC cleared		88		—		88		(41	)		—			—			47
Exchange-traded		99		—		99		(91	)		—			—			8
Total	$	5,517	$	—	$	5,517	$	(3,703	)	$	(1,623	)	$	(114	)	$	77

⁽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-58

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, 2022
	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	$	2,630	$	—	$	2,630	$	(2,313	)	$	(38	)	$	(277	)	$	2
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		92		—		92		(75	)		—			(17	)		—
Total	$	2,731	$	—	$	2,731	$	(2,397	)	$	(38	)	$	(294	)	$	2


	December 31, 2021
	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	$	4,048	$	—	$	4,048	$	(3,571	)	$	(181	)	$	(293	)	$	3
OTC cleared		41		—		41		(41	)		—			—			—
Exchange-traded		91		—		91		(91	)		—			—			—
Total	$	4,180	$	—	$	4,180	$	(3,703	)	$	(181	)	$	(293	)	$	3

⁽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.

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-59

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, 2022							December 31, 2021
	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	$	101,302	$	267	$	355		$	79,459	$	1,252	$	468
Equity contracts		67,416		2,693		2,366			59,763		4,238		3,711
Credit contracts		1,802		13		—			1,717		9		—
Foreign exchange contracts		2,870		34		10			2,239		18		1
Total non-designated hedges		173,390		3,007		2,731			143,178		5,517		4,180
Embedded derivatives
IUL		N/A		—		739			N/A		—		905
Fixed deferred indexed annuities and deposit receivables		N/A		48		47			N/A		59		61
Structured variable annuity ⁽³⁾		N/A		—		(137	)		N/A		—		406
Total embedded derivatives		N/A		48		649			N/A		59		1,372
Total derivatives	$	173,390	$	3,055	$	3,380		$	143,178	$	5,576	$	5,552

N/A	Not applicable.

⁽¹⁾	The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded 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, 2022 included $194 million of individual contracts in a liability position and $331 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2021 included $409 million of individual contracts in a liability position and $3 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 December 31, 2022 and 2021, investment securities with a fair value of $14 million and $123 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $5 million and $123 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2022 and 2021, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2022 and 2021, 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)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
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	)

Year Ended December 31, 2021
Interest rate contracts	$	—	$	—		$	—		$	(886	)
Equity contracts		1		34			91			(851	)
Credit contracts		—		—			—			43
Foreign exchange contracts		—		—			—			5
IUL embedded derivatives		—		—			30			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			(8	)		—
Structured variable annuity embedded derivatives		—		(393	)		—			—
Total gain (loss)	$	1	$	(359	)	$	113		$	(1,689	)

F-60

RiverSource Life Insurance Company


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 2020
Interest rate contracts	$	—	$	1,633		$	—		$	—
Equity contracts		—		(744	)		55			—
Credit contracts		—		(106	)		—			—
Foreign exchange contracts		—		(8	)		—			—
GMWB and GMAB embedded derivatives ⁽¹⁾		—		(1,553	)		—			—
IUL embedded derivatives		—		—			7			—
Fixed deferred indexed annuities embedded derivatives		—		—			(4	)		—
Structured variable annuity embedded derivatives		—		(91	)		—			—
Total gain (loss)	$	—	$	(869	)	$	58		$	—

⁽¹⁾	GMWB and GMAB were accounted for as embedded derivatives prior to the adoption of ASU 2018-12. Upon adoption of ASU 2018-12, GMWB and GMAB are accounted for as market risk benefits.

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, 2022:


(in millions)	Premiums Payable		Premiums Receivable
2023	$	50	$	43
2024		132		23
2025		121		21
2026		251		88
2027		19		—
2028-2029		59		—
Total	$	632	$	175

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 component 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 index options and futures contracts.

Cash Flow Hedges

During the years ended December 31, 2022, 2021 and 2020, the Company held no derivatives that were designated as cash flow hedges. During the years ended December 31, 2022, 2021 and 2020, no hedge relationships were discontinued due to forecasted transactions no longer being expected to occur according to the original hedge strategy.

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, 2022 and 2021, the

F-61

RiverSource Life Insurance Company

aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $234 million and $383 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2022 and 2021 was $232 million and $383 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2022 and 2021 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 $2 million and nil as of December 31, 2022 and 2021, respectively.

19. SHAREHOLDER’S EQUITY

The following tables provide the amounts related to each component of OCI:


	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	)


	Year Ended December 31, 2021
(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⁾	$	(527	)	$	111		$	(416	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		(556	)		117			(439	)
Impact of benefit reserves and reinsurance recoverables		8			(1	)		7
Net unrealized gains (losses) on securities		(1,075	)		227			(848	)
Effect of changes in discount rate assumptions on certain long-duration contracts		361			(77	)		284
Effect of changes in instrument-specific credit risk on MRBs		127			(27	)		100
Total other comprehensive income (loss)	$	(587	)	$	123		$	(464	)


	Year Ended December 31, 2020
(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⁾	$	811		$	(170	)	$	641
Reclassification of net (gains) losses on securities included in net income ⁽²⁾		5			(1	)		4
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables⁽³⁾		(274	)		57			(217	)
Net unrealized gains (losses) on securities		542			(114	)		428
Total other comprehensive income (loss)	$	542		$	(114	)	$	428

⁽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).

⁽³⁾	See Note 22 for a summary of the revision to the Company’s previously reported Consolidated Financial Statements.

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. Prior to the adoption of ASU 2018-12, adjustments to DAC, DSIC, and unearned revenue were also included.

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RiverSource Life Insurance Company

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, 2020	$	757		$	—		$	—		$	(1	)	$	756
OCI before reclassifications		424			—			—			—			424
Amounts reclassified from AOCI		4			—			—			—			4
Total OCI		428			—			—			—			428
Balance at December 31, 2020		1,185			—			—			(1	)		1,184
Cumulative effect of adoption of long-duration contracts guidance		707			(1,217	)		(527	)		—			(1,037	)
OCI before reclassifications		(409	)		284			100			—			(25	)
Amounts reclassified from AOCI		(439	)		—			—			—			(439	)
Total OCI		(848	)		284			100			—			(464	)
Balance at December 31, 2021		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	)

20. INCOME TAXES

The components of income tax provision (benefit) were as follows:


	Years Ended December 31,
(in millions)	2022			2021		2020
Current income tax
Federal	$	57		$	172	$	233
State		(2	)		6		—
Total current income tax		55			178		233
Deferred income tax
Federal		150			136		(277	)
State		4			2		(1	)
Total deferred income tax		154			138		(278	)
Total income tax provision (benefit)	$	209		$	316	$	(45	)

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,
	2022			2021			2020
Tax at U.S. statutory rate		21.0	%		21.0	%		21.0	%
Changes in taxes resulting from:
Low income housing tax credits		(2.9	)		(3.3	)		(20.1	)
Dividend received deduction		(2.3	)		(1.7	)		(9.7	)
Foreign tax credit, net of addback		(1.7	)		(0.9	)		(1.9	)
Other, net		(0.3	)		0.4			(0.8	)
Income tax provision (benefit)		13.8	%		15.5	%		(11.5	)%

The decrease in the Company’s effective tax rate for the year ended December 31, 2022 compared to 2021 is primarily due to the lower pretax income relative to tax preferred items.

The increase in the Company’s effective tax rate for the year ended December 31, 2021 compared to 2020 is primarily due to the higher pretax income relative to tax preferred items.

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%

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RiverSource Life Insurance Company

as of both December 31, 2022 and 2021. 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)	2022		2021
Deferred income tax assets
Liabilities for policyholder account balances, future policy benefits and claims	$	2,274	$	2,386
Net unrealized losses on Available-for-Sale securities		244		—
Other		29		14
Gross deferred income tax assets		2,547		2,400
Less: valuation allowance		30		11
Total deferred income tax assets		2,517		2,389
Deferred income tax liabilities
Investment related		923		508
Deferred acquisition costs		409		438
Net unrealized gains on Available-for-Sale securities		—		308
Other		52		57
Gross deferred income tax liabilities		1,384		1,311
Net deferred income tax assets	$	1,133	$	1,078

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $28 million, net of federal benefit, which will expire beginning December 31, 2023. Based on analysis of the Company’s tax position as of December 31, 2022, management believes it is more likely than not that the Company will not realize certain state net operating losses of $28 million and state deferred tax assets of $2 million; therefore, a valuation allowance of $30 million has been established.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:


(in millions)	2022			2021			2020
Balance at January 1	$	37		$	38		$	39
Additions based on tax positions related to the current year		—			—			1
Reductions based on tax positions related to the current year		(1	)		(1	)		(1	)
Additions for tax positions of prior years		1			—			—
Reductions due to lapse of statute of limitations		—			—			(1	)
Balance at December 31	$	37		$	37		$	38

If recognized, approximately $20 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2022, 2021 and 2020, 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 $34 million in the next 12 months primarily due to Internal Revenue Service (“IRS”) settlements.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized nil, a net increase of $1 million and nil in interest and penalties for the years ended December 31, 2022, 2021 and 2020, respectively. As of both December 31, 2022 and 2021, the Company had a payable of $3 million related to accrued interest and penalties.

The Company files income tax returns as part of its inclusion in the consolidated federal income tax returns of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. The federal statute of limitations are closed on years through 2015, except for one issue for 2014 and 2015 which was claimed on amended returns. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2016 through 2020. Ameriprise Financial’s or the Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2015 through 2020.

21. COMMITMENTS, GUARANTEES AND CONTINGENCIES

Commitments

The following table presents the Company’s funding commitments as of December 31:


(in millions)	2022		2021
Commercial mortgage loans	$	—	$	48
Affordable housing and other real estate partnerships		8		9
Total funding commitments	$	8	$	57

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RiverSource Life Insurance Company

Guarantees

The Company’s annuity and life products all have minimum interest rate guarantees in their fixed accounts. As of December 31, 2022, these guarantees range from 1% to 5%.

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 and inquiry 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, which include 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 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 have cooperated and will continue to cooperate 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, or adverse publicity each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

Guaranty Fund Assessments

RiverSource Life Insurance Company and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated.

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of both December 31, 2022 and 2021, the estimated liability was $12 million. As of both December 31, 2022 and 2021, the related premium tax asset was $10 million. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

22. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

The Company revised the Consolidated Financial Statements for the year ended December 31, 2020 to correct shadow unearned revenue liability balances associated with universal life insurance products for which the error began prior to the periods presented below. Shadow unearned revenue liability balances were reversed through AOCI as of January 1, 2021 upon the

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RiverSource Life Insurance Company

adoption of ASU 2018-12. See Note 1 for additional information. A summary of the revision to our previously reported Consolidated Financial Statements is presented below:

Revised Consolidated Statements of Comprehensive Income


	Year Ended December 31,
	2020
(in millions)	As Reported		Impact of Revision		As Revised
Net unrealized gains (losses) on securities	$	346	$	82	$	428
Total other comprehensive income (loss), net of tax		346		82		428
Total comprehensive income (loss)		784		82		866

Revised Consolidated Statements of Shareholder’s Equity


	As Reported						As Revised
(in millions)	Accumulated Other Comprehensive Income (Loss)		Total Shareholder’s Equity		Impact of Revision		Accumulated Other Comprehensive Income (Loss)		Total Shareholder’s Equity
Balances at January 1, 2020	$	574	$	3,336	$	182	$	756	$	3,518
Other comprehensive income, net of tax		346		346		82		428		428
Balances at December 31, 2020		920		3,313		264		1,184		3,577

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RiverSource Life Insurance Company 70100 Ameriprise Financial Center Minneapolis, MN 55474 1-800-862-7919		RiverSource Distributors, Inc. (Distributor), Member FINRA. Issued by RiverSource Life Insurance Company, Minneapolis, Minnesota. Affiliated with Ameriprise Financial Services, LLC.

ANN9008_12_B02_(10/23)		© 2008-2023 RiverSource Life Insurance Company. All rights reserved.