485BPOS 1 d926016d485bpos.htm 485BPOS 485BPOS
Table of Contents
 
As filed with the Securities and Exchange Commission on April 25, 2025
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 
 
Pre-Effective Amendment No.
[]
 
Post-Effective Amendment No. 22 (File No. 333-230376)
[X]
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 
 
Amendment No. 214 (File No. 811-07355)
[X]
(Check appropriate box or boxes)
RIVERSOURCE VARIABLE ACCOUNT 10
(Exact Name of Registrant)
RiverSource Life Insurance Company
(Name of Depositor)
70100 Ameriprise Financial Center, Minneapolis, MN 55474
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code (612) 678-5337
Nicole D. Wood, 50605 Ameriprise Financial Center, Minneapolis, MN 55474
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box) 
[]
immediately upon filing pursuant to paragraph (b) of Rule 485
[X]
on May 1, 2025 pursuant to paragraph (b) of Rule 485
[]
60 days after filing pursuant to paragraph (a)(1) of Rule 485
[]
on [date] pursuant to paragraph (a)(1) of Rule 485
If appropriate, check the following box: 
[]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
PART A.

Table of Contents
Prospectus
May 1, 2025
RiverSource®
RAVA 5 Advantage® Variable Annuity
(Offered for contract applications signed on or after April 29, 2019)
Individual Flexible Premium Deferred Combination Fixed/Variable Annuity 
Issued by:
RiverSource Life Insurance Company (RiverSource Life)
 
70100 Ameriprise Financial Center
Minneapolis, MN 55474
Telephone: 1-800-862-7919
(Service Center)
ameriprise.com/variableannuities
RiverSource Variable Account 10
This prospectus contains information that you should know before investing in the RAVA 5 Advantage contract offered for contract applications signed on or after April 29, 2019 (Contract), individual flexible premium deferred combination fixed/variable annuity contracts issued by RiverSource Life Insurance Company (“RVS Life”, “we”, “us” and “our”). The Contract offers seven-year and ten-year surrender charge schedules. The information in this prospectus applies to all contracts unless stated otherwise. All material terms and conditions of the contracts, including material state variations and distribution channels, are described in this prospectus.
The contracts are no longer available for new purchases. These contracts are no longer being sold and this prospectus is designed for current contract owners. In addition to the possible state variations, you should note that your contract features and charges may vary depending on the date on which you purchased your contract.
For more information about the particular features, charges and options applicable to you, please contact your financial professional or refer to your contract for contract variation information.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 1
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2 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Table of Contents
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RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 3
Key Terms
These terms can help you understand details about your Contract.
Accumulation unit: A measure of the value of each subaccount prior to the application of amounts to an annuity payment plan.
Annuitant: The person or persons on whose life or life expectancy the annuity payouts are based.
Annuitization start date: The date when annuity payments begin according to the applicable annuity payment plan.
Annuity payouts: An amount paid at regular intervals under one of several plans.
Assumed investment return: The rate of return we assume your investments will earn when we calculate your initial annuity payout amount using the annuity table in your Contract. The standard assumed investment return we use is 5% but you may request we substitute an assumed investment return of 3.5%.
Beneficiary: The person you designate to receive benefits in case of your death while the Contract is in force.
Close of business: The time the New York Stock Exchange (NYSE) closes (4 p.m. Eastern time unless the NYSE closes earlier).
Code: The Internal Revenue Code of 1986, as amended.
Contingent annuitant: The person who becomes the annuitant when the current annuitant dies prior to the annuitization start date. In the case of joint ownership, one owner must also be the contingent annuitant.
Contract value: The total value of your contract at any point in time. The contract value is the sum of the contract value in the Regular Fixed Account, contract value in the Special DCA Fixed Account, contract value in the Variable Account, and contract value in the GPAs.
Contract year: A period of 12 months, starting on the effective date of your Contract and on each anniversary of the effective date.
Fixed account: Part of our general account which includes the regular fixed account and the Special DCA fixed account. Amounts you allocate to this account earn interest at rates that we declare periodically.
Funds: A portfolio of an open-end management investment company that is registered with the Securities and Exchange Commission (the "SEC") in which the Subaccounts invest.  May also be referred to as an underlying Fund. 
Good order: We cannot process your transaction request relating to the Contract until we have received the request in good order at our Service Center. “Good order” means the actual receipt of the requested transaction in writing, along with all information, forms and supporting legal documentation necessary to effect
the transaction. To be in “good order”, your instructions must be sufficiently clear so that we do not need to exercise any discretion to follow such instructions. This information and documentation generally includes your completed request; the Contract number; the transaction amount (in dollars); the names of and allocations to and/or from the subaccounts and the fixed account affected by the requested transaction; Social Security Number or Taxpayer Identification Number; and any other information, forms or supporting documentation that we may require. For certain transactions, at our option, we may require the signature of all Contract owners for the request to be in good order. With respect to purchase requests, “good order” also generally includes receipt of sufficient payment by us to effect the purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time.
Guarantee Period: The number of successive 12-month periods that a guaranteed interest rate is credited.
Guarantee Period Accounts (GPAs): A nonunitized separate account to which you may allocate purchase payments or transfer contract value of at least $1,000. These accounts have guaranteed interest rates for guarantee periods we declare when you allocate purchase payments or transfer contract value to a GPA.
Market Value Adjustment (MVA): A positive or negative adjustment assessed if any portion of a Guarantee Period Account is surrendered or transferred more than 30 days before the end of its guarantee period.
Owner (you, your): The person or persons identified in the Contract as owner(s) of the Contract, who has or have the right to control the Contract (to decide on investment allocations, transfers, payout options, etc.). Usually, but not always, the owner is also the annuitant. During the owner’s life, the owner is responsible for taxes, regardless of whether he or she receives the Contract’s benefits. The owner or any joint owner may be a nonnatural person (e.g. irrevocable trust or corporation) or a revocable trust. If any owner is a nonnatural person or a revocable trust, the annuitant will be deemed to be the owner for Contract provisions that are based on the age or life of the owner. When the Contract is owned by a revocable trust or irrevocable grantor trust, the annuitant(s) selected must be the grantor(s) of the trust to assure compliance with Section 72(s) of the Code. Any Contract provisions that are based on the age of the owner will be based on the age of the oldest owner. Any ownership change, including continuation of the Contract by your spouse under the spousal continuation provision of the Contract, redefines “owner”, “you” and “your”.
4 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Qualified annuity: A contract that you purchase to fund one of the following tax-deferred retirement plans that is subject to applicable federal law and any rules of the plan itself:
•
Individual Retirement Annuities (IRAs) including inherited IRAs under Section 408(b) of the Internal Revenue Code of 1986 (the Code)
•
Roth IRAs including inherited Roth IRAs under Section 408A of the Code
•
SIMPLE IRAs under Section 408(p) of the Code
•
Simplified Employee Pension IRA (SEP) plans under Section 408(k) of the Code
•
Custodial and investment only accounts maintained for qualified retirement plans under Section 401(a) of the Code
•
Tax-Sheltered Annuities (TSAs) under section 403(b) of the Code
A qualified annuity will not provide any necessary or additional tax deferral because it is used to fund a retirement plan that is already tax-deferred.
All other contracts are considered nonqualified annuities.
Rider: You receive a rider to your contract when you purchase optional benefits. The rider adds the terms of the optional benefit to your Contract.
Rider effective date: The date a rider becomes effective as stated in the rider.
Separate Account: An insulated segregated account, the assets of which are invested solely in the underlying Funds. We call this the Variable Account.
Service Center: Our department that processes all transaction and service requests for the Contracts. We consider all transaction and service requests received when they arrive in good order at the Service Center. Any transaction or service requests sent or directed to any location other than our Service Center may end up delayed or not processed. Our Service Center address and telephone number are listed on the first page of the prospectus.
Subaccount: A division of the Variable Account, each of which invests in one Fund.
Surrender value: The amount you are entitled to receive if you make a full surrender from your Contract. It is the Contract value immediately prior to the surrender, minus any applicable charges, plus any positive or negative market value adjustment.
Valuation date: Any normal business day, Monday through Friday, on which the NYSE is open, up to the time it closes. At the NYSE close, the next valuation date begins.
Variable account: Refers to the RiverSource Variable Account 10, a Separate account established to hold Contract owners’ assets allocated to the Subaccounts, each of which invests in a particular Fund.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 5
Important Information You Should Consider About the Contract 
 
FEES AND EXPENSES
Location in
Statutory
Prospectus
Charges for Early
Withdrawals
This contract has two surrender charge options. You may select either a
seven-year or ten-year surrender charge schedule at the time of
application. If you select a seven-year surrender charge schedule and you
withdraw money during the first seven years from date of each purchase
payment, you may be assessed a surrender charge of up to 7% of the
purchase payment withdrawn. If you select a ten-year surrender charge
schedule and you withdraw money during the first ten years from date of
each purchase payment, you may be assessed a surrender charge of up to
8% of the purchase payment withdrawn.
For example, if you select a seven-year surrender charge schedule and
make an early withdrawal, you could pay a surrender charge of up to
$7,000 on a $100,000 investment. If you select a ten-year surrender
charge schedule and make an early withdrawal, you could pay a surrender
charge of up to $8,000 on a $100,000 investment.
Fee Table and
Examples
Charges–
Surrender Charge
Transaction
Charges
We do not assess any transaction charges.
 
6 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
 
FEES AND EXPENSES
Location in
Statutory
Prospectus
Ongoing Fees and
Expenses (annual
charges)
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. Please refer to your
Contract Data page for information about the specific fees you will pay
each year based on the options you have elected.
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract
Annual Fee
Minimum
Maximum
Base Contract(1)
(varies by surrender charge option
chosen,Contract duration and size of
Contract value)
0.96%
1.11%
Fund options
(Funds fees and expenses)(2)
0.38%
2.44%
Optional benefits available for an
additional charge
(for a single optional benefit, if
elected)(3)
0.10%
2.00%
(1) As a percentage of average daily contract value in the Variable Account. Includes the
Mortality and Expense Fee and contract administrative charge.
2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit). The Minimum is a percentage of
average daily Contract value in the Variable Account. The Maximum is a percentage of the
greater of Contract value or Minimum Contract Accumulation Value.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add surrender charges
that substantially increase costs.
Lowest Annual Cost:
$1,343
Highest Annual Cost:
$3,915
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive combination of
Contract features and Fund fees
and expenses
•No optional benefits
•No sales charge
•No additional purchase payments,
transfers or withdrawals
Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
Contract features, optional
benefits and Fund fees and
expenses
•No sales charge
•No additional purchase payments,
transfers or withdrawals
 
RISKS
 
Risk of Loss
You can lose money by investing in this Contract including loss of principal.
Principal Risks
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 7
 
RISKS
Location in
Statutory
Prospectus
Not a Short-Term
Investment
•The Contract is not a short-term investment and is not appropriate for an
investor who needs ready access to cash.
•The Contract has surrender charges that may apply for the first seven or
ten years after each purchase payment. The surrender charges may
reduce the value of your Contract if you withdraw money during the
surrender charge period. Surrenders may also reduce or terminate
Contract guarantees.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the Contract is generally more beneficial to investors
with a long term investment horizon.
Principal Risks
Charges–
Surrender Charge
Risks Associated
with Investment
Options
•An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract.
•Each investment option (including under any Fixed Account investment
options) has its own unique risks.
•You should review the investment options before making any investment
decisions.
Principal Risks
The Variable
Account and the
Funds
The Guarantee
Period Accounts
(GPAs)
The Fixed Account
Insurance
Company Risks
An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about RiverSource
Life, including our financial strength ratings, is available by contacting us at
1-800-862-7919.
Principal Risks
The General
Account
 
RESTRICTIONS
 
Investments
•Subject to certain restrictions, you may transfer your Contract value
among the Subaccounts without charge at any time before the
annuitization start date, and once per Contract year after the
annuitization start date.
•Certain transfers out of the GPAs will be subject to an MVA.
•GPAs and the regular Fixed Account are subject to certain restrictions.
•We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds as investment
options. We also reserve the right, upon notification to you, to close or
restrict any Funds.
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments
Optional
Benefits —
Investment
Allocation
Restrictions for
Certain Benefit
Riders
8 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
 
RESTRICTIONS
Location in
Statutory
Prospectus
Optional Benefits
•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full surrender.
•Certain optional benefits may limit subsequent purchase payments.
•Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate the
benefit.
•We may stop offering an optional benefit at any time for new sales.
Buying Your
Contract
—Purchase
Payments
Optional
Benefits —
Investment
Allocation
Restrictions for
Certain Benefit
Riders
Optional
Benefits –
Important
SecureSource
Series Rider
Considerations
Appendix B: Funds
Available Under
the Optional
Benefits Offered
Under the
Contract
 
TAXES
 
Tax Implications
•Consult with a tax advisor to determine the tax implications of an
investment in and payments and withdrawals received under this
Contract.
•If you purchase the Contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•Earnings under your Contract are taxed at ordinary income tax rates
generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½.
Taxes
 
CONFLICTS OF INTEREST
 
Investment
Professional
Compensation
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. This financial incentive may
influence your investment professional to recommend this Contract over
another investment for which the investment professional is not
compensated or compensated less.
About the Service
Providers
Exchanges
If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than
continue to own your existing Contract.
Buying Your
Contract –
Contract
Exchanges
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 9
Overview of the Contract
Purpose: The purpose of the contract is to allow you to accumulate money for retirement or a similar long-term goal. You do this by making one or more purchase payments.
We no longer offer new contracts. However, you may have the option of making additional purchase payments in the future, subject to certain limitations.
The contract offers various optional features and benefits that may help you achieve financial goals.
It may be appropriate for you if you have a long-term investment horizon and your financial goals are consistent with the terms and conditions of the contract.
It is not intended for investors whose liquidity needs require frequent withdrawals in excess of free amount. If you plan to manage your investment in the contract by frequent or short-term trading, the contract is not suitable for you.
Phases of the Contract:
The contract has two phases: the Accumulation Phase and the Income Phase.
Accumulation Phase. During the Accumulation Phase, you make purchase payments by investing in: available Subaccounts, each of which has a particular investment objective, investment strategies, fees and expenses; the regular Fixed Account, Special DCA Fixed Account and GPAs which earn interest at rates that we adjust periodically and declare when you make an allocation to that account. These accounts, in turn, may earn returns that increase the value of the contract. If the contract value goes to zero due to underlying fund’s performance or deduction of fees, the contract (including any death benefit riders) will no longer be in force and the contract will terminate. You may be able to purchase an optional benefit to reduce the investment risk you assume under your contract.
A list of Funds and additional information regarding each Fund in which you can invest is provided in Appendix A – Funds Available Under the Contract.
If you have a Guaranteed Withdrawal Benefit rider, you can withdraw a guaranteed amount from the contract during the Accumulation phase. The amount of money you accumulate under your contract depends (in part) on the performance of the Subaccounts you choose or the rates you earn on allocations to the regular Fixed Account, Special DCA Fixed Account and GPAs. The GPAs have guaranteed interest rates for guarantee periods we declare when you allocate purchase payments or transfer contract value to them. A positive or negative MVA is assessed if any portion of a Guarantee Period Account is surrendered or transferred more than thirty days before the end of its guarantee period. A prospectus containing more information regarding the GPA interests under the contracts is registered with the SEC (See File No. 333-263038). You may transfer money between investment options during the Accumulation Phase, subject to certain restrictions. Your contract value impacts the value of your contract’s benefits during the Accumulation Phase, including any optional benefits, as well as the amount available for withdrawal, annuititzation and death benefits.
Income Phase. The Income Phase begins when you (or your beneficiary) choose to annuitize the contract. You can apply your contract value(less any applicable premium tax and/or other charges) to an annuity payout plan that begins on the annuitization start date or any other date you elect. You may choose from a variety of plans that can help meet your retirement or other income needs. We can make payouts on a fixed or variable basis, or both. You cannot take withdrawals of contract value or surrender the contract during the Income Phase.
All optional death and living benefits terminate after the annuitization start date unless you chose the lifetime benefit under the Guaranteed Withdrawal Benefit rider on the scheduled annuitization start date.
Contract features:
Death Benefits. If you die during the Accumulation Phase, we will pay a death benefit to your beneficiary or beneficiaries. The contract includes a standard death benefit at no additional charge. You may be able to elect (or may have elected) one of the optional death benefits under the contract for an additional fee. Death benefits must be elected at the time that the contract is purchased. Each optional death benefit is designed to provide a greater amount payable upon death. After the death benefit is paid, the contract will terminate.
Optional Living Benefits. You may have elected one of the optional living benefits under the contract for an additional fee. Guaranteed Withdrawal Benefit riders are designed to provide a guaranteed income stream that may last as long as you live, subject to you following the rules of the rider. Accumulation Protector Benefit rider is designed to provide a guaranteed contract value at the end of a specified Waiting Period.
Surrenders. You may surrender all or part of your contract value at any time during the Accumulation Phase. If you request a full surrender, the contract will terminate. You also may establish automated partial surrenders. Surrenders may be subject to charges and income taxes (including an IRS penalty that may apply if you surrender prior to reaching age 59½) and may have other tax consequences. Throughout this prospectus when we use the term “Surrender” it includes the term “Withdrawal”.
10 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Tax Treatment. You can transfer money between Subaccounts the regular Fixed Account and GPAs without tax implications, and earnings (if any) on your investments are generally tax-deferred. Generally, earnings are not taxed until they are distributed, which may occur when making a withdrawal, upon receiving an annuity payment, or upon payment of the death benefit.
Additional Services:
•
Dollar Cost Averaging Programs. Automated Dollar Cost Averaging allows you, at no additional cost, to transfer a set amount monthly between Subaccounts or from the regular Fixed Account to one or more eligible Subaccounts. Special Dollar Cost Averaging (SDCA), only available for new purchase payments, allows the systematic transfer from the Special DCA Fixed Account to one or more eligible Subaccounts over a 6 or 12 month period.
•
Asset Rebalancing. Allows you, at no additional cost, to automatically rebalance the Subaccount portion of your contract value on a periodic basis.
•
Income Guide. An optional service, currently offered without charge, which provides reporting and monitoring of withdrawals you take from your contract.
•
Automated Partial Surrenders. An optional service allowing you to set up automated partial surrenders from the GPAs, regular Fixed Account, Special DCA fixed account or the Subaccounts.
•
Electronic Delivery. You may register for the electronic delivery of your current prospectus and other documents related to your contract.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 11
Fee Table and Examples
The following tables describe the fees and expenses that you will pay when buying, owning, surrendering, or making withdrawals from the Contract. Please refer to your Contract Data page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract. State premium taxes also may be deducted.
Transaction Expenses
Surrender Charges 
Surrender charges (as a percentage of purchase payments surrendered)(1)
Seven-year
Ten-year
Maximum
7
%
8
%
(1)
You select either a seven-year or ten-year surrender charge schedule at the time of application. For the purpose of surrender charge calculation, we consider that the year is completed one day prior to the anniversary of the day each purchase payment was received.
 
Seven-year schedule
Ten-year schedule
Number of completed years from
date of each purchase payment
Surrender charge
percentage applied to
each purchase payment
Number of completed years from
date of each purchase payment
Surrender charge
percentage applied to
each purchase payment
0
7
%
0
8
%
1
7
1
8
2
7
2
8
3
6
3
7
4
5
4
6
5
4
5
5
6
2
6
4
7
+
0
7
3
8
2
9
1
10
+
0
The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including Funds fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
Annual Contract Expenses
Administrative Expenses
(assessed annually and upon full surrender) 
Annual contract administrative charge*
Maximum: $50
Current: $50 (1)
Annual contract administrative charge if your contract value equals or exceeds $50,000
Maximum: $20
Current: $0
* Upon full surrender of the contract, we will assess this charge even if your contract value equals or exceeds $50,000.
Base Contract Expenses*
(as a percentage of average daily contract value in the Variable Account) 
 
Base Contract Expenses
RAVA 5 Advantage with ten-year surrender charge schedule
Maximum/Current:
 0.95%
RAVA 5 Advantage with seven-year surrender charge schedule**
Maximum/Current:
 1.10%
* Base Contract Expenses are called Mortality and Expense Risk Fee in the Contract and elsewhere in this prospectus.
** After the 10th contract anniversary, the Mortality and expense risk fee is 0.95%.
Optional Benefit Expenses
Optional Death Benefits
You may select one of the following optional death benefit riders for an additional fee. 
ROPP Death Benefit
Maximum/Current:
 0.35%
MAV Death Benefit
Maximum/Current:
 0.25%
5-year MAV Death Benefit
Maximum/Current:
 0.10%
12 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
(as a percentage of average daily contract value in the Variable Account)
If you choose one of the above optional death benefits, we will add the rider fee to your mortality and expense risk fee. 
Benefit Protector Death Benefit rider fee
(also available with the MAV or 5-Year MAV Death Benefit)
Maximum: 0.25%
Current: 0.25%
(as a percentage of contract value charged annually on the contract anniversary.) 
Enhanced LegacySM Benefit fee
Maximum: 1.75%
Current: 0.95%(2)
(Charged annually on the contract anniversary. Prior to age 86, the charge is calculated by multiplying the annual rider fee by the greater of the ROPP value, Accumulation Death Benefit (ADB) value (after any increase is added) or MAV or the contract value. On or following age 86, the charge is calculated by multiplying the annual rider fee by the greater of the ROPP value, ADB value (after any increase is added) or MAV). 
SecureSource LegacySM benefit rider fee
(available for contract applications signed on or after 5/4/2020)
Maximum: 0.50%
Current: 0.35%(2)
SecureSource LegacySM benefit rider fee
(available for contract applications signed prior to 5/4/2020)
Maximum: 0.40%
Current: 0.25%(2)
(Charged annually on the contract anniversary. The charge is calculated by multiplying the annual rider fee by the greater of the SecureSource Legacy Death Benefit amount or the contract value)
Optional Living Benefits(3)
(Fee for the SecureSource Series riders is charged annually on the contract anniversary as a percentage of contract value or the Benefit Base whichever is greater.) 
Available for contract applications signed on or after 5/3/2021
 
SecureSource Tempo SM– Single life rider fee
Maximum: 2.50%
SecureSource Tempo SM – Joint life rider fee
Maximum: 2.50%
Available for contract applications signed on or after 5/3/2021 and prior to 1/1/2022
SecureSource Core 2 SM – Single life rider fee
Maximum: 2.50%
SecureSource Core 2 SM – Joint life rider fee
Maximum: 2.50%
SecureSource5®– Single life rider fee
Maximum: 2.50%
SecureSource5 ® – Joint life rider fee
Maximum: 2.50%
SecureSource5Plus ® – Single life rider fee
Maximum: 2.50%
SecureSource5Plus ® – Joint life rider fee
Maximum: 2.50%
 
Available for contract applications signed prior to 5/3/2021
 
SecureSource Core SM – Single life rider fee
Maximum: 2.25%
SecureSource Core SM – Joint life rider fee
Maximum: 2.25%
SecureSource4®– Single life rider fee
Maximum: 2.25%
SecureSource4 ® – Joint life rider fee
Maximum: 2.25%
SecureSource4Plus ® – Single life rider fee
Maximum: 2.25%
SecureSource4Plus ® – Joint life rider fee
Maximum: 2.25%
 
Available for contract applications signed prior to 3/30/2020
 
SecureSource Core Plus SM – Single life rider fee
Maximum: 2.75%
SecureSource Core Plus SM – Joint life rider fee
Maximum: 2.75%
 
Accumulation Protector Benefit® (APB®) rider fee
Maximum: 2.00%
Current: 1.30%(4)
(Charged annually on the contract anniversary as a percentage of contract value or the Minimum Contract Accumulation Value, whichever is greater.)
(1)
Prior to 5/4/2020, the contract administrative charge is $30. Also, for contracts with applications signed before 5/4/2020, the contract administrative charge is $30 through the first contract anniversary and $50 thereafter. Upon surrender of the contract, we will assess this charge even if your contract value equals or exceeds $50,000.
(2)
The Current fee can increase up to the Maximum fee for existing and new contract owners. Currently the fee does not vary with the investment option selected (see “Charges – Optional Death Benefit Charges – Enhanced Legacy Benefit Charge and SecureSource Legacy Benefit Rider Charge”).
(3)
The Current rider fee will be less than or equal to the stated Maximum. The Current rider fee for the SecureSource series riders is disclosed in a Rate Sheet Prospectus Supplement attached to this prospectus. (see Appendix M: Prospectus Rate Sheet supplements for rates applicable to your contract). Rate Sheet Prospectus Supplement is available on the Edgar system at (File 333-230376).www.sec.gov
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 13
(4)
For contracts with applications signed prior to 10/28/2019, the initial annual rider fee is 1.15%. The rider fee can increase up to the Maximum fee. The annual rider fees for elective step ups (including elective spousal continuation step up) requests:
 
Elective step up date:
Maximum annual rider fee
Annual rider fee
Prior to 12/30/2019
2.00%
1.15%
12/30/ 2019 – 07/20/2020
2.00%
1.30%
07/21/2020 and later
2.00%
2.00%
The next table shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the contract. A complete list of funds available under the contract, including their annual expenses, may be found in the Appendix A.
Annual Fund Expenses(1)
 
Total Annual Fund Expenses
Minimum(%)
Maximum(%)
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses)
0.38
2.44
(1)
Total annual Fund operating expenses are deducted from amounts that are allocated to the Fund. They include management fees and other expenses and may include distribution (12b-1) fees. Other expenses may include service fees that may be used to compensate service providers, including us and our affiliates, for administrative and contractowner services provided on behalf of the Fund. The amount of these payments will vary by Fund and may be significant. See “The Variable Account and the Funds” for additional information, including potential conflicts of interest these payments may create. Distribution (12b-1) fees are used to finance any activity that is primarily intended to result in the sale of Fund shares. Because 12b-1 fees are paid out of Fund assets on an ongoing basis, you may pay more if you select Subaccounts investing in Funds that have adopted 12b-1 plans than if you select Subaccounts investing in Funds that have not adopted 12b-1 plans. For a more complete description of each Fund’s fees and expenses and important disclosure regarding payments the Fund and/or its affiliates make, please review the Fund’s prospectus and SAI.
Examples
These examples are intended to help you compare the cost of investing in the contract. These costs include Transaction Expenses, Annual ContractExpenses, and Annual Fund expenses.
These examples assume that you invest $100,000 in the contract for the time periods indicated. These examples also assume that your investment has a 5% return each year. The “Maximum” example further assumes the most expensive combination of Annual Contract Expenses reflecting the maximum charges, Annual Fund Expenses * and optional benefits available. The “Minimum” example further assumes the least expensive combination of Annual Contract Expenses reflecting the current charges, Annual Fund Expenses and that no optional benefits are selected. Although your actual costs may be higher or lower, based on these assumptions your maximum and minimum costs would be:
Maximum Expenses. Examples assume that you select optional SecureSource Core Plus and SecureSource Legacy rider. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
* Note: Certain funds are not available for contracts with living benefit riders and may have higher fund expenses than the rider fee and associated fund expenses shown here. 
 
If you surrender your contract
at the end of the applicable time period:
If you do not surrender your contract
or if you select an annuity payout plan
at the end of the applicable time period:
 
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
RAVA 5 Advantage
With a ten-year surrender charge schedule
$11,675
$20,014
$27,950
$50,002
$4,380
$13,569
$23,314
$49,952
With a seven-year surrender charge
schedule
10,912
19,525
27,736
51,212
4,533
14,020
24,048
51,162
Minimum Expenses. These examples assume that you have the Standard Death Benefit and do not select any optional benefits. Although your actual costs may be higher, based on these assumptions your costs would be: 
 
If you surrender your contract
at the end of the applicable time period:
If you do not surrender your contract
or if you select an annuity payout plan
at the end of the applicable time period:
 
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
RAVA 5 Advantage
With a ten-year surrender charge schedule
$8,900
$11,290
$12,380
$16,144
$1,363
$4,240
$7,330
$16,094
With a seven-year surrender charge schedule
8,107
10,761
12,182
17,623
1,517
4,711
8,132
17,573
14 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
THE EXAMPLES ARE ILLUSTRATIVE ONLY. YOU SHOULD NOT CONSIDER THESE EXAMPLES AS A REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES WILL BE HIGHER OR LOWER THAN THOSE SHOWN DEPENDING UPON WHICH OPTIONAL BENEFIT YOU ELECT OTHER THAN INDICATED IN THE EXAMPLES OR IF YOU ALLOCATE CONTRACT VALUE TO ANY OTHER AVAILABLE SUBACCOUNTS.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 15
Principal Risks of Investing in the Contract
Risk of Loss. Variable annuities involve risks, including possible loss of principal. Your losses could be significant. This contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.
Short-Term Investment Risk. This contract is not designed for short-term investing and may not be appropriate for an investor who needs ready access to cash. The benefits of tax deferral, long-term income, and the option to purchase a living benefit mean that this contract is more beneficial to investors with a long-term investment horizon.
Withdrawal Risk. You should carefully consider the risks associated with withdrawals under the contract. Withdrawals may be subject to a significant surrender charge, depending on the option you select. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal may reduce the value of your standard and optional benefits. In addition, a withdrawal could reduce the value of certain optional living and death benefits by an amount greater than the amount withdrawn and could result in termination of the benefit. A total withdrawal (surrender) will result in the termination of your contract unless you have one of the SecureSource series and the withdrawal is not an excess withdrawal.
Subaccount Risk. Amounts that you invest in the subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the subaccounts that you select make money, your contract value goes up, and if they lose money, your contract value goes down. Each subaccount’s performance depends on the performance of its underlying Fund. Each underlying Fund has its own investment risks, and you are exposed to the Fund’s investment risks when you invest in a subaccount. You are responsible for selecting subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. For risks associated with any Fixed Account options, see Financial Strength and Claims-Paying Ability Risk below.
Selection Risk. The optional benefits under the contract were designed for different financial goals and to protect against different financial risks. There is a risk that you may not choose, or may not have chosen, the benefit or benefits (if any) that are best suited for you based on your present or future needs and circumstances, and the benefits that are more suited for you (if any) may not be elected after your contract is issued. In addition, if you elected an optional benefit and do not use it, and if the contingencies upon which the benefit depend never occur, you will have paid for an optional benefit that did not provide a financial benefit. There is also a risk that any financial return of an optional benefit, if any, will ultimately be less than the amount you paid for the benefit.
Investment Restrictions Risk. Certain optional benefits limit the investment options that are available to you and limit your ability to take certain actions under the contract. These investment requirements are designed to reduce our risk that we will have to make payments to you from our own assets. In turn, they may also limit the potential growth of your contract value and the potential growth of your guaranteed benefits. This may conflict with your personal investment objectives.
Managed Volatility Fund Risk. The Portfolio Stabilizer funds are managed volatility funds that employ a strategy designed to reduce overall volatility and downside risk. These risk management techniques help us manage our financial risks associated with the contract’s guarantees, like living and death benefits, because they reduce the incidence of extreme outcomes including the probability of large gains or losses. However, these strategies can also limit your participation in rising equity markets, which may limit the potential growth of your contract value and the potential growth of your guaranteed benefits and may therefore conflict with your personal investment objectives. Certain Funds advised by our affiliate, Columbia Management, employ such risk management strategies. If you elect certain optional benefits under the contract, we require you to invest in these funds, which may limit your ability to increase your benefit. Costs associated with running a managed volatility strategy may also adversely impact the performance of managed volatility funds.
Purchase Payment Risk. Your ability to make subsequent purchase payments is subject to restrictions. We reserve the right to limit or restrict purchase payments in certain contract years or based on age, and in conjunction with certain optional living and death benefit riders with advance notice. Also, our prior approval may be required before accepting certain purchase payments. We reserve the right to limit certain annuity features (for example, investment options) if prior approval is required. There is no guarantee that you will always be permitted to make purchase payments.
Financial Strength and Claims-Paying Ability Risk. All guarantees under the contract that are paid from our general account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.
Cybersecurity Risk. Increasingly, businesses are dependent on the continuity, security, and effective operation of various technology systems. The nature of our business depends on the continued effective operation of our systems and those of our business partners.
16 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
This dependence makes us susceptible to operational and information security risks from cyber-attacks. These risks may include the following:
•
the corruption or destruction of data;
•
theft, misuse or dissemination of data to the public, including your information we hold; and
•
denial of service attacks on our website or other forms of attacks on our systems and the software and hardware we use to run them.
These attacks and their consequences can negatively impact your contract, your privacy, your ability to conduct transactions on your contract, or your ability to receive timely service from us. The risk of cyberattacks may be higher during periods of geopolitical turmoil. There can be no assurance that we, the underlying funds in your contract, or our other business partners will avoid losses affecting your contract due to any successful cyber-attacks or information security breaches.
Potential Adverse Tax Consequences. Tax considerations vary by individual facts and circumstances. Tax rules may change without notice. Generally, earnings under your contract are taxed at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59 ½. If you purchase a qualified annuity to fund a retirement plan that is tax-deferred, your contract will not provide any necessary or additional tax deferral beyond what is provided in that retirement plan. Consult a tax professional.
The Variable Account and the Funds
The variable account: The Variable Account was established under Minnesota law on Aug. 23, 1995.The Variable Account, consisting of subaccounts, is registered together as a single unit investment trust under the Investment Company Act of 1940 (the 1940 Act). This registration does not involve any supervision of our management or investment practices and policies by the SEC. All obligations arising under the contracts are general obligations of RiverSource Life.
The Variable Account meets the definition of a separate account under federal securities laws. Income, gains, and losses credited to or charged against the Variable Account reflect the Variable Account’s own investment experience and not the investment experience of RiverSource Life’s other assets. The Variable Account’s assets are held separately from RiverSource Life’s assets and are not chargeable with liabilities incurred in any other business of RiverSource Life.  RiverSource Life is obligated to pay all amounts promised to contract owners under the contracts. The Variable Account includes other subaccounts that are available under contracts that are not described in this prospectus.
The IRS has issued guidance on investor control but may issue additional guidance in the future. We reserve the right to modify the contract or any investments made under the terms of the contract so that the investor control rules do not apply to treat the contract owner as the owner of the subaccount assets rather than the owner of an annuity contract. If the contract is not treated as an annuity contract for tax purposes, the owner may be subject to current taxation on any current or accumulated income credited to the contract.
We intend to comply with all federal tax laws so that the contract qualifies as an annuity for federal tax purposes. We reserve the right to modify the contract as necessary in order to qualify the contract as an annuity for federal tax purposes.
The Funds: The contract currently offers Subaccounts investing in shares of the Funds. Information regarding each Fund, including (i) its name, (ii) its investment objective, (iii) its investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance may be found in Appendix A to this prospectus.
Please read the Funds’ prospectuses carefully for facts you should know before investing. These prospectuses containing more detailed information about the Funds are available by contacting us at 70100 Ameriprise Financial Center, Minneapolis, MN 55474, telephone: 1-800-862-7919, website: Ameriprise.com/variableannuities.
•
Investment objectives: The investment managers and advisers cannot guarantee that the Funds will meet their investment objectives.
•
Fund name and management: An underlying Fund in which a Subaccount invests may have a name, portfolio manager, objectives, strategies and characteristics that are the same or substantially similar to those of a publicly-traded retail mutual fund. Despite these similarities, an underlying fund is not the same as any publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly-traded retail mutual fund.
•
Eligible purchasers: All Funds are available to serve as underlying funds for variable annuities and variable life insurance policies. The Funds are not available to the public (see “Fund name and management” above). Some Funds also are available to serve as investment options for tax-deferred retirement plans. It is possible that in the future for tax, regulatory or other reasons, it may be disadvantageous for variable annuity accounts and variable life insurance accounts and/or tax-deferred retirement plans to invest in the available funds simultaneously. Although we
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 17
and the Funds’ providers do not currently foresee any such disadvantages, the boards of directors or trustees of each Fund will monitor events in order to identify any material conflicts between annuity owners, policy owners and tax-deferred retirement plans and to determine what action, if any, should be taken in response to a conflict. If a board were to conclude that it should establish separate Fund providers for the variable annuity, variable life insurance and tax-deferred retirement plan accounts, you would not bear any expenses associated with establishing separate Funds. Please refer to the Funds’ prospectuses for risk disclosure regarding simultaneous investments by variable annuity, variable life insurance and tax-deferred retirement plan accounts. Each Fund intends to comply with the diversification requirements under Section 817(h) of the Code.
•
Asset allocation programs may impact Fund performance: Asset allocation programs in general may negatively impact the performance of an underlying fund. Even if you do not participate in an asset allocation program, a Fund in which your Subaccount invests may be impacted if it is included in an asset allocation program. Rebalancing or reallocation under the terms of the asset allocation program may cause a Fund to lose money if it must sell large amounts of securities to meet a redemption request. These losses can be greater if the Fund holds securities that are not as liquid as others; for example, various types of bonds, shares of smaller companies and securities of foreign issuers. A Fund may also experience higher expenses because it must sell or buy securities more frequently than it otherwise might in the absence of asset allocation program rebalancing or reallocations. Because asset allocation programs include periodic rebalancing and may also include reallocation, these effects may occur under the asset allocation program we offer or under asset allocation programs used in conjunction with the contracts and plans of other eligible purchasers of the Funds.
•
Funds available under the contract: We seek to provide a broad array of underlying funds taking into account the fees and charges imposed by each Fund and the contract charges we impose. We select the underlying funds in which the Subaccounts initially invest and when there is substitution (see “Substitution of Investments”). We also make all decisions regarding which Funds to retain in a contract, which Funds to add to a contract and which Funds will no longer be offered in a contract. In making these decisions, we may consider various objective and subjective factors. Objective factors include, but are not limited to Fund performance, Fund expenses, classes of Fund shares available, size of the Fund and investment objectives and investing style of the Fund. Subjective factors include, but are not limited to, investment sub-styles and process, management skill and history at other Funds and portfolio concentration and sector weightings. We also consider the levels and types of revenue, including but not limited to expense payments and non-cash compensation of a Fund, its distributor, investment adviser, subadviser, transfer agent or their affiliates pay us and our affiliates. This revenue includes, but is not limited to compensation for administrative services provided with respect to the Fund and support of marketing and distribution expenses incurred with respect to the Fund.
•
Money Market fund yield: In low interest rate environments, money market fund yields may decrease to a level where the deduction of fees and charges associated with your contract could result in negative net performance, resulting in a corresponding decrease in your contract value.
•
Conflicts of Interest with Certain Funds Advised by Columbia Management. We are an affiliate of Ameriprise Financial, Inc., which is the parent company of Columbia Management Investment Advisers, LLC (Columbia Management). Columbia Management acts as investment adviser to several funds of funds, including Portfolio Navigator and Portfolio Stabilizer funds. As such, it retains full discretion over the investment activities and investment decisions of the Funds. These funds invest in other registered mutual funds. In providing investment advisory services for the funds and the underlying funds in which those funds respectively invest, Columbia Management is, together with its affiliates, including us, subject to competing interests that may influence its decisions. These competing interests typically arise because Columbia Management Investment Advisers or one of its affiliates serves as the investment adviser to the underlying funds and may provide other services in connection with such underlying funds, and because the compensation we and our affiliates receive for providing these investment advisory and other services varies depending on the underlying fund.
•
Revenue we receive from the Funds and potential conflicts of interest:
Expenses We May Incur on Behalf of the Funds
When a Subaccount invests in a Fund, the Fund holds a single account in the name of the Variable Account. As such, the Variable Account is actually the shareholder of the fund. We, through our Variable Account, aggregate the transactions of numerous contract owners and submit net purchase and redemption requests to the Funds on a daily basis. In addition, we track individual contract owner transactions and provide confirmations, periodic statements, and other required mailings. These costs would normally be borne by the fund, but we incur them instead.
Besides incurring these administrative expenses on behalf of the funds, we also incur distributions expenses in selling our contracts. By extension, the distribution expenses we incur benefit the funds we make available due to contract owner elections to allocate purchase payments to the funds through the Subaccounts. In addition, the funds generally incur lower distribution expenses when offered through our Variable Account in contrast to being sold on a retail basis.
18 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
A complete list of why we may receive this revenue, as well as sources of revenue, is described in detail below.
Payments the Funds May Make to Us
We or our affiliates may receive from each of the Funds, or their affiliates, compensation including but not limited to expense payments. These payments are designed in part to compensate us for the expenses we may incur on behalf of the Funds. In addition to these payments, the Funds may compensate us for wholesaling activities or to participate in educational or marketing seminars sponsored by the Funds.
We or our affiliates may receive revenue derived from the 12b-1 fees charged by the Funds. These fees are deducted from the assets of the Funds. This revenue and the amount by which it can vary may create conflicts of interest. The amount, type, and manner in which the revenue from these sources is computed vary by Fund.
Conflicts of Interest These Payments May Create
When we determined the charges to impose under the contracts, we took into account anticipated payments from the Funds. If we had not taken into account these anticipated payments, the charges under the contract would have been higher. Additionally, the amount of payment we receive from a Fund or its affiliate may create an incentive for us to include that Fund as an investment option and may influence our decision regarding which Funds to include in the Variable Account as subaccount options for contract owners. Funds that offer lower payments or no payments may also have corresponding expense structures that are lower, resulting in decreased overall fees and expenses to shareholders.
We offer Funds managed by our affiliates Columbia Management and Columbia Wanger Asset Management, LLC (Columbia Wanger). We have additional financial incentive to offer our affiliated funds because additional assets held by them generally results in added revenue to us and our parent company, Ameriprise Financial, Inc. Additionally, employees of Ameriprise Financial, Inc. and its affiliates, including our employees, may be separately incented to include the affiliated funds in the products, as employee compensation and business unit operating goals at all levels are tied to the success of the company. Currently, revenue received from our affiliated funds comprises the greatest amount and percentage of revenue we derive from payments made by the Funds.
The Amount of Payments We Receive from the Funds
We or our affiliates receive revenue which ranges up to 0.65% of the average daily net assets invested in the Funds through this and other contracts we and our affiliates issue.
Why revenues are paid to us: In accordance with applicable laws, regulations and the terms of the agreements under which such revenue is paid, we or our affiliates may receive revenue, including but not limited to expense payments and non-cash compensation, for various purposes:
•
Compensating, training and educating financial advisors who sell the contracts.
•
Granting access to our employees whose job it is to promote sales of the contracts by authorized selling firms and their financial advisors, and granting access to financial advisors of our affiliated selling firms.
•
Activities or services we or our affiliates provide that assist in the promotion and distribution of the contracts including promoting the funds available under the contracts to contract owners, authorized selling firms and financial advisors.
•
Providing sub-transfer agency and shareholder servicing to contract owners.
•
Promoting, including and/or retaining the Fund’s investment portfolios as underlying Funds in the contracts.
•
Advertising, printing and mailing sales literature, and printing and distributing prospectuses and reports.
•
Furnishing personal services to contract owners, including education of contract owners regarding the Funds, answering routine inquiries regarding a Fund, maintaining accounts or providing such other services eligible for service fees as defined under the rules of the Financial Industry Regulatory Authority (FINRA).
•
Subaccounting services, transaction processing, recordkeeping and administration.
•
Sources of revenue received from affiliated funds: The affiliated funds are managed by Columbia Management or Columbia Wanger. The sources of revenue we receive from these affiliated funds, or from the funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the Fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the Fund or on the actual cost of certain services we provide with respect to the Fund. We may receive this revenue either in the form of a cash payment or it may be allocated to us.
•
Compensation paid out of 12b-1 fees that are deducted from Fund assets.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 19
•
Sources of revenue received from unaffiliated funds: The unaffiliated funds are not managed by an affiliate of ours. The sources of revenue we receive from these unaffiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the Fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the Fund or on the actual cost of certain services we provide with respect to the Fund. We receive this revenue in the form of a cash payment.
•
Compensation paid out of 12b-1 fees that are deducted from Fund assets.
The Guarantee Period Accounts (GPAs) and Market Value Adjustment (MVA)
The GPAs may not be available for contracts  in some states (currently not available in Connecticut, Illinois and Oregon)
Currently, unless you have elected one of the optional living benefit riders, the SecureSource Legacy benefit or the Enhanced Legacy Benefit, you may allocate purchase payments to one or more of the GPAs with guarantee periods declared by us. These periods of time may vary by state. The required minimum investment in each GPA is $1,000. These accounts are not offered after the annuitization start date. Each GPA pays an interest rate that is declared at the time of your allocation to that account. Interest is credited daily. That interest rate is fixed for the guarantee period that you chose. We may periodically change the declared interest rate for any future allocations to these accounts, but we will not change the rate paid on any Contract Value already allocated to a GPA. A positive or negative MVA is assessed if any Contract Value allocated to a GPA is surrendered or transferred to another investment option more than thirty days before the end of its guarantee period.
We will not apply an MVA to Contract Value you transfer or surrender out of the GPAs during the 30-day period ending on the last day of the guarantee period (the “30-day Rule”).
During this 30 day window, which precedes the end of your GPA investment’s guarantee period, you may elect one of the following options: (i) reinvest the Contract Value in a new GPA with the same guarantee period ; (ii) transfer the Contract Value to a GPA with a different guarantee period; (iii) transfer the Contract Value to any of the subaccounts or the regular Fixed Account, or surrender the Contract Value (subject to applicable surrender and transfer provisions). If we do not receive any instructions by the end of your guarantee period, we will automatically transfer the Contract Value into the shortest GPA term offered in your state.
Per the 30-day Rule, we guarantee the contract value allocated to the GPAs, including interest credited, if you do not make any transfers or surrender from the GPAs prior to 30 days before the end of the guarantee period. At all other times, and unless one of the exceptions to the 30-day Rule described below applies, we will apply an MVA if you surrender or transfer any Contract Value from a GPA or you elect an annuity payout plan while you have contract value invested in a GPA. We refer to these transactions as “early surrenders.” The application of an MVA may result in either a gain or loss.
The 30-day Rule does not apply and no MVA will apply to:
•
Amounts surrendered under contract provisions that waive surrender charges for Hospital or Nursing Home Confinement and Terminal Illness Diagnosis;
•
Amounts deducted for fees and charges; and
•
Amounts we pay as death claims.
When you request an early surrender, we adjust the early surrender amount by an MVA formula. The MVA is sensitive to changes in current interest rates. The MVA, which can be zero, positive or negative, reflects the relationship between the guaranteed interest rate that applies to the GPA from which you are taking an early surrender and the interest rate we are then currently crediting on new GPAs that mature at the same time. The magnitude of any applicable MVA will depend on of the difference in these guaranteed interest rates at the time of the surrender and the time remaining in your guarantee period and your guaranteed interest rate. If interest rates have increased, the MVA will generally be negative and the early surrender amount will be less; if interest rates have decreased, the MVA will generally be positive and the early surrender amount will be increased. This is summarized in the following table: 
If your GPA rate is:
The MVA is:
Less than the new GPA rate + 0.10%
Negative
Equal to the new GPA rate + 0.10%
Zero
Greater than the new GPA rate + 0.10%
Positive
For the MVA formula and an example, see Appendix C. Please refer to the prospectus containing more information about GPA and MVA, registered with the SEC (See File No. 333-263038).
20 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
The General Account
The general account includes all assets owned by RiverSource Life, other than those in the Variable Account and our other separate accounts. Subject to applicable state law, we have sole discretion to decide how assets of the general account will be invested. The assets held in our general account support the guarantees under your contract including any optional benefits offered under the contract. These guarantees are subject to the claims-paying ability and financial strength of RiverSource Life. You should be aware that our general account is exposed to many of the same risks normally associated with a portfolio of fixed-income securities including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of annuities and financial instruments and products as well, and these obligations are satisfied from the assets in our general account. Our general account is not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of the risks inherent within the investments of the general account. The fixed account is supported by our general account that we make available under the contract.
The Fixed Account
Amounts allocated to the fixed account are part of our general account. The fixed account includes the regular fixed account and the Special DCA fixed account. We credit interest daily on amounts you allocate to the fixed account at rates we determine from time to time at our discretion. Interest rates credited in excess of the guaranteed rate generally will be based on various factors related to future investment earnings. The guaranteed minimum interest rate on amounts invested in the fixed account will not be lower than state law allows. We back the principal and interest guarantees relating to the fixed account. These guarantees are subject to the creditworthiness and continued claims-paying ability of RiverSource Life.
One year after receipt of each purchase payment or transfer, the rate for the payment or transfer amount, and its accumulated interest, may change. Interest will accrue at revised rates determined by us and at our discretion. These rates may be based on various factors including, but not limited to, the interest rate environment, returns earned on investments backing these annuities, the rates currently in effect for new and existing company annuities, product design, competition, and the company’s revenues and expenses. However, the rate will never be less than the fixed account minimum interest rate required under state law. Your interest rate for each purchase payment or transfer will never change more frequently than annually.
Because of exemptive and exclusionary provisions, we have not registered interests in the fixed account as securities under the Securities Act of 1933 nor have any of these accounts been registered as investment companies under the Investment Company Act of 1940. Accordingly, neither the fixed account nor any interests in the fixed account are subject to the provisions of these Acts.
The fixed account has not been registered with the SEC. Disclosures regarding the fixed account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus.
The Regular Fixed Account
Unless you have elected a living benefit rider, the Enhanced Legacy Benefit or the SecureSource Legacy benefit rider, you also may allocate purchase payments or transfer contract value to the regular fixed account. The value of the regular fixed account increases as we credit interest to the account. We credit and compound interest daily based on a 365-day year (366 in a leap year) so as to produce the annual effective rate which we declare. The interest rate we apply to each purchase payment or transfer to the regular fixed account is guaranteed for one year. Thereafter, we will change the rates from time to time at our discretion, but your interest rate for each purchase payment or transfer will never change more frequently than annually. There are restrictions on transfers from this account and may be restrictions on the amount you can allocate to this account. (See “Making the Most of Your Contract — Transfer policies”.)
The Special DCA Fixed Account
You may allocate purchase payments to the Special DCA fixed account. You may not transfer contract value to the Special DCA fixed account.
You may allocate your entire purchase payment to the Special DCA fixed account for a term of six or twelve months. We reserve the right to offer shorter or longer terms for the Special DCA fixed account.
In accordance with your investment instructions, we transfer amounts from the Special DCA fixed account to the subaccounts so that, at the end of the Special DCA fixed account term, the balance of the Special DCA fixed account is zero. The amount of each transfer equals the remaining Special DCA fixed account value on the date of the transfer
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 21
divided by the number of remaining transfers in the program. You may not change the amount of transfers. The first Special DCA monthly transfer occurs one day after we receive your payment. You may not use the regular fixed account or any GPA as a destination for the Special DCA monthly transfer.
The value of the Special DCA fixed account increases when we credit interest to the Special DCA fixed account, and decreases when we make monthly transfers from the Special DCA fixed account. When you allocate a purchase payment to the Special DCA fixed account, the interest rates applicable to that purchase payment will be the rates in effect for the Special DCA fixed account term you choose on the date we receive your purchase payment. The applicable interest rate is guaranteed for the length of the term for the Special DCA fixed account term you choose. We credit and compound interest daily based on a 365-day year (366 in a leap year) so as to produce the annual effective rate which we declare. We credit interest only on the declining balance of the Special DCA fixed account; we do not credit interest on amounts that have been transferred from the Special DCA fixed account. As a result, the net effective interest rates we credit will be less than the declared annual effective rates. We will credit the Special DCA fixed account with interest at the same annual effective rate we apply to the regular fixed account on the date we receive your purchase payment, regardless of the length of the term you select. From time to time, we may credit interest to the Special DCA fixed account at promotional rates that are higher than those we credit to the regular fixed account. We reserve the right to declare different annual effective rates:
•
for the Special DCA fixed account and the regular fixed account; and
•
for the Special DCA fixed accounts with terms of differing length.
Alternatively, you may allocate your purchase payment to any combination of the following which equals one hundred percent of the amount you invest:
•
the Special DCA fixed account for a six month term;
•
the Special DCA fixed account for a twelve month term;
•
the approved investment options for the Enhanced Legacy Benefit, the SecureSource Legacy benefit rider, one of the SecureSource series riders and APB riders;
•
unless you have elected one of the optional living benefit riders, the Enhanced Legacy Benefit or the SecureSource Legacy benefit rider, to the regular fixed account, the GPAs, if available, and/or the subaccounts, subject to investment minimums and other restrictions we may impose on investments in the regular fixed account and the GPAs.
Once you establish a Special DCA fixed account, you cannot allocate additional purchase payments to it. However, you may establish another Special DCA fixed account and allocate new purchase payments to it.
You may discontinue any Special DCA fixed account before the end of its term by giving us notice. If you do so, we will transfer the remaining balance of the Special DCA fixed account: 1) to the approved investment options, if a living benefit rider, the Enhanced Legacy Benefit  or the SecureSource Legacy benefit rider is elected, 2) either in accordance with your investment instructions to us or to the regular fixed account, if available and if no living benefit rider, the Enhanced Legacy Benefit  or the SecureSource Legacy benefit rider is elected. Transfers are subject to investment minimums and other restrictions we may impose on investments in the regular fixed account, including but not limited to, any limitations described in this prospectus on transfers (see “Transfer policies”).
Dollar-cost averaging from the Special DCA fixed account does not guarantee that any subaccount will gain in value nor will it protect against a decline in value if market prices fall. For an example of how Special DCA dollar-cost averaging works, see table below showing the Special DCA fixed account for a six-month term.
How Special dollar-cost averaging works 
By spreading the investment
over the term of the
Special DCA
 
Date
SDCA
Balance
Portion
Transferred
Amount
Transferred
Accumulation
unit value
Number
of units
purchased
you automatically buy
more units when the
per unit market price is low
Jan 15th
$5,000.00
Jan 16th
5,000.14
1/6
$833.36
$18
46.30
→
Feb 16th
4,170.30
1/5
834.06
15
55.60
and fewer units
when the per unit
market price is high.
Mar 16th
3,338.79
1/4
834.70
19
43.93
April 16th
2,506.20
1/3
835.40
17
49.14
→
May 16th
1,672.17
1/2
836.09
21
39.81
 
Jun 16th
836.79
1/1
836.79
20
41.84
You paid an average price of $18.11 per unit over the 6 months, while the average market price actually was $18.33.
22 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Buying Your Contract
New contracts as described in this prospectus are not currently being offered. Information about applying for the contract and issuing the contract is provided for informational purposes only.
The contract offers a choice of a seven-year or ten-year surrender charge schedule and mortality and expense risk fees that vary by surrender charge schedule. We are required by law to obtain personal information from you which we will use to verify your identity. If you do not provide this information we reserve the right to refuse to issue your contract or take other steps we deem reasonable. As the owner, you have all rights and may receive all benefits under the contract. You may buy a qualified or nonqualified annuity. Generally, you can own a nonqualified annuity in joint tenancy with rights of survivorship only in spousal situations. You cannot own a qualified annuity in joint tenancy. You can buy a contract if you are 90 or younger on the date the contract is issued.
When you applied, you may have selected (if available in your state):
•
GPAs, the regular fixed account, subaccounts and/or the Special DCA fixed account in which you want to invest;
•
how you want to make purchase payments;
•
a beneficiary;
•
the length of the surrender charge period (seven or ten years);
•
one of the following optional death benefit riders:
–
ROPP Death Benefit (available if you are age 80 or older);
–
MAV Death Benefit; or
–
5-Year MAV Death Benefit.
•
one of the following additional optional death benefit riders:
–
Benefit Protector Death Benefit; or
–
Enhanced Legacy Benefit; or
–
SecureSource Legacy Benefit.
•
one of the following optional living benefit riders:
For contracts with applications signed on or after 5/3/2021:
–
SecureSource Tempo;
For contracts with applications signed on or after 5/3/2021 but prior to 1/1/2022:
–
SecureSource 5;
–
SecureSource 5 Plus;
–
SecureSource Core 2;
For contracts with applications signed prior to 5/3/2021:
–
SecureSource Core;
–
SecureSource 4; or
–
SecureSource 4 Plus.
For contracts with applications signed prior to 3/30/2020:
–
Accumulation Protector Benefit rider;
–
SecureSource Core Plus.
We restrict investment options if you select a SecureSource series rider, APB rider, the Enhanced Legacy Benefit or the SecureSource Legacy benefit rider and you are required to allocate your purchase payments and contract value to the approved investment options, as described in the “Investment Allocation Restrictions for Certain Benefit Riders” section in this prospectus.
The contract provides for allocation of purchase payments to the subaccounts of the Variable Account, to the GPAs, to the regular Fixed Account and/or to the Special DCA fixed account subject to the $1,000 required minimum investment for the GPAs. We currently allow you to allocate the total amount of purchase payment to the regular Fixed Account. We reserve the right to limit purchase payment allocations to the regular fixed account at any time on a non-discriminatory basis with notification, subject to state restrictions. You cannot allocate purchase payments to the fixed account for six months following a partial surrender from the fixed account, a lump sum transfer from the regular fixed account, or termination of automated transfers from the Special DCA fixed account prior to the end of the Special DCA fixed account term.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 23
If your application is complete, we will process it and apply your purchase payment to your investment selections within two business days after we receive it at our Service Center. If we accept your application, we will send you a contract. If your application is not complete, you must give us the information to complete it within five business days. If we cannot accept your application within five business days, we will decline it and return your payment unless you specifically ask us to keep the payment and apply it once your application is complete.
We will credit additional eligible purchase payments you make to your accounts on the valuation date we receive them. If we receive an additional purchase payment at our Service Center before the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the valuation date we received the payment. If we receive an additional purchase payment at our Service Center at or after the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the next valuation date after we received the payment.
You may make regular payments to your contract under a scheduled payment plan. You must make an initial purchase payment of $1,000 or $2,000 depending on the tax qualification (see “Buying Your Contract — Purchase Payments”). Once the required initial purchase payment amount has been met, you can begin the scheduled payment plan by sending a completed form to the Service Center. Certain qualified plan applications allow the establishment of a scheduled payment plan without meeting the required initial purchase payment amount. Contact your financial advisor for details. There is no charge for the scheduled payment plan. You can stop your scheduled payment plan at any time.
Householding and delivery of certain documents
With your prior consent, RiverSource Life and its affiliates may use and combine information concerning accounts owned by members of the same household and provide a single paper or electronic copy of certain documents to that household. This householding of documents may include prospectuses, supplements, annual reports, semiannual reports and proxies. Your authorization remains in effect unless we are notified otherwise. If you wish to continue receiving multiple copies of these documents, you can opt out of householding by calling us at 1.866.273.7429. Multiple mailings will resume within 30 days after we receive your opt out request.
Contract Exchanges
You should only exchange a contract you already own if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
Generally, you can exchange one nonqualified annuity for another or for a qualified long-term care insurance policy in a “tax-free” exchange under Section 1035 of the Code. You can also do a partial exchange from one nonqualified annuity contract to another annuity contract, subject to Internal Revenue Service (IRS) rules. You also generally can exchange a life insurance policy for a nonqualified annuity. However, before making an exchange, you should compare both contracts carefully because the features and benefits may be different. Fees and charges may be higher or lower on your old contract than on the new contract. You may have to pay a surrender charge when you exchange out of your old contract and a new surrender charge period may begin when you exchange into the new contract. If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax on the distribution. State income taxes may also apply. You should not exchange your old contract for a new contract or buy a new contract in addition to your old contract, unless you determine it is in your best interest. (See “Taxes — 1035 Exchanges.”)
Purchase Payments
Purchase payment amounts and purchase payment timing may vary by state and be limited under the terms of the contract. If we do not receive your initial purchase payment within 180 days from the application signed date, we will consider your contract void from the start. For contracts with a SecureSource series rider, if we do not receive your initial purchase payment within 90 days from the application signed date, we will consider your contract void from the start.
Minimum initial purchase payments* 
Qualified annuities
$1,000
Nonqualified annuities
$2,000
Minimum additional purchase payments*
$50
24 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Maximum total purchase payments** (without our approval) based on the contract year and your age on the effective date of the payment:
For the first contract year and total: 
through age 85
$1,000,000
for ages 86 to 90
$100,000
age 91 or older
$0
For each contract year thereafter if maximum purchase payment not already received: 
through age 85
$100,000
for ages 86 to 90
$50,000
age 91 or older
$0
*
If a group billing arrangement is set up through your employer, the minimum initial and minimum additional purchase payment is $25.
**
These limits apply in total to all RiverSource Life annuities you own unless a higher amount applies to your contract. We reserve the right to waive or increase the maximum limit. For qualified annuities, the Code’s limits on annual contributions also apply. Additional purchase payments for inherited IRA contracts cannot be made unless the payment is IRA money inherited from the same decedent.
Additional purchase payment restrictions for contracts with the SecureSource series rider
Effective on May 24, 2021, no additional purchase payments are allowed for contracts with application sign dates before 3/30/2020 with the following SecureSource riders: SecureSource 4, SecureSource 4 Plus, SecureSource Core and SecureSource Core Plus subject to certain exceptions listed below.
Certain exceptions apply for Qualified annuities and the following additional purchase payments will be allowed on or after May 24, 2021:
Current tax year contributions for Tax Sheltered Annuities (TSA) under Section 403(b) of the Internal Revenue Code of 1986 (the Code) and Custodial and investment only plans under Section 401(a) of the Code, up to the annual limit set by the Internal Revenue Service (IRS).
Prior and current tax year contributions up to the annual limit set up by the IRS for any Qualified Accounts except TSA and 401(a). This annual limit applies to Individual Retirement Accounts (IRAs), Roth IRAs, SIMPLE IRAs and Simplified Employee Pension IRA (SEP) plans.
The rider also prohibits additional purchase payments if:
(1)
you decline any increase to the annual rider fee, or
(2)
for the SecureSource Tempo, SecureSource 5, SecureSource 5 Plus, SecureSource 4 and SecureSource 4 Plus, the Current Annual Payment is established and your contract value on an anniversary is less than four times the Benefit Base multiplied by the Minimum Lifetime Payment Percentage for your current Age Band, or
(3)
for the SecureSource Core 2, SecureSource Core and SecureSource Core Plus, the Current Annual Payment is established and your contract value on an anniversary is less than four times the Current Annual Payment.
Additional purchase payment restrictions for contracts with the Accumulation Protector Benefit rider
Additional purchase payments for contracts with the Accumulation Protector Benefit rider are not allowed during the Waiting Period except for the first 180 days (1) immediately following the effective date and (2) following the last contract anniversary for each elective step up.
For contracts with SecureSource series, Accumulation Protector Benefit and SecureSource Legacy riders, subject to state restrictions, we reserve the right to change these purchase payment limitations, including making further restrictions, upon prior written notice.
How to Make Purchase Payments
 
1 Electronically
•
Our Service Center or your financial advisor can help you to move money electronically.
•
You can use the secure site at ameriprise.com or the Ameriprise Financial app if you are an Ameriprise client.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 25
 
2 By letter
Send your check along with your name and contract number to:
RiverSource Life Insurance Company
70200 Ameriprise Financial Center
Minneapolis, MN 55474
Limitations on Use of Contract
If mandated by applicable law, including but not limited to, federal anti-money laundering laws, we may be required to reject a purchase payment. We may also be required to block an owner’s access to contract values and satisfy other statutory obligations. Under these circumstances, we may refuse to implement requests for transfers, surrenders or death benefits until instructions are received from the appropriate governmental authority or court of competent jurisdiction.
The Annuitization Start Date
Annuity payouts begin on the annuitization start date. This means that the contract will be annuitized (converted to a stream of monthly payments). If your contract is annuitized, the contract goes into payout and only the annuity payout provisions continue. You will no longer have access to your contract value. This means that the death benefit and any optional benefits you have elected will end. When we process your application, we will establish the annuitization start date to be the maximum age (or contract anniversary if applicable). You also can change the annuitization start date, provided you send us written instructions at least 30 days before annuity payouts begin.
The annuitization start date must be:
•
no earlier than the 30th day after the contract’s effective date; and no later than
•
the owner’s 95th birthday or the tenth contract anniversary, if later,
•
or such other date as agreed to by us but not later than the owner’s 105th birthday.
Six months prior to your annuitization start date, we will contact you with your options including the option to postpone your annuitization start date to a future date. You can also choose to delay the annuitization of your contract to a date beyond age 95, to the extent allowed by applicable state law and tax laws.
If you do not make an election, annuity payouts using the contract’s default option of annuity payout Plan B — Life Income with 10 years certain will begin on the annuitization start date and your monthly annuity payments will continue for as long as the annuitant lives. If the annuitant does not survive 10 years, we will continue to make payments until 10 years of payments have been made (see “The Annuity Payout Period – Annuity Payout Plans”).
Generally, if you own a qualified annuity (for example, an IRA) and tax laws require that you take distributions from your annuity prior to your annuitization start date, your contract will not be automatically annuitized (subject to state requirements). However, if you choose, you can elect to request annuitization or take partial surrenders to meet your required minimum distributions.
Please see "SecureSource Tempo/SecureSource Core 2/SecureSource 5/SecureSource 5 Plus/SecureSource Core/SecureSource Core Plus/SecureSource 4/SecureSource 4 Plus — Other Provisions” section regarding options under this rider at the annuitization start date.
Beneficiary
We will pay to your named beneficiary the death benefit if it becomes payable while the contract is in force and before the annuitization start date. If there is more than one beneficiary we will pay each beneficiary’s designated share when we receive their completed claim. A beneficiary will bear the investment risk of the Variable Account until we receive the beneficiary’s completed claim. If there is no named beneficiary, then the default provisions of your contract will apply. (See “Benefits in Case of Death” for more about beneficiaries.)
If you select one of the SecureSource series riders — Joint Life rider, please consider carefully whether or not you wish to change the beneficiary of your annuity contract. The rider will terminate if the surviving covered spouse cannot utilize the spousal continuation provision of the contract when the death benefit is payable.
26 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Charges
Transaction Expenses
Surrender Charge
If you surrender all or part of your contract before the annuitization start date, we may deduct a surrender charge from the contract value that is surrendered. A surrender charge applies if all or part of the surrender amount is from purchase payments we received within seven or ten years before surrender. You select the surrender charge period at the time of your application for the contract. The surrender charge percentages that apply to you are shown in your contract.
If you are buying a new contract as an inherited IRA, please consider carefully your surrender charge selection. Surrender charges for an inherited IRA are only waived for life time RMD amounts, not for a 5 year distribution.
You may surrender an amount during any contract year without a surrender charge. We call this amount the total free amount (FA). The FA varies depending on whether your contract includes the SecureSource series rider. Contract earnings are defined as contract value (the sum of the contract value in the Regular Fixed Account, contract value in the Special DCA Fixed Account, contract value in the Variable Account, and contract value in the GPAs), less purchase payments not previously surrendered, but not less than zero.
Contract without SecureSource series rider
The FA is the greater of:
•
10% of the contract value on the prior contract anniversary, less any prior surrenders taken in the current contract year; or
•
current contract earnings.
During the first contract year, the FA is the greater of:
•
10% of all purchase payments applied prior to your surrender request, less any amounts surrendered prior to your surrender request that represent the FA; or
•
current contract earnings.
Contract with SecureSource series rider
The FA is the greatest of:
•
10% of the contract value on the prior contract anniversary less any prior surrenders taken in the current contract year;
•
current contract earnings; or
•
the Remaining Annual Payment.
During the first contract year, the FA is the greatest of:
•
10% of all purchase payments applied prior to your surrender request, less any amounts surrendered prior to your surrender request that represent the FA;
•
current contract earnings; or
•
the Remaining Annual Payment.
Amounts surrendered in excess of the FA may be subject to a surrender charge as described below.
A surrender charge will apply if the amount you surrender includes any of your prior purchase payments that are still within their surrender charge schedule. To determine whether your surrender includes any of your prior purchase payments that are still within their surrender charge schedule, we surrender amounts from your contract in the following order:
1.
First, we surrender the FA. Contract earnings are surrendered first, followed by purchase payments. We do not assess a surrender charge on the FA. We surrender payments that are considered part of the FA on a first-in, first-out (FIFO) basis.
2.
Next, we surrender purchase payments received that are beyond the surrender charge period shown in your contract. We surrender these payments on a FIFO basis. We do not assess a surrender charge on these payments.
3.
Finally, we surrender any additional purchase payments received that are still within the surrender charge period shown in your contract. We surrender these payments on a FIFO basis. We do assess a surrender charge on these payments.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 27
The amount of purchase payments surrendered is calculated using a prorated formula based on the percentage of contract value being surrendered. As a result, the amount of purchase payments surrendered may be greater than the amount of contract value surrendered.
We determine your surrender charge by multiplying each of your payments surrendered which could be subject to a surrender charge by the applicable surrender charge percentage and then adding the total surrender charges. For more information on how these charges are calculated, see Appendix D.
The surrender charge percentage depends on the number of years since you made the payments that are surrendered, depending on the schedule you selected, as shown in the table below: 
Seven-year schedule
Ten-year schedule
Number of completed years from
date of each purchase payment
Surrender charge
percentage applied to
each purchase payment
Number of completed years from
date of each purchase payment
Surrender charge
percentage applied to
each purchase payment
0
7
%
0
8
%
1
7
1
8
2
7
2
8
3
6
3
7
4
5
4
6
5
4
5
5
6
2
6
4
7
+
0
7
3
8
2
9
1
10
+
0
Partial surrenders:
For a partial surrender, we will determine the amount of contract value that needs to be surrendered, which after any surrender charge and any positive or negative market value adjustment, will equal the amount you request.
For an example, see Appendix D.
Fixed payouts: Surrender charge under annuity payout plans allowing surrenders of the present value of remaining guaranteed payouts:
If you elect an annuity payout plan on a fixed basis and the plan we make available provides a liquidity feature permitting you to surrender any portion of the underlying value of remaining guaranteed payouts, a surrender charge may apply.
A surrender charge will be assessed against the present value of any remaining guaranteed payouts surrendered. The discount rate we use in determining present values varies based on: (1) the contract value originally applied to the fixed annuitization; (2) the remaining years of guaranteed payouts; (3) the annual effective interest rate and the periodic payment amount for new immediate annuities of the same duration as the remaining years of guaranteed payouts; and (4) the interest spread (currently 1.50%). If we do not currently offer immediate annuities, we will use rates and values applicable to new annuitizations to determine the discount rate.
Once the discount rate is applied and we have determined the present value of the remaining guaranteed payouts you are surrendering, the present value determined will be multiplied by the surrender charge percentage in the table below and deducted from the present value to determine the net present value you will receive. 
Number of Completed Years Since Annuitization
Surrender charge percentage
0
Not applicable*
1
5%
2
4
3
3
4
2
5
1
6 and thereafter
0
*
We do not permit surrenders in the first year after annuitization.
We will provide a quoted present value (which includes the deduction of any surrender charge). You must then formally elect, in a form acceptable to us, to receive this value. The remaining guaranteed payouts following surrender will be reduced, possibly to zero.
28 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Waiver of surrender charges
We do not assess surrender charges for:
•
surrenders each year that represent the total free amount for that year;
•
required minimum distributions from a qualified annuity to the extent that they exceed the free amount. The amount on which surrender charges are waived can be no greater than the RMD amount calculated under your specific contract currently in force. Surrender charges for an inherited IRA are only waived for life time RMD amounts, not for a 5 year distribution;
•
amounts applied to an annuity payment plan (Exception: As described above, if you elect an annuity payout plan with guaranteed payouts and you choose later to surrender the value of your remaining annuity guaranteed payments, we will assess a surrender charge.);
•
surrenders made as a result of one of the “Contingent events” described below to the extent permitted by state law. Waiver of surrender charges for Contingent events will not apply to Tax Free Exchanges, rollovers and transfers to another annuity contract;
•
amounts we refund to you during the free look period; and
•
death benefits.
Contingent events
•
Surrenders you make if you are confined to a hospital or nursing home and have been for the prior 60 days or confinement began within 30 days following a 60 day confinement period. Such confinement must begin after the contract issue date. Your contract will include this provision when you are under age 76 at contract issue. You must provide us with a letter containing proof satisfactory to us of the confinement as of the date you request the surrender. We must receive your surrender request no later than 91 days after your release from the hospital or nursing home. The amount surrendered must be paid directly to you.
•
Surrenders you make if you are diagnosed in the second or later contract years with a medical condition that with reasonable medical certainty will result in death within 12 months or less from the date of the diagnosis. You must provide us with a licensed physician’s statement containing the terminal illness diagnosis, the expected date of death and the date the terminal illness was initially diagnosed. The amount surrendered must be paid directly to you.
Other information on charges: Ameriprise Financial, Inc. makes certain custodial services available to some profit sharing, money purchase and target benefit plans funded by our annuities. Fees for these services start at $30 per calendar year per participant. Ameriprise Financial, Inc. will charge a termination fee for owners under age 59 ½ (fee waived in case of death or disability).
Possible group reductions: In some cases we may incur lower sales and administrative expenses due to the size of the group, the average contribution and the use of group enrollment procedures. In such cases, we may be able to reduce or eliminate certain charges such as the contract administrative and surrender charges. However, we expect this to occur infrequently.
Annual Contract Expenses
Base Contract Expenses
Base Contract Expenses consist of the contract administrative charge and mortality and expense risk fee.
Contract Administrative Charge
We charge this fee for establishing and maintaining your records. Currently, we deduct $50 from your contract value on your contract anniversary or, if earlier, when the contract is fully surrendered. The contract administrative charge was $30 prior to 5/4/2020*. We prorate this charge among the GPAs, the regular Fixed Account, the Special DCA fixed account and the Subaccounts in the same proportion your interest in each account bears to your total contract value.
We will waive this charge when your contract value is $50,000 or more on the current contract anniversary. We reserve the right to charge up to $20 after the first contract anniversary for contracts with contract value of $50,000 or more.
If you take a full surrender of your contract, we will deduct the charge at the time of surrender regardless of the contract value. This charge does not apply to amounts applied to an annuity payment plan or to the death benefit (other than when deducted from the Full Surrender Value component of the death benefit).
*
Also, for contracts with applications signed before 5/4/2020, the contract administrative charge is $30 through the first contract anniversary and $50 thereafter.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 29
Mortality and Expense Risk Fee
We charge this fee daily to the subaccounts as a percentage of the daily contract value in the Variable Account. The unit values of your Subaccounts reflect this fee. These fees cover the mortality and expense risk that we assume. These fees do not apply to the GPAs or the Fixed Account. The fees listed below are the current fees and they cannot be changed.
The mortality and expense risk fee you pay is based on the surrender charge schedule that applies to your contract, by contract year if you elect a seven-year surrender charge schedule, and if you select an optional death benefit rider. 
RAVA 5 Advantage with ten-year surrender charge schedule
Maximum/Current:
0.95%
RAVA 5 Advantage with seven-year surrender charge schedule*
Maximum/Current:
1.10%
*After the 10th contract anniversary, the Mortality and expense risk fee is 0.95%.
You may select one of the following optional death benefit riders for an additional fee. The optional rider fee will be added to your mortality and expense risk fee. 
ROPP Death Benefit(1)
Maximum/Current:
0.35%
MAV Death Benefit
Maximum/Current:
0.25%
5-year MAV Death Benefit
Maximum/Current:
0.10%
 (1)
Only available for purchase as an optional rider for ages 80 or older on the rider effective date.
Mortality risk arises because of our guarantee to pay a death benefit and our guarantee to make annuity payouts according to the terms of the contract, no matter how long a specific owner or annuitant lives and no matter how long our entire group of owners or annuitants live. If, as a group, owners or annuitants outlive the life expectancy we assumed in our actuarial tables, we must take money from our general assets to meet our obligations. If, as a group, owners or annuitants do not live as long as expected, we could profit from the mortality risk fee. We deduct the mortality risk fee from the subaccounts during the annuity payout period even if the annuity payout plan does not have a life contingent payment.
Expense risk arises because we cannot increase the contract administrative charge (except for contracts with contract value of $50,000 or more, where we reserve the right to charge a contract administrative change up to $20 after the first contract anniversary) and this charge may not cover our expenses. We would have to make up any deficit from our general assets. We could profit from the expense risk fee if future expenses are less than expected.
The subaccounts pay us the mortality and expense risk fee they accrued as follows:
•
first, to the extent possible, the subaccounts pay this fee from any dividends distributed from the funds in which they invest;
•
then, if necessary, the funds redeem shares to cover any remaining fees payable.
We may use any profits we realize from the subaccounts’ payment to us of the mortality and expense risk fee for any proper corporate purpose, including, among others, payment of distribution (selling) expenses. We do not expect that the surrender charge discussed in the “Transaction Expenses – Surrender Charge”, will cover sales and distribution expenses.
Optional Benefit Charges
Optional Living Benefit Charges
SecureSource Series Rider Charge
We deduct an annual charge for this optional feature only if you select one of the SecureSource series riders. The current annual rider fees applicable to the contract issued while this prospectus is in effect are shown in the Rate Sheet Prospectus Supplements. (see Appendix M: Prospectus Rate Sheet supplements for rates applicable to your contract)
The charge is calculated by multiplying the annual rider fee by the greater of the Benefit Base (after any Annual Credit or before any Returns Linked Credit is added) or the anniversary contract value, unless the contract value is greater than the maximum Benefit Base. The maximum Benefit Base is $20 million. In that case, the charge will be calculated by multiplying the annual rider fee by the maximum Benefit Base.
We deduct the charge from your contract value on your contract anniversary. Remember, since the charge is taken on a contract anniversary all purchase payments received during the preceding calendar year will increase your charge. This is especially important to consider when you make purchase payments near your contract anniversary because the
30 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
payment amount increases your contract value and will result in an increased rider anniversary charge. We prorate this charge among variable Subaccounts but not the fixed account in the same proportion as your interest in each bears to your total Variable Account value.
Once you elect the SecureSource series rider, you may not cancel it (except as described later), and the charge will continue to be deducted until the contract or rider is terminated or until the contract value reduces to zero. If the contract or rider is terminated for any reason, we will deduct the charge, adjusted for the number of calendar days coverage was in place since we last deducted the charge.
Currently the SecureSource series rider fee does not vary with the investment option selected; however, we reserve the right to vary the rider fee for each investment option. The rider fee will not exceed the maximum as shown in the table below: 
SecureSource series rider
(Available for contract applications signed on or after 5/3/2021)
Guaranteed Maximum Fee
Single Life rider
Joint Life Rider
SecureSource Tempo
2.50
%
2.50
%
 
SecureSource series rider
(Available for contract applications signed on or after 5/3/2021
but prior to 1/1/2022 )
Single Life rider
Joint Life Rider
SecureSource Core 2
2.50
%
2.50
%
SecureSource 5
2.50
%
2.50
%
SecureSource 5 Plus
2.50
%
2.50
%
 
SecureSource series rider
(Available for contract applications signed prior to 5/3/2021)
Single Life rider
Joint Life Rider
SecureSource Core
2.25
%
2.25
%
SecureSource 4
2.25
%
2.25
%
SecureSource 4 Plus
2.25
%
2.25
%
 
SecureSource series rider
(Available for contract applications signed prior to 3/30/2020)
Single Life rider
Joint Life Rider
SecureSource Core Plus
2.75
%
2.75
%
The following describes how your annual rider fee may increase:
1.
We may increase the annual rider fee for all approved investment options at our discretion and on a nondiscriminatory basis up to the maximum fee. Your annual rider fee will increase if we declare an increase to the fee with written notice 30 days in advance except as described below. The new fee will be in effect on the date we declare in the written notice.
(A)
You can decline this increase and therefore all future fee increases if we receive your written request prior to the date of the fee increase, in which case you permanently relinquish:
(i)
all future annual step-ups, and for the Joint Life rider, spousal continuation step-ups,
(ii)
any ability to make additional purchase payments,
(iii)
any future Annual Credits (Returns-linked Credits for SecureSource Tempo), and the Credit Base will be permanently set to zero,
(iv)
any increase to the Lifetime Payment Percentage due to changing age bands on subsequent birthdays and rider anniversaries, and
(v)
For SecureSource Core Plus rider only, any future Base Doubler adjustment and the Base Doubler will be permanently set to zero.
(B)
You can terminate this rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase and if we receive your written request to terminate the rider prior to the date of the fee increase.
2.
The annual rider fee associated with a specified investment option may change at our discretion. If you are invested in any investment option that has an increase in the associated annual rider fee, your annual rider fee will increase. Currently the SecureSource series rider fee does not vary with the investment option selected.
If the rider fee changes during a contract year, we will calculate an average annual rider fee, for that contract year only, that reflects the various different fees that were in effect for each investment option that contract year, adjusted for the number of days each fee was in effect and the percentage of contract value allocated to each investment option.
The fee does not apply after the annuitization start date or if the rider is terminated.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 31
Accumulation Protector Benefit Rider Charge
We deduct an annual charge for this optional feature only if you select it. The current initial annual rider fee is 1.30%*. The charge is calculated by multiplying the annual rider fee by the greater of your contract value or the Minimum Contract Accumulation Value (as defined in the “Optional Living Benefits — Accumulation Protector Benefit Rider” section) on your contract anniversary. We prorate this charge among all accounts and Subaccounts in the same proportion as your interest in each bears to your total contract value. We will modify this prorated approach to comply with state regulations where necessary.
Currently the Accumulation Protector Benefit rider fee does not vary with the investment option selected; however, we reserve the right to vary the rider fee for each approved investment option, but it will not exceed the maximum fee of 2.00%.
The following describes how your annual rider fee may change:
1.
We may change the annual rider fee for any approved investment options at our discretion and on a nondiscriminatory basis up to a maximum fee of 2.00%. Your annual rider fee will increase if we declare an increase to the fee with written notice 30 days in advance. The new fee will be in effect on the date we declare in the written notice. You can terminate this rider if you are invested in any investment option that has an increase and if we receive your written request to terminate the rider prior to the date of the fee increase. However, in order to be eligible for termination you must be invested in that investment option on the eligibility date we specify in the written notice. Currently the Accumulation Protector Benefit rider fee does not vary with the investment option selected
2.
We may also change the annual rider fee(s) if you exercise the elective step-up option or elective spousal continuation step up. You do not have the option to terminate the rider if the fee increases due to an elective step-up.
If multiple rider fees are in effect during a contract year, we will calculate an average annual rider fee, based on the number of days each fee was in effect and the percentage of contract value allocated to each investment option.
Once you elect the Accumulation Protector Benefit rider, you may not cancel it and the charge will continue to be deducted through the end of the Waiting Period.
If your contract or rider is terminated for any reason including payment of the death benefit, the rider charge will be deducted, adjusted for the number of days coverage was in place during the contract year.
The fee does not apply after the Benefit Date or after the annuitization start date.
* For contracts with applications signed prior to 10/28/2019, the initial annual rider fee is 1.15%.
The annual rider fee for elective step ups (including elective spousal continuation step up) requests: 
Elective step up date:
Maximum annual rider fee
Annual rider fee
Prior to 12/30/2019
2.00%
1.15%
12/30/ 2019 – 07/20/2020
2.00%
1.30%
07/21/2020 and later
2.00%
2.00%
Optional Death Benefit Charges
Benefit Protector Rider Charge
We deduct a charge for this optional feature only if you select it. The current annual fee is 0.25% of your contract value on each contract anniversary. We prorate this charge among all accounts and Subaccounts in the same proportion your interest in each account bears to your total contract value. We will modify this prorated approach to comply with state regulations when necessary.
If the contract or rider is terminated for any reason except your election to terminate the rider during the 30 day window after certain anniversaries, we will deduct the charge from the contract value adjusted for the number of calendar days coverage was in place during the contract year.
We cannot increase this annual fee after the rider effective date.
Enhanced Legacy Benefit Charge
We deduct an annual charge from your contract value on your contract anniversary for this optional feature only if you select it. The current annual rider fee is 0.95%. We prorate this charge among the variable Subaccounts, but not the Fixed Account in the same proportion your interest in each account bears to your total Variable Account contract value on your contract anniversary.
32 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Prior to age 86, the charge is calculated on your contract anniversary by multiplying the annual rider fee by the greater of the ROPP value, ADB value (after any increase is added), MAV or the contract value. On or following age 86, the charge is calculated on your contract anniversary by multiplying the annual rider fee by the greater of the ROPP value, ADB value or MAV.
Currently the Enhanced Legacy Benefit fee does not vary with the investment option selected; however, we reserve the right to vary the rider fee for each investment option. The Enhanced Legacy Benefit fee will not exceed a maximum of 1.75%.
The following describes how your annual rider fee may increase:
1.
We may increase the annual rider fee for all approved investment options at our discretion and on a nondiscriminatory basis. Your annual rider fee will increase if we declare an increase to the fee with written notice 30 days in advance. The new fee will be in effect on the date we declare in the written notice. You can terminate this rider if we receive your written request prior to the date of the fee increase. Currently the Enhanced Legacy Benefit fee does not vary with the investment option selected.
2.
The annual rider fee associated with a specified investment option may change at our discretion. If you are invested in any investment option that has an increase in the associated annual rider fee, your annual rider fee will increase. If you change your investment allocation to an investment option not affected by a fee increase, this move will count against the number of transfers allowed. We do not currently limit the number of transfers allowed each contract year.
If your rider fee changes during the contract year, on the next contract anniversary we will calculate an average rider fee for the preceding contract year only that reflects the various different fees that were in effect for each investment option in that year, adjusted for the number of calendar days each fee was in effect and the percentage of contract value allocated to each investment option.
If your contract or rider is terminated for any reason, the rider charge will be deducted, adjusted for the number of days coverage was in place during the contract year, and further charges for this rider will terminate.
The fee does not apply after the annuitization start date.
SecureSource Legacy Benefit Rider Charge
We deduct an annual charge for this optional feature only if you select it. For contracts with applications signed on or after 5/4/2020, the current annual rider fee is 0.35%. For contracts with applications signed prior to 5/4/2020, the current annual rider fee is 0.25%.
We prorate this charge among the variable Subaccounts, but not the Fixed Account in the same proportion your interest in each account bears to your total Variable Account contract value on your contract anniversary.
The charge is calculated on your contract anniversary by multiplying the annual rider fee by the greater of the SecureSource Legacy benefit amount or the contract value.
For contracts with applications signed on or after 5/4/2020, the SecureSource Legacy benefit rider fee will not exceed a maximum of 0.50%. For contracts with applications signed prior to 5/4/2020, the SecureSource Legacy benefit rider fee will not exceed a maximum of 0.40%.
Currently the SecureSource Legacy benefit rider fee does not vary with the investment option selected; however, we may increase the annual rider fee for all approved investment options at our discretion and on a nondiscriminatory basis. Your annual rider fee will increase if we declare an increase to the fee with written notice 30 days in advance. The new fee will be in effect on the date we declare in the written notice. You can terminate this rider if we receive your written request prior to the date of the fee increase.
If your rider fee changes during the contract year, on the next contract anniversary we will calculate an average rider fee for that contract year only, adjusted for the number of calendar days each fee was in effect.
If your contract or rider is terminated for any reason, the rider charge will be deducted, adjusted for the number of days coverage was in place during the contract year, and further charges for this rider will terminate.
The fee does not apply after the annuitization start date.
Fund Fees and Expenses
There are deductions from and expenses paid out of the assets of the funds that are described in the prospectuses for those funds.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 33
Premium Taxes
Certain state and local governments impose premium taxes on us (up to 3.5%). These taxes depend upon your state of residence or the state in which the contract was issued. Currently, we deduct any applicable premium tax when annuity payouts begin, but we reserve the right to deduct this tax at other times such as when you make purchase payments or when you make a full surrender from your contract.
Valuing Your Investment
We value your accounts as follows:
GPA
We value the amounts you allocate to the GPA directly in dollars. The GPA value equals:
•
the sum of your purchase payments and transfer amounts allocated to the GPA;
•
plus interest credited;
•
minus the sum of amounts surrendered (including any applicable surrender charges) and amounts transferred out;
•
minus any prorated portion of the contract administrative charge; and
•
minus the prorated portion of the charge for the Benefit Protector Death Benefit, if selected.
The Fixed Account
We value the amounts you allocate to the Fixed Account directly in dollars. The value of the Fixed Account equals:
•
the sum of your purchase payments allocated to the regular Fixed Account and the Special DCA fixed account, and transfer amounts to the regular Fixed Account (including any positive or negative MVA on amounts transferred from the GPAs);
•
plus interest credited;
•
minus the sum of amounts surrendered (including any applicable surrender charges) and amounts transferred out;
•
minus any prorated portion of the contract administrative charge; and
•
minus any prorated portion of the charge for any of the following optional benefits you have selected:
–
Benefit Protector Death Benefit;
–
Enhanced Legacy Benefit;
–
SecureSource Legacy benefit rider;
–
SecureSource series rider; or
–
Accumulation Protector Benefit rider.
Subaccounts
We convert amounts you allocated to the Subaccounts into accumulation units. Each time you make a purchase payment or transfer amounts into one of the Subaccounts, we credit a certain number of accumulation units to your contract for that Subaccount. Conversely, we subtract a certain number of accumulation units from your contract each time you take a partial surrender, transfer amounts out of a Subaccount, or we assess a contract administrative charge, a surrender charge or fee for any optional riders with annual charges (if applicable).
The accumulation units are the true measure of investment value in each Subaccount during the accumulation period. They are related to, but not the same as, the net asset value of the Fund in which the Subaccount invests. The dollar value of each accumulation unit can rise or fall daily depending on the Variable Account expenses, performance of the fund and on certain Fund expenses. Here is how we calculate accumulation unit values:
Number of units: to calculate the number of accumulation units for a particular Subaccount we divide your investment by the current accumulation unit value.
Accumulation unit value: the current accumulation unit value for each Subaccount equals the last value times the Subaccount’s current net investment factor. We calculate the accumulation unit value of each Subaccount on each valuation date. If your contract anniversary is not a valuation date, your contract value for that contract anniversary will be based on close of business values on the next valuation date.
We determine the net investment factor by:
•
adding the fund’s current net asset value per share, plus the per share amount of any dividend or capital gain distribution to obtain a current adjusted net asset value per share; then
•
dividing that sum by the previous adjusted net asset value per share; and
34 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
•
subtracting the percentage factor representing the mortality and expense risk fee from the result.
Because the net asset value of the fund may fluctuate, the accumulation unit value may increase or decrease. You bear all the investment risk in a Subaccount.
Factors that affect Subaccount accumulation units: accumulation units may change in two ways — in number and in value.
The number of accumulation units you own may fluctuate due to:
•
additional purchase payments you allocate to the Subaccounts;
•
transfers into or out of the Subaccounts (including any positive or negative MVA on amounts transferred from the GPAs);
•
partial surrenders;
•
surrender charges;
and a deduction of a prorated portion of:
•
the contract administrative charge; and
•
the charge for any of the following optional benefits you have selected:
–
Benefit Protector Death Benefit;
–
Enhanced Legacy Benefit;
–
SecureSource Legacy benefit rider;
–
SecureSource series rider; or
–
Accumulation Protector Benefit rider.
Accumulation unit values will fluctuate due to:
•
changes in fund net asset value;
•
fund dividends distributed to the Subaccounts;
•
fund capital gains or losses;
•
fund operating expenses; and/or
•
mortality and expense risk fees.
Making the Most of Your Contract
Automated Dollar-Cost Averaging
Currently, you can use automated transfers to take advantage of dollar-cost averaging (investing a fixed amount at regular intervals).
For example, you might transfer a set amount monthly from a relatively conservative subaccount to a more aggressive one, or to several others, or from the regular fixed account to one or more subaccounts. You may not set up automated transfers to or from the GPAs or set up an automated transfer to the regular fixed account. You can also obtain the benefits of dollar-cost averaging by setting up regular automatic payments under a scheduled payment plan.
There is no charge for dollar-cost averaging.
This systematic approach can help you benefit from fluctuations in accumulation unit values caused by fluctuations in the market values of the funds. Since you invest the same amount each period, you automatically acquire more units when the market value falls and fewer units when it rises. The potential effect is to lower your average cost per unit.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 35
How dollar-cost averaging works 
By investing an equal number
of dollars each month
 
Month
Amount
invested
Accumulation
unit value
Number
of units
purchased
 
Jan
$100
$20
5.00
 
Feb
100
18
5.56
you automatically buy
more units when the
per unit market price is low
Mar
100
17
5.88
→
Apr
100
15
6.67
 
May
100
16
6.25
 
June
100
18
5.56
 
July
100
17
5.88
and fewer units
when the per unit
market price is high.
Aug
100
19
5.26
→
Sept
100
21
4.76
 
Oct
100
20
5.00
You paid an average price of $17.91 per unit over the 10 months, while the average market price actually was $18.10.
Dollar-cost averaging does not guarantee that any subaccount will gain in value nor will it protect against a decline in value if market prices fall. Because dollar-cost averaging involves continuous investing, your success will depend upon your willingness to continue to invest regularly through periods of low price levels. Dollar-cost averaging can be an effective way to help meet your long-term goals. For specific features contact your financial advisor.
Asset Rebalancing
You can ask us in writing to automatically rebalance the subaccount portion of your contract value either quarterly, semiannually, or annually. The period you select will start to run on the date we record your request. On the first valuation date of each of these periods, we automatically will rebalance your contract value so that the value in each subaccount matches your current subaccount percentage allocations. These percentage allocations must be in whole numbers. There is no charge for asset rebalancing. The contract value must be at least $2,000.
You can change your percentage allocations or your rebalancing period at any time by contacting us in writing. We will restart the rebalancing period you selected as of the date we record your change. You also can ask us in writing to stop rebalancing your contract value. You must allow 30 days for us to change any instructions that currently are in place. For more information on asset rebalancing, contact your financial advisor.
Contracts issued with the SecureSource Tempo rider have different rebalancing rules. (See “Investment Allocation Restrictions for Certain Benefit Riders – Investment Allocation Restrictions for the SecureSource Tempo  Rider – Rebalancing for Investment Path 2”)
The Income GuideSM Program
Income Guide is an optional service we currently offer without charge. It does not change or otherwise modify any of the other benefits, features, charges, or terms and conditions associated with your annuity contract. The purpose of the program is to provide reporting and monitoring of withdrawals you take from your annuity. The reporting and monitoring is designed to provide you information that may assist you in considering whether to adapt your withdrawals over time.
For the purpose of Income Guide program, the term “systematic withdrawals” is the same as “automated systematic surrenders”.
The assumptions we used in the program are not customized or individualized to your circumstances. Program participants and their unique individual circumstances will vary from the program assumptions, creating differing results. The simulations we used in connection with the program do not include any contract or underlying fund charge assumptions other than an assumed mortality and expense risk charge of 1.0%. Your contract value may be depleted prior to the end of the program. If you follow the program and make downward adjustments to your withdrawals to remain in the “On Track” status, the amount of your withdrawal can significantly decline over time.
Income Guide is a withdrawal monitoring service. The program establishes what we call a “Prudent Income Amount” which is based on your contract value, age, and the other program assumptions described below. We calculate the Prudent Income Amount daily using the following factors:
(1)
the age of the participant, (the age of the younger participant under the Joint Option);
(2)
the contract value;
(3)
Prudent Income Percentages.
36 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
The current Prudent Income Amount is determined by multiplying the current contract value by the current Prudent Income Percentage. The Prudent Income Amount is a hypothetical withdrawal amount with a minimum 85% probability that if taken and no withdrawal adjustments are made, withdrawals at that amount would not deplete the contract value prior to age 95 (age 100 for joint), or 8 years if longer. Please refer to the Prudent Income Amount section below for details on the assumptions we used to create the Prudent Income Percentages and the operation of the Prudent Income Amount.
Income Guide compares the annual total of the monthly systematic withdrawals you have elected to the current Prudent Income Amount we have calculated to determine your current status in the program. The current status provides you information on the current sustainability of your rate of withdrawal by comparing it to the Prudent Income Amount.
The program allows you to elect to have withdrawal income monitored based on one person (the “Single Option”) or two persons (the “Joint Option”). We refer to each person covered under Income Guide as a participant. Income Guide is most effective when you use it in consultation with your financial advisor.
Income Guide is not a guaranteed income option and it is not backed by our general account. If you need income guaranteed for life or another specified period of time, you should not rely on using Income Guide. For guaranteed income options, consider a guaranteed lifetime withdrawal benefit such as our SecureSource series rider, annuitization options, or other annuity contracts that provide guaranteed lifetime income riders or benefits.
Any withdrawals you make from your contract may result in surrender charges, taxes and tax penalties. In addition, withdrawals may result in a proportional reduction to the standard death benefit and any optional death benefit you have elected.
As part of the Income Guide program, we provide you with information regarding your withdrawal amount, but we do not determine whether to make adjustments to your withdrawal amount or investment allocation.  You need to decide what changes or adjustments may be right for you, or whether to seek the assistance of a financial advisor in making any decisions, based on the information provided and your given needs and circumstances.
Program Availability
Income Guide is only available if the servicing broker-dealer on your contract is Ameriprise Financial Services, LLC (“AFS”) which is our affiliate and we only currently offer variable annuity contracts through AFS. We may modify or end the availability of Income Guide at any time in our sole discretion. We will notify you 30 days in advance of any changes to Income Guide or if we end the program. Advance notice will not be given for any changes we decide to make to the Prudent Income Percentages.
Income Guide is not available if your contract has a SecureSource series or Accumulation Protector Benefit riders.
In addition, in order to enroll in Income Guide, the following eligibility requirements must be met.
(1)
One of the Income Guide participants must be an owner or annuitant under the contract.
(2)
Your contract cannot be a beneficially owned IRA.
(3)
You cannot be withdrawing substantially equal periodic payments as defined in the Internal Revenue Code. These payments are calculated in part using your life expectancy and place limits on the ability to increase withdrawals beyond a certain amount without incurring tax consequences.
(4)
If you have a systematic withdrawal program established, you may not elect to set your withdrawal amount net of surrender charges or market value adjustment and the frequency of withdrawal must be set at monthly. You cannot have more than one systematic withdrawal program established at the same time.
(5)
Your contract cannot have any active or deemed loans on it.
(6)
Your contract must have an Ameriprise advisor registered with AFS assigned as the agent of record on your contract.
(7)
All participants covered by the program must be at least age 50 and no older than age 85.
These eligibility requirements apply to any post-enrollment changes you may elect to make, such as changing or adding participants.
Advance notice will not be given for the events listed below that automatically terminate Income Guide.
(1)
You modify your systematic withdrawal program to a frequency other than monthly or you have more than one systematic withdrawal program in effect.
(2)
You take a loan on the contract.
(3)
On any contract anniversary where the participant (for joint, youngest participant) attained the maximum age of 95 in the preceding contract year.
(4)
The death benefit under the contract becomes payable.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 37
(5)
You elect a systematic withdrawal program to take substantially equal periodic payments as defined in the Internal Revenue Code. These payments are calculated in part using your life expectancy and place limits on the ability to increase withdrawals beyond a certain amount without incurring tax consequences.
(6)
AFS is no longer the servicing broker-dealer on your contract.
(7)
Your contract terminates for any reason, including full surrender, the contract value reaches zero, or when you annuitize your entire contract (this does not apply to partial annuitizations which are permitted while you participate in Income Guide).
In the event of a change in ownership, systematic withdrawals are suspended, but you would continue to be enrolled in the Income Guide.
Enrolling in the Income Guide Program
You may elect to enroll in the Income Guide program at any time as long as we continue to offer it and you meet the eligibility requirements of participation. At the time of your enrollment, you will be required to complete an Income Guide Enrollment Form or verbally acknowledge your understanding of the program if we permit enrollment via telephone. In connection with enrollment, you will be asked whether you want the Single Option or Joint Option. You also will be required to provide the birthdate and sex of each participant covered under Income Guide. We use the age provided at enrollment to calculate the Prudent Income Amount.
If you are funding your contract through multiple sources that would involve making more than one initial purchase payment, you should consider waiting to enroll in Income Guide until your contract is fully funded. A large purchase payment not taken into account will result in a lower initial Prudent Income Amount being calculated. If your systematic withdrawal amount is based on all intended payments, then the amount you are withdrawing will be higher than the Prudent Income Amount that is calculated before we receive all intended purchase payments which may affect your Income Guide status.
After enrolling, we will permit you to modify the selected option (Single Option or Joint Option) or to change the participants. Any changes are subject to the conditions stated in the Program Availability section above.
Withdrawal Monitoring and Reporting
Income Guide is designed to assist you and your financial advisor in managing the withdrawal of money out of your annuity contract to provide income. To aid in managing your withdrawals, we currently provide periodic reports to you and your financial advisor. This includes a detailed annual report we provide on each contract anniversary and a brief summary on the consolidated statements you receive either monthly or quarterly from AFS. These reports include an Income Guide status based on the Prudent Income Amount calculated on the date we produce the report. The reporting and the status are designed to provide you information regarding the current sustainability of your current withdrawal amount by comparing it to the current Prudent Income Amount. We provide no other reporting, so you should review your consolidated statement and annual report to see if your status under the program has changed. You also can review your current daily status by logging into your account on ameriprise.com. We reserve the right to modify the reporting we provide under the program at any time and in our sole discretion.
The table below summarizes the definitions of each status under the program.  
Income Guide Status Definitions
Attention Needed
Caution
On Track
More Available
Prudent Income Amount is
more than 20% below your
current annual withdrawal
amount
Prudent Income Amount is
from 10.1% to 20% below
your current annual
withdrawal amount
Prudent Income Amount is
from 10% below up to
24.9% above your current
annual withdrawal amount
Prudent Income Amount is
more than 25% or more
above your current annual
withdrawal amount
We use descriptive terminology to describe each status. When you are in the On Track status we may refer to your withdrawal rate as “currently sustainable.” When you are in the Caution status, we refer to your withdrawal rate as “near a point where it may not be sustainable.” When you are in the Attention Needed status, we refer to your withdrawal rate as “may not be sustainable.” Finally, if your current withdrawal amount places you in the “More Available” status, we refer to you as having “more options available” because the Prudent Income Amount is at least 25% higher than your current withdrawal amount. These statuses, including the accompanying explanations, are merely descriptive and do not represent a specific level of actual sustainability or probability of your contract value not being depleted. Please note if you are in the “More Available” status and you utilize contract value for other purposes it may create adverse consequences in the future, including increasing the possibility and extent of future status changes and the possibility of running out of money prior to the end of the program.
38 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
The following Income Guide statuses are used in our periodic reporting. 
Income Guide Status
What the Status Means
Attention Needed
Based on your contract value, it is projected that your withdrawal amount may not be
sustainable.
Caution
Based on your contract value, it is projected that your withdrawal amount is near a
point where it may not be sustainable.
On Track
Based on your contract value, it is projected that your withdrawal amount is currently
sustainable. Please note that the minimum 85% probability assumed in the program
only applies to the Prudent Income Amount and not to the “On Track” status which
includes a range above and below the current Prudent Income Amount.
More Available
Based on your contract value and withdrawal amount, it is projected there are more
options available.
These statuses are not designed to be, nor should they be construed as, investment advice. They are based on a comparison of your current annual withdrawal amount versus the current Prudent Income Amount. They also can aid you in tracking how close your current rate of withdrawal is to the Prudent Income Amount. In the end, your unique financial situation and the advice of your financial advisor should be utilized in assessing your Income Guide status and your utilization of the program as a whole. Please note, the longer you are in the Attention Needed status without adjusting withdrawals the greater the likelihood that you will deplete your contract value.
If you enroll in Income Guide without electing a systematic withdrawal, then no status will be reported, but you will be provided the Prudent Income Amount.
If you completely suspend your withdrawals, we will also no longer report a status. This, however, does not mean that subsequently restarting withdrawals will result in a sustainable rate of withdrawal. When you restart your withdrawals, a current Prudent Income Amount will be compared to your current withdrawal amount to determine a current status. Also, remember that a change in ownership will automatically suspend systematic withdrawals.
Income Guide does not take into account your unique financial situation, including how you allocate your contract value to available investment options and the allocation of your contract value to equities or fixed income instruments (e.g. bonds). Your investment returns, including the deduction of any fund fees and expenses, will differ from program assumptions. In addition, the fees and charges we assumed in calculating values under the program will differ from the actual fees and charges on your contract. This is due in part to the fact that we did not assume certain charges, including the contract administrative charge and optional benefit charges.
The methods, assumptions and simulations we used to develop the Prudent Income Percentages may not be appropriate or correct for a given contract owner. Individual results can vary widely and will impact the frequency of status changes and how often you may want to make adjustments to your withdrawals. You must decide whether to modify withdrawals or take any other action with respect to your contract based on the status we report, and whether to consult with your financial advisor.
The Prudent Income Amount
We use your current age, contract value, and Prudent Income Percentage to calculate your current Prudent Income Amount. We may modify these factors used to calculate your Prudent Income Amount at any time and in our sole discretion. We, RiverSource Life Insurance Company, solely determined what assumptions to use in deriving the Prudent Income Amount
Since the Prudent Income Amount is calculated daily and fluctuates based on age and current contract value, the program does not guarantee or result in a steady stream of income or provide any type of guaranteed cash value or guaranteed benefit.
The Prudent Income Percentages are derived from a series of random simulations based on the following assumptions:
•
an investment allocation of 50% in equities and 50% in fixed income instruments (e.g.bonds);
•
average annual returns, after the deduction of all fund fees and expenses, of 9.0% on the equity allocation and 2.0% on the fixed income instruments (e.g.bonds) allocation that grades upward to 4.0% over a twenty year period;
•
average portfolio volatility of 9.0%;
•
a 1.0% average annual mortality and expense risk fee being assessed; and
•
taking level withdrawals each month.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 39
The average annual return assumptions of 9.0% for the equity allocation and the 2.0% - 4.0% for the fixed income instruments (e.g.bonds) allocation are net return assumptions. This means these return assumptions would be after the deduction of all underlying fund fees and expenses. Contract charges other than the 1.0% mortality and expense risk fee, if they apply to you, were not included in the assumptions. This includes the contract administrative charge, surrender charges, and charges associated with optional benefits available under the contract. The “Charges” section of the prospectus provides additional details on the amount and applicability of these charges.
Since these assumptions are not customized to you, your circumstances will differ and the minimum 85% probability of withdrawals lasting for the duration of the program without the need to make any adjustments to the amount of withdrawals may be higher or lower than the probability used in developing the Prudent Income Percentages.
Your results under the program will vary. In general, if you have lower returns, higher volatility, higher fees, or you make additional withdrawals, then the probability of your withdrawal amount being sustainable will be lower than assumed under the program. In contrast, if you have higher returns, lower volatility, lower fees, or make additional purchase payments, then the probability of your withdrawal amount being sustainable will generally be higher than assumed under the program. In addition, if you experience long-term periods where your contract value is continually declining due to deviations from the assumptions mentioned above, you will need to repeatedly decrease the amount of your withdrawal to stay in the “On Track” status. Also, while unlikely, your contract value may be depleted before age 95 even if you follow the program.
It is important to remember that only the age of the participant and the contract value are specific to your contract. All of the factors used in determining the Prudent Income Percentages are general and not individualized or otherwise customized to you, your contract allocation, or any other circumstances specific to you.
The following factors related to your contract experience will impact your Income Guide status and the probability of withdrawals (without adjusting under the program) lasting for the duration of the program:
(1)
the fees, average annual total returns and volatility of the underlying funds you have elected;
(2)
the specific fees of your contract;
(3)
additional purchase payments to the contract;
(4)
withdrawals in addition to the monthly systematic withdrawal;
(5)
partial annuitizations; or
(6)
your actual life expectancy or retirement horizon.
The assumptions were utilized to run a series of random simulations. These simulations were used to establish the Prudent Income Percentages which are based on a level amount of income (without adjusting under the program) that provides a minimum 85% or greater probability of contract value lasting to age 95 (age 100 for joint), or for 8 years, whichever is longer. As with any simulation, your actual experience will be different and our methodology could have an error.
The Prudent Income Percentages change over time based on age. The table below shows the current Prudent Income Percentages utilized. In the case of the Joint Option, the youngest participant’s age is used to determine the Prudent Income Percentages.
Prudent Income Percentages 
Participant Age
Single Option
Joint Option
Participant Age
Single Option
Joint Option
Participant Age
Single Option
Joint Option
50
3.0%
2.5%
66
4.6%
4.1%
81
6.3%
5.8%
51
3.1%
2.6%
67
4.7%
4.2%
82
6.6%
6.1%
52
3.2%
2.7%
68
4.8%
4.3%
83
6.9%
6.4%
53
3.3%
2.8%
69
4.9%
4.4%
84
7.2%
6.7%
54
3.4%
2.9%
70
5.0%
4.5%
85
7.5%
7.0%
55
3.5%
3.0%
71
5.1%
4.6%
86
8.0%
7.5%
56
3.6%
3.1%
72
5.2%
4.7%
87
8.5%
8.0%
57
3.7%
3.2%
73
5.3%
4.8%
88
9.0%
8.5%
58
3.8%
3.3%
74
5.4%
4.9%
89
9.5%
9.0%
59
3.9%
3.4%
75
5.5%
5.0%
90
10.0%
9.5%
60
4.0%
3.5%
76
5.6%
5.1%
91
10.5%
10.0%
61
4.1%
3.6%
77
5.7%
5.2%
92
11.0%
10.5%
62
4.2%
3.7%
78
5.8%
5.3%
93
11.5%
11.0%
63
4.3%
3.8%
79
5.9%
5.4%
94
12.0%
11.5%
40 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Participant Age
Single
Option
Joint
Option
Participant
Age
Single
Option
Joint
Option
Participant
Age
Single
Option
Joint
Option
64
4.4%
3.9%
80
6.0%
5.5%
95
12.5%
12.0%
65
4.5%
4.0%
The Prudent Income Percentage is multiplied by the contract value to determine the current Prudent Income Amount. The Prudent Income Amount will change over time due to changes in the contract value and the age of the participants covered under the program.
Although the Prudent Income Percentage increases with age, the Prudent Income Amount may not increase over time because a decreasing contract value can more than offset any increase in the Prudent Income Percentage. An increase in the Prudent Income Percentage does not protect against inflation.
Refer to “Example of a Prudent Income Amount Calculation” below to see how the Prudent Income Percentage is used to create a Prudent Income Amount.
By increasing with age, the Prudent Income Percentages result in less contract value being required to be in the “On Track” status. As a result, the Prudent Income Amount is not designed to preserve the level of your contract value. Following the monitoring program, however, including making adjustments to your rate of withdrawal over the life of the program, will increase the likelihood that your contract value will not be exhausted prior to the end of the program.
The assumptions used in determining values under Income Guide including investment and performance, are not tied in any way to your allocation of contract value and its performance. Your actual contract results can vary significantly from the performance we assumed in calculating the Prudent Income Amount.
The Prudent Income Amount is not a guarantee of present or future income and is not intended, nor should it be construed as, any form of investment advice.
If your contract is funding an employer sponsored plan such as a retirement plan established under Section 403(b) or 401(a) of the Code, your ability to begin a systematic withdrawal or to change one may be subject to plan sponsor approval. To determine whether there are any plan based restrictions on Income Guide, contact your plan sponsor.
Example of a Prudent Income Amount Calculation
Below is an example of how Income Guide calculates the Prudent Income Amount and assigns the status of the sustainability of your withdrawals.
At the time of enrollment, assume the following:
(1)
you have elected the Single Option;
(2)
you are age 65;
(3)
your monthly systematic withdrawal amount is $350.00 ($4,200.00 annually); and
(4)
your contract value is $100,000.00.
Using these assumptions when you enroll, to calculate the Prudent Income Amount, the contract value is multiplied by the Prudent Income Percentage, which is 4.5%.
$100,000.00 x 4.5% = $4,500.00
In this case, the Prudent Income Amount is about 7.1% above your annual withdrawal amount. This results in being assigned a status of “On Track.”
Let’s assume six months after enrollment, you are still age 65 and your contract value is now $95,000. When you multiply the current contract value by the Prudent Income Percentage you get the following Prudent Income Amount.
$95,000.00 x 4.5% = $4,275.00
In this case, the Prudent Income Amount is about 1.8% above your annual withdrawal amount. This results in being assigned a status of “On Track.”
Let’s assume one year after enrollment, you are now age 66 and your contract value is now $82,000. When you multiply the current contract value by the Prudent Income Percentage you get the following Prudent Income Amount.
$82,000.00 x 4.6% = $3,772.00
In this case, the Prudent Income Amount is about 10.2% below your annual withdrawal amount. This results in being assigned a status of “Caution.”
Potential Benefits of the Income Guide Program
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 41
Income Guide can aid you in creating a non-guaranteed stream of income through systematic withdrawals from your contract. This can be beneficial if your need for income is flexible and does not require the guarantees associated with either a guaranteed minimum withdrawal benefit rider or exercising your option to annuitize. Withdrawals in connection with Income Guide may be subject to surrender charges, taxes and tax penalties. In contrast, payments under a guaranteed minimum withdrawal benefit rider or annuitization are not subject to surrender charges. In addition, if you use Income Guide and you have a non-qualified contract, you are not receiving any potential benefits of the exclusion ratio associated with annuitization. The exclusion ratio allows you to spread the cost basis of your contract value over time, generally resulting in payments being partially income tax-free while the exclusion ratio is in effect. In contrast, Income Guide systematically withdraws contract value and for non-qualified contracts this results in taxable earnings being considered to be withdrawn first. A financial advisor can help you understand each of the income options available to you.
In cases where your Income Guide status becomes “More Available” there may be opportunities to increase your withdrawal rate, lock-in guaranteed income through partial annuitization, or use a portion of your contract value for other purposes. In consultation with your financial advisor, you can determine whether one or more of these options are right for you. Please keep in mind increases in the amount you withdraw may be subject to additional surrender charges, taxes and tax penalties. In addition, withdrawals will reduce your contract value and will proportionally reduce your standard death benefit and any optional death benefit you have elected. Increases in withdrawals can also have adverse future consequences, including increasing the possibility of future status changes and the possibility of running out of money prior to the end of the program.
Potential Risks of the Income Guide Program
Income Guide, including the Prudent Income Amount, is not a guarantee of income. If your annuity contract value is depleted your contract and any benefits associated with it, including Income Guide, will end without value.
In instances where your contract enters the “Attention Needed” status, even if you take steps to address the status such as lowering withdrawals from your contract, it is possible depending on continued performance of your contract that you could re-enter or remain in the status for an extended period of time. If you do not adjust your withdrawals when you are in the “Attention Needed” status, it could substantially increase the likelihood your contact value will be depleted, especially if you remain in this status for an extended period of time without making any adjustments.
Income Guide does not provide any additional waiver of any applicable surrender charge. This means in cases where your contract is subject to a surrender charge, any amounts withdrawn in excess of the free amount will be assessed a surrender charge, including any instance where you are withdrawing at a level equal to the Prudent Income Amount. For additional information on surrender charges, refer to the “Surrender Charge” subsection of the “Charges” section of this prospectus.
If your contract is issued on a qualified basis, you are subject to certain required minimum distribution rules for federal tax purposes. These rules may require you to take withdrawals out of your annuity that exceed the Prudent Income Amount. If this occurs, taking the required withdrawals may increase the likelihood that you will deplete your annuity contract over time.
Income Guide does not provide any additional waiver of any applicable surrender charge. This means in cases where your contract is subject to a surrender charge, any amounts withdrawn in excess of the free amount will be assessed a surrender charge, including any instance where you are withdrawing at a level equal to the Prudent Income Amount. For additional information on surrender charges, refer to the “Surrender Charge” subsection of the “Charges” section of this prospectus.
If your relationship with your advisor ends, you will no longer receive assistance using the Income Guide service. If your contract continues to be serviced by AFS, but you have ended your relationship with the financial advisor with whom you set up Income Guide, Income Guide will continue, and you should request AFS assign you another advisor to assist you with maximizing the effectiveness of Income Guide. We cannot guarantee that AFS will assign you an advisor that will assist you with Income Guide.
If you rely on Income Guide for managing your income needs and the service terminates, either because we choose to no longer offer it or a circumstance arises where automatic termination occurs, you may be in a position where you cannot find a means to manage or monitor your income going forward. Remember, in any instance where AFS is no longer the servicing broker-dealer of record for your contract, Income Guide will automatically terminate.
Transferring Among Accounts
The transfer rights discussed in this section do not apply if you have selected one of the optional living benefit riders, the Enhanced Legacy Benefit or SecureSource Legacy benefit rider, unless noted otherwise. For transfer rights involving investment options under optional living benefit riders, the Enhanced Legacy Benefit or SecureSource Legacy benefit rider, please see “Investment Allocation Restrictions for Certain Benefit Riders” section.
42 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
You may transfer contract value from any one subaccount, GPAs, the regular fixed account and the Special DCA fixed account, to another subaccount before the annuitization start date. Certain restrictions apply to transfers involving the GPAs and the regular fixed account. You may not transfer contract value to the Special DCA fixed account. You may not transfer contract value from the Special DCA fixed account except as part of automated monthly transfers.
The date your request to transfer will be processed depends on when and how we receive it:
For transfer requests received in writing:
•
If we receive your transfer request at our Service Center in good order before the close of the NYSE (4:00 pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive your transfer request at our Service Center in good order at or after the close of the NYSE (4:00 pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
For transfer requests received by phone:
•
If we receive your transfer request at our Service Center in good order before the close of the NYSE (4:00 pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive your transfer request at our Service Center in good order at or after the close of the NYSE (4:00 pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
If you were not able to complete your transaction before the close of business for any reason, including telephone service interruptions or delays due to high call volume, we will process your transaction using the accumulation unit value we calculate on the next valuation date.
There is no charge for transfers. Before making a transfer, you should consider the risks involved in changing investments. Transfers out of the GPAs will be subject to an MVA if done more than 30 days before the end of the guarantee period, unless an exception applies.
We may suspend or modify transfer privileges at any time, subject to state regulatory requirements.
For information on transfers after annuity payouts begin, see “Transfer policies” below.
Transfer policies
•
Before the annuitization start date, you may transfer contract values between the subaccounts, or from the subaccounts to the GPAs and the regular fixed account at any time. However, if you made a transfer from the regular fixed account to the subaccounts or the GPAs, took a partial surrender from the fixed account or terminated automated transfers from the Special DCA fixed account, you may not make a transfer from any subaccount or GPA to the regular fixed account for six months following that transfer, partial surrender or termination.
•
You may transfer contract values from the regular fixed account to the subaccounts or the GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Transfers from the regular fixed account are not subject to an MVA. Currently, you may transfer the entire contract value to the regular fixed account. Subject to state restrictions, we reserve the right to limit transfers to the regular fixed account at any time on a non-discriminatory basis with notification. Transfers out of the regular fixed account, including automated transfers, are limited to 30% of regular fixed account value at the beginning of the contract year(1) or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your contract value from the regular fixed account. You should carefully consider whether the regular fixed account meets your investment criteria before you invest. Subject to state restrictions, we reserve the right to change the percentage allowed to be transferred from the regular fixed account at any time on a non-discriminatory basis with notification.
•
You may transfer contract values from a GPA any time after 60 days of transfer or payment allocation to the account. Transfers made more than 30 days before the end of the guarantee period will receive an MVA, which may result in a gain or loss of contract value, unless an exception applies (see “The Guarantee Period Accounts (GPAs) — Market Value Adjustment (MVA)”).
•
You may not transfer contract values from the subaccounts, the GPAs or the regular fixed account into the Special DCA fixed account. However, you may transfer contract values as automated monthly transfers from the Special DCA fixed account to the subaccounts, or for the SecureSource series riders, APB rider, Enhanced Legacy Benefit  or SecureSource Legacy benefit rider, to the selected approved investment options. (See “Special DCA Fixed Account.”)
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 43
•
After the annuitization start date, you may not make transfers to or from the GPAs or the fixed account, but you may make transfers once per contract year among the subaccounts. During the annuity payout period, we reserve the right to limit the number of subaccounts in which you may invest. On the annuitization start date, you must transfer all contract value out of your GPAs and Special DCA fixed account.
(1)
All purchase payments received into the regular fixed account prior to your transfer request are considered your beginning of contract year value during the first contract year.
Market Timing
Market timing can reduce the value of your investment in the contract. If market timing causes the returns of an underlying fund to suffer, contract value you have allocated to a Subaccount that invests in that underlying fund will be lower too. Market timing can cause you, any joint owner of the contract and your beneficiary(ies) under the contract a financial loss.
We seek to prevent market timing. Market timing is frequent or short-term trading activity. We do not accommodate short-term trading activities. Do not buy a contract if you wish to use short-term trading strategies to manage your investment. The market timing policies and procedures described below apply to transfers among the Subaccounts within the contract. The underlying funds in which the Subaccounts invest have their own market timing policies and procedures. The market timing policies of the underlying funds may be more restrictive than the market timing policies and procedures we apply to transfers among the Subaccounts of the contract, and may include redemption fees. We reserve the right to modify our market timing policies and procedures at any time without prior notice to you.
Market timing may hurt the performance of an underlying fund in which a Subaccount invests in several ways, including but not necessarily limited to:
•
diluting the value of an investment in an underlying fund in which a Subaccount invests;
•
increasing the transaction costs and expenses of an underlying fund in which a Subaccount invests; and
•
preventing the investment adviser(s) of an underlying fund in which a Subaccount invests from fully investing the assets of the Fund in accordance with the Fund’s investment objectives.
Funds available as investment options under the contract that invest in securities that trade in overseas securities markets may be at greater risk of loss from market timing, as market timers may seek to take advantage of changes in the values of securities between the close of overseas markets and the close of U.S. markets. Also, the risks of market timing may be greater for underlying funds that invest in securities such as small cap stocks, high yield bonds, or municipal securities, that may be traded infrequently.
In order to help protect you and the underlying funds from the potentially harmful effects of market timing activity, we apply the following market timing policy to discourage frequent transfers of contract value among the Subaccounts of the Variable Account:
We try to distinguish market timing from transfers that we believe are not harmful, such as periodic rebalancing for purposes of an asset allocation, dollar-cost averaging and asset rebalancing program that may be described in this prospectus. There is no set number of transfers that constitutes market timing. Even one transfer in related accounts may be market timing. We seek to restrict the transfer privileges of a contract owner who makes more than three Subaccount transfers in any 90 day period. We also reserve the right to refuse any transfer request, if, in our sole judgment, the dollar amount of the transfer request would adversely affect unit values.
If we determine, in our sole judgment, that your transfer activity constitutes market timing, we may modify, restrict or suspend your transfer privileges to the extent permitted by applicable law, which may vary based on the state law that applies to your contract and the terms of your contract. These restrictions or modifications may include, but not be limited to:
•
requiring transfer requests to be submitted only by first-class U.S. mail;
•
not accepting hand-delivered transfer requests or requests made by overnight mail;
•
not accepting telephone or electronic transfer requests;
•
requiring a minimum time period between each transfer;
•
not accepting transfer requests of an agent acting under power of attorney;
•
limiting the dollar amount that you may transfer at any one time;
•
suspending the transfer privilege; or
•
modifying instructions under an automated transfer program to exclude a restricted fund if you do not provide new instructions.
Subject to applicable state law and the terms of each contract, we will apply the policy described above to all contract owners uniformly in all cases. We will notify you in writing after we impose any modification, restriction or suspension of your transfer rights.
44 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Because we exercise discretion in applying the restrictions described above, we cannot guarantee that we will be able to identify and restrict all market timing activity. In addition, state law and the terms of some contracts may prevent us from stopping certain market timing activity. Market timing activity that we are unable to identify and/or restrict may impact the performance of the underlying funds and may result in lower contract values.
In addition to the market timing policy described above, which applies to transfers among the Subaccounts within your contract, you should carefully review the market timing policies and procedures of the underlying funds. The market timing policies and procedures of the underlying funds may be materially different than those we impose on transfers among the Subaccounts within your contract and may include mandatory redemption fees as well as other measures to discourage frequent transfers. As an intermediary for the underlying funds, we are required to assist them in applying their market timing policies and procedures to transactions involving the purchase and exchange of Fund shares. This assistance may include but not be limited to providing the underlying fund upon request with your Social Security Number, Taxpayer Identification Number or other United States government-issued identifier and the details of your contract transactions involving the underlying fund. An underlying fund, in its sole discretion, may instruct us at any time to prohibit you from making further transfers of contract value to or from the underlying fund, and we must follow this instruction. We reserve the right to administer and collect on behalf of an underlying fund any redemption fee imposed by an underlying fund. Market timing policies and procedures adopted by underlying funds may affect your investment in the contract in several ways, including but not limited to:
•
Each Fund may restrict or refuse trading activity that the Fund determines, in its sole discretion, represents market timing.
•
Even if we determine that your transfer activity does not constitute market timing under the market timing policies described above which we apply to transfers you make under the contract, it is possible that the underlying fund’s market timing policies and procedures, including instructions we receive from a Fund, may require us to reject your transfer request. For example, we will attempt to execute transfers permitted under any asset allocation, dollar-cost averaging and asset rebalancing programs that may be described in this prospectus, we cannot guarantee that an underlying fund’s market timing policies and procedures will do so. Orders we place to purchase Fund shares for the Variable Accounts are subject to acceptance by the Fund. We reserve the right to reject without prior notice to you any transfer request if the Fund does not accept our order.
•
Each underlying fund is responsible for its own market timing policies, and we cannot guarantee that we will be able to implement specific market timing policies and procedures that a Fund has adopted. As a result, a Fund’s returns might be adversely affected, and a Fund might terminate our right to offer its shares through the Variable Account.
•
Funds that are available as investment options under the contract may also be offered to other intermediaries who are eligible to purchase and hold shares of the Fund, including without limitation, separate accounts of other insurance companies and certain retirement plans. Even if we are able to implement a Fund’s market timing policies, we cannot guarantee that other intermediaries purchasing that same Fund’s shares will do so, and the returns of that Fund could be adversely affected as a result.
For more information about the market timing policies and procedures of an underlying fund, the risks that market timing pose to that Fund, and to determine whether an underlying fund has adopted a redemption fee, see that Fund’s prospectus.
How to Request a Transfer or Surrender
 
1 By automated transfers and automated partial surrenders
Your financial advisor can help you set up automated transfers among your subaccounts, GPAs or regular fixed account or automated partial surrenders from the GPAs, regular fixed account, Special DCA fixed account or the subaccounts.
You can start or stop this service by written request or other method acceptable to us. You must allow 30 days for us to change any instructions that are currently in place.
•
Automated transfers from the regular fixed account are limited to 30% of the regular fixed account value at the beginning of the contract year or $10,000, whichever is greater.
•
Automated surrenders may be restricted by applicable law under some contracts.
•
You may not make additional systematic payments if automated partial surrenders are in effect.
•
If you have the Enhanced Legacy Benefit, SecureSource Legacy benefit rider, a SecureSource series rider or APB rider, you are not allowed to set up automated transfers except in connection with a Special DCA fixed account (see "Special DCA Fixed Account" and "Investment Allocation Restrictions for Certain  Benefit Riders").
•
Automated partial surrenders may result in income taxes and penalties on all or part of the amount surrendered.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 45
•
The balance in any account from which you make an automated transfer or automated partial surrender must be sufficient to satisfy your instructions. If not, we will suspend your entire automated arrangement until the balance is adequate.
•
If you have a SecureSource series rider, you may set up automated partial surrenders up to the benefit available for withdrawal under the rider.
 
Minimum amount
 
Transfers or surrenders:
$50
 
Maximum amount
 
Transfers or surrenders:
None (except for automated transfers from the regular fixed account)
 
2 By telephone
Call:
1-800-862-7919 
Minimum amount
 
Transfers or surrenders:
$250 or entire account balance
 
Maximum amount
 
Transfers:
Contract value or entire account balance
Surrenders:
$100,000
We answer telephone requests promptly, but you may experience delays when the call volume is unusually high. If you are unable to get through, use the mail procedure as an alternative.
We will honor any telephone transfer or surrender requests that we believe are authentic and we will use reasonable procedures to confirm that they are. This includes asking identifying questions and recording calls. As long as we follow the procedures, we (and our affiliates) will not be liable for any loss resulting from fraudulent requests.
Telephone transfers or surrenders are automatically available. You may request that telephone transfers or surrenders not be authorized from your account by writing to us.
 
3 By letter
Send your name, contract number, Social Security Number or Taxpayer Identification Number* and signed request for a transfer or surrender to:
RiverSource Life Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474 
Minimum amount
 
Transfers or surrenders:
$250 or entire account balance**
 
Maximum amount
 
Transfers or surrenders:
Contract value or entire account balance
*
Failure to provide your Social Security Number or Taxpayer Identification Number may result in mandatory tax withholding on the taxable portion of the distribution.
**
The contract value after a partial surrender must be at least $500.
Surrenders
You may surrender all or part of your contract at any time before the annuitization start date by sending us a written request or calling us.
The date your surrender request will be processed depends on when and how we receive it:
For surrender requests received in writing:
•
If we receive your surrender request at our Service Center in good order before the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender using the accumulation unit value we calculate on the valuation date we received your surrender request.
46 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
•
If we receive your surrender request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender using the accumulation unit value we calculate on the next valuation date after we received your surrender request.
For surrender requests received by phone:
•
If we receive your surrender request at our Service Center in good order before the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender using the accumulation unit value we calculate on the valuation date we received your surrender request.
•
If we receive your surrender request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender using the accumulation unit value we calculate on the next valuation date after we received your surrender request.
If you were not able to complete your transaction before the close of business for any reason, including telephone service interruptions or delays due to high call volume, we will process your transaction using the accumulation unit value we calculate on the next valuation date.
We may ask you to return the contract. You may have to pay a contract administrative charge, surrender charges, or any applicable optional rider charges (see “Charges”) and federal income taxes and penalties. State and local income taxes may also apply. (see “Taxes”) You cannot make surrenders after the annuitization start date except if you elect an annuity payout plan with guaranteed payouts.
Any partial surrender you take under the contract will reduce your contract value. As a result, the value of your death benefit or any optional benefits you have elected also will be reduced. If you have elected a SecureSource series rider and your partial surrenders in any contract year exceed the permitted surrender amount under the terms of the rider, your benefits under the rider will be reduced (see “Optional Benefits — Optional Living Benefits”). Any partial surrender request that exceeds the amount allowed under the SecureSource series riders will impact the guarantees provided and will not be considered in good order until we receive a signed Benefit Impact Acknowledgement form showing the projected effect of the surrender on the rider benefits or a verbal acknowledgement that you understand and accept the impacts that have been explained to you.
In addition, surrenders you are required to take to satisfy the RMDs under the Code may reduce the value of certain death benefits and optional benefits (see “Taxes — Qualified Annuities — Required Minimum Distributions”).
Surrender Policies
If you have a balance in more than one account and you request a partial surrender, we will automatically surrender money from all your subaccounts, Special DCA fixed account, GPAs and/or the regular fixed account in the same proportion as your value in each account correlates to your total contract value, unless requested otherwise. If your contract includes a SecureSource series rider you do not have the option to request from which account to surrender. The minimum contract value after partial surrender is $500 (for contracts with a a SecureSource series rider, there is no minimum).
Receiving Payment
 
1 By electronic payment
•
request that payment be sent electronically to your bank;
•
pre-authorization required.
 
2 By regular or express mail
•
payable to you;
•
mailed to address of record.
NOTE: We will charge you a fee if you request express mail delivery.
We may choose to permit you to have checks issued and delivered to an alternate payee or to an address other than your address of record. We may also choose to allow you to direct wires or other electronic payments to accounts owned by a third-party. We may have additional good order requirements that must be met prior to processing requests to make any payments to a party other than the owner or to an address other than the address of record. These requirements will be designed to ensure owner instructions are genuine and to prevent fraud.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 47
Normally, we will send the payment within seven days after receiving your request in good order. However, we may postpone the payment if:
–
the NYSE is closed, except for normal holiday and weekend closings;
–
trading on the NYSE is restricted, according to SEC rules;
–
an emergency, as defined by SEC rules, makes it impractical to sell securities or value the net assets of the accounts; or
–
the SEC permits us to delay payment for the protection of security holders.
We may also postpone payment of the amount attributable to a purchase payment as part of the total surrender amount until cleared from the originating financial institution.
TSA — Special Provisions
Participants in Tax-Sheltered Annuities
If the contract is intended to be used in connection with an employer sponsored 403(b) plan, additional rules relating to this contract can be found in the annuity endorsement for tax sheltered 403(b) annuities. Unless we have made special arrangements with your employer, the contract is not intended for use in connection with an employer sponsored 403(b) plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In the event that the employer either by affirmative election or inadvertent action causes contributions under a plan that is subject to ERISA to be made to this contract, we will not be responsible for any obligations and requirements under ERISA and the regulations thereunder, unless we have prior written agreement with the employer. You should consult with your employer to determine whether your 403(b) plan is subject to ERISA.
In the event we have a written agreement with your employer to administer the plan pursuant to ERISA, special rules apply as set forth in the TSA endorsement.
The employer must comply with certain nondiscrimination requirements for certain types of contributions under a TSA contract to be excluded from taxable income. You should consult your employer to determine whether the nondiscrimination rules apply to you.
The Code imposes certain restrictions on your right to receive early distributions from a TSA:
•
Distributions attributable to salary reduction contributions (plus earnings) made after Dec. 31, 1988, or to transfers or rollovers from other contracts, may be made from the TSA only if:
–
you are at least age 59½;
–
you are disabled as defined in the Code;
–
you severed employment with the employer who purchased the contract;
–
the distribution is because of your death;
–
the distribution is due to plan termination;
–
you are a qualifying military reservist;
–
you are terminally ill as defined in the Code;
–
you are adopting or are having a baby;
–
you are supplying Personal or Family Emergency Expense;
–
you are a Domestic Abuse Victim: or
–
you are in need to cover Expenses and losses on account of a FEMA declared disaster.
•
If you encounter a financial hardship (as provided by the Code), you may be eligible to receive a distribution of all contract values attributable to salary reduction contributions made after Dec. 31, 1988, but not the earnings on them.
•
Even though a distribution may be permitted under the above rules, it may be subject to IRS taxes and penalties (see “Taxes”).
•
The above restrictions on distributions do not affect the availability of the amount credited to the contract as of Dec. 31, 1988. The restrictions also do not apply to transfers or exchanges of contract value within the contract, or to another registered variable annuity contract or investment vehicle available through the employer.
•
If the contract has a loan provision, the right to receive a loan is described in detail in your contract. Loans will not be available if you have a SecureSource series rider, APB rider, Enhanced Legacy Benefit, SecureSource Legacy benefit rider or Benefit Protector Death Benefit rider.
48 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Changing the Annuitant
If you have a nonqualified annuity and are a natural person (excluding a revocable trust), you may change the annuitant or contingent annuitant if the request is made prior to the annuitization start date and while the existing annuitant or contingent annuitant is living. The change will become binding on us when we receive it. If you and the annuitant are not the same person and the annuitant dies before the annuitization start date, the owner becomes the annuitant unless a contingent annuitant has been previously selected. You may not change the annuitant if you have a qualified annuity or there is non-natural or revocable trust ownership. For inherited nonqualified annuities, joint annuitants, contingent annuitants, and changing the annuitant are not allowed. Joint annuitants are not allowed for contracts with a SecureSource series Single Life rider. For contracts issued in California, if you have the SecureSource Legacy benefit rider and a SecureSource series rider, you may not change the annuitant while this rider is in force (Joint Life: unless a Covered Spouse becomes the owner and annuitant under the spousal continuation provision).
Changing Ownership
You may change ownership of your nonqualified annuity at any time by completing a change of ownership form we approve and sending it to our Service Center. We will honor any change of ownership request received in good order that we believe is authentic, and we will use reasonable procedures to confirm authenticity. If we follow these procedures, we will not take any responsibility for the validity of the change.
If you have a nonqualified annuity, you may incur income tax liability by transferring, assigning or pledging any part of it. (See “Taxes.”)
If you have a qualified annuity, you may not sell, assign, transfer, discount or pledge your contract as collateral for a loan, or as security for the performance of an obligation or for any other purpose except as required or permitted by the Code. However, if the owner is a trust or custodian, or an employer acting in a similar capacity, ownership of the contract may be transferred to the annuitant.
Please consider carefully whether or not you wish to change ownership of your annuity contract. If you elected any optional contract features or riders and any owner was not an owner before the change, all owners (including any prior owner who is still an owner after the ownership change) will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract. For ownership changes prior to 5/1/2020, our administrative process required only the new owner to meet the age limitations.
The death benefit may change due to a change of ownership.
•
If you have the Enhanced Legacy Benefit, joint ownership and joint annuitants are not allowed while this rider is in force. For contracts issued in all states except California, if any owner is age 75 or younger immediately following the ownership change, the rider will continue and the benefit amount may be reset. An assignment or change of ownership may also be made to a non-natural owner (e.g. an individual ownership changed to an irrevocable trust) or to a revocable trust, with either holding for the sole benefit of the prior owner. Assignments and ownership changes other than these will terminate the rider. For contracts issued in California, the benefits provided under the rider are only payable at the annuitant’s death. You may not change the annuitant while this rider is in force, unless you are the annuitant and your spouse becomes the owner and annuitant under the spousal continuation provision. An ownership change will not terminate the rider or reset the benefit amount.
•
If you have the SecureSource Legacy benefit rider and a SecureSource series – Single Life rider, if there is an assignment or a change of ownership, the rider will terminate unless the new owner or assignee assumes total ownership of the contract and was an owner or the covered person before the change, or is a non-natural owner or revocable trust, either holding for the sole benefit of the prior owner, subject to state restrictions. For contracts issued in California, the benefits provided under the SecureSource Legacy rider are only payable at the annuitant’s death. An ownership change will not terminate the rider.
•
If you have the SecureSource Legacy benefit rider and a SecureSource series – Joint Life rider, if there is an assignment or a change of ownership, the rider will terminate unless the new owner or assignee assumes total ownership of the contract and was an owner or a covered spouse before the change, or is a non-natural owner or a revocable trust, either holding for the sole benefit of the prior owner, subject to state restrictions. For contracts issued in California, the benefits provided under the SecureSource Legacy benefit rider are only payable at the annuitant’s death. You may not change the annuitant while this rider is in force unless a covered spouse becomes the owner and annuitant under the spousal continuation provision. An ownership change will not terminate the rider.
•
If you have the Benefit Protector rider, if any owner is older than age 75 immediately following the ownership change, the rider will terminate upon change of ownership. If all owners are younger than age 76, the rider continues unless the owner chooses to terminate it during the 30-day window following the effective date of the ownership change. The Benefit Protector death benefit values may be reset (see “Optional Death Benefits — Benefit Protector Death Benefit Rider”).
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 49
•
If you elected the ROPP Death Benefit and if any owner is older than age 79 immediately following the ownership change, the ROPP Death Benefit will continue. If all owners are age 79 or younger, the ROPP Death Benefit will terminate and the Standard Death Benefit will apply.
•
If you elected the 5-Year MAV Death Benefit and if any owner is older than age 75 immediately following the ownership change, this rider will terminate and the Standard Death Benefit will apply. If all owners are age 75 or younger, the 5-Year MAV Death Benefit will continue.
•
If you elected the MAV Death Benefit and if any owner is older than age 79 immediately following the ownership change, this rider will terminate and the Standard Death Benefit will apply. If all owners are age 79 or younger, the MAV Death Benefit will continue.
•
The ROPP Death Benefit, MAV Death Benefit and 5-Year MAV Death Benefit values may be reset (see “Benefits in the Case of Death”).
•
If the death benefit that applies to your contract changes due to an ownership change, the mortality and expense risk fee may change as well (see “Charges — Mortality and Expense Risk Fee”).
For a SecureSource series — Single Life rider, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the covered person before the change, or is a non-natural owner or revocable trust, either holding for the sole benefit of the prior owner. For contracts issued in California, an ownership change will not terminate the rider and will not change the covered person under the rider. Joint ownership and joint annuitants are not allowed for contracts with SecureSource series — Single Life rider.
For a SecureSource series — Joint Life rider, if the owner is a natural person, only the covered spouses can be owners. If there is a non-natural or revocable trust owner, one of the covered spouses must be the annuitant. The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a covered spouse before the change, or is a non-natural owner or a revocable trust, either holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited; however, the rider will not terminate and the covered spouses under the rider will not change.
For the Accumulation Protector Benefit rider, subject to state rules, the rider will terminate if there is a change of ownership unless the new owner assumes total ownership of the contract and was an owner before the change. (See “Optional Benefits.”)
50 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Benefits Available Under the Contract
The following table summarizes information about the benefits available under the Contract. 
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
Standard Benefits (no additional charge)
Dollar Cost
Averaging
Allows the systematic
transfer of a specified
dollar amount among
the subaccounts or
from the regular fixed
account to one or more
eligible subaccounts
N/A
N/A
•Transfers not available to the GPA
account, regular fixed account and
Special DCA fixed account
•Transfers out of the regular fixed
account, including automated
transfers, are limited to 30% of
regular fixed account value at the
beginning of the contract year or
$10,000, whichever is greater
•Not available with a living benefit
Special Dollar
Cost Averaging
(SDCA)
Allows the systematic
transfer from the
Special DCA fixed
account to one or more
eligible subaccounts
N/A
N/A
•Must be funded with a purchase
payment, not transferred contract
value
•Only 6-month and 12-month options
are available
•Transfers occur on a monthly basis
and the first monthly transfer
occurs one day after we receive
your purchase payment
•You may not use the regular fixed
account, GPA account, or the
Special DCA fixed account as a
destination for the Special DCA
monthly transfer
Asset
Rebalancing
Allows you to have your
investments
periodically rebalanced
among the
subaccounts to your
pre-selected
percentages
N/A
N/A
•You must have $2,000 in Contract
Value to participate.
•We require 30 days notice for you to
change or cancel the program
•You can request rebalancing to be
done either quarterly, semiannually
or annually
•Other restrictions may apply for
contracts with the SecureSource
Tempo rider
Income Guide
Provides reporting and
monitoring of
withdrawals you take
from your annuity.
N/A
N/A
•Contract owners must be at least
age 50 and no older than age 85
•Available only if the servicing
broker-dealer on your contract is
Ameriprise Financial Services, LLC
•Not available with a living benefit
•Not available if you are making
substantially equal withdrawals
•Not available if you have more than
one systematic withdrawal program
in place
•Systematic withdrawals must be set
up according to the all the terms of
Income Guide
•Your contract cannot have any loans
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 51
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
Automated
Partial
Surrenders/
Systematic
Withdrawals
Allows automated
partial surrenders from
the contract
N/A
N/A
•Additional systematic payments are
not allowed with automated partial
surrenders
•For contracts with a SecureSource
series rider you may set up
automated partial surrenders up to
the benefit available for withdrawals
under the rider
•May result in income taxes and IRS
penalty on all or a portion of the
amounts surrendered
Nursing Home or
Hospital
Confinement
Allows you to withdraw
contract value without
a surrender charge
N/A
N/A
•You must be confined to a hospital
or nursing home for the prior
60 days or confinement began
within 30 days following a 60 day
confinement period
•You must be under age 76 on the
contract issue date and
confinement must start after the
contract issue date
•Must receive your surrender request
no later than 91 days after your
release from the hospital or nursing
home
•Amount withdrawn must be paid
directly to you
Terminal Illness
Allows you to withdraw
contract value without
a surrender charge
N/A
N/A
•Terminal Illness diagnosis must
occur after the first contract year
•Must be terminally ill and not
expected to live more than 12
months
•Amount withdrawn must be paid
directly to you
Standard Death
Benefit
(available for
contract owners
age 79 and
younger)
Provides a guaranteed
death benefit equal to
the greater of the
Return of Purchase
Payment Value (ROPP),
Contract Value after
any rider charges have
been deducted, or the
Full Surrender Value
N/A
N/A
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals, and such reductions
could be significant
•Annuitizing the Contract terminates
the benefit.
Standard Death
Benefit
(available if any
contract owner
is age 80 and
older)
Provides a minimum
death benefit equal to
the greater of the
Contract Value after
any rider charges have
been deducted or the
Full Surrender Value
N/A
N/A
•Annuitizing the Contract terminates
the benefit
Optional Benefits
ROPP Death
Benefit
Provides a guaranteed
death benefit equal to
the greater of the
Return of Purchase
0.35% of
average daily
contract value
in the variable
0.35%
•Available if any owner is age 80 and
older
•Must be elected at contract issue
•Not available with any
52 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
 
Payment Value
(ROPP),Contract Value
after any rider charges
have been deducted,
or the Full Surrender
Value
account
 
SecureSource series rider
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals, and such reductions
could be significant
•Annuitizing the Contract terminates
the benefit
MAV Death
Benefit
Increases the
guaranteed death
benefit to the highest
anniversary contract
value, adjusted for any
partial surrenders
0.25% of
average daily
contract value
in the variable
account
0.25%
•Available to owners age 79 and
younger
•Must be elected at contract issue
•Not available with any
SecureSource series rider or
Enhanced Legacy Benefit
•No longer eligible to increase on
any contract anniversary on/after
your 81st birthday.
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals. Such reductions could
be significant.
•Annuitizing the Contract terminates
the benefit
5-year MAV
Death Benefit
Increases the
guaranteed death
benefit to the highest
5th anniversary
contract value,
adjusted for any partial
surrenders
0.10% of
average daily
contract value
in the variable
account
0.10%
•Available to owners age 75 and
younger
•Must be elected at contract issue
•Not available with Enhanced Legacy
Benefit
•No longer eligible to increase on
any contract anniversary on/after
your 81st birthday
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals. Such reductions could
be significant
•Annuitizing the Contract terminates
the benefit
Benefit Protector
Death Benefit
Provides an additional
death benefit, based
on a percentage of
contract earnings, to
help offset expenses
after death such as
funeral expenses or
federal and state taxes
0.25% of
contract value
0.25%
•Available to owners age 75 and
younger
•Must be elected at contract issue
•Only available if elected with the
Standard Death Benefit (for owners
age 79 or younger), MAV or 5-year
MAV
•For contract owners age 70 and
older at issue, the benefit
decreases from 40% to 15% of
earnings
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 53
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
 
 
 
 
•Annuitizing the Contract terminates
the benefit
Enhanced
LegacySM Benefit
Increases the
guaranteed death
benefit to the greater
of the MAV (i.e. the
highest anniversary
contract value) and
ADB value (i.e
purchase payments
compounded at 5%),
adjusted for any partial
surrenders
1.75% of the
greater of
contract value
and guaranteed
death benefit
(On or after
age 86, 1.75%
of guaranteed
death benefit)
0.95%
•Available to owners age 75 and
younger
•Must be elected at contract issue
•Not available with any living benefit
rider or any other death benefit rider
•Subject to Investment Allocation
restrictions
•No longer eligible to increase on
any contract anniversary following
your 81st (for ADB value) or 86th
(for MAV) birthday
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals. Such reductions could
be significant
•Annuitizing the Contract terminates
the benefit
SecureSource
LegacySM Benefit
For contracts with one
of the SecureSource
series riders increases
the guaranteed death
benefit to the highest
anniversary contract
value, adjusted for any
partial surrenders.
On or after
5/4/2020:
0.50%
Prior to
5/4/2020:
0.40% of
contract value
or
SecureSource
Legacy Death
Benefit
amount,
whichever is
greater
On or after
5/4/2020:
0.35%
Prior to
5/4/2020:
0.25%
•Must be elected at contract issue
•Available only when purchased with
the one of SecureSource series
riders
•Subject to Investment Allocation
restrictions
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals. Such reductions could
be significant
•Annuitizing the Contract terminates
the benefit
SecureSource
TempoSM
Provides lifetime
income regardless of
investment
performance
2.50% of
contract value
or the Benefit
Base,
whichever is
greater
Disclosed in
the Rate Sheet
Prospectus
Supplement
along with
other benefit
information
•Available to owners age 85 or
younger
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•May have limitations on additional
purchase payments
54 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
SecureSource
Core 2SM
Provides lifetime
income regardless of
investment
performance
2.50% of
contract value
or the Benefit
Base,
whichever is
greater
Disclosed in
the Rate Sheet
prospectus
Supplement
along with
other benefit
information
•Available to owners age 85 or
younger
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•May have limitations on additional
purchase payments
SecureSource5®
Provides lifetime
income regardless of
investment
performance
2.50% of
contract value
or the Benefit
Base,
whichever is
greater
Disclosed in
the Rate Sheet
Prospectus
Supplement
along with
other benefit
information
•Available to owners age 85 or
younger
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•May have limitations on additional
purchase payments
SecureSource5®
Plus
Provides lifetime
income regardless of
investment
performance
2.50% of
contract value
or the Benefit
Base,
whichever is
greater
Disclosed in
the Rate Sheet
Prospectus
Supplement
along with
other benefit
information
•Available to owners age 85 or
younger
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•May have limitations on additional
purchase payments
SecureSource
CoreSM
Provides lifetime
minimum withdrawal
2.25% of
contract value
Disclosed in
the Rate Sheet
•Available to owners age 85 or
younger
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 55
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
 
benefit regardless of
investment
performance
or the Benefit
Base,
whichever is
greater
Prospectus
Supplement
along with
other benefit
information
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•Limitations on additional purchase
payments
SecureSource
Core PlusSM
Provides lifetime
minimum withdrawal
benefit regardless of
investment
performance
2.75% of
contract value
or the Benefit
Base,
whichever is
greater
Disclosed in
the Rate Sheet
Prospectus
Supplement
along with
other benefit
information
•Available to owners age 85 or
younger
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•Limitations on additional purchase
payments
SecureSource4®
Provides lifetime
minimum withdrawal
benefit regardless of
investment
performance
2.25% of
contract value
or the Benefit
Base,
whichever is
greater
Disclosed in
the Rate Sheet
Prospectus
Supplement
along with
other benefit
information
•Available to owners age 85 or
younger
•Must be elected at contract issue
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•Limitations on additional purchase
payments
SecureSource4®
Plus
Provides lifetime
minimum withdrawal
benefit regardless of
investment
2.25% of
contract value
or the Benefit
Base,
Disclosed in
the Rate Sheet
Prospectus
Supplement
•Available to owners age 85 or
younger
•Must be elected at contract issue
56 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Name of Benefit
Purpose
Maximum Fee
Current Fee
Brief Description of Restrictions/
Limitations
 
performance
whichever is
greater
along with
other benefit
information
•Available as a Single Life or Joint
Life option
•Not available under an inherited
qualified annuity
•Subject to Investment Allocation
restrictions
•Certain withdrawals could
significantly reduce the guaranteed
amounts under the rider and the
rider will terminate if the contract
value goes to zero due to an excess
withdrawal
•Limitations on additional purchase
payments
Accumulation
Protector
Benefit®
Provides 100% of
initial investment or
90% of highest
contract anniversary
value (adjusted for
partial surrenders) at
the end of 10 year
waiting period,
regardless of
investment
performance
2.00% of
contract value
or the Minimum
Contract
Accumulation
Value,
whichever is
greater
Varies by issue
date and
elective step
up date
•Available to owners age 80 or
younger
•Must be elected at contract issue
•Not available with SecureSource
series riders, Enhanced Legacy
Benefit or SecureSource Legacy
benefit rider
•Withdrawals will proportionately
reduce the benefit, which means
your benefit could be reduced by
more than the dollar amount of your
withdrawals. Such reductions could
be significant
•The rider ends when the Waiting
Period expires
•Limitations on additional purchase
payments
•Subject to Investment Allocation
restrictions
•Step ups restart the Waiting Period
Benefits in Case of Death — Standard Death Benefit
We will pay the death benefit to your beneficiary upon your death if you die before the annuitization start date with the contract value greater than zero. If a contract has more than one person as the owner, we will pay benefits upon the first to die of any owner.
If you are age 79 or younger on the date we issue the contract or the date of the most recent covered life change, the beneficiary receives the greater of:
•
the contract value after any rider charges have been deducted;
•
the Return of Purchase Payments (ROPP) value; or
•
the Full Surrender Value.
If you are age 80 or older on the date we issue the contract or the date of the most recent covered life change, the beneficiary receives the greater of contract value after any rider charges have been deducted or the Full Surrender Value.
Here are some terms that are used to describe the Standard Death Benefit and optional death benefits:
ROPP Value: is the total purchase payments on the contract issue date. Additional purchase payments will be added to the ROPP value. Adjusted partial surrenders will be subtracted from the ROPP value. 
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Adjusted partial surrenders
=
a × b
c
 
a
=
the amount your contract value is reduced by the partial surrender.
b
=
the applicable ROPP value, MAV value or 5-year MAV value on the date of (but prior to) the partial surrender.
c
=
the contract value on the date of (but prior to) the partial surrender.
If you take a partial surrender, the applicable ROPP, MAV, or 5-year MAV value will be reduced proportionally based on the percentage of contract value that is withdrawn. This means that if the contract value is higher than the ROPP, MAV, or 5-year MAV value at the time of a partial surrender, then the ROPP, MAV, or 5-year MAV Value is reduced by an amount that is less than the dollar amount withdrawn. Conversely, if the contract value is lower than the ROPP, MAV, or 5-year MAV value at the time of a partial surrender, then the ROPP, MAV, or 5-year MAV value is reduced by an amount that is more than the dollar amount withdrawn.
Covered Life Change: is either continuation of the contract by a spouse under the spousal continuation provision, or an ownership change where any owner after the ownership change was not an owner prior to the change.
Full Surrender Value: is the contract value immediately prior to the surrender (immediately prior to payment of a death claim for death benefits) less:
•
any surrender charge,
•
pro rata rider charges,
•
the contract charge, and
plus:
•
any positive or negative market value adjustment.
For a spouse who continues the contract and is age 79 or younger, we set the ROPP value to the contract value on the date of the continuation after any rider charges have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid, but with no reduction for rider charges on riders that remain in force and without regard to the Full Surrender Value.
After a covered life change other than for the spouse who continues the contract, if the prior owner and all current owners are eligible for the ROPP Death Benefit, we reset the ROPP value on the valuation date we receive your written request for the ownership change to the contract value after any rider charges have been deducted, if the contract value is less. If the prior owner was not eligible for the ROPP Death Benefit, but the new owner is eligible, we reset the ROPP value to the contract value after any rider charges have been deducted on the valuation date we receive your request for the ownership change.
Example of standard death benefit calculation when you are age 79 or younger on the contract effective date:
•
You purchase the contract with a payment of $20,000
•
During the second contract year the contract value falls to $18,000, at which point you take a $1,500 partial surrender, leaving a contract value of $16,500.
 
We calculate the death benefit as follows:
 
The total purchase payments minus adjustments for partial surrenders:
 
Total purchase payments
minus adjusted partial surrenders, calculated as:
$20,000
 
$1,500 × $20,000
=
–1,667
 
$18,000
 
for a standard death benefit of:
$18,333
 
since this is greater than your contract value of $16,500
If You Die Before the Annuitization Start Date
When paying the beneficiary, we will process the death claim on the valuation date our death claim requirements are fulfilled. We will determine the contract’s value using the accumulation unit value we calculate on that valuation date. We pay interest, if any, at a rate no less than required by law. We will mail payment to the beneficiary within seven days after our death claim requirements are fulfilled. Death claim requirements generally include due proof of death and will be detailed in the claim materials we send upon notification of death.
58 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
When paying multiple beneficiaries, we will process the death claim of each beneficiary on the valuation date when a beneficiary provides us with complete death claim requirements. We will determine a beneficiary's proceeds using the accumulation unit value we calculate on that valuation date. The remaining contract value remains invested as was specified at time of death. We pay interest, if any, at a rate no less than required by law. We will mail payment to a beneficiary within seven days after our death claim requirements are fulfilled.
Nonqualified annuities
Spousal continuation: If your spouse is sole primary beneficiary and you die before the annuitization start date, your spouse may keep the contract as owner with the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). To do this your spouse must, on the date our death claim requirements are fulfilled, give us written instructions to continue the contract as owner.
There will be no surrender charges on the contract from that point forward unless additional purchase payments are made. If you elected any optional contract features or riders, your spouse will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract and the values may be reset (see “Optional Living Benefits”, “Optional Death Benefits” and “Benefits in the Case of Death — Standard Death Benefit”). If the death benefit applicable to the contract changes due to spousal continuation, the mortality and expense risk fee may change as well (see “Charges — Mortality and Expense Risk Fee”).
If your beneficiary is not your spouse, or your spouse does not elect spousal continuation, we will pay the beneficiary in a single sum unless you give us other written instructions. Generally, we must fully distribute the death benefit within five years of your death. However, the beneficiary may receive payouts under any annuity payout plan available under this contract if:
•
the beneficiary elects in writing, and payouts begin, no later than one year after your death, or other date as permitted by the IRS; and
•
the payout period does not extend beyond the beneficiary’s life or life expectancy.
Qualified annuities
The information below has been revised to reflect proposed regulations issued by the Internal Revenue Service that describe the requirements for required minimum distributions when a person or entity inherit assets held in an IRA, 403(b) or qualified retirement plan. This proposal is not final and may change. Contract owners are advised to work with a tax professional to understand their required minimum distribution obligations under the proposed regulations and federal law.  The proposed regulations can be found in the Federal Register, Vol. 87, No. 37, dated Thursday, February 24, 2022.
•
Spouse beneficiary: If you have not elected an annuity payout plan, and if your spouse is the sole primary beneficiary, your spouse may either elect to treat the contract as his/her own (spousal continuation), so long as he or she is eligible to do so, or elect an annuity payout plan or another plan agreed to by us. If your spouse elects a payout option, the payouts must begin no later than the year in which you would have reached age 73. If you attained age 73 at the time of death, payouts must begin no later than Dec. 31 of the year following the year of your death.
Your spouse may elect to assume ownership of the contract with the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). To do this your spouse must, on the date our death claim requirements are fulfilled, give us written instructions to continue the contract as owner. There will be no surrender charges on the contract from that point forward unless additional purchase payments are made. If you elected any optional contract features or riders, your spouse will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract and the values may be reset (see “Optional Living Benefits”, “Optional Death Benefits” and “Benefits in the Case of Death — Standard Death Benefit”). If the death benefit applicable to the contract changes due to spousal continuation, the mortality and expense risk fee may change as well (see “Charges — Mortality and Expense Risk Fee”). If your spouse is the sole beneficiary and elects to treat the contract as his/her own as an inherited IRA, the SecureSource series rider will terminate.
If you purchased this contract as an inherited IRA and your spouse is the sole beneficiary, he or she can elect to continue this contract as an inherited IRA. Your spouse must follow the schedule of minimum surrenders established based on your life expectancy and must withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death.
If you purchased this contract as an inherited IRA and your spouse is not the sole beneficiary, he or she can elect an alternative payment plan for his or her share of the death benefit and all optional death benefits and living benefits will terminate. Your spouse beneficiary must submit the applicable investment options form. No additional purchase payments will be accepted. The death benefit payable on the death of the spouse beneficiary is the greater of the contract value after any rider charges have been deducted and the Full Surrender Value; the mortality and expense risk fee will be the same as is applicable to the Standard Death Benefit. Your spouse must follow the schedule of minimum surrenders established based on your life expectancy and must withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death.
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•
Non-spouse beneficiary: If you have not elected an annuity payout plan, and if death occurs on or after Jan. 1, 2020, the beneficiary is required to withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death unless they qualify as an “eligible designated beneficiary.” Your beneficiary may be required to take distributions during the 10-year period if you died after your Required Beginning Date. Eligible designated beneficiaries may continue to take proceeds out over your life expectancy if you died prior to your Required Beginning Date or over the greater of your life expectancy or their life expectancy if you died after your Required Beginning Date. Eligible designated beneficiaries include the surviving spouse:
•
the surviving spouse;
•
a lawful child of the owner under the age of 21 (remaining amount must be withdrawn by the earlier of the end of the year the minor turns 31 or end of the 10th year following the minor's death);
•
disabled within the meaning of Code section 72(m)(7);
•
chronically ill within the meaning of Code section 7702B(c)(2);
•
any other person who is not more than 10 years younger than the owner.
However, non-natural beneficiaries, such as estates and charities, are subject to a five-year rule to distribute the IRA if you died prior to your Required Beginning Date.
We will pay the beneficiary in a single sum unless the beneficiary elects to receive payouts under a payout plan available under this contract and:
•
the beneficiary elects in writing, and payouts begin, no later than one year following the year of your death; and
•
the payout period does not extend beyond December 31 of the 10th year following your death or the applicable life expectancy for an eligible designated beneficiary.
•
Spouse and Non-spouse beneficiary: If a beneficiary elects an alternative payment plan which is an inherited IRA, all optional death benefits and living benefits will terminate. The beneficiary must submit the applicable investment options form. No additional purchase payments will be accepted. The death benefit payable on the death of the beneficiary is the greater of the contract value and the Full Surrender Value; the mortality and expense risk fee will be the same as is applicable to the Standard Death Benefit.
•
Annuity payout plan: If you elect an annuity payout plan, the payouts to your beneficiary may continue depending on the annuity payout plan you elect, subject to adjustment to comply with the IRS rules and regulations.
If You Die After the Annuitization Start Date
If you die after the annuitization start date, the amount payable, if any, will depend on the annuity payment plan then in effect. Payments to beneficiaries are subject to adjustment to comply with the IRS rules and regulations.
Death of the owner: If the owner is the annuitant and dies after the annuitization start date, payments cease for lifetime only payment plans. Payments continue to the owner’s beneficiaries for the remainder of any guarantee period or for the lifetime of a surviving joint annuitant, if any.
If the owner is not the annuitant and dies after the annuitization start date, payments continue to the beneficiaries according to the payment plan in effect.
Death of the annuitant or of a beneficiary receiving payments under an annuity payment plan: If the owner is not the annuitant and the annuitant dies after the annuitization start date, payments cease for lifetime payment plans. Payments continue to the owner for the remainder of any guarantee period or for the lifetime of a surviving joint annuitant, if any.
If a beneficiary elects an annuity payment plan as provided under the payment options provision above and dies after payments begin, payments continue to beneficiaries named by the deceased beneficiary as provided under the change of beneficiary provision for the remainder of any guarantee period. (See “Annuity Payout Plans”)
In any event, amounts remaining payable must be paid at least as rapidly as payments were being made at the time of such death.
How we handle contracts under unclaimed property laws
Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of one to five years from either 1) the contract’s maturity date (the latest day on which income payments may begin under the contract) or 2) the date the death benefit is due and payable. If a contract matures or we determine a death benefit is payable, we will use our best efforts to locate you or designated beneficiaries. If we are unable to locate you or a beneficiary, proceeds will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or you last resided, as shown in our books and records, or to our state of domicile. Generally, this surrender of property to the state is commonly referred to as “escheatment”. To avoid escheatment, and ensure an effective process for your beneficiaries, it is important that your personal address and beneficiary
60 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
designations are up to date, including complete names, date of birth, current addresses and phone numbers, and taxpayer identification numbers for each beneficiary. Updates to your address or beneficiary designations should be sent to our Service Center.
Escheatment may also be required by law if a known beneficiary fails to demand or present an instrument or document to claim the death benefit in a timely manner, creating a presumption of abandonment. If your beneficiary steps forward (with the proper documentation) to claim escheated annuity proceeds, the state is obligated to pay any such proceeds it is holding.
For nonqualified deferred annuities, non-spousal death benefits are generally required to be distributed and taxed within five years from the date of death of the owner.
Optional Benefits
The assets held in our general account support the guarantees under your contract, including optional death benefits and optional living benefits. To the extent that we are required to pay you amounts in addition to your contract value under these benefits, such amounts will come from our general account assets. You should be aware that our general account is exposed to the risks normally associated with a portfolio of fixed-income securities, including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of insurance and financial products as well, and we also pay our obligations under these products from assets in our general account. Our general account is not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of the risks inherent within the investments of the general account.
Optional Death Benefits
In addition to the Standard Death Benefit, we also offer the following optional death benefits:
•
ROPP Death Benefit;
•
MAV Death Benefit;
•
5-Year MAV Death Benefit;
•
Benefit Protector Death Benefit;
•
Enhanced Legacy Benefit; and
•
SecureSource Legacy Benefit.
The optional death benefits listed above must be elected at the time you purchase your contract. Once you elect a death benefit, you cannot change it; however, the death benefit that applies to your contract may change due to an ownership change (see “Changing Ownership”) or continuation of the contract by the spouse under the spousal continuation provision.
The death benefit determines the mortality and risk expense fee that is assessed against the subaccounts. We will base the benefit paid on the death benefit coverage in effect on the date of your death.
If you are age 80 or older at contract issue, you may select the ROPP death benefit described below at the time you purchase your contract. The ROPP Death Benefit may not be purchased with the SecureSource series rider. Be sure to discuss with your financial advisor whether or not this death benefit is appropriate for your situation.
Return of Purchase Payments (ROPP) Death Benefit
The ROPP Death Benefit will pay your beneficiaries no less than your purchase payments, adjusted for surrenders. If you die before the annuitization start date and while this contract is in force, the death benefit will be the greatest of:
1.
the contract value after any rider charges have been deducted,
2.
the ROPP Value, or
3.
the Full Surrender Value.
For a spouse who continues the contract and is age 80 or older, we reset the ROPP value to the contract value on the date of the continuation after any rider charges have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). If the spouse who continues the contract is age 79 or younger, the optional ROPP Death Benefit will terminate and the Standard Death Benefit will apply.
After a covered life change other than for the spouse who continues the contract, if any owner is age 80 or older we reset the ROPP value on the valuation date we receive your request for the ownership change to the contract value after any rider charges have been deducted, if the contract value is less.
If all owners are age 79 or younger, the optional ROPP Death Benefit will terminate and the Standard Death Benefit will apply.
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If you are age 75 or younger at contract issue, you may select one of the following optional death benefits: MAV Death Benefit, 5-Year MAV Death Benefit, Benefit Protector Death Benefit or Enhanced Legacy Benefit. If you select the MAV Death Benefit or 5-Year MAV Death Benefit, you may also select the Benefit Protector Death Benefit. The MAV Death Benefit may not be purchased with the SecureSource series rider. If you are between ages 76-79 at contract issue, you may only select the MAV Death Benefit. The death benefits do not provide any additional benefit before the first contract anniversary and may not be appropriate for certain older issue ages because the benefit values may be limited after age 80. Be sure to discuss with your financial advisor whether or not these death benefits are appropriate for your situation.
Maximum Anniversary Value (MAV) Death Benefit
The MAV Death Benefit provides that if you die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these values:
1.
the contract value after any rider charges have been deducted;
2.
the ROPP value;
3.
the MAV; or
4.
the Full Surrender Value.
The MAV equals the ROPP value prior to the first contract anniversary. Every contract anniversary prior to the earlier of your 81st birthday or your death, we compare the MAV to the current contract value and we reset the MAV to the higher amount. The MAV is increased by any additional purchase payments and reduced by adjusted partial surrenders as described above in the “Benefits in Case of Death — Standard Death Benefit” section.
For a spouse who is age 79 or younger and continues the contract, we reset the MAV to the contract value on the date of the continuation after any rider charges have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). If your spouse is age 80 or older when the contract is continued, the MAV death benefit will terminate and the Standard Death Benefit will apply.
After a covered life change other than for a spouse who continues the contract, if all owners are age 79 or younger, we reset the MAV on the valuation date we receive your request for the ownership change to the lesser of these two values:
(a)
the contract value after any rider charges have been deducted, or
(b)
the MAV on that date, but prior to the reset.
If any owner is age 80 or older at the time of the covered life change, the MAV death benefit will terminate and the Standard Death Benefit will apply.
5-Year Maximum Anniversary Value (5-Year MAV) Death Benefit
The 5-year MAV Death Benefit provides that if you die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these values:
1.
the contract value after any rider charges have been deducted;
2.
the ROPP value;
3.
the 5-year MAV; or
4.
the Full Surrender Value.
The 5-year MAV equals the ROPP value prior to the fifth contract anniversary. Every fifth contract anniversary prior to the earlier of your 81st birthday or your death, we compare the 5-year MAV to the current contract value and we reset the 5-Year MAV to the higher amount. The 5-year MAV is increased by any additional purchase payments and reduced by adjusted partial surrenders as described above in the “Benefits in Case of Death — Standard Death Benefit” section.
For a spouse who is age 75 or younger and continues the contract, we reset the 5-Year MAV to the contract value on the date of the continuation after any rider charges have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). If your spouse is age 76 or older when the contract was continued, the 5-year MAV death benefit will terminate and the Standard Death Benefit will apply.
After a covered life change other than for a spouse who continues the contract, if all owners are age 75 or younger, we reset the 5-Year MAV on the valuation date we receive your request for the ownership change to the lesser of these two values:
(a)
the contract value after any rider charges have been deducted, or
(b)
the 5-Year MAV on that date, but prior to the reset.
If any owner is age 76 or older at the time of the covered life change, the 5-year MAV death benefit will terminate and the Standard Death Benefit will apply.
62 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Benefit Protector Death Benefit
The Benefit Protector is intended to provide an additional benefit to your beneficiary if there are earnings in the annuity. This will help offset expenses after your death such as funeral expenses or federal and state taxes. This is an optional benefit that you may select for an additional annual charge (see “Charges”). It is only available if you have selected the MAV Death Benefit, 5-year MAV Death Benefit or Standard Death Benefit. The Benefit Protector provides reduced benefits if you are age 70 or older at the rider effective date. The Benefit Protector does not provide any additional benefit before the first rider anniversary.
If you are age 75 or younger at contract issue, you may choose to add the Benefit Protector to your contract.
Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). Since the benefit paid by the rider is determined by the amount of earnings at death, the amount of the benefit paid may be reduced as a result of taking any surrenders including RMDs. Be sure to discuss with your investment professional and tax advisor whether or not the Benefit Protector is appropriate for your situation.
The Benefit Protector provides that if you die after the first rider anniversary, but before the annuitization start date, and while this contract is in force, we will pay the beneficiary:
•
the applicable death benefit, plus:
•
40% of your earnings at death if you were under age 70 on the rider effective date; or
•
15% of your earnings at death if you were age 70 or older on the rider effective date.
If there has been a covered life change, remaining purchase payments is set as the contract value on the date of the most recent covered life change. Thereafter, remaining purchase payments is increased by the amount of each additional purchase payment and adjusted for each partial surrender.
Earnings at death: Earnings at death is equal to the death benefit that is otherwise payable (without this rider), less remaining purchase payments. We set maximum earnings at death of 250% of purchase payments not previously withdrawn that are one or more years old. Earnings at death cannot be less than zero.
Terminating the Benefit Protector
•
You may terminate the rider within 30 days after the first rider anniversary.
•
You may terminate the rider within 30 days after any rider anniversary beginning with the seventh rider anniversary.
•
The rider will terminate when you make a full surrender from the contract or on the annuitization start date.
•
Your spouse may terminate the rider within 30 days following the effective date of the spousal continuation if your spouse is age 75 or younger.
•
You may terminate the rider within 30 days following the effective date of an ownership change if you are age 75 or younger.
•
The rider will terminate for a spousal continuation or ownership change if the spouse or any owner is age 76 or older at the time of the change.
•
The rider will terminate after the death benefit is payable, unless the spouse continues the contract under spousal continuation provision.
•
The rider will terminate when beneficiary elects an alternative payment plan which is an inherited IRA.
If your spouse is the sole beneficiary and you die before the annuitization start date, your spouse may keep the contract as owner. Your spouse will be subject to all the limitations and restrictions of the rider just as if they were purchasing a new contract and the age of the spouse at the time of the change will be used to determine the earnings at death percentage going forward. If your spouse does not qualify for the rider on the basis of age we will terminate the rider and the Standard Death Benefit will apply. If they do qualify for the rider on the basis of age we will set the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value) and we will substitute this new contract value on the date of death for “remaining purchase payments” used in calculating earnings at death.
After a covered life change other than a spouse that continues the contract, all owners will be subject to all of the limitations and restrictions of the rider just as if they were purchasing a new contract; and the age of all owners at the time of the change will be used to determine the earnings at death percentage going forward. If any owner does not qualify for the rider on the basis of age, we will terminate the rider and the Standard Death Benefit will apply. If they do qualify for the rider on the basis of age, we will substitute the contract value on the date of the ownership change for remaining purchase payments used in calculating earnings at death.
For an example, please see Appendix E.
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Enhanced Legacy Benefit
The Enhanced Legacy Benefit is an optional death benefit that you can add to your contract for an additional charge. The Enhanced Legacy Benefit may not be purchased with any living benefit rider or with MAV, 5-year MAV, Benefit Protector Death Benefit or SecureSource Legacy benefit riders. Also, loans will not be available if you purchase this optional benefit. This benefit is intended to provide additional guarantees that may increase the death benefit provided in the contract.
If you are age 75 or younger at contract issue, you may choose to add this rider to your contract. The rider will terminate upon assignment or a change in ownership of the contract unless the new assignee or owner meets the qualifications specified in the Assignment and Change of Ownership section below (does not apply to contracts issued in California).
The Enhanced Legacy Benefit provides that if you die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these values:
1.
contract value after any rider charges have been deducted; or
2.
the ROPP value; or
3.
the Accumulation Death Benefit (ADB) value; or
4.
the MAV.
The Accumulation Death Benefit (ADB) is a component of the death benefit that is based on purchase payments increased by 5% on each anniversary through age 80 (adjusted for partial surrenders).
For contracts issued in California, the following applies:
•
The benefits provided under this rider are only payable at the annuitant’s death and terms “you” or “your” refer to annuitant.
•
If the owner is a natural person, the owner and the annuitant must be the same at issue.
The key terms and provisions of the Enhanced Legacy Benefit are:
Covered Life Change: is either the continuation of the contract by a spouse under the spouse's option to continue contract provision or, in all states except California, an ownership change where an owner after the ownership change was not an owner prior to the change.
Adjustments for Partial Surrenders: Adjustments for partial surrenders are calculated for the ROPP value, ADB value and MAV separately for each partial surrender using the following formula: 
a × b
where:
c
 
a
=
the amount the contract value is reduced by the partial surrender
b
=
the applicable ROPP value, ADB value or MAV on the date of (but prior to) the partial surrender
c
=
the contract value on the date of (but prior to) the partial surrender.
ROPP Value, ADB Value and MAV: are the total purchase payments on the contract issue date. Additional purchase payments will be added to the ROPP value, ADB value and MAV. Adjustments for partial surrenders (as calculated above) will be subtracted from the ROPP value, ADB value and MAV. The ROPP value, ADB value and MAV cannot be withdrawn in a lump sum.
On each contract anniversary prior to your date of death the ADB value and MAV will be adjusted as follows:
1.
On the first contract anniversary, we increase the ADB value by 5%, multiplied by the ADB value as of 60 days after the contract date.
2.
On each contract anniversary after the first and prior to you reaching age 81, we increase the ADB value by 5%, multiplied by the prior contract anniversary’s ADB value.
3.
On each contract anniversary prior to you reaching age 86, the MAV will be increased to the contract value (after rider charges are deducted) if greater.
For a spouse who is age 75 or younger and continues the contract, the Enhanced Legacy Benefit will continue and the ROPP value, ADB value and MAV are reset to the contract value on the date of continuation after any rider charges have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid. If your spouse is age 76 or older when the contract is continued, the Enhanced Legacy Benefit will terminate and the Standard Death Benefit will apply.
After a covered life change other than for a spouse who continues the contract, if the owner is age 75 or younger, the Enhanced Legacy Benefit will continue and the ROPP value, ADB value and MAV are reset on the valuation date we receive your written request for the covered life change to the lesser of the contract value on that date after any rider
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charges have been deducted, and the applicable ROPP value, ADB value and MAV on that date (but prior to the reset). If the owner is age 76 or older at the time of the covered life change, the Enhanced Legacy Benefit will terminate and the Standard Death Benefit will apply.
You should consider whether the Enhanced Legacy Benefit is appropriate for you because:
•
Investment Allocation Restrictions: This rider requires 100% allocation of purchase payments and your contract value to approved investment options, which are currently Portfolio Stabilizer funds. This means that you will not be able to allocate contract value to all of the subaccounts , GPAs or the regular fixed account, that are available under the contract to contract owners who do not elect the rider. (See “Appendix B: Investment Allocation Restrictions for the Accumulation Protector Benefit Rider or Enhanced Legacy Benefit”). You may allocate purchase payments to the Special DCA fixed account, when available, and we will make monthly transfers into the investment option you have chosen. We reserve the right to limit the number of investment option changes per contract year. We also reserve the right to limit elective investment option changes if required to comply with the written instructions of a fund (see “Making the Most of Your Contract – Transferring Among Accounts – Market Timing”). We reserve the right to add, remove or substitute approved investment options at any time and in our sole discretion. Any substitution of funds may be subject to the SEC or state insurance departments approval. (See “Substitution of Investments”).
•
Limitation on Purchase payments: We reserve the right to limit the cumulative amount of purchase payments, subject to state restrictions. This may limit your ability to increase the contract value and death benefit. For current purchase payment restrictions, please see “Buying Your Contract — Purchase Payments”.
Assignment and Change of Ownership
Joint ownership and joint annuitants are not allowed while this rider is in force. In all states, except California, this rider will continue and the benefit amount may be reset if there is an assignment or a change of ownership and the owner or assignee is age 75 or younger.  An assignment or change of ownership may also be made to a non-natural owner (e.g. an individual ownership changed to an irrevocable trust) or to a revocable trust, with either holding for the sole benefit of the prior owner. Assignments and ownership changes other than these will terminate the rider.
For contracts issued in California, the benefits provided under this rider are only payable at the annuitant’s death. You may not change the annuitant while this rider is in force, unless you are the annuitant and your spouse becomes the owner and annuitant under the spousal continuation provision.
Termination of the Rider
The rider can only be terminated under the following circumstances:
1.
After the death benefit is payable, unless the spouse continues the contract as described in the spouse’s option to continue contract provision, the rider will terminate.
2.
For contracts issued in California, after the death benefit is payable, if you are not the annuitant, the rider will terminate.
3.
Certain assignment and ownership changes as described in the Assignment and Change of Ownership provision will terminate the rider (does not apply to contracts issued in California).
4.
On the annuitization start date the rider will terminate.
5.
In relation to certain increases to the annual rider fee as described in the Enhanced Legacy Benefit Charge provision, your written request will terminate the rider.
6.
Reduction of the contract value to zero will terminate the rider.
7.
Termination of the contract for any reason will terminate the rider.
Upon termination of this rider, any additional death benefit provided by the rider will not be payable upon your death. Upon termination, this rider may not be reinstated.
For an example, please see Appendix E.
SecureSource Legacy Benefit
The SecureSource Legacy benefit is an optional death benefit that you can elect only at time of application for an additional charge. The SecureSource Legacy rider is intended to provide additional death benefit guarantees that may increase the death benefit provided under the contract. This rider is available only when purchased in combination with the one of the SecureSource Series riders (Guaranteed Lifetime Withdrawal Benefit (GLWB) riders). Terms used in this rider have the same meaning as in the GLWB riders to which they are attached. If you elect SecureSource Legacy, you may not elect any other death benefit riders available under the contract.
The SecureSource Legacy provides that if you die (for contracts issued in California, if the annuitant dies) before the annuitization start date, and while this contract is in force, we will pay the beneficiary the greater of the SecureSource Legacy benefit amount provided by this rider or the death benefit under the terms of the contract.
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For contracts issued in California, the following applies:
•
The benefits provided under this rider are only payable at the annuitant’s death.
•
If the owner is a natural person, the owner and the annuitant must be the same at issue. The annuitant cannot be changed.
•
If the owner and the annuitant are the same when a death benefit is payable, the death benefit is the greater of the SecureSource Legacy benefit amount or the death benefit payable under the terms of the base contract.
•
If there is an ownership change resulting in a natural owner that is not the same as the annuitant, the death benefit under the terms of the base contract will be payable if the owner dies. The SecureSource Legacy benefit amount will not be included in the death benefit.
•
If there is an ownership change resulting in a natural owner that is not the same as the annuitant, the SecureSource Legacy benefit amount will be payable if the annuitant dies. The death benefit under the terms of the base contract will not be payable
SecureSource Legacy benefit amount is subject to the maximum amount of $20 million.
Determination of the SecureSource Legacy benefit amount: The SecureSource Legacy benefit amount is determined at the following times:
1.
At rider effective date
The SecureSource Legacy benefit amount is set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The SecureSource Legacy benefit amount will be increased by the amount of each additional purchase payment.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
The SecureSource Legacy benefit amount can be adjusted, but it will not be less than zero.
(A)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The SecureSource Legacy benefit amount will be reduced by the greater amount of the withdrawal or the “adjustment for withdrawal” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the SecureSource Legacy benefit amount on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal
(B)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the SecureSource Legacy benefit amount is reduced by the amount of the withdrawal.
(C)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the SecureSource Legacy benefit amount will be reduced by the greater of (1) the amount of the withdrawal or (2) the Remaining Annual Payment plus an amount calculated as follows:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the SecureSource Legacy benefit amount on the date of (but prior to) the withdrawal minus the Remaining
Annual Payment
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment
4.
At each rider anniversary
The SecureSource Legacy benefit amount will be increased to the contract value (after rider charges are deducted) if the contract value is greater.
Please note that withdrawals you take under the GLWB riders, reduce the SecureSource Legacy benefit amount under this rider. For detailed description of how SecureSource Legacy benefit amount is determined when a withdrawal is taken, see “Determination of the SecureSource Legacy benefit amount – when a withdrawal is taken” above. For detailed description of how withdrawals effect GLWB values, see “Determination of Adjustments of Benefits Values” in the GLWB riders’ description.
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Rules for Surrenders (applicable to contracts with applications signed on or after 5/4/2020):
When the Contract Value is reduced to zero, this rider will continue if the SecureSource Legacy benefit amount is greater than zero and the attached GLWB rider does not terminate. The SecureSource Legacy benefit amount is reduced by the amount of each payment paid as defined under the attached GLWB rider, but it will not be less than zero. We will no longer accept additional purchase payments and no more charges will be collected for the rider. At the death of the Covered Person (for the Joint Life rider, both Covered Spouses) we will pay the beneficiary the SecureSource Legacy benefit amount provided by this rider in a lump sum payment.
Rules for Surrenders (applicable to contracts with applications signed prior to 5/4/2020):
For contracts with applications signed before 5/4/2020, when the Contract Value is reduced to zero, this rider will terminate.
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's (for the Joint Life rider, Covered Spouse's) birth date, the SecureSource Legacy benefit amount will be adjusted based on the corrected Current Annual Payment.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse as defined under the attached GLWB rider and chooses to continue the contract under the spousal continuation provision, the following provisions apply:
•
This rider continues as part of the contract.
•
At the time of spousal continuation, the SecureSource Legacy benefit amount may be increased. On the valuation date spousal continuation is effective, the SecureSource Legacy benefit amount will be increased to the contract value (after any rider fees have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid) if the contract value is greater. The death benefit that would otherwise have been paid will not include the SecureSource Legacy benefit amount.
•
The SecureSource Legacy benefit amount is available for payment at the death of the surviving Covered Spouse.
Annuity Provisions (applicable to contracts with applications signed on or after 5/4/2020):
If you choose to receive the Current Annual Payment on the annuitization start date, the SecureSource Legacy benefit amount is reduced by the amount of each payment paid as defined under the attached GLWB rider, but it will not be less than zero. No more charges will be collected for the rider. At the death of the Covered Person (for the Joint Life rider, both Covered Spouses) we will pay the beneficiary the SecureSource Legacy benefit amount provided by this rider in a lump sum payment.
Annuity Provisions (applicable to contracts with applications signed prior to 5/4/2020):
For contracts with applications signed before 5/4/2020, on the annuitization start date, this rider will terminate.
You should consider whether the SecureSource Legacy benefit rider is appropriate for you because:
•
Investment Allocation Restrictions: This rider requires 100% allocation of purchase payments and your contract value to approved investment options. (See “Investment Allocation Restrictions for Certain Benefit Riders” and “Appendix B: Funds Available Under the Optional Benefits Offered Under the Contract – Investment Allocation Restrictions for the SecureSource Core 2, SecureSource 5, SecureSource 5 Plus, SecureSource Core, SecureSource Core Plus, SecureSource 4, SecureSource 4 Plus benefit riders and Investment Allocation restrictions for the SecureSource Tempo rider”). This means that you will not be able to allocate contract value to all of the subaccounts , GPAs or the regular fixed account, that are available under the contract to contract owners who do not elect the rider. We reserve the right to limit elective investment option changes if required to comply with the written instructions of a fund (see “Making the Most of Your Contract – Transferring Among Accounts – Market Timing”). We reserve the right to add, remove or substitute approved investment options at any time and in our sole discretion. Any substitution of funds may be subject to the SEC or state insurance departments approval. (See “Substitution of Investments”).
•
Limitation on Transfers: Because this rider requires 100% allocation to approved investment options, transfer privileges granted under the contract are suspended other than: (1) transfers among the available investment options as described in the investment options and limits provision, provided such transfers are not determined to disadvantage other contract owners (See “Making the Most of Your Contract – Transferring Among Accounts – Market Timing”) or (2) transfers as otherwise agreed to by us.
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Termination of the Rider
(for contract applications signed on or after 5/4/2020)
The rider cannot be terminated either by you or us except as follows:
1.
Single Life: After the death benefit is payable, the rider will terminate.
2.
Joint Life: After the death benefit is payable, unless the Covered Spouse continues the contract as described in the spouse’s option to continue contract provision, the rider will terminate.
3.
On the annuitization start date, if you choose a payout option available under the contract, the rider will terminate.
4.
In relation to certain increases to the annual rider fee as described in the SecureSource Legacy Benefit Rider Charge provision, your written request will terminate the rider.
5.
Reduction of the SecureSource Legacy benefit amount to zero will terminate the rider.
6.
Termination of the SecureSource series rider for any reason will also terminate the SecureSource Legacy benefit rider.
7.
Termination of the contract for any reason will terminate the rider.
Termination of the Rider
(for contract applications signed prior to 5/4/2020)
The rider cannot be terminated either by you or us except as follows:
1.
Single Life: After the death benefit is payable, the rider will terminate.
2.
Joint Life: After the death benefit is payable, unless the Covered Spouse continues the contract as described in the spouse’s option to continue contract provision, the rider will terminate.
3.
On the annuitization start date the rider will terminate.
4.
In relation to certain increases to the annual rider fee as described in the SecureSource Legacy Benefit Rider Charge provision, your written request will terminate the rider.
5.
Reduction of the contract value to zero will terminate the rider.
6.
Termination of the SecureSource series rider for any reason will also terminate the SecureSource Legacy benefit rider.
7.
Termination of the contract for any reason will terminate the rider.
Upon termination of this rider, any additional death benefit provided by the rider will not be payable upon your death (for contracts issued in California, upon annuitant’s death). Upon termination, this rider may not be reinstated.
For example on how the SecureSource Legacy Benefit works and how the SecureSource Legacy Benefit amount changes with each SecureSource series rider, see Appendix F.
Optional Living Benefits
SecureSource Series Rider Terms
The following key terms are associated with all of the SecureSource Series of riders:
Key Terms
Age Bands: are the age ranges shown in your contract data. For SecureSource Tempo, SecureSource 5, SecureSource 5 Plus, SecureSource 4 and SecureSource 4 Plus, each Age Band has two components for your Lifetime Payment Percentages, a Minimum Lifetime Payment Percentage and a potential Income Bonus Percentage. The covered person (Joint Life: the younger Covered Spouse) must be at least the youngest age in the first Age Band for the Current Annual Payment to be established. After the Current Annual Payment is established, in addition to your age, other factors determine when you move to a higher Age Band. The Age Bands are shown in the Rate Sheet Prospectus Supplement.
Annual Credit: an amount that can be added to the Benefit Base on rider anniversaries during a Credit Period, subject to limitations. Investment performance and Excess Withdrawals may reduce or eliminate the benefit of any Annual Credits. Annual Credits increase the Current Annual Payment but may result in higher rider charges that may exceed the benefit from the Annual Credits. Annual Credit is not applicable to the SecureSource Tempo rider.
The Annual Credit percentage and duration are shown in a Rate Sheet Prospectus Supplement.
Annual Step-Up: an increase in the Benefit Base that is available on each rider anniversary if your contract value increases, subject to certain conditions. If the Benefit Base increases due to an Annual Step-Up, a Credit Period will restart and if your current age (Joint Life: the younger Covered Spouse age) is now in a higher Age Band, the minimum Lifetime Payment Percentage will increase.
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Benefit Base: used to determine the Current Annual Payment and the annual rider charge. The Benefit Base is separate from your contract value and cannot be withdrawn in a lump sum or annuitized and is not payable as a death benefit.
Credit Base: used to determine the Annual Credit. The Credit Base cannot be withdrawn or annuitized and is not payable as a death benefit. Credit Base is not applicable to the SecureSource Tempo rider.
Credit Period: starts on the rider effective date. Subject to limitations, the Credit period will restart (1) on a rider anniversary whenever there is an increase of the Benefit Base due to an Annual Step-Up or (2) Joint Life only: on the following rider anniversary in the event of a step-up of the Benefit Base under the spousal continuation provision. The Credit Period is shown in the Rate Sheet Prospectus Supplement.
Current Annual Payment: the benefit available for withdrawal each contract year after the covered person (Joint Life: the younger Covered Spouse) has reached the youngest age in the first Age Band. For SecureSource 4, SecureSource 4 Plus, SecureSource 5, SecureSource 5 Plus and SecureSource Tempo, the Current Annual Payment can vary each contract year and is equal to the minimum annual lifetime payment plus an Income Bonus, when eligible.
Excess Withdrawal: any withdrawal taken before the Current Annual Payment is established, or any withdrawal that is greater than the Remaining Annual Payment. Any excess withdrawal request will not be considered in good order until we receive a signed Benefit Impact Acknowledgement form showing the projected effect of the surrender on the rider benefits or a verbal acknowledgement that you understand and accept the impacts that have been explained to you.
Excess Withdrawal Processing: reduces benefits under the rider if an Excess Withdrawal is processed.
Income Bonus: for SecureSource 4, SecureSource 4 Plus, SecureSource 5, SecureSource 5 Plus and SecureSource Tempo, a potential increase to the Current Annual Payment. It is calculated by multiplying the Benefit Base by the Income Bonus Percentage.
Income Bonus Percentage: for SecureSource 4, SecureSource 4 Plus, SecureSource 5, SecureSource 5 Plus and SecureSource Tempo, the Income Bonus Percentage may be added to the Minimum Lifetime Payment Percentage as described in the “Lifetime Payment Percentage” provision below. The Income Bonus Percentage is not available under SecureSource Core, SecureSource Core Plus and SecureSource Core 2 riders. The Income Bonus Percentage and Minimum Lifetime Payment Percentages are shown in the Rate Sheet Prospectus Supplement.
Lifetime Payment Percentage: used to calculate your Current Annual Payment. For SecureSource 4, SecureSource 4 Plus, SecureSource 5, SecureSource 5 Plus and SecureSource Tempo, it is the Minimum Lifetime Payment Percentage plus the Income Bonus Percentage, when eligible. The percentage used can vary as described in the Lifetime Payment Percentage provision below. The Lifetime Payment Percentages and Minimum Lifetime Payment Percentages, as applicable to each rider, are shown in the Rate Sheet Prospectus Supplement.
Minimum Annual Lifetime Payment: for SecureSource 4, SecureSource 4 Plus, SecureSource 5, SecureSource 5 Plus and SecureSource Tempo, the guaranteed lifetime benefit amount available for Withdrawal each contract year. It is calculated by multiplying the Benefit Base by the Minimum Lifetime Payment Percentage.
Remaining Annual Payment: after the Current Annual Payment is established, the Remaining Annual Payment is the amount that can be withdrawn during the remainder of the current contract year. Withdrawals reduce this amount each year.
Withdrawal: the amount by which your contract value is reduced as a result of any withdrawal request. It may differ from the amount of your request due to any surrender charge.
Withdrawal Adjustment Base: for SecureSource 4, SecureSource 4 Plus, SecureSource 5, SecureSource 5 Plus and SecureSource Tempo, one of the components used to determine whether or not the Income Bonus Percentage will be included with the Lifetime Payment Percentage. The Withdrawal Adjustment Base cannot be withdrawn or annuitized and is not payable as a death benefit.
The following key terms only apply to SecureSource Core Plus:
Base Doubler: is 200% of purchase payments received before the first contract anniversary plus 100% of any premiums received after that. It is used one-time to increase your Benefit Base if you do not take any withdrawals or decline a fee increase before the Base Doubler Date (unless the Benefit Base is already higher due to annual credits and annual step ups). The Base Doubler cannot be withdrawn in a lump sum or annuitized and is not payable as a death benefit.
Base Doubler Date (for contracts with applications signed before 5/1/2020): at issue, it is the later of: (1) the 12th rider anniversary; or (2) the rider anniversary on or following the Covered Person (Joint Life:the younger Covered Spouse) reaching the Base Doubler age shown in the Rate Sheet Prospectus Supplement.
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Base Doubler Date (for contracts with applications signed on/after 5/1/2020): at issue, it is the later of: (1) the rider anniversary equal to the Base Doubler duration; or (2) the rider anniversary on or following the Covered Person (Joint Life:the younger Covered Spouse) reaching the Base Doubler age, both shown in the Rate Sheet Prospectus Supplement.
The following key terms only apply to SecureSource Tempo:
Contract Returns Used for Credit: Any positive returns in a contract year that are used to determine the Returns-linked Credit.
Credit Carryover: An amount that can be used on the Rider Anniversary to increase the Returns-linked Credit.
Maximum Carryover: The maximum amount for the Credit Carryover. The Maximum Carryover percentage (shown on the Rate Sheet Prospectus Supplement) is used to calculate the Maximum Carryover.
Maximum Credit: The maximum amount for the Returns-linked Credit. The Maximum Credit percentage (shown on the Rate Sheet Prospectus Supplement) is used to calculate the Maximum Credit.
Returns-linked Credit: is an amount that can be added to the Benefit Base on Rider Anniversaries during a Credit Period, subject to limitations. Excess Withdrawals may reduce or eliminate the benefit of any Returns-linked Credits. Returns-linked Credits increase the Current Annual Payment but may result in higher rider charges that may exceed the benefit from the Returns-linked Credits.
Returns-linked Credit Base: used to determine the Maximum Credit and the Maximum Carryover. The Returns-linked Credit Base cannot be withdrawn or annuitized and is not payable as a death benefit.
SecureSource Tempo rider
(Available for contract applications signed on or after 5/3/2021)
The SecureSource Tempo rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP rider, MAV rider or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers a Returns-linked Credit feature and a step-up feature to lock in contract anniversary gains to increase the Benefit Base and the lifetime payment.
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource Tempo rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource Tempo rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. excess withdrawals); or
•
you want to invest in funds other than the approved investment options. Certain approved investment options may only be available within an allocation plan, subject to requirements and limitations. For a list of currently approved investment options and allocation plans, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource Tempo rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision. The Current Annual Payment can vary based on the relationship of your contract value to the Withdrawal Adjustment Base. On the day of your first withdrawal each contract year, we determine if the Income Bonus is available for that contract year. (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the current contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
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Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if a Returns-linked Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
Each year, your Current Annual Payment may or may not include an Income Bonus. If the contract value is 20% or more below the Withdrawal Adjustment Base, the Income Bonus Percentage will not be available. (see Withdrawal Adjustment Base described below).
For important considerations on whether a SecureSource Tempo rider is appropriate for you, see “Important SecureSource Series Rider Considerations” section below.
Availability
There are two SecureSource Tempo riders available under your contract:
•
SecureSource Tempo - Single Life
•
SecureSource Tempo - Joint Life
The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource Tempo — Single Life rider covers one person. The SecureSource Tempo — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSourceTempo — Single Life rider or the SecureSource Tempo — Joint Life rider, not both, and you may not switch riders later.
You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource Tempo — Single Life rider.
The SecureSource Tempo rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
Issue ages from 81 through 85 require prior approval.
The SecureSource Tempo riders are not available under an inherited qualified annuity.
The SecureSource Tempo rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with a SecureSource Tempo rider, see “SecureSource Series Rider Terms” section above.
Rate sheet prospectus supplement
The current rider charges and the current rates for the Minimum Lifetime Payment Percentages, Income Bonus Percentage, Credit Period, Maximum Credit percentage, Maximum Carryover percentage and Credit Multiplier applicable to your contract are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage”, “Income Bonus percentage”, “Returns-linked Credit”, “Credit Carryover”, below). We may change these terms for new purchasers, upon 7 calendar days prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period, we will file a new Rate Sheet Prospectus Supplement. All historical Rate Sheet Prospectus Supplements are reflected in Appendix M. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
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current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the contract owner. If any owner on the rider effective date is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the oldest annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If any contract owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the Covered Spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated. When the first withdrawal is taken in each contract year, we will determine if the Income Bonus Percentage will be included in the Lifetime Payment Percentage for the remainder of that contract year.
The Current Annual Payment can vary each contract year and includes the minimum annual lifetime payment and may also include an Income Bonus. The minimum annual lifetime payment is the guaranteed lifetime benefit amount available for withdrawal each contract year. It is calculated by multiplying the Benefit Base by the Minimum Lifetime Payment Percentage. The Income Bonus is a potential increase to the Current Annual Payment and is calculated by multiplying the Benefit Base by the Income Bonus Percentage. If the Income Bonus Percentage is included in the Lifetime Payment Percentage, then the income bonus is included in the Current Annual Payment.
If you withdraw less than the Current Annual Payment in a contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Minimum Lifetime Payment Percentage, the Income Bonus Percentage for each Age Band, and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
72 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-Ups” below).
•
For the Joint life rider, upon death or change in marital status: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Income Bonus Percentage: The Income Bonus Percentage may provide additional income under the rider. Availability of the Income Bonus Percentage is determined at the time of your first withdrawal each contract year. The benefit determining percentage is a comparison of your contract value and the Withdrawal Adjustment Base. If the benefit determining percentage is less than 20%, then the Lifetime Payment Percentage will include the Income Bonus Percentage, as shown in the Rate Sheet Prospectus Supplement, when calculating the Current Annual Payment (unless the Lifetime Payment Percentage is set to a fixed percentage as described below).
The benefit determining percentage is calculated on each valuation date as follows, but it will not be less than zero: 
1
–
(a/b)
a
=
Contract value at the end of the prior valuation period
b
=
Withdrawal Adjustment Base at the end of the prior valuation period
After the Current Annual Payment is established, the first withdrawal taken in each contract year will set the Lifetime Payment Percentage to a fixed percentage for the remainder of the contract year except as noted below. Following each rider anniversary, the availability of the Income Bonus Percentage, and therefore the Lifetime Payment Percentage, can change on each valuation date until a withdrawal is taken in that contract year. For more information on how this rider operates, please see “Appendix E: Example – Optional Living Benefits – SecureSource Tempo Rider”.
However, at the earliest of (1) or (2) below, the Lifetime Payment Percentage will be set and remain fixed as long as the benefit is payable:
(1)
when your contract value on a rider anniversary is less than two times the Benefit Base multiplied by the Minimum Lifetime Payment Percentage for your current Age Band, or
(2)
when the contract value reduces to zero.
For certain periods of time at our discretion and on a non-discriminatory basis, your Lifetime Payment Percentage may be set by us to include the Income Bonus Percentage if more favorable to you.
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million each:
1.
At rider effective date
The Benefit Base, Returns-linked Credit Base and Withdrawal Adjustment Base are set equal to the initial purchase payment.
The Credit Carryover is zero.
The Maximum Credit equals the Returns-linked Credit Base multiplied by the Maximum Credit Percentage.
The Maximum Carryover equals the Returns-linked Credit Base multiplied by the Maximum Carryover Percentage.
2.
When an additional purchase payment is made
The Benefit Base and Withdrawal Adjustment Base will be increased by the amount of each additional purchase payment.
The Credit Carryover does not change.
If the purchase payment is received within 180 days after the contract date:
•
the Returns-linked Credit Base will be increased by the amount of the additional purchase payment; and
•
the Maximum Credit is recalculated to the Returns-linked Credit Base multiplied by the Maximum Credit Percentage; and
•
the Maximum Carryover is recalculated to the Returns-linked Credit Base multiplied by the Maximum Carryover Percentage.
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Purchase payments after 180 days do not increase the Maximum Credit or Maximum Carryover until the contract year after the purchase payment was received.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
A Returns-linked Credit will not be added to the Benefit Base on the following rider anniversary.
The Withdrawal Adjustment Base, Benefit Base and Credit Carryover can be adjusted, but they will not be less than zero.
(A)
The Withdrawal Adjustment Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal,” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Withdrawal Adjustment Base on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Carryover will be reduced by the same proportion that the contract value is reduced using the “adjustment for withdrawal” calculation described above but substituting the Benefit Base or Credit Carryover (as applicable) for the Withdrawal Adjustment Base.
(C)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Carryover do not change.
(D)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Carryover will be reduced by an amount as calculated below:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Carryover (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how your benefit values are calculated on Rider Anniversaries. The Benefit Base, Returns-linked Credit Base and Withdrawal Adjustment Base are subject to the maximum amount of $20 million for each. If the Rider Anniversary falls on a Day that the New York Stock Exchange is closed, the anniversary Contract Value (for the Variable Account portion only) is based on the close of business values on the next Valuation Date.
1.
Returns-linked Credit for the Benefit Base: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Returns-linked Credits may be available. The Maximum Credit percentage, Maximum Credit Carryover percentage and Credit Multiplier are shown in the Rate Sheet Prospectus Supplement.
The Returns-linked Credit equals the lesser of the Maximum Credit (immediately prior to this rider anniversary) or the following: 
(a × b) + c 
where:
 
a
=
Contract Year Returns used for Credit
b
=
Credit Multiplier
c
=
Credit Carryover
The Benefit Base will be increased by the Returns-linked Credit on the Rider Anniversary.
•
Contract Returns Used for Credit:
-
On the first Rider Anniversary
The Contract Returns Used for Credit equals the Contract Value on the first Rider Anniversary less the purchase payments received during the first contract year, but it will not be less than zero.
-
On Any Other Rider Anniversary During a Credit Period
The Contract Returns Used for Credit equals the Contract Value on the Rider Anniversary less the Contract Value on the prior Rider Anniversary less any purchase payments received in that contract year, but it will not be less than zero.
74 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
-
The Contract Value used to determine the Contract Returns Used for Credit is the value on the anniversary after all charges have been deducted. Your ability to earn Returns-linked Credits can be limited by declining or volatile equity market performance, withdrawals and charges.
-
If the Covered Spouse continued the contract under the spousal continuation provision in the prior contract year, the Contract Returns Used For Credit is reduced by any increases to the Contract Value due to the death benefit that would otherwise have been paid.
After the end of the Credit Period there will be no additional Returns-linked Credits unless the Credit Period restarts due to an Annual Step-Up of the Benefit Base.
The Returns-linked Credit Base, Credit Carryover, Maximum Credit and Maximum Carryover will be set to zero on the last Rider Anniversary of a Credit Period.
The Returns-linked Credit Base, Credit Carryover, Maximum Credit and Maximum Carryover will be permanently set to zero on the later of: (A) the rider anniversary on or after the oldest owner's 95th birthday or (B) the rider anniversary equal to the Credit Period duration, as shown in the Rate Sheet Prospectus Supplement.
2.
Annual Step-Up for the Benefit Base: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline an increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base (after any Returns-linked Credit is added). If an Annual Step-Up is executed, the following adjustments will be made:
•
The Benefit Base will be increased to the contract value,
•
The Credit period will restart,
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation.
3.
Credit Carryover: If you did not take any withdrawals during the prior contract year, the Credit Carryover is recalculated on the Rider Anniversary after any Returns-linked Credit and any Annual Step-Up has been applied to the Benefit Base. It equals the lesser of the Maximum Carryover (immediately prior to this rider anniversary) or the following:
 
(a × b) + c - d
where:
 
a
=
Contract Returns Used for Credit
b
=
Credit Multiplier
c
=
Credit Carryover immediately prior to this rider anniversary
d
=
any Returns-linked Credit that was applied on this Rider Anniversary
If a withdrawal has been taken during the prior contract year, the Credit Carryover is not recalculated. It may take multiple contract years to realize any Credit Carryover during the Credit Period.
4.
Returns-linked Credit Base, Maximum Credit and Maximum Carryover: The following values are reset on each Rider Anniversary after any Returns-linked Credit and any Annual Step-Up has been applied to the Benefit Base:
•
The Returns-linked Credit Base is reset to the Contract Value (after rider charges are deducted) on the Rider Anniversary.
•
The Maximum Credit is recalculated and equals the Returns-linked Credit Base multiplied by the Maximum Credit Percentage.
•
The Maximum Carryover is recalculated and equals the greater of 1) Returns-linked Credit Base multiplied by the Maximum Carryover Percentage or 2) the Credit Carryover as determined under item 3 of the Rider Anniversary processing provision above.
5.
The Withdrawal Adjustment Base: If You did not decline an increase to the annual rider fee, the Withdrawal Adjustment Base will be increased to the Contract Value, if greater.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
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If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing. See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource Tempo — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource Tempo — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Start Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The Withdrawal Adjustment Base, if greater than zero, will be increased to the contract value if the contract value is greater. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Returns-linked Credit Base, Credit Carryover, Maximum Credit and Maximum Carryover will be permanently reset to zero, and there will be no additional Returns-linked Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and the Current Annual Payment will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The Current Annual Payment is fixed for as long as payments are made.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, without interest, and/or as otherwise legally permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life: the rider will terminate if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
76 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner holding for the sole benefit of the prior owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource Tempo rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource Tempo rider is not available.
Under the rider’s payout option, you will receive the Current Annual Payment provided by this rider until the death of the Covered Person (Joint Life: both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information on annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource Tempo rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate.
•
Single Life: spousal continuation will terminate the rider.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource Tempo riders charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
SecureSource Core 2 Rider
(Available for contract applications signed on or after 5/3/2021 and prior to 1/1/2022)
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 77
The SecureSource Core 2 rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP rider, MAV rider or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature to help in low or poor performing markets and a step-up feature to lock in contract anniversary gains to increase the Benefit Base.
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal.
The SecureSource Core 2 rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource Core 2 rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource Core 2 rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
For important considerations on whether a SecureSource Core 2 rider is appropriate for you, see the “Important SecureSource Series Rider Considerations” section below.
Availability
There are two SecureSource Core 2 riders available under your contract:
•
SecureSource Core 2 - Single Life
•
SecureSource Core 2 - Joint Life
The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders.
The SecureSource Core 2 — Single Life rider covers one person. The SecureSource Core 2 — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource Core 2— Single Life rider or the SecureSource Core 2— Joint Life rider, not both, and you may not switch riders later.
You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource Core 2 – Single Life rider.
The SecureSource Core 2 rider is an optional benefit that you may select, for an additional annual charge if :
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
78 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Issue ages from 81 through 85 require prior approval.
The SecureSource Core 2 riders are not available under an inherited qualified annuity.
The SecureSource Core 2 rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with a SecureSource Core 2 rider, see “SecureSource Series Rider Terms” section above.
Rate sheet prospectus supplement
The current rider charges and the current rates for the Lifetime Payment percentages, Credit Period and Annual Credit percentages, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage” and “Annual Credits” below). We may change these terms for new purchasers, upon 7 calendar days prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period, we will file a new Rate Sheet Prospectus Supplement. All historical Rate Sheet Prospectus Supplements are reflected in Appendix M. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the contract owner. If any owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If an owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the Covered Spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment)” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated.
If you withdraw less than the Current Annual Payment in a contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 79
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Lifetime Payment Percentage for each Age Band and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-Ups” below).
•
For the Joint life rider, upon death or change in marital status: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million each:
1.
At rider effective date
The Credit Base and Benefit Base are set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The Benefit Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
The Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
(A)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Credit Base or Benefit Base (as applicable) on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
(C)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount as calculated as follows:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
80 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Rider Anniversary Processing: The following describes how the Benefit Base and Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each, and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available. The Annual Credit percentages and Credit Period are shown in the Rate Sheet Prospectus Supplement.
(A)
On the first rider anniversary
The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement, for the first rider anniversary.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments 180 days following the rider effective date.
(B)On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual credit percentage as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: (A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit Period duration, as shown in the Rate Sheet Prospectus Supplement.
•
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base, Credit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added) will be increased to the contract value.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing. See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource Core 2 — Single Life rider terminates.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 81
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource Core 2 — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Start Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Credit Base will be permanently reset to zero, and there will be no additional Annual Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and that amount will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The Current Annual Payment is fixed for as long as payments are made.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, without interest, and/or as otherwise permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life:The rider will terminate even if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
continue the contract under the spousal continuation option.
Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered Person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
82 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”)or an alternative fixed annuity payout option available under the SecureSource Core 2 rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource Core 2 rider is not available.

Under the rider’s payout option, you will receive the Current Annual Payment provided by this rider until the death of the Covered Person (Joint Life: the death of both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information about annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource Core 2 rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate.
•
Single Life: spousal continuation will terminate the rider.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource Core 2 riders charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
SecureSource 5 Rider
(Available for contract applications signed on or after 5/3/2021 and prior to 1/1/2022)
The SecureSource 5 rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP rider, MAV rider or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature to help in low or poor performing markets and a step-up feature to lock in contract anniversary gains to increase the Benefit Base.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 83
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource 5 rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource 5 rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource 5 rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision. The Current Annual Payment can vary based on the relationship of your contract value to the Withdrawal Adjustment Base. On the day of your first withdrawal each contract year, we determine if the Income Bonus is available for that contract year (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the current contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
Each year, your Current Annual Payment may or may not include an Income Bonus. If the contract value is 20% or more below the Withdrawal Adjustment Base, the Income Bonus Percentage will not be available. (see Withdrawal Adjustment Base described below).
For important considerations on whether a SecureSource 5 rider is appropriate for you, see “Important SecureSource Series Rider Considerations” section below.
Availability
There are two SecureSource 5 riders available under your contract:
•
SecureSource 5 - Single Life
•
SecureSource 5 - Joint Life
The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource 5 — Single Life rider covers one person. The SecureSource 5 — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource 5 — Single Life rider or the SecureSource 5 — Joint Life rider, not both, and you may not switch riders later.
You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource 5 — Single Life rider.
The SecureSource 5 rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
84 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Issue ages from 81 through 85 require prior approval.
The SecureSource 5 riders are not available under an inherited qualified annuity.
The SecureSource 5 rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with a SecureSource 5 rider, see “SecureSource Series Rider Terms” section above.
Rate sheet prospectus supplement
The current rider charges and the current rates for the Minimum Lifetime Payment percentages, Income Bonus Percentage, Credit Period and Annual Credit percentages, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage”, “Income Bonus percentage” and “Annual Credits” below). We may change these terms for new purchasers, upon 7calendar days prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period, we will file a new Rate Sheet Prospectus Supplement. All historical Rate Sheet Prospectus Supplements are reflected in Appendix M. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the contract owner. If any owner on the rider effective date is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the oldest annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If any contract owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the Covered Spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated. When the first withdrawal is taken in each contract year, we will determine if the Income Bonus Percentage will be included in the Lifetime Payment Percentage for that contract year.
The Current Annual Payment can vary each contract year and includes the minimum annual lifetime payment and may also include an Income Bonus. The minimum annual lifetime payment is the guaranteed lifetime benefit amount available for withdrawal each contract year. It is calculated by multiplying the Benefit Base by the Minimum Lifetime Payment Percentage. The Income Bonus is a potential increase to the Current Annual Payment and is calculated by multiplying the Benefit Base by the Income Bonus Percentage. If the Income Bonus Percentage is included in the Lifetime Payment Percentage, then the income bonus is included in the Current Annual Payment.
If you withdraw less than the Current Annual Payment in contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 85
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Minimum Lifetime Payment Percentage, the Income Bonus Percentage for each Age Band, and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-Ups” below).
•
For the Joint life rider, upon death or change in marital status: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Income Bonus Percentage: The Income Bonus Percentage may provide additional income under the rider. Availability of the Income Bonus Percentage is determined at the time of your first withdrawal each contract year. The benefit determining percentage is a comparison of your contract value and the Withdrawal Adjustment Base. If the benefit determining percentage is less than 20%, then the Lifetime Payment Percentage will include the Income Bonus Percentage, as shown in the Rate Sheet Prospectus Supplement, when calculating the Current Annual Payment (unless the Lifetime Payment Percentage is set to a fixed percentage as described below).
The benefit determining percentage is calculated on each valuation date as follows, but it will not be less than zero: 
1
–
(a/b)
a
=
Contract value at the end of the prior valuation period
b
=
Withdrawal Adjustment Base at the end of the prior valuation period
After the Current Annual Payment is established, the first withdrawal taken in each contract year will set the Lifetime Payment Percentage to a fixed percentage for the remainder of the contract year except as noted below. Following each rider anniversary, the availability of the Income Bonus Percentage, and therefore the Lifetime Payment Percentage, can change on each valuation date until a withdrawal is taken in that contract year. For more information on how this rider operates, please see “Appendix E: Example – Optional Living Benefits – SecureSource 5 Rider”.
However, at the earliest of (1) or (2) below, the Lifetime Payment Percentage will be set and remain fixed as long as the benefit is payable:
(1)
when your contract value on a rider anniversary is less than two times the Benefit Base multiplied by the Minimum Lifetime Payment Percentage for your current Age Band, or
(2)
when the contract value reduces to zero.
For certain periods of time at our discretion and on a non-discriminatory basis, your Lifetime Payment Percentage may be set by us to include the Income Bonus Percentage if more favorable to you.
86 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million each:
1.
At rider effective date
The Withdrawal Adjustment Base, Credit Base and Benefit Base are set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The Benefit Base, Withdrawal Adjustment Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
The Withdrawal Adjustment Base, Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
(A)
The Withdrawal Adjustment Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal,” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Withdrawal Adjustment Base on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced using the “adjustment for withdrawal” calculation described above but substituting the Credit Base or Benefit Base (as applicable) for the Withdrawal Adjustment Base.
(C)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
(D)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount as calculated below:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how the Withdrawal Adjustment Base, Benefit Base and Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available. The Annual Credit percentages and duration are shown in the Rate Sheet Prospectus Supplement.
(A)
On the first rider anniversary
The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the current Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement, for the first rider anniversary.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments since 180 days following the rider effective date.
(B)
On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 87
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit period duration, as shown in the Rate Sheet Supplement.
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added) will be increased to the contract value, if greater.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation.
•
The Withdrawal Adjustment Base on rider anniversaries: If you did not decline an increase to the annual rider fee, the Withdrawal Adjustment Base will be increased to the contract value, if greater.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing. See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource 5 — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource 5 — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Stat Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The Withdrawal Adjustment Base, if greater than zero, will be increased to the contract value if the contract value is greater. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
88 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
If your contract value is reduced to zero, the Credit Base, if greater than zero, will be permanently reset to zero, and there will be no additional Annual Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and the Current Annual Payment will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The Current Annual Payment is fixed for as long as payments are made.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, without interest, and/or as otherwise legally permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life: the rider will terminate if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner holding for the sole benefit of the prior owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource 5 rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource 5 rider is not available.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 89
Under the rider’s payout option, you will receive the Current Annual Payment provided by this rider until the death of the Covered Person (Joint Life: both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information on annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource 5 rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate, even if the Covered Person is still living.
•
Single Life: spousal continuation will terminate the rider, even if the Covered Person is still living.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource 5 riders charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
SecureSource 5 Plus Rider
(Available for contract applications signed on or after 5/3/2021 and prior to 1/1/2022)

The SecureSource 5 Plus rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP Death Benefit, MAV Death Benefit or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature and a step-up feature to lock in contract anniversary gains to increase the Benefit Base and the lifetime payment.
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource 5 Plus rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource 5 Plus rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
90 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
The SecureSource 5 Plus rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision. The annual benefit amount can vary based on the relationship of your contract value to the withdrawal adjustment base. On the day of your first withdrawal each contract year, we determine if the Income Bonus is available for that contract year (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the current contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
Each year, your Current Annual Payment may or may not include an Income Bonus. If the contract value is 20% or more below the Withdrawal Adjustment Base, the Income Bonus Percentage will not be available. (see Withdrawal Adjustment Base described below).
For important considerations on whether a SecureSource 5 Plus rider is appropriate for you, see “Important SecureSource Series Rider Considerations” section.
Availability
There are two SecureSource 5 Plus riders available under your contract:
•
SecureSource 5 Plus - Single Life
•
SecureSource 5 Plus - Joint Life
The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource 5 Plus — Single Life rider covers one person. The SecureSource 5 Plus — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource 5 Plus — Single Life rider or the SecureSource 5 Plus — Joint Life rider, not both, and you may not switch riders later. You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource 5 Plus — Single Life rider.
The SecureSource 5 Plus rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
Issue ages from 81 through 85 require prior approval.
The SecureSource 5 Plus riders are not available under an inherited qualified annuity.
The SecureSource 5 Plus rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with the SecureSource 5 Plus rider, see “SecureSource Rider Terms” section above.
Rate sheet prospectus supplement
The current charges and the current rates for the Lifetime Payment percentages, Income Bonus Percentage, Credit Period and Annual Credit percentages, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage”, “Income Bonus percentage” and “Annual Credits” below.) We may change these
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 91
terms for new purchasers, upon 7 calendar prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Supplement for the next effective period, we will file a new Rate Sheet Supplement. All historical Rate Sheet Prospectus Supplements are reflected in Appendix M. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the oldest contract owner. If any owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the oldest annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If any contract owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses’ lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated. When the first withdrawal is taken in each contract year we will determine if the Income Bonus Percentage will be included in the Lifetime Payment Percentage for that contract year.
The Current Annual Payment can vary each contract year and includes the minimum annual lifetime payment and may also include an Income Bonus. The minimum annual lifetime payment is the guaranteed lifetime benefit amount available for withdrawal each contract year. It is calculated by multiplying the Benefit Base by the Minimum Lifetime Payment Percentage. The Income Bonus is a potential increase to the Current Annual Payment and is calculated by multiplying the Benefit Base by the Income Bonus Percentage. If the Income Bonus Percentage is included in the Lifetime Payment Percentage, then the income bonus is included in the Current Annual Payment.
If you withdraw less than the Current Annual Payment in a contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Minimum Lifetime Payment Percentage, the Income Bonus Percentage for each Age Band, and Age Bands are shown in the Rate Sheet Prospectus Supplement.
92 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-ups” below).
•
For the Joint life rider, upon death or change in marital status: In the event of death or dissolution of marriage: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Income Bonus Percentage: The Income Bonus Percentage may provide additional income under the rider. Availability of the Income Bonus Percentage is determined at the time of your first withdrawal each contract year. The benefit determining percentage is a comparison of your contract value and the Withdrawal Adjustment Base. If the benefit determining percentage is less than 20%, then the Lifetime Payment Percentage will include the Income Bonus Percentage, as shown in the Rate Sheet Prospectus Supplement when calculating the Current Annual Payment (unless the Lifetime Payment Percentage is set to a fixed percentage as described below).
The benefit determining percentage is calculated on each valuation date as follows, but it will not be less than zero: 
1
–
(a/b)
a
=
Contract value at the end of the prior valuation period
b
=
Withdrawal Adjustment Base at the end of the prior valuation period
After the Current Annual Payment is established, the first withdrawal taken in each contract year will set the Lifetime Payment Percentage to a fixed percentage for the remainder of the contract year except as noted below. Following each rider anniversary, the availability of the Income Bonus Percentage, and therefore the Lifetime Payment Percentage, can change on each valuation date until a withdrawal is taken in that contract year. For more information on how this rider operates, please see “Appendix E: Example – Optional Living Benefits – SecureSource 5 Plus Rider”.
However, at the earliest of (1) or (2) below, the Lifetime Payment Percentage will be set and remain fixed as long as the benefit is payable:
(1) when your contract value on a rider anniversary is less than two times the Benefit Base multiplied by the Minimum Lifetime Payment Percentage for your current Age Band, or
(2) when the contract value reduces to zero.
For certain periods of time at our discretion and on a non-discriminatory basis, your Lifetime Payment Percentage may be set by us to include the Income Bonus Percentage if more favorable to you.
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million for each:
1.
At rider effective date
The Withdrawal Adjustment Base, Credit Base and Benefit Base are set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The Benefit Base and Withdrawal Adjustment Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
The Withdrawal Adjustment Base, Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 93
(A)
The Withdrawal Adjustment Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal,” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Withdrawal Adjustment Base on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced using the “adjustment for withdrawal” calculation described above but substituting the Credit Base or Benefit Base (as applicable) for the Withdrawal Adjustment Base.
(C)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
(D)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount as calculated below:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how the Withdrawal Adjustment Base, Benefit Base and, Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each, and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available.
(A)
On the first rider anniversary
The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments since 180 days following the rider effective date.
(B)
On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit Period duration, as shown in the Rate Sheet Supplement.
•
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base, Credit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added) will be increased to the contract value, if greater.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
94 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation.
•
The Withdrawal Adjustment Base on rider anniversaries: If you did not decline an increase to the annual rider fee, the Withdrawal Adjustment Base will be increased to the contract value, if greater.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing.
See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource 5 Plus — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource 5 Plus — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Stat Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The Withdrawal Adjustment Base, if greater than zero, will be increased to the contract value if the contract value is greater. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Credit Base, if greater than zero, will be permanently reset to zero, and there will be no additional Annual Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and the Current Annual Payment will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
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•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, together without interest, and/or as otherwise legally permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life: The rider will terminate even if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
continue the contract under the spousal continuation option.
Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource 5 Plus rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource 5 Plus rider is not available.

Under the rider’s payout option, you will receive the Current Annual Payment each contract year until the death of the Covered Person (Joint Life: both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information on annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource 5 Plus rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate, even if the Covered Person is still living.
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•
Single Life: spousal continuation will terminate the rider, even if the Covered Person is still living.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource 5 Plus rider charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
Optional Living Benefits
(Available for contract applications signed prior to 5/3/2021)
If you bought a contract before 5/3/2021 with an optional living benefit, please use the following table to review the disclosure that applies to the optional living benefit rider you purchased. If you are uncertain as to which optional living benefit rider you purchased, ask your investment professional, or contact us at the telephone number or address shown on the first page of this prospectus. 
If you purchased
a contract(1)...
and you selected one of the
following optional living benefits...
Disclosure for this benefit may be
found in the following Appendix:
Before 5/3/2021
SecureSource Core SM 
Appendix G
Before 5/3/2021
SecureSource 4®
Appendix H
Before 5/3/2021
SecureSource 4 Plus  ® 
Appendix I
Before 3/30/2020
SecureSource Core Plus SM 
Appendix J
Before 3/30/2020
Accumulation Protector Benefit® (APB®)
Appendix K
(1)
These dates are approximate and will vary by state; your actual contract and any riders are the controlling documents.
Important SecureSource Series Rider Considerations
You should consider whether a SecureSource series rider is appropriate for you taking into account the following considerations:
You will begin paying the rider charge as of the rider effective date, even if you do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
•
Lifetime benefit Limitations: The lifetime benefit is subject to certain limitations, including but not limited to:
Single Life: Once the contract value equals zero, payments are made for as long as the covered person is living (see “If Contract Value Reduces to Zero” heading above). However, if the contract value is greater than zero, the lifetime benefit terminates when the death benefit is payable.
Joint Life: Once the contract value equals zero, payments are made for as long as either covered spouse is living (see “If Contract Value Reduces to Zero” heading above). However, if the contract value is greater than zero, the lifetime benefit terminates at the death of the last surviving covered spouse (see “At Death” heading above).
•
Withdrawals: Please consider carefully when you start taking withdrawals from this rider, because the timing of your first withdrawal is an important decision. Once you take your first withdrawal, your initial Minimum Lifetime Payment Percentage or Lifetime Payment Percentage will be determined. If a withdrawal is taken during the Credit Period, no credit will be available on the next contract anniversary. For SecureSource Core Plus, if the withdrawal is taken before the Base Doubler Date the Base Doubler is permanently set to zero. Also, if you withdraw more than the allowed withdrawal amount in a contract year or take withdrawals before the Current Annual Payment is established (Excess Withdrawal), the guaranteed amounts under the rider will be reduced (See “Determination of Adjustments of Benefit Values” under each rider).
•
Investment Allocation Restrictions: You must invest in approved investment options which vary by rider. For SecureSource Tempo, the approved investment options are divided into groups and have specified minimum or maximum percentages of contract value that must be in each group and a maximum percentage that can be
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allocated to each fund. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity markets, the funds’ investment strategies may also curb your contract value gains during periods of positive performance by the equity markets. Additionally, investment in the funds may decrease the number and amount of any benefit base increase opportunities. (See “Principal Risks of Investing in the Contracts – Managed Volatility Fund Risk”) This requirement limits your choice of investment options. This means you will not be able to allocate contract value to all of the subaccounts , GPAs or the regular fixed account that are available under the contract to contract owners who do not elect the rider. (See “Investment Allocation Restrictions for Certain Benefit Riders” and “Appendix B: Funds Available Under the Optional Benefits Offered Under the Contract”) You may allocate purchase payments to the Special DCA fixed account, when available, and we will make monthly transfers into the approved investment options. You should consult your financial advisor before you purchase the SecureSource series rider. We reserve the right to add, remove, combine or substitute approved investment options in our sole discretion. We reserve the right to close or restrict approved investment options in our sole discretion. We also reserve the right to add, remove or modify allocation plans and requirements in our sole discretion. Any change will apply to current allocations, future purchase payments, and transfers. Any substitution of funds may be subject to the SEC or state insurance departments approval (see “Substitution of Investments”).
•
Income Guide Program Restriction: Income Guide program is not available to contracts with the SecureSource series rider.
•
Non-Cancelable: Once elected, the SecureSource series rider may not be cancelled (except as provided under “Rider Termination” heading above) and the charge will continue to be deducted until the contract or rider is terminated or the contract value reduces to zero (described below).
Dissolution of marriage does not terminate the SecureSource series — Joint Life rider and will not reduce the fee we charge for this rider. The benefit under the SecureSource series — Joint Life rider continues for the covered spouse who is the owner of the contract (or annuitant in the case of nonnatural or revocable trust ownership). The other covered spouse will no longer be eligible for benefits under the rider. The rider will terminate at the death of the contract owner because the original covered spouse will be unable to elect the spousal continuation provision of the contract (see “Joint Life only: Covered Spouses” above).
•
Joint Life: Limitations on Contract Owners, Annuitants and Beneficiaries: Since the joint life benefit will terminate unless the surviving covered spouse continues the contract under the spousal option to continue the contract upon the owner’s death provision, only ownership arrangements that permit such continuation are allowed at rider issue. In general, the covered spouses should be joint owners, or one covered spouse should be the owner and the other covered spouse should be named as the sole primary beneficiary.
You are responsible for establishing ownership arrangements that will allow for spousal continuation.
If you select the SecureSource series — Joint Life rider, please consider carefully whether or not you wish to change the beneficiary of your annuity contract. The rider will terminate if the surviving covered spouse cannot utilize the spousal continuation provision of the contract when the death benefit is payable. If the spousal continuation option is not available when the death benefit is payable, the rider will terminate. The surviving covered spouse will no longer be eligible for benefits under the rider.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase payments (subject to state restrictions), which may limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see “Buying Your Contract —Purchase Payments”.
•
Interaction with Total Free Amount (FA) contract provision: The FA is the amount you are allowed to withdraw from the contract in each contract year without incurring a surrender charge (see “Charges — Surrender Charge”). The FA may be greater than the Remaining Annual Payment under this rider. Any amount you withdraw under the contract’s FA provision that exceeds the Remaining Annual Payment is subject to the Excess Withdrawal Processing as described above.
You should consult your tax advisor before you select this optional rider if you have any questions about the use of the rider in your tax situation because:
•
Tax Considerations for Nonqualified Annuities: Under current federal income tax law, withdrawals under nonqualified annuities, including withdrawals taken from the contract under the terms of the rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified Annuities”). Withdrawals are taxable income to the extent of earnings. Withdrawals of earnings before age 59½ may also incur a 10% IRS early withdrawal penalty. You should consult your tax advisor before you select this optional rider if you have any questions about the use of the rider in your tax situation.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). While the rider permits certain Excess Withdrawals to be taken for the purpose of satisfying RMD requirements for your contract alone without reducing future benefits guaranteed under the rider, there can be no
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guarantee that changes in the federal income tax law after the effective date of the rider will not require a larger RMD to be taken, in which case, future guaranteed withdrawals under the rider could be reduced. See Appendix F for additional information.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to take distributions as a non-spouse which may result in significantly decreasing the value of the rider.
Please note civil unions and domestic partnerships generally are not recognized as marriages for federal tax purposes. For additional information see “Taxes — Other — Spousal status” section of this prospectus.
•
Limitations on Tax-Sheltered Annuities (TSAs): Your right to take withdrawals is restricted if your contract is a TSA (see “TSA — Special Provisions”). Therefore, a SecureSource series rider may be of limited value to you.
Investment Allocation Restrictions for Certain Benefit Riders
If you elect certain benefit riders, you must comply with certain investment allocation restrictions. This means you will be limited in your choice of funds and may be limited in how much you can invest in those Funds. The investment allocation restrictions are different for the SecureSource Series riders, the Accumulation Protector Benefit rider and the Enhanced Legacy Benefit. Please speak with your financial advisor if you have any questions about the investment allocation restrictions applicable to your rider.
INVESTMENT ALLOCATION RESTRICTIONS FOR THE ACCUMULATION PROTECTOR BENEFIT RIDER and enhanced legacy benefit
For contracts issued with the Accumulation Protector Benefit rider or Enhanced Legacy Benefit, you are required to invest your contract value in the Portfolio Stabilizer funds.
For the list of Portfolio Stabilizer funds available, please see Appendix B: Funds Available under the Optional Benefits Offered under the Contract – Investment Allocation Restrictions for the Accumulation Protector Benefit Rider and Enhanced Legacy Benefit.
INVESTMENT ALLOCATION RESTRICTIONS FOR THE SECURESOURCE CORE 2, SECURESOURCE 5, SECURESOURCE 5 PLUS, SECURESOURCE CORE, SECURESOURCE CORE PLUS, SECURESOURCE 4 OR SECURESOURCE 4 PLUS BENEFIT RIDERS
For contracts issued with the SecureSource Core 2, SecureSource 5, SecureSource 5 Plus, SecureSource Core, SecureSource Core Plus, SecureSource 4, SecureSource 4 Plus benefit riders, alone or in combination with the optional SecureSource Legacy benefit rider, you are required to invest your contract value in the Portfolio Stabilizer funds or certain Portfolio Navigator funds.

For the list of Portfolio Stabilizer and Portfolio Navigator funds available, please see Appendix B: Funds Available under the Optional Benefits Offered under the Contract – Investment Allocation Restrictions for the SecureSource Core 2, SecureSource 5, SecureSource 5 Plus, SecureSource Core, SecureSource Core Plus, SecureSource 4, SecureSource 4 Plus benefit riders.
The investment allocation restrictions for the above listed SecureSource series riders , Enhanced Legacy Benefit or Accumulation Protector Benefit rider may reduce our financial risk and expense in offering guaranteed benefits and limit your ability to grow contract value. The Portfolio Stabilizer funds or Portfolio Navigator funds are available to all contract owners, regardless of whether an optional benefit rider has been elected. We reserve the right to reduce the number of available Funds.
Changes we may make. We reserve the right to add, remove, combine or substitute Funds at any time and in our sole discretion. We also reserve the right, upon notification to you, to close or restrict any investment option. Any change will apply to current allocations, future purchase payments, and transfers. If we remove, restrict, combine or substitute Funds, transfers made to reallocate purchase payments or contract value will not count toward your annual transfer limitations. We will obtain any necessary regulatory approvals and provide you with any required notice prior to any substitution. (See the “Substitution of Investments” section in this prospectus).
Investing in the Funds. You are responsible for determining which Funds are best for you. Your financial advisor can help you determine which underlying Funds most closely matches your investing style, based on factors such as your investment goals, your tolerance for risk and how long you intend to invest. There is no guarantee that the Funds you select or have selected are appropriate to your ability to withstand investment risk. RiverSource Life is not responsible for your selection of specific investment options, or your decision to change to different underlying Fund.
Each Portfolio Stabilizer fund has an investment objective of pursuing total return while seeking to manage the fund’s exposure to equity market volatility. Each of the Portfolio Navigator funds is a fund of funds with the investment objective of seeking a high level of total return consistent with a certain level of risk by investing in various underlying funds.
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If you initially allocate qualifying purchase payments to the Special DCA fixed account, when available (see “The Special DCA Fixed Account”), we will make monthly transfers in accordance with your instructions from the Special DCA fixed account into the investment options you have chosen.
Additional Considerations. It is important to remember that certain Funds are managed volatility funds and employ a strategy designed to reduce overall volatility and downside risk. If a strategy is successful it may result in smaller losses to your contract value when markets are declining and market volatility is high when compared to Funds not employing a managed volatility strategy. In turn, if a strategy is successful it may also result in less gain in your contract value during rising markets with higher volatility when compared to Funds not employing a managed volatility strategy. Accordingly, although an investment in the Funds may mitigate declines in your contract value due to declining equity markets, the Funds’ investment strategies may also curb or decrease your contract value during periods of positive performance by the equity markets. There is no guarantee any of the managed volatility Funds’ strategies will be successful. In addition, managed volatility funds may decrease the number and amount of any periodic benefit base increase opportunities (e.g. annual step ups). Costs associated with running a managed volatility strategy may also adversely impact the performance of managed volatility funds. See Appendix A for a list of Funds that employ a managed volatility strategy. Also see “Principal Risks of Investing in the Contract” for further information about these Funds.
Investing in the Funds does not guarantee that your contract will increase in value nor will it protect in a decline in value if market prices fall. Depending on future market conditions and considering only the potential return on your investment in the Fund, you might benefit (or benefit more) from selecting alternative investment options. There is no assurance that the Funds will achieve their respective investment objectives. In addition, there is no guarantee that the Fund’s strategy will have its intended effect or that it will work as effectively as is intended.
For additional information about the Funds’ investment strategies, risks and conflicts, see the Funds’ prospectuses as well as “The Variable Account and the Funds –Conflicts of Interest with Certain Funds Advised by Columbia Management” section in this prospectus.
Additional Information. You may change your investment option allocations up to four times per contract year by written request on an authorized form or by another method agreed to by us. You may also set up asset rebalancing and change your percentage allocations, but those changes will count towards this four times per contract year limit. This limitation does not apply if you elect the Enhanced Legacy Benefit. Please consider requesting changes carefully, because we may charge you a higher fee for your rider. (See “Charges — Optional Living Benefit Charges”) We also reserve the right to limit the number of changes if required to comply with the written instructions of a Fund (see “Making the Most of Your Contract — Transferring Among Accounts — Market Timing”) and the number of investment options from which you can select.
Before you select the Enhanced Legacy Benefit, SecureSource Legacy benefit rider, SecureSource Core 2, SecureSource 5, SecureSource 5 Plus, SecureSource Core, SecureSource Core Plus, SecureSource 4, SecureSource 4 Plus benefit riders or Accumulation Protector Benefit rider, you and your financial advisor should carefully evaluate whether the Funds meet your investment objectives and risk tolerance, taking into consideration the potential positive or negative impact that Funds’ strategy may have on your contract value and the benefits under your rider. Because you can terminate the rider only under certain circumstances once you have selected it, you must terminate your contract by requesting a full surrender if you later decide that you do not want to invest in the Funds. You can change allocations among Funds as described above. Surrender charges and tax penalties may apply. Therefore, you should not select the Enhanced Legacy Benefit, SecureSource Legacy benefit rider, SecureSource Core 2, SecureSource 5, SecureSource 5 Plus, SecureSource Core, SecureSource Core Plus, SecureSource 4, SecureSource 4 Plus benefit riders or Accumulation Protector Benefit rider if you do not intend to adhere to its investment restrictions while this rider is in force.
INVESTMENT ALLOCATION RESTRICTIONS FOR THE SECURESOURCE TEMPO RIDER
For contracts issued with the SecureSource Tempo rider, alone or in combination with the optional SecureSource Legacy benefit rider, you are required to invest 100% of your purchase payments and your contract value to approved investment options. Certain Funds are available within an allocation plan, subject to requirements and percentage limitations. If you invest in this rider, you will be limited in your choice of investments and may be limited in how much you can invest in certain Funds. By investing in this rider, you will also not be able to allocate contract value to all investment options available in the contract. In addition, you will not be able to allocate to the regular fixed account. These investment restrictions may reduce our financial risk and expense in offering guaranteed withdrawal benefits and limit your ability to grow contract value. (see “Changes we may make” in this section below for more information).
Choosing an Investment Path. The Personalized AllocationsSM feature allows you to allocate your purchase payments and contract value to either Investment Path 1 or Investment Path 2, subject to plan requirements and percentage limitations, as shown in the Rate Sheet Supplement.
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You will choose either Investment Path 1 or Investment Path 2 at issue. After issue, you can change between Investment Path 1 and Investment Path 2 at any time, subject to any transfer limitations. Your total contract value will be moved to the new Investment Path and you will be required to adhere to its rules. Any value in the Special DCA fixed account will remain in the Special DCA fixed account and future scheduled Special DCA fixed account transfers will be based on the updated allocations.
Investment Path 1. This option requires 100% allocation of your purchase payments and contract value among the available Funds and there is no restriction on how much you can allocate into each Fund.
For the list of Funds available under Investment Path 1, please see Appendix B: Funds Available under the Optional Benefits Offered under the Contract – Investment Allocation Restrictions for the SecureSource Tempo rider.
Investment Path 2. This option requires 100% allocation of your purchase payments and contract value among the Funds. The Funds under Investment Path 2 are divided into groups and each group has a specified minimum or maximum percentage of contract value that can be allocated to it. You can select the percentages of contract value to allocate to Funds within each group, but the total investment for all Funds within the group must comply with the specified minimum or maximum percentage for that group. We may change the list of Funds that are or are not available to a specific group. There is also a maximum percentage of contract value that may be allocated to each Fund. If you chose Investment Path 2, you can allocate to Funds in Groups 1, 2, and 3, subject to the requirements and limitations.
For the list of Funds and contract value percentages that can be allocated to each Fund under Investment Path 2, please see Appendix B: Funds Available under the Optional Benefits Offered under the Contract – Investment Allocation Restrictions for the SecureSource Tempo rider.
The allocation you select at issue becomes your contract allocation. Purchase payments and rebalancing will be made in accordance with this allocation. In order to transfer between Funds, you must update your contract allocation instructions with us.
Rebalancing for Investment Path 2.
If you select this option, you agree to be automatically enrolled in the portfolio rebalancing program and thereby authorize us to automatically rebalance your contract value on a quarterly basis. Quarterly rebalancing will be done on a quarterly schedule measured from Contract Date, regardless of when Investment Path 2 is selected. We may change, suspend or terminate the automatic rebalancing frequency in our sole discretion. We will notify you in advance if we exercise this right. If you switch to Investment Path 1, rebalancing is automatically terminated.
Changes we may make for both Investment Path 1 and Investment Path 2. We reserve the right to add, remove, combine or substitute Funds in our sole discretion. We reserve the right to close or restrict Funds in our sole discretion. We also reserve the right to add, remove or modify allocation plans, including adding and removing Funds, changing allocation plan requirements and changing percentage limitations, in our sole discretion. Any change will apply to current allocations, future purchase payments and transfers. If we remove, restrict, combine or substitute any Funds, transfers made to reallocate purchase payments or contract value will not count toward any annual transfer limitations.
We may modify the investment requirements or limitations at any time we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications may be based on several factors including, but not limited to, general market conditions, the style and investment objectives of the Funds, when hedging instruments become difficult to acquire or the cost of hedging becomes excessive.
We will notify you 30 days prior to the date of any change or new limitation to the Funds, the allocation plans or allocation plan requirements. The change will take effect on the date we declare in the written notice. If your current contract allocation does not comply with our revised requirements, prior to the effective date you should update your allocations to comply. If you do not provide us with such instructions or your allocations do not comply with our revised investment options, before you make a purchase payment or request a transfer, you must update your contract value and purchase payment allocations to comply.
Additional Considerations. It is important to remember that certain Funds offered in Investment Path 1 and Investment Path 2 are managed volatility funds and employ a strategy designed to reduce overall volatility and downside risk. If a strategy is successful it may result in smaller losses to your contract value when markets are declining and market volatility is high when compared to Funds not employing a managed volatility strategy. In turn, if a strategy is successful it may also result in less gain in your contract value during rising markets with higher volatility when compared to Funds not employing a managed volatility strategy. There is no guarantee any of the managed volatility funds’ strategies will be successful. In addition, managed volatility funds may decrease the number and amount of any periodic benefit base increase opportunities (e.g. annual step ups). Costs associated with running a managed volatility strategy may also adversely impact the performance of managed volatility funds.
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Investing in the Funds does not guarantee that your contract will increase in value nor will it protect in a decline in value if market prices fall. Depending on future market conditions and considering only the potential return on your investment in the Funds, you might benefit (or benefit more) from selecting alternative Funds. There is no assurance that the Funds will achieve their respective investment objectives. In addition, there is no guarantee that the Fund’s strategy will have its intended effect or that it will work as effectively as is intended.
For additional information about the Funds’ investment strategies, risks and conflicts, see the Funds’ prospectuses as well as “The Variable Account and the Funds – Conflicts of Interest with Certain Funds Advised by Columbia Management” section in this prospectus.
Additional Information. You may change your investment option allocations up to six times per contract year by written request on an authorized form or by another method agreed to by us subject to our investment restrictions. If you choose Investment Path 1, you may also set up asset rebalancing and change your percentage allocations, but those changes will count towards this six times per contract year limit. Quarterly rebalancing, based on contract quarter, is mandatory and will be automatically established when you select Investment Path 2. Please consider requesting changes carefully, because we may charge you a higher fee for your rider (see “Charges — Optional Living Benefit Charges”). We also reserve the right to limit the number of changes if required to comply with the written instructions of a Fund (see “Making the Most of Your Contract — Transferring Among Accounts — Market Timing”) and the number of investment options from which you can select.
Before you select SecureSource Tempo rider, you and your financial advisor should carefully evaluate whether the Funds offered in Investment Path 1 and Investment Path 2 meet your investment objectives and risk tolerance. You should not select SecureSource Tempo benefit rider if you do not intend to adhere to its investment restrictions while this rider is in force.
The Annuity Payout Period
As owner of the contract, you have the right to decide how and to whom annuity payouts will be made starting on the annuitization start date. You select one of the annuity payout plans outlined below, or we may mutually agree on other payout arrangements. Currently, we make annuity payments on a monthly, quarterly, semi-annually and annual basis. Assuming the initial payment is on the same date, more frequent payments will generally result in higher total payments over the year. As discussed below, certain annuity payout options have a “guaranteed period,” during which payments are guaranteed to continue. Longer guaranteed periods will generally result in lower monthly annuity payment amounts. With a shorter guaranteed period, the amount of each annuity payment will be greater. Payments that occur more frequently will be smaller than those occurring less frequently.
We do not deduct surrender charges upon annuitization but surrender charges may be applied when electing to exercise liquidity features we may make available under certain fixed annuity payout options.
You also decide whether we will make annuity payouts on a fixed or variable basis, or a combination of fixed and variable. If you do not make an election, annuity payouts will be a combination of fixed and variable based on the proportion of your contract value allocated to the Fixed Account and Variable Account at the time payouts begin. The amount available to purchase payouts under the plan you select is the contract value on your annuitization start date after any rider charges have been deducted, plus any positive or negative MVA (less any applicable premium tax). Additionally, we currently allow you to use part of the amount available to purchase payouts, leaving any remaining contract value to accumulate on a tax-deferred basis. Special rules apply for partial annuitization of your annuity contract, see “Taxes — Nonqualified Annuities — Annuity payouts” and “Taxes — Qualified Annuities — Annuity payouts.”
If you select a variable annuity payout, we reserve the right to limit the number of subaccounts in which you may invest. The GPAs and the Special DCA fixed account are not available during this payout period.
Amounts of fixed and variable payouts depend on:
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the annuity payout plan you select;
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the annuitant’s age and, in most cases, sex;
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the annuity table in the contract; and
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the amounts you allocated to the accounts on the annuitization start date.
In addition, for variable payouts only, amounts depend on the investment performance of the subaccounts you select. These payouts will vary from month to month based on the performance of the funds. Fixed payouts generally remain the same from month to month unless you have elected an option providing for increasing payments or are exercising any available liquidity features we may offer and you have elected.
For information with respect to transfers between accounts after annuity payouts begin, see “Making the Most of Your Contract — Transfer policies.”
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Annuity Tables
The annuity tables in your contract (Table A and Table B) show the amount of the monthly payout for each $1,000 of contract value according to the annuitant’s age and, when applicable, the annuitant’s sex. (Where required by law, we will use a unisex table of annuity payout rates.)
Table A shows the amount of the first monthly variable payout assuming that the contract value is invested at the beginning of the annuity payout period and earns a 5% rate of return, which is reinvested and helps to support future payouts. If you ask us at least 30 days before the annuitization start date, we will substitute an annuity Table based on an assumed 3.5% investment return for the 5% Table A in the contract. The assumed investment return affects both the amount of the first payout and the extent to which subsequent payouts increase or decrease. For example, annuity payouts will increase if the investment return is above the assumed investment return and payouts will decrease if the return is below the assumed investment return. Using the 5% assumed interest return results in a higher initial payout, but later payouts will increase more slowly when annuity unit values rise and decrease more rapidly when they decline.
Table B shows the minimum amount of each fixed payout. We declare current payout rates that we use in determining the actual amount of your fixed annuity payout. The current payout rates will equal or exceed the guaranteed payout rates shown in Table B. We will furnish these rates to you upon request.
Annuity Payout Plans
We make available variable annuity payouts where payout amounts may vary based on the performance of the Variable Account. We may also make fixed annuity payouts available where payments of a fixed amount are made for the period specified in the plan, subject to any surrender we may permit. You may choose any one of these annuity payout plans by giving us written instructions at least 30 days before the annuitization start date:
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Plan A: Life annuity — no refund: We make monthly payouts until the annuitant’s death. Payouts end with the last payout before the annuitant’s death. We will not make any further payouts. This means that if the annuitant dies after we made only one monthly payout, we will not make any more payouts.
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Plan B: Life income with guaranteed period: We make monthly payouts for a guaranteed payout period of five, ten, or 15 years that you elect. This election will determine the length of the payout period in the event if the annuitant dies before the elected period expires. We calculate the guaranteed payout period from the annuitization start date. If the annuitant outlives the elected guaranteed payout period, we will continue to make payouts until the annuitant’s death.
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Plan C: Life annuity — installment refund: We make monthly payouts until the annuitant’s death, with our guarantee that payouts will continue for some period of time. We will make payouts for at least the number of months determined by dividing the amount applied under this option by the first monthly payout, whether or not the annuitant is living.
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Plan D: Joint and last survivor life annuity — no refund: We make monthly payouts while both the annuitant and a joint annuitant are living. If either annuitant dies, we will continue to make monthly payouts at the full amount until the death of the surviving annuitant. Payouts end with the death of the second annuitant.
For Plan A, if the annuitant dies before the initial payment, no payments will be made. For Plan B, if the annuitant dies before the initial payment, the payments will continue for the guaranteed payout period. For Plan C, if the annuitant dies before the initial payment, the payments will continue for the installment refund period. For Plan D, if both annuitants die before the initial payment, no payments will be made; however, if one annuitant dies before the initial payment, the payments will continue until the death of the surviving annuitant.
In addition to the annuity payout plans described above, we may offer additional payout plans. These plans may include cash refund features providing a guarantee of receiving at least a return of the annuitization amount (less any annuity payments made and any premium tax paid) in the event of the annuitant’s death, term certain installment plans with varying durations, and liquidity features allowing access under certain circumstances to a surrender of the underlying value of remaining payments. Terms and conditions of annuity payout plans will be disclosed at the time of election, including any associated fees or charges. It is important to remember that the election and use of liquidity features may either reduce the amount of future payouts you would otherwise receive or result in payouts ceasing.
Utilizing a liquidity feature to surrender the underlying value of remaining payments may result in the assessment of a surrender charge (See “Charges — Surrender charge”) or a 10% IRS penalty tax. (See “Taxes.”).
The annuitant's age at the time annuity payments commence will affect the amount of each payment for annuity payment plans involving lifetime income.  The amount of each annuity payment to older annuitants will be greater than for younger annuitants because payments to older annuitants are expected to be fewer in number. 
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Annuity payout plan requirements for qualified annuities: If your contract is a qualified annuity, you have the responsibility for electing a payout plan under your contract that complies with applicable law. Your contract describes your payout plan options. The options will meet certain IRS regulations governing RMDs if the payout plan meets the incidental distribution benefit requirements, if any, and the payouts are made:
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in equal or substantially equal payments over a period not longer than your life expectancy or over the joint life expectancy of you and your designated beneficiary; or
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over a period certain not longer than your life expectancy or over the life expectancy of you and your designated beneficiary.
For qualified and nonqualified contracts with one of the SecureSource series rider, if your annuitization start date is the maximum annuitization start date, you can choose one of the payout options available under the contract or an alternative fixed annuity payout option available under the rider. Under the rider’s payout option, the minimum amount payable shown in Table B will not apply, and you will receive the Current Annual Payment provided by this rider until the death of Covered Person (Joint Life: both Covered Spouses) . If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Table B in the contract If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
You must select a payout plan as of the annuitization start date set forth in your contract.
If we do not receive instructions: You must give us written instructions for the annuity payouts at least 30 days before the annuitization start date. If you do not, we will make payouts under Plan B, with 120 monthly payouts guaranteed.
If monthly payouts would be less than $20: We will calculate the amount of monthly payouts at the time amounts are applied to a payout plan. If the calculations show that monthly payouts would be less than $20, we have the right to pay the amount that would otherwise have been applied to a plan to the owner in a lump sum or to change the frequency of the payouts.
Death after annuity payouts begin: If you die after annuity payouts begin, we will pay any amount payable to the beneficiary as provided in the annuity payout plan in effect. Payments to beneficiaries are subject to adjustment to comply with the IRS rules and regulations.
Taxes
Under current law, your contract has a tax-deferral feature. Generally, this means you do not pay income tax until there is a taxable distribution (or deemed distribution) from the contract. We will send a tax information reporting form for any year in which we made a taxable or reportable distribution according to our records.
Nonqualified Annuities
Generally, only the increase in the value of a non-qualified annuity contract over the investment in the contract is taxable. Certain exceptions apply. Federal tax law requires that all nonqualified deferred annuity contracts issued by the same company (and possibly its affiliates) to the same owner during a calendar year be taxed as a single, unified contract when distributions are taken from any one of those contracts.
Annuity payouts: Generally, unlike surrenders described below, the income taxation of annuity payouts is subject to exclusion ratios (for fixed annuity payouts) or annual excludable amounts (for variable annuity payouts). In other words, in most cases, a portion of each payout will be ordinary income and subject to tax, and a portion of each payout will be considered a return of part of your investment in the contract and will not be taxed. All amounts you receive after your investment in the contract is fully recovered will be subject to tax. Under Annuity Payout Plan A: Life annuity — no refund, where the annuitant dies before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the owner for the last taxable year. Under all other annuity payout plans, where the annuity payouts end before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the taxpayer for the tax year in which the payouts end. (See “The Annuity Payout Period — Annuity Payout Plans.”)
Federal tax law permits taxpayers to annuitize a portion of their nonqualified annuity while leaving the remaining balance to continue to grow tax-deferred. Under the partial annuitization rules, the portion annuitized must be received as an annuity for a period of 10 years or more, or for the lives of one or more individuals. If this requirement is met, the
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annuitized portion and the tax-deferred balance will generally be treated as two separate contracts for income tax purposes only. If a contract is partially annuitized, the investment in the contract is allocated between the deferred and the annuitized portions on a pro rata basis.
Surrenders: Generally, if you surrender all or part of your nonqualified annuity before the annuitization start date, including surrenders under any optional withdrawal benefit rider, your surrender will be taxed to the extent that the contract value immediately before the surrender exceeds the investment in the contract. Application of surrender charges may alter the manner in which we tax report the surrender. Different rules may apply if you exchange another contract into this contract.
You also may have to pay a 10% IRS penalty for surrenders of taxable income you make before reaching age 59½ unless certain exceptions apply.
Withholding: If you receive taxable income as a result of an annuity payout or surrender, including surrenders under any optional withdrawal benefit rider, we may deduct federal, and in some cases state withholding against the payment. Any withholding represents a prepayment of your income tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification Number, you have a valid U.S. address and payments are delivered inside the United States, you may be able to elect not to have federal income tax withholding occur.
If the payment is part of an annuity payout plan, we generally compute the amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as partial or full surrender) we compute federal income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a non-resident alien.
Some states also may impose income tax withholding requirements similar to the federal withholding described above or may allow you to elect withholding. If this should be the case, we may deduct state income tax withholding from the payment.
Federal and state tax withholding rules are subject to change. Annuity payouts and surrenders are subject to the tax withholding rules in effect at the time that they are made, which may differ from the rules described above.
Death benefits to beneficiaries: The death benefit under a nonqualified contract is not exempt from estate (federal or state) taxes. In addition, for income tax purposes, any amount your beneficiary receives that exceeds the remaining investment in the contract is taxable as ordinary income to the beneficiary in the year he or she receives the payments. (See “Benefits in Case of Death — If You Die Before the Annuitization Start Date”).
Net Investment Income Tax: Certain investment income of high-income individuals (as well as estates and trusts) is subject to a 3.8% net investment income tax (as an addition to income taxes). For individuals, the 3.8% tax applies to the lesser of (1) the amount by which the taxpayer’s modified adjusted gross income exceeds $200,000 ($250,000 for married filing jointly and surviving spouses; $125,000 for married filing separately) or (2) the taxpayer’s “net investment income.” Net investment income includes taxable income from nonqualified annuities. Annuity holders are advised to consult their tax advisor regarding the possible implications of this additional tax.
Annuities owned by corporations, partnerships or irrevocable trusts: For nonqualified annuities, any annual increase in the value of annuities held by such entities (nonnatural persons) generally will be treated as ordinary income received during that year. However, if the trust was set up for the benefit of a natural person(s) only, the income may generally remain tax-deferred until surrendered or paid out.
Penalties: If you receive amounts from your nonqualified annuity before reaching age 59½, you may have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty will not apply to any amount received:
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because of your death or in the event of nonnatural ownership, the death of the annuitant;
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because you become disabled (as defined in the Code);
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if the distribution is part of a series of substantially equal periodic payments, made at least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);
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if it is allocable to an investment before Aug. 14, 1982; or
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if annuity payouts are made under immediate annuities as defined by the Code.
Transfer of ownership: Generally, if you transfer ownership of a nonqualified annuity without receiving adequate consideration, the transfer may be taxed as a surrender for federal income tax purposes. If the transfer is a currently taxable event for income tax purposes, the original owner will be taxed on the amount of deferred earnings at the time
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of the transfer and also may be subject to the 10% IRS penalty discussed earlier. In this case, the new owner’s investment in the contract will be equal to the investment in the contract at the time of the transfer plus any earnings included in the original owner’s taxable income as a result of the transfer. In general, this rule does not apply to transfers between spouses or former spouses. Similar rules apply if you transfer ownership for full consideration. Please consult your tax advisor for further details.
1035 Exchanges of nonqualified annuities: Section 1035 of the Code permits nontaxable exchanges of certain insurance policies, endowment contracts, annuity contracts and qualified long-term care insurance products, while providing for continued tax deferral of earnings. In addition, Section 1035 permits the carryover of the investment in the contract from the old policy or contract to the new policy or contract. In a 1035 exchange one policy or contract is exchanged for another policy or contract. The following can qualify as nontaxable exchanges: (1) the exchange of a life insurance policy for another life insurance policy or for an endowment, annuity or qualified long-term care insurance contract, (2) the exchange of an endowment contract for an annuity or qualified long-term care insurance contract, or for an endowment contract under which payments will begin no later than payments would have begun under the contract exchanged, (3) the exchange of an annuity contract for another annuity contract or for a qualified long-term care insurance contract, and (4) the exchange of a qualified long-term care insurance contract for a qualified long-term care insurance contract. However, if the life insurance policy has an outstanding loan, there may be tax consequences. Additionally, other tax rules apply. Depending on the issue date of your original policy or contract, there may be tax or other benefits that are given up to gain the benefits of the new policy or contract. Consider whether the features and benefits of the new policy or contract outweigh any tax or other benefits of the old contract.
For a partial exchange of an annuity contract for another annuity contract, the 1035 exchange is generally tax-free. The investment in the original contract and the earnings on the contract will be allocated proportionately between the original and new contracts. However, per IRS Revenue Procedure 2011-38, if surrenders are taken from either contract within the 180-day period following a partial 1035 exchange, the IRS will apply general tax principles to determine the appropriate tax treatment of the exchange and subsequent surrender. As a result, there may be unexpected tax consequences. You should consult your tax advisor before taking any surrender from either contract during the 180-day period following a partial exchange.
Assignment: If you assign or pledge your contract as collateral for a loan, earnings on purchase payments you made after Aug. 13, 1982 will be taxed as a deemed distribution and also may be subject to the 10% penalty as discussed above.
Qualified Annuities
Adverse tax consequences may result if you do not ensure that contributions, distributions and other transactions under the contract comply with the law. Qualified annuities have minimum distribution rules that govern the timing and amount of distributions. You should refer to your retirement plan’s Summary Plan Description, your IRA disclosure statement, or consult a tax advisor for additional information about the distribution rules applicable to your situation.
When you use your contract to fund a retirement plan or IRA that is already tax-deferred under the Code, the contract will not provide any necessary or additional tax deferral. If your contract is used to fund an employer sponsored plan, your right to benefits may be subject to the terms and conditions of the plan regardless of the terms of the contract.
Annuity payouts: Under a qualified annuity, except a Roth IRA, the entire payout generally is includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a retirement plan and you direct such payout to be directly rolled over to another eligible retirement plan such as an IRA. We may permit partial annuitizations of qualified annuity contracts. If we accept partial annuitizations, please remember that your contract will still need to comply with other requirements such as required minimum distributions and the payment of taxes. Prior to considering a partial annuitization on a qualified contract, you should discuss your decision and any implications with your tax adviser. Because we cannot accurately track certain after-tax funding sources, we will generally report any payments on partial annuitizations as ordinary income except in the case of a qualified distribution from a Roth IRA.
Annuity payouts from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age 59½ and meet the five year holding period.
Surrenders: Under a qualified annuity, except a Roth IRA, the entire surrender will generally be includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a retirement plan and you direct such surrender to be directly rolled over to another eligible retirement plan such as an IRA.
Surrenders from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age 59½ and meet the five year holding period or another qualifying event such as death or disability.
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Required Minimum Distributions: Retirement plans (except for Roth IRAs) are subject to required surrenders called required minimum distributions (“RMDs”) beginning at age 73. RMDs are based on the fair market value of your contract at year-end divided by the life expectancy factor. Certain death benefits and optional riders may be considered in determining the fair market value of your contract for RMD purposes. This may cause your RMD to be higher. You should consult your tax advisor prior to making a purchase for an explanation of the potential tax implications to you. Inherited IRAs (including inherited Roth IRAs) are subject to special required minimum distribution rules.
Withholding for IRAs, Roth IRAs, SEPs and SIMPLE IRAs: If you receive taxable income as a result of an annuity payout or a surrender, including surrenders under any optional withdrawal benefit rider, we may deduct withholding against the payment. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification Number, you can elect not to have any withholding occur.
If the payment is part of an annuity payout plan, we generally compute the amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as partial or full surrender) we compute federal income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a non-resident alien.
Some states also may impose income tax withholding requirements similar to the federal withholding described above. If this should be the case, we may deduct state income tax withholding from the payment.
Withholding for all other qualified annuities where RiverSource or Ameriprise Trust Company is responsible for tax reporting: If you receive directly all or part of the contract value from a qualified annuity, mandatory 20% federal income tax withholding (and possibly state income tax withholding) generally will be imposed at the time the payout is made from the plan. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. This mandatory withholding will not be imposed if instead of receiving the distribution check, you elect to have the distribution rolled over directly to an IRA or another eligible plan. Payments made to a surviving spouse instead of being directly rolled over to an IRA are also subject to mandatory 20% income tax withholding.
In the below situations, the distribution is subject to optional withholding instead of the mandatory 20% withholding. We will withhold 10% of the distribution amount unless you elect otherwise.
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the payout is one in a series of substantially equal periodic payouts, made at least annually, over your life or life expectancy (or the joint lives or life expectancies of you and your designated beneficiary) or over a specified period of 10 years or more;
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the payout is a RMD as defined under the Code;
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the payout is made on account of an eligible hardship; or
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the payout is a corrective distribution.
State withholding also may be imposed on taxable distributions.
Penalties: If you receive amounts from your qualified contract before reaching age 59½, you may have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty generally will not apply to any amount received:
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because of your death;
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because you become disabled (as defined in the Code);
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if the distribution is part of a series of substantially equal periodic payments made at least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);
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if the distribution is made following severance from employment during or after the calendar year in which you attain age 55 (TSAs and annuities funding 401(a) plans only);
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to pay certain medical or education expenses (IRAs only);
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if the distribution is made from an inherited IRA; or
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any other instances, as allowed by the IRS.
Death benefits to beneficiaries: The entire death benefit generally is taxable as ordinary income to the beneficiary in the year he/she receives the payments from the qualified annuity. If you made non-deductible contributions to a traditional IRA, the portion of any distribution from the contract that represents after-tax contributions is not taxable as ordinary income to your beneficiary. Under current IRS requirements, you are responsible for keeping all records
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tracking your non-deductible contributions to an IRA. Death benefits under a Roth IRA generally are not taxable as ordinary income to the beneficiary if certain distribution requirements are met. (See “Benefits in Case of Death — If You Die Before the Annuitization Start Date”).
Change of retirement plan type: IRS regulations allow for rollovers of certain retirement plan distributions. In some circumstances, you may be able to have an intra-contract rollover, keeping the same features and conditions. If the annuity contract you have does not support an intra-contract rollover, you are able to request an IRS approved rollover to another annuity contract or other investment product that you choose. If you choose another annuity contract or investment product, you will be subject to new rules, including a new surrender charge schedule for an annuity contract, or other product rules as applicable.
Assignment: You may not assign or pledge your qualified contract as collateral for a loan.
Other
Special considerations if you select any optional rider: As of the date of this prospectus, we believe that charges related to these riders are not subject to current taxation. Therefore, we will not report these charges as partial surrenders from your contract. However, the IRS may determine that these charges should be treated as partial surrenders subject to taxation to the extent of any gain as well as the 10% tax penalty for surrenders before the age of 59½, if applicable, on the taxable portion.
We reserve the right to report charges for these riders as partial surrenders if we, as a withholding and reporting agent, believe that we are required to report them. In addition, we will report any benefits attributable to these riders on your death as an annuity death benefit distribution, not as proceeds from life insurance.
Important: Our discussion of federal tax laws is based upon our understanding of current interpretations of these laws. Federal tax laws or current interpretations of them may change. For this reason and because tax consequences are complex and highly individual and cannot always be anticipated, you should consult a tax advisor if you have any questions about taxation of your contract.
RiverSource Life’s tax status: We are taxed as a life insurance company under the Code. For federal income tax purposes, the subaccounts are considered a part of our company, although their operations are treated separately in accounting and financial statements. Investment income is reinvested in the fund in which each subaccount invests and becomes part of that subaccount’s value. This investment income, including realized capital gains, is not subject to any withholding for federal or state income taxes. We reserve the right to make such a charge in the future if there is a change in the tax treatment of variable annuities or in our tax status as we then understand it.
The company includes in its taxable income the net investment income derived from the investment of assets held in its subaccounts because the company is considered the owner of these assets under federal income tax law. The company may claim certain tax benefits associated with this investment income. These benefits, which may include foreign tax credits and the corporate dividend received deduction, are not passed on to you since the company is the owner of the assets under federal tax law and is taxed on the investment income generated by the assets.
Tax qualification: We intend that the contract qualify as an annuity for federal income tax purposes. To that end, the provisions of the contract are to be interpreted to ensure or maintain such tax qualification, in spite of any other provisions of the contract. We reserve the right to amend the contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform the contract to any applicable changes in the tax qualification requirements. We will send you a copy of any amendments.
Spousal status: When it comes to your marital status and the identification and naming of any spouse as a beneficiary or party to your contract, we will rely on the representations you make to us. Based on this reliance, we will issue and administer your contract in accordance with these representations. If you represent that you are married and your representation is incorrect or your marriage is deemed invalid for federal or state law purposes, then the benefits and rights under your contract may be different.
If you have any questions as to the status of your relationship as a marriage, then you should consult an appropriate tax or legal advisor.
Voting Rights
As a contract owner with investments in the subaccounts, you may vote on important fund policies until annuity payouts begin. Once they begin, the person receiving them has voting rights. We will vote fund shares according to the instructions of the person with voting rights.
Before annuity payouts begin, the number of votes you have is determined by applying your percentage interest in each subaccount to the total number of votes allowed to the subaccount.
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After annuity payouts begin, the number of votes you have is equal to:
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the reserve held in each subaccount for your contract; divided by
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the net asset value of one share of the applicable fund.
As we make annuity payouts, the reserve for the contract decreases; therefore, the number of votes also will decrease.
We calculate votes separately for each subaccount. We will send notice of shareholders’ meetings, proxy materials and a statement of the number of votes to which the voter is entitled. We are the legal owner of all fund shares and therefore hold all voting rights.  However, to the extent required by law, we will vote the shares of each fund according to instructions we receive from contract owners. We will vote shares for which we have not received instructions and shares that we or our affiliates own in our own names in the same proportion as the votes for which we received instructions. As a result of this proportional voting, in cases when a small number of contract owners vote, their votes will have a greater impact and may even control the outcome.
Substitution of Investments
We may substitute the Funds in which the subaccounts invest if:
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laws or regulations change;
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the existing funds become unavailable; or
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in our judgment, the funds no longer are suitable (or no longer the most suitable) for the Subaccounts.
If any of these situations occur, we have the right to substitute a Fund currently listed in this prospectus (existing fund) for another Fund (new Fund), provided we obtain any required SEC and state insurance law approval. The new Fund may have higher fees and/or operating expenses than the existing Fund. Also, the new Fund may have investment objectives and policies and/or investment advisers which differ from the existing Fund.
We may also:
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add new Subaccounts;
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combine any two or more Subaccounts;
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transfer assets to and from the Subaccounts or the Variable Account; and
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eliminate or close any Subaccounts.
We will notify you of any substitution or change and obtain your approval if required.
In certain limited circumstances permitted by applicable law, we may amend the contract and take whatever action is necessary and appropriate without your consent or approval. We will obtain any required prior approval of the SEC or state insurance department before making any substitution or change.
About the Service Providers
Principal Underwriter
RiverSource Distributors, Inc. (RiverSource Distributors), our affiliate, serves as the principal underwriter and general distributor of the contract. Its offices are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.
Sales of the Contract
New contracts are not currently being offered.
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Only securities broker-dealers (“selling firms”) registered with the SEC and members of the FINRA may sell the contract.
•
The contracts are continuously offered to the public through authorized selling firms. We and RiverSource Distributors have a sales agreement with the selling firm. The sales agreement authorizes the selling firm to offer the contracts to the public. RiverSource Distributors pays the selling firm (or an affiliated insurance agency) for contracts its financial advisors sell. The selling firm may be required to return sales commissions under certain circumstances including but not limited to when contracts are returned under the free look period.
Payments to Selling Firms
•
We may use compensation plans which vary by selling firm. For example, some of these plans pay selling firms a commission of up to 7.50% each time a purchase payment is made. We may pay ongoing trail commissions of up to 1.25% of the contract value. We do not pay or withhold payment of commissions based on which investment options you select.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 109
•
We may pay selling firms a temporary additional sales commission of up to 1% of purchase payments for a period of time we select. For example, we may offer to pay a temporary additional sales commission to get selling firms to market a new or enhanced contract or to increase sales during the period.
•
In addition to commissions, we may, in order to promote sales of the contracts, and as permitted by applicable laws and regulations, pay or provide selling firms with other promotional incentives in cash, credit or other compensation. We generally (but may not) offer these promotional incentives to all selling firms. The terms of such arrangements differ between selling firms. These promotional incentives may include but are not limited to:
•
sponsorship of marketing, educational, due diligence and compliance meetings and conferences we or the selling firm may conduct for financial advisors, including subsidy of travel, meal, lodging, entertainment and other expenses related to these meetings;
•
marketing support related to sales of the contract including for example, the creation of marketing materials, advertising and newsletters;
•
providing service to contract owners; and
•
funding other events sponsored by a selling firm that may encourage the selling firm’s financial advisors to sell the contract.
These promotional incentives or reimbursements may be calculated as a percentage of the selling firm’s aggregate, net or anticipated sales and/or total assets attributable to sales of the contract, and/or may be a fixed dollar amount. As noted below this additional compensation may cause the selling firm and its financial advisors to favor the contracts.
Sources of Payments to Selling Firms
We pay the commissions and other compensation described above from our assets. Our assets may include:
•
revenues we receive from fees and expenses that you will pay when buying, owning and surrendering the contract (see “Expense Summary”);
•
compensation we or an affiliate receive from the underlying funds in the form of distribution and services fees (see “The Variable Account and the Funds - The funds”);
•
compensation we or an affiliate receive from a fund’s investment adviser, subadviser, distributor or an affiliate of any of these (see “The Variable Account and the Funds - The funds”); and
•
revenues we receive from other contracts and policies we sell that are not securities and other businesses we conduct.
You do not directly pay the commissions and other compensation described above as the result of a specific charge or deduction under the contract. However, you may pay part or all of the commissions and other compensation described above indirectly through:
•
fees and expenses we collect from contract owners , including surrender charges; and
•
fees and expenses charged by the underlying funds in which the subaccounts you select invest, to the extent we or one of our affiliates receive revenue from the funds or an affiliated person.
Potential Conflicts of Interest
Compensation payment arrangements with selling firms can potentially:
•
give selling firms a heightened financial incentive to sell the contract offered in this prospectus over another investment with lower compensation to the selling firm.
•
cause selling firms to encourage their financial advisors to sell you the contract offered in this prospectus instead of selling you other alternative investments that may result in lower compensation to the selling firm.
•
cause selling firms to grant us access to its financial advisors to promote sales of the contract offered in this prospectus, while denying that access to other firms offering similar contracts or other alternative investments which may pay lower compensation to the selling firm.
Payments to Financial Advisors
•
The selling firm pays its financial advisors. The selling firm decides the compensation and benefits it will pay its financial advisors.
•
To inform yourself of any potential conflicts of interest, ask your financial advisor before you buy how the selling firm and its financial advisors are being compensated and the amount of the compensation that each will receive if you buy the contract.
Issuer
We issue the contracts. We are a stock life insurance company organized in 1957 under the laws of the state of Minnesota and are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc.
110 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
We conduct a conventional life insurance business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable annuity contracts (including registered indexed linked annuity contracts) and life insurance policies.
Legal Proceedings
RiverSource Life (the Company) is involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.
As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including Ameriprise Financial Services, LLC (“AFS”) and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous pending matters, which includes information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of various products, including the Company’s life insurance and variable annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates have cooperated and will continue to cooperate with the applicable regulators.
These legal proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot predict with certainty if, how or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one or more proceedings could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.
Financial Statements
The financial statements for the RiverSource Variable Account 10, as well as the consolidated financial statements of RiverSource Life, are in the Statement of Additional Information. A current Statement of Additional Information may be obtained, without charge, by calling us at 1-800-862-7919, or can be found online at www.ameriprise.com/variableannuities.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 111
Appendix A:Funds Available Under the Contract
The following is a list of funds available under the contract. More information about the funds is available in the prospectuses for the funds, which may be amended from time to time and can be found online at riversource.com. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email request to riversource.annuityservice@ampf.com. Depending on the optional benefits you choose, you may not be able to invest in certain funds.   See "Appendix B:Funds Available Under the Optional Benefits Offered Under the Contract"
The current expenses and performance information below reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk.
AB VPS Dynamic Asset Allocation Portfolio
(Class B)1
AllianceBernstein L.P.
1.10%2
10.43%
3.15%
3.82%
Seeks long-term growth
of capital.
AB VPS Large Cap Growth Portfolio (Class B)
AllianceBernstein L.P.
0.90%
24.95%
15.87%
15.67%
Seeks long-term capital
appreciation.
Allspring VT Opportunity Fund - Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser.
1.00%2
15.05%
11.72%
10.78%
Seeks long-term capital
appreciation.
Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser.
1.17%
18.70%
6.60%
8.65%
The Portfolio seeks
investment results that
correspond (before fees
and expenses) generally
to the price and yield
performance of its
underlying index, the
Alerian Midstream
Energy Select Index (the
"Index").
ALPS | Alerian Energy Infrastructure
Portfolio: Class III
ALPS Advisors, Inc.
1.30%2
40.60%
14.15%
5.07%
Seeks high total
investment return.
BlackRock Global Allocation V.I. Fund
(Class III)
BlackRock Advisors, LLC, adviser; BlackRock
(Singapore) Limited, sub-adviser.
1.02%2
9.01%
5.74%
5.33%
Seeks maximum total
investment return
through a combination
of capital growth and
current income.
Columbia Variable Portfolio - Balanced Fund
(Class 2) (available for contract applications
signed on or after 5/3/2021)
Columbia Management Investment Advisers,
LLC
1.00%
14.30%
4.79%
9.15%
Seeks maximum total
investment return
through a combination
of capital growth and
current income.
Columbia Variable Portfolio - Balanced Fund
(Class 3) (available for contract applications
signed prior to 5/3/2021)
Columbia Management Investment Advisers,
LLC
0.88%
14.43%
4.92%
9.28%
112 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks to provide
shareholders with total
return.
Columbia Variable Portfolio - Commodity
Strategy Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.00%2
7.09%
5.69%
8.94%
Seeks total return,
consisting of long-term
capital appreciation and
current income.
Columbia Variable Portfolio - Contrarian Core
Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.95%2
23.09%
9.62%
14.78%
Seeks to provide
shareholders with high
total return through
income and growth of
capital.
Columbia Variable Portfolio - Corporate Bond
Fund (Class 2) (previously Columbia Variable
Portfolio - Global Strategic Income Fund
(Class 2))
Columbia Management Investment Advisers,
LLC
0.72%2
3.30%
(0.78%)
0.63%
Seeks to provide
shareholders with
capital appreciation.
Columbia Variable Portfolio - Disciplined
Core Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.92%
25.74%
8.14%
13.77%
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital.
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.98%2
15.12%
5.97%
8.62%
Non-diversified fund that
seeks to provide
shareholders with high
total return through
current income and,
secondarily, through
capital appreciation.
Columbia Variable Portfolio - Emerging
Markets Bond Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.00%2
6.13%
(0.70%)
0.46%
Seeks to provide
shareholders with
long-term capital growth.
Columbia Variable Portfolio - Emerging
Markets Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.34%2
5.45%
(8.32%)
(1.01%)
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal.
Columbia Variable Portfolio - Government
Money Market Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.61%2
4.71%
3.42%
2.09%
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth.
Columbia Variable Portfolio - High Yield Bond
Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.89%2
6.88%
2.18%
3.51%
Seeks to provide
shareholders with a high
total return through
current income and
capital appreciation.
Columbia Variable Portfolio - Income
Opportunities Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.89%2
5.71%
1.86%
3.07%
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 113
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time.
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.77%
1.73%
(3.72%)
(0.06%)
Seeks to provide
shareholders with
long-term capital growth.
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.97%
31.01%
8.59%
17.18%
Seeks to provide
shareholders with
long-term capital
appreciation.
Columbia Variable Portfolio - Large Cap Index
Fund (Class 2) (available for contract
applications signed on or after 5/3/2021)
Columbia Management Investment Advisers,
LLC
0.50%
24.40%
8.39%
13.94%
Seeks to provide
shareholders with
long-term capital
appreciation.
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3) (available for contract
applications signed prior to 5/3/2021)
Columbia Management Investment Advisers,
LLC
0.38%
24.54%
8.52%
14.07%
Seeks to provide
shareholders with a
level of current income
consistent with
preservation of capital.
Columbia Variable Portfolio - Limited
Duration Credit Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.66%2
4.64%
1.48%
1.81%
Seeks total return,
consisting of current
income and capital
appreciation.
Columbia Variable Portfolio - Long
Government/Credit Bond Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.72%2
(4.39%)
(9.65%)
(3.58%)
Seeks to provide
shareholders with
capital appreciation.
Columbia Variable Portfolio - Overseas Core
Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.04%
3.16%
0.41%
3.87%
Seeks to provide
shareholders with
long-term growth of
capital.
Columbia Variable Portfolio - Select Large
Cap Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.94%
12.58%
5.04%
9.29%
Seeks to provide
shareholders with
growth of capital.
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.07%2
23.37%
2.06%
10.80%
Seeks to provide
shareholders with
long-term growth of
capital.
Columbia Variable Portfolio - Select Mid Cap
Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.07%2
12.27%
3.73%
9.58%
Seeks to provide
shareholders with
long-term capital growth.
Columbia Variable Portfolio - Select Small
Cap Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC
1.10%2
13.66%
2.95%
9.19%
114 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks total return,
consisting of current
income and capital
appreciation.
Columbia Variable Portfolio - Strategic
Income Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.94%2
4.51%
0.33%
1.82%
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital.
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 2)
Columbia Management Investment Advisers,
LLC
0.71%
1.33%
(2.91%)
(1.06%)
Seeks to provide
shareholders with a high
level of current income.
CTIVP® - American Century Diversified Bond
Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; American Century Investment
Management, Inc., subadviser.
0.75%
1.53%
(3.33%)
(0.39%)
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term.
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser.
0.87%2
(1.20%)
(5.46%)
(0.78%)
Seeks to provide
shareholders with
current income and
capital appreciation.
CTIVP® - CenterSquare Real Estate Fund
(Class 2)
Columbia Management Investment Advisers,
LLC, adviser; CenterSquare Investment
Management LLC, subadviser.
1.07%
9.86%
(1.90%)
4.79%
Seeks to provide
shareholders with
long-term capital growth.
CTIVP® - Principal Blue Chip Growth Fund
(Class 2) (on or about June 1, 2025 to be
known as CTIVP® - Principal Large Cap
Growth Fund (Class 2))
Columbia Management Investment Advisers,
LLC, adviser; Principal Global Investors, LLC,
subadviser.
0.94%
21.12%
6.58%
13.51%
Seeks to provide
shareholders with
long-term growth of
capital and income.
CTIVP® - T. Rowe Price Large Cap Value Fund
(Class 2)
Columbia Management Investment Advisers,
LLC, adviser; T. Rowe Price Associates, Inc.,
subadviser.
0.95%
11.68%
4.99%
8.18%
Seeks to provide
shareholders with total
return through current
income and capital
appreciation.
CTIVP® - TCW Core Plus Bond Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; TCW Investment Management
Company LLC, subadviser.
0.74%
0.51%
(3.13%)
(0.53%)
Seeks to provide
shareholders with
long-term growth of
capital.
CTIVP® - Victory Sycamore Established Value
Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser.
1.07%
9.62%
5.26%
10.59%
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 115
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks to provide
shareholders with
long-term capital growth.
CTIVP® - Wellington Large Cap Value Fund
(Class 2) (previously CTIVP® - MFS® Value
Fund (Class 2))
Columbia Management Investment Advisers,
LLC, adviser; Wellington Management
Company LLP, subadviser.
0.87%2
11.44%
3.99%
7.77%
Seeks to provide
shareholders with
long-term capital growth.
CTIVP® - Westfield Mid Cap Growth Fund
(Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Westfield Capital Management
Company, L.P., subadviser.
1.07%2
17.19%
2.87%
10.02%
Seeks to provide
shareholders with
long-term capital growth.
CTIVP® - Westfield Select Large Cap Growth
Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Westfield Capital Management
Company, L.P., subadviser.
0.94%
27.15%
(0.79%)
10.38%
Seeks capital
appreciation.
DWS Alternative Asset Allocation VIP,
Class B3
DWS Investment Management Americas
Inc., adviser; RREEF America L.L.C.,
subadvisor.
1.26%
5.30%
3.97%
2.83%
Seeks long-term capital
appreciation.
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers.
0.81%
33.45%
16.74%
13.33%
Seeks long-term growth
of capital.
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers.
0.82%
17.18%
11.06%
8.94%
Seeks a high level of
current income and may
also seek capital
appreciation.
Fidelity® VIP Strategic Income Portfolio
Service Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited, subadvisers.
0.89%
5.78%
2.54%
3.34%
116 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities.
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc.
0.72%2
7.20%
5.29%
5.27%
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued.
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC
0.94%
11.27%
5.75%
5.83%
Seeks long-term total
return. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of small
capitalization
companies.
Franklin Small Cap Value VIP Fund - Class 2
Franklin Mutual Advisers, LLC
0.90%2
11.71%
8.36%
8.17%
Seeks total return with a
low to moderate
correlation to traditional
financial market indices.
Invesco V.I. Balanced-Risk Allocation Fund,
Series II Shares1
Invesco Advisers, Inc.
1.06%2
3.56%
2.51%
3.57%
Seeks capital
appreciation.
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc.
1.06%
15.78%
9.21%
9.58%
Seeks total return
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc.
1.18%2
3.02%
(0.43%)
1.28%
Seeks capital
appreciation.
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc.
1.11%
12.41%
10.21%
8.73%
Seeks long-term capital
growth, consistent with
preservation of capital
and balanced by current
income.
Janus Henderson Balanced Portfolio:
Service Shares
Janus Henderson Investors US LLC
0.87%
15.15%
8.06%
8.40%
Seeks to obtain
maximum total return,
consistent with
preservation of capital.
Janus Henderson Flexible Bond Portfolio:
Service Shares
Janus Henderson Investors US LLC
0.82%2
1.63%
0.09%
1.35%
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 117
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Non-diversified fund that
pursues its investment
objective by investing
primarily in common
stocks selected for their
growth potential.
Janus Henderson Research Portfolio:
Service Shares
Janus Henderson Investors US LLC
0.92%
34.96%
16.49%
14.25%
Seeks total return.
Lazard Retirement Global Dynamic
Multi-Asset Portfolio - Service Shares1
Lazard Asset Management, LLC
1.05%2
8.60%
2.33%
4.35%
Seeks long-term capital
growth. Income is a
secondary objective.
LVIP American Century Value Fund, Service
Class
American Century Investment Management,
Inc.
0.86%2
9.29%
8.41%
8.01%
Seeks to provide total
return.
Macquarie VIP Asset Strategy Series -
Service Class
Delaware Management Company
0.85%2
12.44%
6.56%
5.27%
Seeks total return.
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company
1.04%2
11.34%
5.61%
6.02%
The Fund seeks
long-term capital growth
by investing primarily in
common stocks and
other equity securities.
Morgan Stanley VIF Discovery Portfolio,
Class II Shares
Morgan Stanley Investment Management
Inc.
1.05%2
41.73%
11.11%
12.02%
Seeks long-term growth
of capital by investing
primarily in securities of
companies that meet
the Fund's
environmental, social
and governance (ESG)
criteria.
Neuberger Berman AMT Sustainable Equity
Portfolio (Class S)
Neuberger Berman Investment Advisers LLC
1.15%
25.52%
13.68%
11.18%
Seeks maximum real
return, consistent with
preservation of real
capital and prudent
investment
management.
PIMCO VIT All Asset Portfolio, Advisor Class3
Pacific Investment Management Company
LLC (PIMCO)
2.37%2
3.57%
4.31%
4.25%
Seeks total return which
exceeds that of a blend
of 60% MSCI World
Index/40% Barclays
U.S. Aggregate Index.
PIMCO VIT Global Managed Asset Allocation
Portfolio, Advisor Class3
Pacific Investment Management Company
LLC (PIMCO)
1.28%2
10.75%
6.03%
5.75%
Seeks maximum total
return, consistent with
preservation of capital
and prudent investment
management.
PIMCO VIT Total Return Portfolio, Advisor
Class
Pacific Investment Management Company
LLC (PIMCO)
0.89%
2.43%
(0.13%)
1.43%
118 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity.
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc.
0.75%2
(11.37%)
(4.85%)
(2.03%)
Seeks long-term capital
appreciation by
investing in common
stocks of gold-mining
companies. The Fund
may take current
income into
consideration when
choosing investments.
VanEck VIP Global Gold Fund (Class S
Shares)
Van Eck Associates Corporation
1.45%2
14.41%
5.46%
6.69%
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk.
Variable Portfolio - Aggressive Portfolio
(Class 2)3
Columbia Management Investment Advisers,
LLC
1.04%
13.20%
2.78%
7.64%
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk.
Variable Portfolio - Conservative Portfolio
(Class 2)3
Columbia Management Investment Advisers,
LLC
0.87%2
4.42%
(1.47%)
1.46%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - Managed Risk Fund
(Class 2)1,3
Columbia Management Investment Advisers,
LLC
1.02%2
9.41%
0.49%
3.90%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - Managed Risk U.S. Fund
(Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.99%
11.70%
1.93%
5.68%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.95%
4.31%
(1.86%)
0.96%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.98%
6.80%
(0.87%)
2.32%
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 119
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - Managed Volatility Growth
Fund (Class 2)1,3
Columbia Management Investment Advisers,
LLC
1.01%
11.98%
1.11%
5.18%
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility.
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.98%
9.41%
0.18%
3.82%
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk.
Variable Portfolio - Moderate Portfolio
(Class 2)3
Columbia Management Investment Advisers,
LLC
0.97%
8.72%
0.80%
4.73%
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk.
Variable Portfolio - Moderately Aggressive
Portfolio (Class 2)3
Columbia Management Investment Advisers,
LLC
1.01%
11.00%
1.68%
6.13%
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk.
Variable Portfolio - Moderately Conservative
Portfolio (Class 2)3
Columbia Management Investment Advisers,
LLC
0.94%
6.41%
(0.45%)
2.98%
Seeks to provide
shareholders with a high
level of current income
while conserving the
value of the investment
for the longest period of
time.
Variable Portfolio - Partners Core Bond Fund
(Class 2)
Columbia Management Investment Advisers,
LLC, adviser; J.P. Morgan Investment
Management Inc. and Allspring Global
Investments, LLC, subadvisers.
0.73%
2.01%
(2.22%)
(0.10%)
Seeks to provide
shareholders with
long-term capital growth.
Variable Portfolio - Partners Core Equity Fund
(Class 2)
Columbia Management Investment Advisers,
LLC, adviser; J.P. Morgan Investment
Management Inc. and T. Rowe Price
Associates, Inc., subadvisers.
0.93%
23.10%
8.09%
13.75%
Seeks to provide
shareholders with
long-term growth of
capital.
Variable Portfolio - Partners International
Core Equity Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Schroder Investment
Management North America Inc.,
subadviser; Schroder Investment
Management North America Limited,
sub-subadviser.
1.07%
5.58%
(0.14%)
4.57%
Seeks to provide
shareholders with
long-term capital growth.
Variable Portfolio - Partners International
Growth Fund (Class 2)
Columbia Management Investment Advisers
LLC, adviser; William Blair Investment
Management, LLC and Walter Scott &
Partners Limited, subadvisers.
1.06%2
(1.41%)
(6.20%)
2.17%
120 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Investment Objective
Fund and
Adviser/Sub-Adviser
Current
Expenses
Ratio
[NET]
Average Annual Total Returns
(as of 12/31/2024)
1 Year
5 Year
10 Year
Seeks to provide
shareholders with
long-term capital growth.
Variable Portfolio - Partners International
Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Pzena Investment
Management, LLC and Thompson, Siegel &
Walmsley LLC, subadvisers.
1.05%2
4.30%
2.49%
2.87%
Seeks to provide
shareholders with
long-term capital growth.
Variable Portfolio - Partners Small Cap
Growth Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Scout Investments, Inc. and
Allspring Global Investments, LLC,
subadvisers.
1.10%2
18.70%
(3.47%)
6.11%
Seeks to provide
shareholders with
long-term capital
appreciation.
Variable Portfolio - Partners Small Cap Value
Fund (Class 2)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers.
1.09%2
7.70%
1.28%
5.98%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - U.S. Flexible Conservative
Growth Fund (Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.95%
9.41%
0.44%
2.89%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - U.S. Flexible Growth Fund
(Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.94%
17.15%
3.60%
6.12%
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility.
Variable Portfolio - U.S. Flexible Moderate
Growth Fund (Class 2)1,3
Columbia Management Investment Advisers,
LLC
0.93%
13.19%
2.05%
4.57%
Seeks to maximize total
return.
Western Asset Variable Global High Yield
Bond Portfolio - Class II
Franklin Templeton Fund Adviser, LLC,
adviser; Western Asset Management
Company, LLC, subadviser.
1.06%
6.70%
1.81%
3.45%
1
This Fund is managed in a way that is intended to minimize volatility of returns. See “Principal Risks of Investing in the Contract.”
2
This Fund and its investment adviser and/or affiliates have entered into a temporary expense reimbursement arrangement and/or fee waiver. The Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for additional information.
3
This Fund is a fund of funds and invests substantially all of its assets in other underlying funds. Because the Fund invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including management fees.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 121
Appendix B:Funds Available Under the Optional Benefits Offered Under the Contract
If you have elected an optional benefit under the contract, your contract may be subject to investment allocation restrictions, as reflected in the following tables. See “Investment Allocation Restrictions for Certain Benefit Riders” for more details. If your optional benefit is not included below, your contract is not currently subject to any investment allocation restrictions.
INVESTMENT ALLOCATION RESTRICTIONS FOR THE ACCUMULATION PROTECTOR BENEFIT RIDER OR ENHANCED LEGACY BENEFIT
For contracts issued with the Accumulation Protector Benefit rider or Enhanced Legacy Benefit, you are required to invest your contract value in the Portfolio Stabilizer funds listed below:
1.
Variable Portfolio – Managed Risk Fund (Class 2)
2.
Variable Portfolio – Managed Risk U.S. Fund (Class 2)
3.
Variable Portfolio – Managed Volatility Growth Fund (Class 2)
4.
Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
5.
Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
6.
Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
7.
Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
8.
Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
9.
Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
INVESTMENT ALLOCATION RESTRICTIONS FOR SECURESOURCE CORE 2, SECURESOURCE 5, SECURESOURCE 5 PLUS, SECURESOURCE CORE, SECURESOURCE CORE PLUS, SECURESOURCE 4 OR SECURESOURCE 4 PLUS BENEFIT RIDERS
For contracts issued with the SecureSource Core 2, SecureSource 5, SecureSource 5 Plus, SecureSource Core, SecureSource Core Plus, SecureSource 4, SecureSource 4 Plus benefit riders, alone or in combination with the optional SecureSource Legacy benefit rider, you are required to invest your contract value in the Portfolio Stabilizer funds or certain Portfolio Navigator funds listed below:
The Portfolio Stabilizer funds currently available are:
1. Variable Portfolio – Managed Risk Fund (Class 2)
2. Variable Portfolio – Managed Risk U.S. Fund (Class 2)
3. Variable Portfolio – Managed Volatility Growth Fund (Class 2)
4. Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
5. Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
6. Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
7. Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
8. Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
9. Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
The Portfolio Navigator funds currently available are:
1. Variable Portfolio – Moderate Portfolio (Class 2)
2. Variable Portfolio – Moderately Conservative Portfolio (Class 2)
3. Variable Portfolio – Conservative Portfolio (Class 2)
INVESTMENT ALLOCATION RESTRICTIONS FOR THE SECURESOURCE TEMPO RIDER
If you elect the SecureSource Tempo rider, alone or in combination with the optional SecureSource Legacy benefit rider, you must allocate your purchase payments and contract value according to either Investment Path 1 or Investment Path 2 below.
Investment Path 1. You must allocate 100 % of your purchase payments and contract value among the following funds:
1.
Columbia Variable Portfolio – Balanced Fund (Class 2)
2.
Variable Portfolio – Managed Risk Fund (Class 2)
3.
Variable Portfolio – Managed Risk U.S. Fund (Class 2)
4.
Variable Portfolio – Managed Volatility Growth Fund (Class 2)
5.
Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
122 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
6.
Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
7.
Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
8.
Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
9.
Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
10.
Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
11.
Variable Portfolio – Aggressive Portfolio (Class 2)
12.
Variable Portfolio – Moderately Aggressive Portfolio (Class 2)
13.
Variable Portfolio – Moderate Portfolio (Class 2)
14.
Variable Portfolio – Moderately Conservative Portfolio (Class 2)
15.
Variable Portfolio – Conservative Portfolio (Class 2)
Investment Path 2. This option requires 100% allocation of your purchase payments and contract value among the Funds in Groups A, B, and C subject to the requirements and limitations as shown below. If you select this option, you agree to be automatically enrolled in the portfolio rebalancing program and thereby authorize us to automatically rebalance your contract value on a quarterly basis.
Group A – Fixed Income: Minimum of 20%
Available funds with a Maximum Fund Allocation of 100%
1.
Columbia Variable Portfolio – Intermediate Bond Fund (Class 2)
2.
Columbia Variable Portfolio – Limited Duration Credit Fund (Class 2)
3.
Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 2)
4.
CTIVP – American Century Diversified Fund (Class 2)
5.
CTIVP – TCW Core Plus Bond Fund (Class 2)
6.
Variable Portfolio – Partners – Core Bond Fund (Class 2)
7.
Columbia variable Portfolio – Government Money Market Fund (Class 2)
Group B – Asset Allocation, Large Cap and International Equity funds: Maximum of 80%
Available Asset Allocation funds with a Maximum Fund Allocation of 80%
1.
Variable Portfolio – Managed Volatility Growth Fund (Class 2)
2.
Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
3.
Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
4.
Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
5.
Variable Portfolio –U.S. Flex Growth Fund (Class 2)
6.
Variable Portfolio –U.S. Flex Moderate Growth Fund (Class 2)
7.
Variable Portfolio –U.S. Flex Conservative Fund (Class 2)
8.
Variable Portfolio – Managed Risk Fund (Class 2)
9.
Variable Portfolio – Managed Risk U.S. Fund (Class 2)
10.
Variable Portfolio – Aggressive Portfolio (Class 2)
11.
Variable Portfolio – Moderately Aggressive Portfolio (Class 2)
12.
Variable Portfolio – Moderate Portfolio (Class 2)
13.
Variable Portfolio – Moderately Conservative Portfolio (Class 2)
14.
Variable Portfolio – Conservative Portfolio (Class 2)
15.
Columbia Variable Portfolio – Balanced Fund (Class 2)
Available Large Cap and International Equity funds with a Maximum Fund Allocation of 30%
1.
Columbia Variable Portfolio – Contrarian Core Fund (Class 2)
2.
Columbia Variable Portfolio – Disciplined Core Fund (Class 2)
3.
Columbia Variable Portfolio – Dividend Opportunity Fund (Class 2)
4.
Columbia Variable Portfolio – Large-Cap Growth Fund (Class 2)
5.
Columbia Variable Portfolio – Large-Cap Index Fund (Class 2)
6.
Columbia Variable Portfolio – Select Large-Cap Value Fund (Class 2)
7.
CTIVP – Principal Blue Chip Growth Fund (Class 2)
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 123
8.
CTIVP – MFS Value Fund (Class 2)
9.
CTIVP – T. Rowe Price Large-Cap Value Fund (Class 2)
10.
Variable Portfolio – Partners Core Equity Fund (Class 2)
11.
Columbia Variable Portfolio – Overseas Core Fund (Class 2)
12.
Variable Portfolio – Partners International Core Equity Fund (Class 2)
13.
Variable Portfolio – Partners International Growth Fund (Class 2)
14.
Variable Portfolio – Partners International Value Fund (Class 2)
Group C – Large Cap Aggressive Growth, Mid Cap, Small Cap and Emerging Markets: Maximum of 20%
Available funds with a Maximum Fund Allocation of 5%
1.
CTIVP - Morgan Stanley Advantage Fund (Class 2)
2.
Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 2)
3.
Columbia Variable Portfolio - Select Mid Cap Value Fund (Class 2)
4.
CTIVP - Victory Sycamore Established Value Fund (Class 2)
5.
CTIVP - Westfield Mid Cap Growth Fund (Class 2)
6.
Columbia Variable Portfolio - Select Small-Cap Value Fund (Class 2)
7.
Variable Portfolio - Partners Small Cap Growth Fund (Class 2)
8.
Variable Portfolio - Partners Small Cap Value Fund (Class 2)
9.
Columbia Variable Portfolio - Emerging Markets Fund (Class 2)
124 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Appendix C: Example — Market Value Adjustment (MVA)
As the examples below demonstrate, the application of an MVA may result in either a gain or a loss of principal. We refer to all of the transactions described below as “early surrenders.” The examples may show hypothetical contract values. These contract values do not represent past or future performance. Actual contract values may be more or less than those shown and will depend on a number of factors, including but not limited to the investment experience of the subaccounts, GPAs, Special DCA fixed account, regular fixed account and the fees and charges that apply to your contract.
Assumptions:
•
You purchase a contract and allocate part of your purchase payment to the ten-year GPA; and
•
we guarantee an interest rate of 3.0% annually for your ten-year Guarantee Period; and
•
after three years, you decide to make a surrender from your GPA. In other words, there are seven years left in your guarantee period.
Remember that the MVA depends partly on the interest rate of a new GPA for the same number of years as the Guarantee Period remaining on your GPA. In this case, that is seven years.
Example 1: Remember that your GPA is earning 3.0%. Assume at the time of your surrender new GPAs that we offer with a seven-year Guarantee Period are earning 3.5%. We add 0.10% to the 3.5% rate to get 3.6%. Your GPA’s 3.0% rate is less than the 3.6% rate so the MVA will be negative.
Example 2: Remember again that your GPA is earning 3.0%, and assume that new GPAs that we offer with a seven-year Guarantee Period are earning 2.5%. We add 0.10% to the 2.5% rate to get 2.6%. In this example, since your GPA’s 3.0% rate is greater than the 2.6% rate, the MVA will be positive. To determine that adjustment precisely, you will have to use the formula described below.
Sample MVA Calculations
The precise MVA formula we apply is as follows: 
Early surrender amount
×
[
(
1 + i
)
 (n/12)
–1
]
=
MVA
1 + j + .001
 
Where i
=
rate earned in the GPA from which amounts are being transferred or surrendered.
j
=
current rate for a new Guaranteed Period equal to the remaining term in the current Guarantee Period
(rounded up to the next year).
n
=
number of months remaining in the current Guarantee Period (rounded up to the next month).
Examples — MVA
Using assumptions similar to those we used in the examples above:
•
You purchase a contract and allocate part of your purchase payment to the ten-year GPA; and
•
we guarantee an interest rate of 3.0% annually for your ten-year Guarantee Period; and
•
after three years, you decide to make a $1,000 surrender from your GPA. In other words, there are seven years left in your guarantee period.
Example 1: You request an early surrender of $1,000 from your ten-year GPA earning a guaranteed interest rate of 3.0%. Assume at the time of your surrender new GPAs that we offer with a seven-year Guarantee Period are earning 3.5%. Using the formula above, we determine the MVA as follows: 
$1,000
×
[
(
1.030
)
 (84/12)
–1
]
=
-$39.84
1 + .035 + .001
In this example, the MVA is a negative $39.84.
Example 2:  You request an early surrender of $1,000 from your ten-year GPA earning a guaranteed interest rate of 3.0%. Assume at the time of your surrender new GPAs that we offer with a seven-year Guarantee Period are earning 2.5%. Using the formula above, we determine the MVA as follows: 
$1,000
×
[
(
1.030
)
 (84/12)
–1
]
=
$27.61
1 + .025 + .001
In this example, the MVA is a positive $27.61
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 125
Please note that when you allocate your purchase payment to the ten-year GPA and your purchase payment is in its fourth year from receipt at the beginning of the guarantee period, your surrender charge percentage is 7% if you elected RAVA 5 Advantage with the ten-year surrender charge schedule, 6% if you elected RAVA 5 Advantage with the seven-year surrender charge schedule and do not apply MVAs to the amounts we deduct for surrender charges, so we would deduct the surrender charge from your early surrender after we applied the MVA. Also note that when you request an early surrender, we surrender an amount from your GPA that will give you the net amount you requested after we apply the MVA and any applicable surrender charge, unless you request otherwise.
The current interest rate we offer on the GPA will change periodically at our discretion. It is the rate we are then paying on purchase payments, renewals and transfers paid under this class of contracts for guarantee period durations equaling the remaining guarantee period of the GPA to which the formula is being applied.
126 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Appendix D: Example — Surrender Charges
We determine your surrender charge by multiplying the amount of each purchase payment surrendered which could be subject to a surrender charge by the applicable surrender charge percentage, and then totaling the surrender charges. We calculate the amount of purchase payments surrendered (PPS) as: 
PPS
=
PPSC + PPF
PPSC
=
purchase payments surrendered that could be subject to a surrender charge
 
=
(PS – FA) / (CV – FA) × (PP – PPF)
PPF
=
purchase payments surrendered that are not subject to a surrender charge
 
=
FA – contract earnings, but not less than zero
PP
=
purchase payments not previously surrendered (total purchase payments – PPS from all previous
surrenders)
PS
=
amount the contract value is reduced by the surrender
FA
=
total free amount = greater of contract earnings or 10% of prior anniversary’s contract value
CV
=
contract value prior to the surrender
When determining the surrender charge, contract earnings are defined as the contract value, including any positive or negative MVA on amounts being surrendered, less purchase payments not previously surrendered. We determine current contract earnings by looking at the entire contract value, not the earnings of any particular subaccount, GPA, the regular fixed account, the Special DCA fixed account. If the contract value is less than purchase payments received and not previously surrendered, then contract earnings are zero.
The examples below show how the surrender charge for a full and partial surrender is calculated. Each example illustrates the amount of the surrender charge for both a contract that experiences gains and a contract that experiences losses, given the same set of assumptions.
Full surrender charge calculation — ten-year surrender charge schedule:
This is an example of how we calculate the surrender charge on a contract with a ten-year (from the date of each purchase payment) surrender charge schedule and the following history:
Assumptions:
•
We receive a single $50,000 purchase payment;
•
During the fourth contract year you surrender the contract for its total value. The surrender charge percentage in the fourth year after a purchase payment is 7.0%; and
•
You have made no prior surrenders.
We will look at two situations, one where the contract has a gain and another where there is a loss:
 
 
 
Contract
with Gain
Contract
with Loss
 
Contract value just prior to surrender:
$60,000.00
$40,000.00
 
Contract value on prior anniversary:
58,000.00
42,000.00
We calculate the surrender charge as follows:
Step 1.
First, we determine the amount of earnings available in the contract at the time of
surrender as:
 
Contract value just prior to surrender (CV):
60,000.00
40,000.00
 
Less purchase payments received and not previously surrendered (PP):
50.000.00
50.000.00
 
Earnings in the contract (but not less than zero):
10,000.00
0.00
Step 2.
Next, we determine the total free amount (FA) available in the contract as the
greatest of the following values:
 
Earnings in the contract:
10,000.00
0.00
 
10% of the prior anniversary’s contract value:
5,800.00
4,200.00
 
FA (but not less than zero):
10,000.00
4,200.00
Step 3.
Next we determine PPF, the amount by which the total free amount (FA) exceeds
earnings.
 
Total free amount (FA):
10,000.00
4,200.00
 
Less earnings in the contract:
10,000.00
0.00
 
PPF (but not less than zero):
0.00
4,200.00
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 127
 
 
Contract
with Gain
Contract
with Loss
Step 4.
Next we determine PS, the amount by which the contract value is reduced by the
surrender.
 
PS:
60,000.00
40,000.00
Step 5.
Now we can determine how much of the PP is being surrendered (PPS) as follows:
 
PPS
= PPF + PPSC
 
 
= PPF + (PS − FA) / (CV − FA) * (PP − PPF)
 
PPF from Step 3 =
0.00
4,200.00
 
PS from Step 4 =
60,000.00
40,000.00
 
CV from Step 1 =
60,000.00
40,000.00
 
FA from Step 2 =
10,000.00
4,200.00
 
PP from Step 1 =
50,000.00
50,000.00
 
PPS =
50,000.00
50,000.00
Step 6.
We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender:
 
PPS:
50,000.00
50,000.00
 
less PPF:
0.00
4,200.00
 
PPSC = amount of PPS subject to a surrender charge:
50,000.00
45,800.00
 
multiplied by the surrender charge rate:
×7.0%
×7.0%
 
surrender charge:
3,500.00
3,206.00
Step 7.
The dollar amount you will receive as a result of your full surrender is determined
as:
 
Contract value surrendered:
60,000.00
40,000.00
 
Surrender charge:
(3,500.00
)
(3,206.00
)
 
Contract charge (assessed upon full surrender):
(50.00
)
(50.00
)
 
Net full surrender proceeds:
$56,450.00
$36,744.00
Partial surrender charge calculation — ten-year surrender charge schedule:
This is an example of how we calculate the surrender charge on a contract with a ten-year (from the date of each purchase payment) surrender charge schedule and the following history:
Assumptions:
•
We receive a single $50,000 purchase payment;
•
During the fourth contract year you request a net partial surrender of $15,000.00. The surrender charge percentage in the fourth year after a purchase payment is 7.0%; and
•
You have made no prior surrenders.
We will look at two situations, one where the contract has a gain and another where there is a loss:
 
 
Contract
with Gain
Contract
with Loss
Contract value just prior to surrender:
$60,000.00
$40,000.00
Contract value on prior anniversary:
58,000.00
42,000.00
We determine the amount of contract value that must be surrendered in order for the net partial surrender proceeds to
match the amount requested. We start with an estimate of the amount of contract value to surrender and calculate the
resulting surrender charge and net partial surrender proceeds as illustrated below. We then adjust our estimate and
repeat until we determine the amount of contract value to surrender that generates the desired net partial surrender
proceeds.
We calculate the surrender charge for each estimate as follows:
Step 1.
First, we determine the amount of earnings available in the contract at the time of
surrender as:
 
Contract value just prior to surrender (CV):
60,000.00
40,000.00
 
Less purchase payments received and not previously surrendered (PP):
50,000.00
50,000.00
 
Earnings in the contract (but not less than zero):
10,000.00
0.00
128 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
 
Contract
with Gain
Contract
with Loss
Step 2.
Next, we determine the total free amount (FA) available in the contract as the
greatest of the following values:
 
Earnings in the contract:
10,000.00
0.00
 
10% of the prior anniversary’s contract value:
5,800.00
4,200.00
 
FA (but not less than zero):
10,000.00
4,200.00
Step 3.
Next we determine PPF, the amount by which the total free amount (FA) exceeds
earnings
 
Total free amount (FA):
10,000.00
4,200.00
 
Less earnings in the contract:
10,000.00
0.00
 
PPF (but not less than zero):
0.00
4,200.00
Step 4.
Next we determine PS, the amount by which the contract value is reduced by the
surrender
 
PS (determined by iterative process described above):
15,376.34
16,062.31
Step 5.
Now we can determine how much of the PP is being surrendered (PPS) as follows:
 
PPS
= PPF + PPSC
 
 
= PPF + (PS − FA) / (CV − FA) * (PP − PPF)
 
PPF from Step 3 =
0.00
4,200.00
 
PS from Step 4 =
15,376.34
16,062.31
 
CV from Step 1 =
60,000.00
40,000.00
 
FA from Step 2 =
10,000.00
4,200.00
 
PP from Step 1 =
50,000.00
50,000.00
 
PPS =
5,376.34
19,375.80
Step 6.
We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender:
 
PPS:
5,376.34
19,375.80
 
less PPF:
0.00
4,200.00
 
PPSC = amount of PPS subject to a surrender charge:
5,376.34
15,175.80
 
multiplied by the surrender charge rate:
×7.0%
×7.0%
 
surrender charge:
376.34
1,062.31
Step 7.
The dollar amount you will receive as a result of your partial surrender is
determined as:
 
Contract value surrendered:
15,376.34
16,062.31
 
Surrender charge:
(376.34
)
(1,062.31
)
 
Net partial surrender proceeds:
$15,000.00
$15,000.00
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 129
Appendix E: Example — Optional Death Benefits
The purpose of this appendix is to illustrate the operation of various optional death benefit riders.
In order to demonstrate these contract riders, an example may show hypothetical contract values. These contract values do not represent past or future performance. Actual contract values may be more or less than those shown and will depend on a number of factors, including but not limited to the investment experience of the subaccounts, GPAs, Special DCA fixed account, regular fixed account and the fees and charges that apply to your contract.
The examples of the optional death benefits in appendix include partial surrenders to illustrate the effect of partial surrenders on the particular benefit. These examples are intended to show how the optional death benefits operate, and do not take into account whether a particular optional death benefit is part of a qualified annuity. Qualified annuities are subject to RMDs at certain ages (see “Taxes — Qualified Annuities — Required Minimum Distributions”) which may require you to take partial surrenders from the contract. If you are considering the addition of certain death benefits to a qualified annuity, you should consult your tax advisor prior to making a purchase for an explanation of the potential tax implication to you.
Example — ROPP Death Benefit
Assumptions:
•
You purchase the contract with a payment of $20,000; and
•
on the first contract anniversary you make an additional purchase payment of $5,000; and
•
During the second contract year the contract value falls to $22,000 and you take a $1,500 (including surrender charge) partial surrender; and
•
During the third contract year the contract value grows to $23,000.
 
We calculate the ROPP Death Benefit as follows:
Contract value at death:
$23,000.00
Purchase payments minus adjusted partial surrenders:
 
Total purchase payments:
$25,000.00
 
minus adjusted partial surrenders, calculated as:
 
$1,500 × $25,000
=
–1,704.54
 
$22,000
 
for a death benefit of:
$23,295.45
The ROPP Death Benefit, calculated as the greatest of these two values:
$23,295.45
Example — MAV Death Benefit
Assumptions:
•
You purchase the contract with a payment of $25,000.
•
On the first contract anniversary the contract value grows to $26,000.
•
During the second contract year the contract value falls to $22,000, at which point you take a $1,500 partial surrender (including surrender charge), leaving a contract value of $20,500.
 
We calculate the MAV death benefit, which is based on the greater of three values,
as follows:
1.
Contract value at death:
$20,500.00
2.
Purchase payments minus adjusted partial surrenders:
 
Total purchase payments:
$25,000.00
 
minus adjusted partial surrenders, calculated as:
 
$1,500 × $25,000
=
–1,704.55
 
$22,000
 
for a death benefit of:
$23,295.45
3.
The MAV immediately preceding the date of death:
 
Greatest of your contract anniversary values:
$26,000.00
 
plus purchase payments made since the prior anniversary:
+0.00
 
minus adjusted partial surrenders, calculated as:
130 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
 
$1,500 × $26,000
=
–1,772.73
 
$22,000
 
for a death benefit of:
$24,227.27
The MAV Death Benefit, calculated as the greatest of these three values,
which is the MAV:
$24,227.27
Example — 5-Year MAV Death Benefit
Assumptions:
•
You purchase the contract with a payment of $25,000.
•
On the fifth contract anniversary the contract value grows to $26,000.
•
During the sixth contract year the contract value falls to $22,000, at which point you take a $1,500 partial surrender (including surrender charge), leaving a contract value at $20,500.
 
We calculate the 5-Year MAV death benefit, which is based on the greater of three values,
as follows:
1.
Contract value at death:
$20,500.00
2.
Purchase payments minus adjusted partial surrenders:
 
Total purchase payments:
$25,000.00
 
minus adjusted partial surrenders, calculated as:
 
$1,500 × $25,000
=
–1,704.55
 
$22,000
 
for a death benefit of:
$23,295.45
3.
The 5-Year MAV immediately preceding the date of death:
 
Greatest of your contract anniversary values:
$26,000.00
 
plus purchase payments made since the prior anniversary:
+0.00
 
minus adjusted partial surrenders, calculated as:
 
$1,500 × $26,000
=
–1,772.73
 
$22,000
 
for a death benefit of:
$24,227.27
The 5-Year MAV Death Benefit, calculated as the greatest of these three values,
which is the 5-Year MAV:
$24,227.27
EXAMPLE — BENEFIT PROTECTOR
Assumptions:
•
You purchase the contract with a payment of $100,000 and you are under age 70. You select the seven-year surrender charge schedule, the MAV and the Benefit Protector.
•
During the first contract year the contract value grows to $105,000. The death benefit equals the standard death benefit, which is the contract value, or $105,000. You have not reached the first contract anniversary so the Benefit Protector does not provide any additional benefit at this time.
•
On the first contract anniversary the contract value grows to $110,000. The death benefit equals:
 
MAV death benefit amount (contract value):
$110,000
plus the Benefit Protector which equals 40% of earnings at death (MAV death benefit amount minus
remaining purchase payments):
0.40 × ($110,000 – $100,000) =
+4,000
Total death benefit of:
$114,000
•
On the second contract anniversary the contract value falls to $105,000. The death benefit equals:
 
MAV death benefit amount (maximum anniversary value):
$110,000
plus the Benefit Protector (40% of earnings at death):
0.40 × ($110,000 – $100,000) =
+4,000
Total death benefit of:
$114,000
•
During the third contract year the contract value remains at $105,000 and you request a partial surrender, including the applicable 7% surrender charge, of $50,000. We will surrender $10,500 from your contract value free of charge
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 131
(10% of your prior anniversary’s contract value). The remainder of the surrender is subject to a 7% surrender charge because your purchase payment is two years old, so we will surrender $39,500 ($36,735 + $2,765 in surrender charges) from your contract value. Altogether, we will surrender $50,000 and pay you $47,235. We calculate remaining purchase payments as $100,000 – $45,000 = $55,000 (remember that $5,000 of the partial surrender is contract earnings). The death benefit equals: 
MAV death benefit amount (maximum anniversary value adjusted for partial surrenders):
$110,000 –
($50,000 X $110,000)
=
$57,619
$105,000
plus the Benefit Protector (40% of earnings at death):
0.40 × ($57,619 – $55,000) =
+1,048
Total death benefit of:
$58,667
•
On the third contract anniversary the contract value falls by $40,000. The death benefit remains at $58,667. The reduction in contract value has no effect.
•
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death reaches its maximum of 250% of remaining purchase payments that are one or more years old. The death benefit equals:
 
MAV death benefit amount (contract value):
$200,000
plus the Benefit Protector (40% of earnings at death)
0.40 × 2.50 × ($55,000) =
+55,000
Total death benefit of:
$255,000
•
During the tenth contract year you make an additional purchase payment of $50,000 and your contract value grows to $250,500. The new purchase payment is less than one year old and so it has no effect on the EEB. The death benefit equals:
 
MAV death benefit amount (contract value):
$250,000
plus the Benefit Protector (40% of earnings at death)
0.40 × 2.50 × ($55,000) =
+55,000
Total death benefit of:
$305,000
•
During the eleventh contract year the contract value remains $250,500 and the “new” purchase payment is now one year old. The value of the Benefit Protector changes. The death benefit equals:
 
MAV death benefit amount (contract value):
$250,500
plus the Benefit Protector which equals 40% of earnings at death (the standard death benefit amount
minus remaining purchase payments):
0.40 × ($250,500 – $105,000) =
+58,200
Total death benefit of:
$308,700
EXAMPLE – ENHANCED LEGACY BENEFIT
Assumptions:
•
You purchase the contract with a payment of $25,000; and
•
on the first contract anniversary the total contract value is $25,750; and
•
100 days into the second contract year the total contract value is $24,300. You take a $1,500 (including surrender charge) partial surrender, leaving the contract value at $22,800. The partial year fee for the Enhanced Legacy Benefit on that day would be $64.10 ($24,629.63 x 0.95% x 100 / 365).
 
The death benefit, which is based on the greatest of four values, is calculated as follows:
1.
Contract value death benefit (contract value minus rider fees):$22,800.00 - $64.10 =
$22,735.90
$22,735.90
2.
Purchase payments minus adjusted partial surrenders:
 
Total purchase payments:
$25,000.00
 
minus adjusted partial surrenders, calculated as:
 
$1,500 × $25,000
=
–1,543.21
 
$24,300
 
for a death benefit of:
$23,456.79
132 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
3.
The MAV immediately preceding the date of death:
 
The MAV on the immediately preceding anniversary:
$25,750.00
 
plus purchase payments made since that anniversary:
+0.00
 
minus adjusted partial surrenders, calculated as:
 
$1,500 × $25,750
=
–1,589.51
 
$24,300
 
for a death benefit of:
$24,160.49
4.
The Accumulation Death Benefit value:
 
The ADB value on the first contract anniversary calculated as: 1.05 × $25,000 =
$26,250.00
 
plus purchase payments made since that anniversary:
+0.00
 
minus adjusted partial surrender calculated as:
 
$1,500 × $26,250
=
–1,620.37
 
$24,300
 
for a death benefit of:
$24,629.63
 
Enhanced Legacy Benefit, calculated as the greatest of these four values, which is the
Accumulation Death Benefit value:
$24,629.63
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 133
Appendix F: Example — Optional Living Benefits
The purpose of this appendix is to illustrate the operation of various optional living benefit riders.
In order to demonstrate these contract riders, an example may show hypothetical contract values. These contract values do not represent past or future performance. Actual contract values may be more or less than those shown and will depend on a number of factors, including but not limited to the investment experience of the subaccounts, regular fixed account, Special DCA fixed account and the fees and charges that apply to your contract.
These examples are intended to show how the optional riders operate, and do not take into account whether a particular optional rider is part of a qualified annuity. Qualified annuities are subject to RMDs at certain ages (see “Taxes — Qualified Annuities — Required Minimum Distributions”) which may require you to take partial surrenders from the contract. If you are considering the addition of certain optional riders to a qualified annuity, you should consult your tax advisor prior to making a purchase for an explanation of the potential tax implication to you.
EXAMPLE — SECURESOURCE CORE/ SECURESOURCE CORE PLUS/ SECURESOURCE CORE 2 RIDERS
Assumptions:
•
You purchase the contract with a Single Life benefit and a payment of $100,000 and make no additional payments to the contract. You also purchase the SecureSource Legacy benefit.
•
You are the sole owner and also the annuitant. You are age 61.
•
This example uses a Lifetime Payment Percentage of 4.00% at age 61, 5.00% at age 65, and 5.20% at age 70. Your Lifetime Payment Percentage will be based on the rider you choose and your age.
•
Annual Step-ups are applied each anniversary when available, where the contract value is greater than the Benefit Base and/or the SecureSource Legacy Death Benefit. Applied Annual Step-ups are indicated in bold.
 
Contract
Duration
in Years
Purchase
Payments
Partial
Withdrawals
Assumed
Contract
Value
Credit
Base
Benefit
Base
Current
Annual
Payment
Remaining
Annual
Payment
Lifetime
Payment
Percentage
SecureSource
Legacy
Death
Benefit
At Issue
$100,000
NA
$100,000
$100,000
$100,000
$4,000
$4,000
4.00%
$100,000
1
—
—
94,000
100,000
106,000
4,240
4,240
4.00%
100,000
2
—
—
103,500
100,000
112,000
4,480
4,480
4.00%
103,500
3
—
—
120,000
120,000
120,000
(1)
4,800
4,800
4.00%
120,000
3.5
—
4,800
115,200
120,000
120,000
4,800
-
4.00%
115,200
4
—
—
115,000
120,000
120,000
(2)
4,800
4,800
4.00%
115,200
5
—
—
110,000
120,000
127,200
5,088
5,088
4.00%
115,200
6
—
—
140,000
140,000
140,000
7,000
7,000
5.00%
(3)
140,000
7
—
—
120,000
140,000
148,400
7,420
7,420
5.00%
140,000
7.5
—
10,000
110,000
136,792
144,999
(4)
7,420
-
5.00%
129,542
8
—
—
102,000
136,792
144,999
7,250
7,250
5.00%
129,542
9
—
—
109,000
136,792
153,207
7,660
7,660
5.00%
129,542
(1)
Since the contract value was greater than the Benefit Base (after it was increased by the Annual Credit), the Credit Base is increased to the contract value and future Annual Credits will be based on the new (higher) Credit Base.
(2)
Since a withdrawal was taken in the previous contract year, the Annual Credit is not available on the 4th Anniversary.
(3)
Because the annual step-up increased the Benefit Base on the anniversary and the covered person's attained age is in a higher age band, the Lifetime Payment Percentage increased.
(4)
The $10,000 withdrawal is greater than the $7,420 Remaining Annual Payment allowed under the rider and therefore excess withdrawal processing is applied. Values are calculated as described in 'Lifetime Benefit Description - Determination of Adjustment of Benefit Values'.
134 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
EXAMPLE — SECURESOURCE 4/SECURESOURCE 4 PLUS/ SECURESOURCE 5/SECURESOURCE 5 PLUS RIDERS
Assumptions:
•
You purchase the contract with a Single Life benefit and a payment of $100,000 and make no additional payments to the contract. You also purchase the SecureSource Legacy benefit.
•
You are the sole owner and also the annuitant. You are age 61.
•
This example uses a minimum Lifetime Payment Percentage of 3.60% at age 61, 4.70% at age 65, and 4.90% at age 70. The Income Bonus used in the example is 1.00%. Your Lifetime Payment Percentage, including any Income Bonus percentage, will be based on the rider you choose and your age.
•
Annual Step-ups are applied each anniversary when available, where the contract value is greater than the Benefit base and/or SecureSource Legacy Death Benefit. Applied Annual Step-ups are indicated in bold.
 
Contract
Duration
in Years
Purchase
Payments
Partial
With-
drawals
Assumed
Contract
Value
Credit
Base
Benefit
Base
Withdrawal
Adjustment
Base
Benefit
Determining
Percentage
Current
Annual
Payment
Remaining
Annual
Payment
Lifetime
Payment
Percentage
Secure-
Source
Legacy
Death
Benefit
At Issue
$100,000
NA
$100,000
$100,000
$100,000
$100,000
0.0%
$4,600
$4,600
4.60%
(1)
$100,000
1
—
—
94,000
100,000
106,000
100,000
6.0%
4,876
4,876
4.60%
100,000
2
—
—
103,500
100,000
112,000
103,500
0.0%
5,152
5,152
4.60%
103,500
3
—
—
120,000
120,000
120,000
(2)
120,000
0.0%
5,520
5,520
4.60%
120,000
3.5
—
5,520
114,800
120,000
120,000
(3)
114,480
0.0%
5,520
-
4.60%
114,480
4
—
—
115,000
120,000
120,000
115,000
0.0%
5,520
5,520
4.60%
115,000
5
—
—
110,000
120,000
127,200
115,000
4.3%
5,851
5,851
4.60%
115,000
6
—
—
140,000
140,000
140,000
140,000
0.0%
7,980
7,980
5.70%
(4)
140,000
7
—
—
120,000
140,000
148,400
140,000
14.3%
8,459
8,459
5.70%
140,000
7.5
—
10,000
110,000
138,066
146,350
(5)
128,333
14.3%
8,459
-
5.70%
129,724
8
—
—
102,000
138,066
146,350
128,333
20.5%
6,878
6,878
4.70%
(6)
129,724
9
—
—
109,000
138,066
154,633
128,333
15.1%
8,814
8,814
5.70%
129,724
(1)
This includes the 1.00% Income Bonus because the Benefit Determining Percentage is below 20%.
(2)
Since the contract value was greater than the Benefit Base (after it was increased by the Annual Credit), the Credit Base is increased to the contract value and future Annual Credits will be based on the new (higher) Credit Base.
(3)
Since a withdrawal was taken in the previous contract year, the Annual Credit is not available on the 4th Anniversary.
(4)
Because the annual step-up increased the BB on the anniversary and the covered person's attained age is in a higher age band, the Lifetime Payment Percentage increased.
(5)
The $10,000 withdrawal is greater than the $8,459 Remaining Annual Payment allowed under the rider and therefore excess withdrawal processing is applied. Values are reset as described in "Lifetime Benefit Description - Determination of Adjustment of Benefit Values".
(6)
The Lifetime Payment Percentage does not include the 1% Income Bonus when the Benefit Determining Percentage is 20% or more.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 135
EXAMPLE — SECURESOURCE TEMPO
Assumptions:
•
You purchase the contract with the Single Life benefit and a payment of $100,000 and make no additional payments to the contract. You also purchase the SecureSource Legacy benefit.
•
You are the sole owner and also the annuitant. You are age 61.
•
This example uses a minimum Lifetime Payment Percentage of 3.60% at age 61, 4.70% at age 65, and 4.90% at age 70. The Income Bonus used in the example is 1.00%. Your Lifetime Payment Percentage, including any Income Bonus percentage, will be based on the rider you choose and your age.
•
Annual Step-ups are applied each anniversary when available, where the contract value is greater than the Benefit base and/or the SecureSource Legacy Death Benefit. Applied Annual Step-ups are indicated in bold.
 
Contract
Duration
in Years
Purchase
Payments
Partial
With-
drawals
Assumed
Contract
Value
Returns-
linked
Credit
Benefit
Base
Credit
Carryover
Withdrawal
Adjustment
Base
Benefit
Determining
Percentage
Current
Annual
Payment
Remaining
Annual
Payment
Lifetime
Payment
Percentage
Secure-
Source
Legacy
Death
Benefit
At Issue
$100,000
NA
$100,000
$100,000
$100,000
0.0%
$4,600
$4,600
4.60%
(1)
$100,000
1
-
-
94,000
-
100,000
-
100,000
6.0%
4,600
4,600
4.60%
100,000
2
-
-
103,500
9,400
109,400
9,400
(2)
103,500
0.0%
5,032
5,032
4.60%
103,500
3
-
-
120,000
10,350
120,000
(3)
10,350
120,000
0.0%
5,520
5,520
4.60%
120,000
3.5
-
5,520
114,480
120,000
10,350
114,480
0.0%
5,520
-
4.60%
114,480
4
-
-
115,000
-
120,000
(4)
10,350
115,000
0.0%
5,520
5,520
4.60%
115,000
5
-
-
110,000
10,350
(5)
130,350
-
115,000
4.3%
5,996
5,996
4.60%
115,000
6
-
-
140,000
11,000
141,350
11,000
140,000
0.0%
6,502
6,502
4.60%
140,000
7
-
-
120,000
11,000
152,350
-
140,000
14.3%
7,008
7,008
4.60%
140,000
7.5
-
10,000
110,000
148,316
(6)
-
128,333
14.3%
7,008
-
4.60%
129,470
8
-
-
102,000
-
148,316
-
128,333
20.5%
5,339
5,339
3.60%
(7)
129,470
9
-
-
109,000
10,200
158,516
3,800
128,333
15.1%
7,292
7,292
4.60%
129,470
(1)
This includes the 1.00% Income Bonus because the Benefit Determining Percentage is below 20%.
(2)
Returns linked credit and Credit carryover are based on the $9,500 positive contract returns (i.e. contract value increased from $94,000 to $103,500). The maximum credit and maximum carryover are 10% of prior anniversary contract value.
(3)
Since the contract value was greater than the Benefit Base after it was increased by the Returns-linked Credit, the Benefit Base is increased to the contract value.
(4)
Since a withdrawal was taken in the previous contract year, the Returns-linked Credit is not available on the 4th Anniversary and the Credit Carryover is not increased.
(5)
Contract return used for credit is zero so the Returns-linked credit is from the Credit Carryover.
(6)
The $10,000 withdrawal is greater than the $7,008 Remaining Annual Payment allowed under the rider and therefore excess withdrawal processing is applied. Values are reset as described in "Lifetime Benefit Description - Determination of Adjustment of Benefit Values".
(7)
The Lifetime Payment Percentage does not include the 1% Income Bonus when the Benefit Determining Percentage is 20% or more.
136 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Example — Accumulation Protector Benefit
The following example shows how the Accumulation Protector Benefit rider works based on hypothetical values. It is not intended to depict investment performance of the contract.
The example assumes:
•
You purchase the contract (with the Accumulation Protector Benefit rider) with a payment of $100,000.
•
You make no additional purchase payments.
•
You do not exercise the elective step-up option.
 
End of
Contract Year
Partial Surrender
(beginning of year)
MCAV Adjustment
for Partial Surrender
MCAV
Accumulation
Benefit Amount
Hypothetical Assumed
Contract Value
1
0
0
100,000
0
110,000
2
0
0
115,200
0
128,000
3
0
0
121,500
0
135,000
4
0
0
121,500
0
118,000
5
0
0
121,500
0
100,000
6
2,000
2,430
119,070
0
122,000
7
0
0
126,000
0
140,000
8
0
0
126,000
0
130,000
9
5,000
4,846
121,154
0
110,000
10
0
0
121,154
16,154
105,000
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 137
Appendix G: SecureSource Core Rider Disclosure
SecureSource Core Rider
(Available for contract applications signed prior to 5/3/2021)
The SecureSource Core rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit or certain death benefit riders (ROPP rider, MAV rider or Enhanced Legacy Benefit). This benefit is intended to provide to you, a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature to help in low or poor performing markets and a step-up feature to lock in contract anniversary gains to increase the Benefit Base.
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource Core rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource Core rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource Core rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
For important considerations on whether a SecureSource Core rider is appropriate for you, see the “Important SecureSource Series Rider Considerations” section.
Availability
There are two SecureSource Core riders available under your contract:
•
SecureSource Core - Single Life
•
SecureSource Core - Joint Life
The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders.
The SecureSource Core — Single Life rider covers one person. The SecureSource Core — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource Core — Single Life rider or the SecureSource Core — Joint Life rider, not both, and you may not switch riders later.
138 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource Core – Single Life rider.
The SecureSource Core rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
Issue ages from 81 through 85 require prior approval.
The SecureSource Core riders are not available under an inherited qualified annuity.
The SecureSource Core rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with a SecureSource Core rider, see “SecureSource Series Rider Terms” section.
RATE SHEET PROSPECTUS SUPPLEMENT
The current rider charges and the current rates for the Lifetime Payment percentages, Credit Period and Annual Credit percentages, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage” and “Annual Credits” below). We may change these terms for new purchasers, upon 7 calendar days prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period, we will file a new Rate Sheet Prospectus Supplement. All historical Rate Sheet Prospectus Supplements are reflected in Appendix M to this prospectus. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the contract owner. If any owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If an owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the Covered Spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment)” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated.
If you withdraw less than the Current Annual Payment in a contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 139
date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Lifetime Payment Percentage for each Age Band and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-Ups” below).
•
For the Joint life rider, upon death or change in marital status: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million each:
1.
At rider effective date
The Credit Base and Benefit Base are set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The Benefit Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
The Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
(A)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Credit Base or Benefit Base (as applicable) on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
140 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
(C)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount as calculated as follows:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how the Benefit Base and Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each, and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available. The Annual Credit percentages and Credit Period are shown in the Rate Sheet Prospectus Supplement.
(A)
On the first rider anniversary
The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement, for the first rider anniversary.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments 180 days following the rider effective date.
(B)On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: (A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit Period duration, as shown in the Rate Sheet Prospectus Supplement.
•
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base, Credit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added) will be increased to the contract value.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 141
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing. See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource Core — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource Core — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Star t Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Credit Base will be permanently reset to zero, and there will be no additional Annual Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and that amount will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The Current Annual Payment is fixed for as long as payments are made.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, without interest, and/or as otherwise permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life:The rider will terminate even if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
142 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
continue the contract under the spousal continuation option.
Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered Person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource Core rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource Core rider is not available.

Under the rider’s payout option, you will receive the Current Annual Payment provided by this rider until the death of the Covered Person (Joint Life: the death of both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information about annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource Core rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate.
•
Single Life: spousal continuation will terminate the rider.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource Core riders charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
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Appendix H: SecureSource Core Plus Rider Disclosure
SecureSource Core Plus Rider
(Available for contract applications signed prior to 3/30/2020)
The SecureSource Core Plus rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP rider, MAV rider or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature to help in low or poor performing markets and a step-up feature to lock in contract anniversary gains to increase the Benefit Base. This rider also provides a guaranteed benefit base amount, provided no withdrawals are taken and the rider does not terminate before a specified date (see “Base Doubler” below).
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource Core Plus rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource Core Plus rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource Core Plus rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available, a Base Doubler is applied or an Annual Step-up increases the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
For important considerations on whether a SecureSource Core Plus rider is appropriate for you, see “Important SecureSource Series Rider Considerations” section.
Availability
There are two SecureSource Core Plus riders available under your contract:
•
SecureSource Core Plus - Single Life
•
SecureSource Core Plus - Joint Life
The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” is equal to the term “surrender” in the contract or any riders. Withdrawals will adjust contract values and benefits in the same manner as surrenders.
144 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
The SecureSource Core Plus — Single Life rider covers one person. The SecureSource Core Plus — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource Core Plus — Single Life rider or the SecureSource Core Plus — Joint Life rider, not both, and you may not switch riders later.
You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and join annuitants are not allowed for SecureSource Core Plus – Single Life rider.
The SecureSource Core Plus rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
Issue ages from 81 through 85 require prior approval.
The SecureSource Core Plus riders are not available under an inherited qualified annuity.
The SecureSource Core Plus rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with the SecureSource Core Plus rider, see “SecureSource Rider Terms” section.
Rate sheet prospectus supplement
The current rider charges and the current rates for the Lifetime Payment percentages, Credit Period, Annual Credit percentages and Base Doubler age and duration, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage”, “Annual Credits” and “Base Doubler” below). We may change these terms for new purchasers, upon 7 calendar days prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period, we will file a new Rate Sheet Supplement. All historical Rate Sheet Prospectus Supplements are reflected in Appendix M. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current Annual payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “(Current Annual Payment)” heading below). The Covered Person is the owner on the rider effective date. If an owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the annuitant. The Covered person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If any contract owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the Covered Spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated. When the first withdrawal is taken in each contract year we will determine if the Income Bonus Percentage will be included in the Lifetime Payment Percentage for that contract year.
If you withdraw less than the Current Annual Payment in a contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 145
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Lifetime Payment Percentage for each Age Band and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-ups” below).
•
For the Joint life rider, upon death or change in marital status: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Joint Life:Base Doubler Date (for contracts with applications signed before 5/1/2020): If the Base Doubler is greater than zero, the Base Doubler Date may be reset in the event of: (1) dissolution of marriage; or (2) a Covered Spouse’s death when the death benefit is not payable. On the date we receive written notification of these events, the Base Doubler Date will be set to the later of: (1) the rider anniversary on or following the remaining Covered Spouse reaching the Base Doubler age shown in the Rate Sheet Prospectus Supplement; (2) the 12th rider anniversary; or (3) the next rider anniversary.
Base Doubler Date (for contracts with applications signed on/after 5/1/2020): If the Base Doubler is greater than zero, the Base Doubler Date may be reset in the event of: (1) dissolution of marriage; or (2) a Covered Spouse’s death when the death benefit is not payable. On the date we receive written notification of these events, the Base Doubler Date will be set to the later of: (1) the rider anniversary on or following the remaining Covered Spouse reaching the Base Doubler age; (2) the rider anniversary equal to the Base Doubler duration (both as shown in the Rate Sheet Prospectus Supplement); or (3) the next rider anniversary.
The Base Doubler Date may also be reset if there is a spousal continuation. See the Spouse’s Option to continue contract provision.
For contracts with applications signed before 5/1/2020: In the event of remarriage of the Covered Spouses to each other before the Base Doubler Date, the Base Doubler Date will be reset to the later of the 12th rider anniversary; or the rider anniversary on or following the younger Covered Spouse reaching the Base Double age shown in the Rate Sheet Prospectus Supplement.
For contracts with applications signed on/after 5/1/2020: In the event of remarriage of the Covered Spouses to each other before the Base Doubler Date, the Base Doubler Date will be reset to the later of the rider anniversary equal to the Base Doubler duration, or the rider anniversary on or following the younger Covered Spouse reaching the Base Double age (both shown in the Rate Sheet Prospectus Supplement).
146 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Determination of Adjustments of Benefit Values: Your values are determined at the following times and are subject to a maximum amount of $20 million each:
1.
At rider effective date
The Credit Base and Benefit Base are set equal to the initial purchase payment.
The Base Doubler is set equal to the initial purchase payment multiplied by the applicable Base Doubler Percentage, as shown in the table below. 
Purchase Payments
Base Doubler Percentage
Payments received before the first rider anniversary
200
%
Payments received thereafter
100
%
2.
When an additional purchase payment is made
The Benefit Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
If the Base Doubler is greater than zero, the Base Doubler will be increased by the amount of each additional purchase payment multiplied by the applicable Base Doubler Percentage as shown in the table above.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
If a withdrawal is taken before the Base Doubler Date, the Base Doubler is permanently set to zero.
The Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
(A)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal”, calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
(C)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount calculated as follows:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how the Benefit Base and Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each, and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available. The Annual Credit percentages and duration are shown in the Rate Sheet Prospectus Supplement.
(A)
On the first rider anniversary
The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement, for the first rider anniversary.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments since 180 days following the rider effective date.
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(B)
On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual Credit percentage as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: (A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit Period duration, as shown in the Rate Sheet Prospectus Supplement.
Base Doubler: If you did not take any withdrawals since the rider effective date and you did not decline an increase to the annual rider fee, on the Base Doubler Date the Benefit Base (after any Annual Credit is added) will be increased to the Base Doubler if greater. The Base Doubler will be permanently set to zero on the Base Doubler Date (after any adjustment to the Benefit Base). It is important to remember that the 200% Base Doubler percentage only applies to purchase payments received in the first year. After the first year, 100% of purchase payments will be added to the Base Doubler rather than 200%.
•
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base, Credit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added or Base Doubler is applied) will be increased to the contract value.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing. Any withdrawals (including RMDs) before the Base Doubler date will permanently set the Base Doubler to zero.
See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource Core Plus — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource Core Plus — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Start Date”).
148 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The Withdrawal Adjustment Base, if greater than zero, will be increased to the contract value if the contract value is greater.
The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
For contracts with applications signed before 5/1/2020: If the Base Doubler is greater than zero, the Base Doubler Date will be set to the later of: (1) the rider anniversary on or following the remaining Covered Spouse reaching the Base Doubler age shown in the Rate Sheet Prospectus Supplement; (2) the 12th rider anniversary; or (3) the next rider anniversary.
For contracts with applications signed on/after 5/1/2020: If the Base Doubler is greater than zero, the Base Doubler Date will be set to the later of: (1) the rider anniversary on or following the remaining Covered Spouse reaching the Base Doubler age; (2) the rider anniversary equal to the Credit Period Base Doubler duration, (both as shown in the Rate Sheet Prospectus Supplement); or (3) the next rider anniversary.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Credit Base and Base Doubler, will be permanently set to zero, and there will be no additional Annual Credits and no Base Doubler is applied. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and that amount will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The Current Annual Payment is fixed for as long as payments are made.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, without interest, and/or as otherwise legally permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life: the rider will terminate even if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
continue the contract under the spousal continuation option.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 149
Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource Core Plus rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource Core Plus rider is not available.
Under the rider’s payout option, you will receive the Current Annual Payment provided by this rider until the death of the Covered Person (Joint Life: both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information about annuity payment plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource Core Plus rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate.
•
Single Life: spousal continuation will terminate the rider.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource Core Plus rider charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
150 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Appendix I: SecureSource 4 Rider Disclosure
SecureSource 4 Rider
(Available for contract applications signed prior to 5/3/2021)
The SecureSource 4 rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP rider, MAV rider or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature to help in low or poor performing markets and a step-up feature to lock in contract anniversary gains to increase the Benefit Base.
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource 4 rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource 4 rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource 4 rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision. The Current Annual Payment can vary based on the relationship of your contract value to the Withdrawal Adjustment Base. On the day of your first withdrawal each contract year, we determine if the Income Bonus Percentage is available for that contract year (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the current contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
Each year, your Current Annual Payment may or may not include an Income Bonus. If the contract value is 20% or more below the Withdrawal Adjustment Base, the Income Bonus Percentage will not be available. (see Withdrawal Adjustment Base described below).
For important considerations on whether a SecureSource 4 rider is appropriate for you, see and “Important SecureSource Series Rider Considerations” section.
Availability
There are two SecureSource 4 riders available under your contract:
•
SecureSource 4 - Single Life
•
SecureSource 4 - Joint Life
The information in this section applies to both riders, unless otherwise noted.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 151
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource 4 — Single Life rider covers one person. The SecureSource 4 — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource 4 — Single Life rider or the SecureSource 4 — Joint Life rider, not both, and you may not switch riders later.
You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource 4 — Single Life rider.
The SecureSource 4 rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
Issue ages from 81 through 85 require prior approval.
The SecureSource 4 riders are not available under an inherited qualified annuity.
The SecureSource 4 rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with a SecureSource 4 rider, see “SecureSource Series Rider Terms” section.
RATE SHEET PROSPECTUS SUPPLEMENT
The current rider charges and the current rates for the Minimum Lifetime Payment percentages, Income Bonus Percentage, Credit Period and Annual Credit percentages, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage”, “Income Bonus percentage” and “Annual Credits” below). We may change these terms for new purchasers, upon 7 calendar days prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period we will file a new Rate Sheet Prospectus Supplement. All historical Rate Sheet Supplements will be reflected in Appendix M to this prospectus. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the contract owner. If any owner on the rider effective date is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the oldest annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If any contract owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the Covered Spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated. When the first withdrawal is taken in each contract year we will determine if the Income Bonus Percentage will be included in the Lifetime Payment Percentage for the remainder of that contract year.
The Current Annual Payment can vary each contract year and includes the minimum annual lifetime payment and may also include an Income Bonus. The minimum annual lifetime payment is the guaranteed lifetime benefit amount available for withdrawal each contract year. It is calculated by multiplying the Benefit Base by the Minimum Lifetime
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Payment Percentage. The Income Bonus is a potential increase to the Current Annual Payment and is calculated by multiplying the Benefit Base by the Income Bonus Percentage. If the Income Bonus Percentage is included in the Lifetime Payment Percentage, then the income bonus is included in the Current Annual Payment.
If you withdraw less than the Current Annual Payment in contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Minimum Lifetime Payment Percentage, the Income Bonus Percentage for each Age Band, and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-Ups” below).
•
For the Joint life rider, upon death or change in marital status: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Income Bonus Percentage: The Income Bonus Percentage may provide additional income under the rider. Availability of the Income Bonus Percentage is determined at the time of your first withdrawal each contract year. The benefit determining percentage is a comparison of your contract value and the Withdrawal Adjustment Base. If the benefit determining percentage is less than 20%, then the Lifetime Payment Percentage will include the Income Bonus Percentage, as shown in the Rate Sheet Prospectus Supplement, when calculating the Current Annual Payment (unless the Lifetime Payment Percentage is set to a fixed percentage as described below).
The benefit determining percentage is calculated on each valuation date as follows, but it will not be less than zero: 
1
–
(a/b)
a
=
Contract value at the end of the prior valuation period
b
=
Withdrawal Adjustment Base at the end of the prior valuation period
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After the Current Annual Payment is established, the first withdrawal taken in each contract year will set the Lifetime Payment Percentage to a fixed percentage for the remainder of the contract year except as noted below. Following each rider anniversary, the availability of the Income Bonus Percentage, and therefore the Lifetime Payment Percentage, can change on each valuation date until a withdrawal is taken in that contract year. For more information on how this rider operates, please see “Appendix F: Example – Optional Living Benefits – SecureSource 4 Rider”.
However, at the earliest of (1) or (2) below, the Lifetime Payment Percentage will be set and remain fixed as long as the benefit is payable:
(1)
when your contract value on a rider anniversary is less than two times the Benefit Base multiplied by the Minimum Lifetime Payment Percentage for your current Age Band, or
(2)
when the contract value reduces to zero.
For certain periods of time at our discretion and on a non-discriminatory basis, your Lifetime Payment Percentage may be set by us to include the Income Bonus Percentage if more favorable to you.
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million each:
1.
At rider effective date
The Withdrawal Adjustment Base, Credit Base and Benefit Base are set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The Benefit Base, Withdrawal Adjustment Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
See “Buying Your contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
The Withdrawal Adjustment Base, Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
(A)
The Withdrawal Adjustment Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal,” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Withdrawal Adjustment Base on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced using the “adjustment for withdrawal” calculation described above but substituting the Credit Base or Benefit Base (as applicable) for the Withdrawal Adjustment Base.
(C)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
(D)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount as calculated below:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how the Withdrawal Adjustment Base, Benefit Base and Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available. The Annual Credit percentages and duration are shown in the Rate Sheet Prospectus Supplement.
•
(A)
On the first rider anniversary
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The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the current Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement, for the first rider anniversary.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments since 180 days following the rider effective date.
(B)
On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual Credit percentages, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Withdrawal Adjustment Base will be set as follows:
(A)
if no withdrawals have been taken, the Withdrawal Adjustment Base will be set to the Benefit Base determined above, or
(B)
if any withdrawals have been taken, the Withdrawal Adjustment Base will be set to the amount as calculated below:
 
a × b
where:
c
 
a
=
the Withdrawal Adjustment Base on the rider anniversary (but prior to rider anniversary processing)
b
=
the Benefit Base determined above
c
=
the Benefit Base on the rider anniversary (but prior to rider anniversary processing)
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Withdrawal Adjustment Base and Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit period duration, as shown in the Rate Sheet Prospectus Supplement.
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added) will be increased to the contract value, if greater.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation.
•
The Withdrawal Adjustment Base on rider anniversaries: If you did not decline an increase to the annual rider fee, the Withdrawal Adjustment Base (after any Annual Credit is added) will be increased to the contract value, if greater.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
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If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing. See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource 4 — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource 4 — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Start Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The Withdrawal Adjustment Base, if greater than zero, will be increased to the contract value if the contract value is greater. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Credit Base, if greater than zero, will be permanently reset to zero, and there will be no additional Annual Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and the Current Annual Payment will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The Current Annual Payment is fixed for as long as payments are made.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, without interest, and/or as otherwise legally permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life: the rider will terminate if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
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Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner holding for the sole benefit of the prior owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource 4 rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource 4 rider is not available.
Under the rider’s payout option, you will receive the Current Annual Payment provided by this rider until the death of the Covered Person (Joint Life: both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information on annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource 4 rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate, even if the Covered Person is still living.
•
Single Life: spousal continuation will terminate the rider, even if the Covered Person is still living.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource 4 riders charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
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Appendix J: SecureSource 4 Plus Rider Disclosure
SecureSource 4 Plus Rider
(Available for contract applications signed prior to 5/3/2021)
The SecureSource 4 Plus rider is an optional benefit that you can elect at time of application for an additional charge. It may not be purchased with any other optional living benefit and certain death benefit riders (ROPP Death Benefit, MAV Death Benefit or Enhanced Legacy Benefit). This benefit is intended to provide a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. Additionally, this benefit offers an Annual Credit feature to help in low or poor performing markets and a step-up feature to lock in contract anniversary gains.
If the contract value is reduced to zero due to market performance, fees or charges, or a withdrawal that does not exceed the amount available under the rider, then you will receive lifetime payments made by us as described in the “Other provisions - Rules for Surrender.” However, the contract and rider will terminate if the contract value goes to zero due to an excess withdrawal. If you die before the contract value is depleted, you will not receive any monetary value from the rider.
The SecureSource 4 Plus rider may be appropriate for you if:
•
you intend to make periodic withdrawals from your annuity contract; and
•
you wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime.
The SecureSource 4 Plus rider may be not appropriate for you if:
•
you anticipate the need for withdrawals before the lifetime benefit is established or withdrawals that exceed the amount available under the rider (i.e. Excess Withdrawals); or
•
you want to invest in funds other than the approved investment options. For a list of currently approved investment options, see “Investment Allocation Restrictions for Certain Benefit Riders”.
The SecureSource 4 Plus rider guarantees that, regardless of investment performance, you may take withdrawals up to the Current Annual Payment each contract year after the Current Annual Payment is established. Your age at the time of the first withdrawal will determine the Age Band for as long as benefits are payable except as described in the Lifetime Payment Percentage provision. The annual benefit amount can vary based on the relationship of your contract value to the withdrawal adjustment base. Each contract year, whether or not the Income Bonus Percentage is included in the Lifetime Payment Percentage is determined when the first withdrawal is taken and is fixed for the remainder of that contract year (see “Lifetime Payment Percentage” below).
As long as your total withdrawals during the current contract year do not exceed the Current Annual Payment, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with Excess Withdrawal Processing. At any time, you may withdraw any amount up to your entire surrender value, subject to Excess Withdrawal Processing under the rider (see “Determination of Adjustments of Benefit Values”).
Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the Current Annual Payment can be increased if an Annual Credit is available or your contract value has increased above the Benefit Base on a rider anniversary.
Your benefits under the rider can be reduced if you:
•
withdraw more than the allowed withdrawal amount in a contract year, or
•
take withdrawals before the Current Annual Payment is established.
Each year, your Current Annual Payment may or may not include an Income Bonus. If the contract value is 20% or more below the Withdrawal Adjustment Base, the Income Bonus Percentage will not be available. (see Withdrawal Adjustment Base described below).
For important considerations on whether a SecureSource 4 Plus rider is appropriate for you, see “Important SecureSource Series Rider Considerations” section.
Availability
There are two SecureSource 4 Plus riders available under your contract:
•
SecureSource 4 Plus - Single Life
•
SecureSource 4 Plus - Joint Life
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The information in this section applies to both riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource 4 Plus — Single Life rider covers one person. The SecureSource 4 Plus — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource 4 Plus — Single Life rider or the SecureSource 4 Plus — Joint Life rider, not both, and you may not switch riders later. You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date. Joint ownership and joint annuitants are not allowed for SecureSource 4 Plus — Single Life rider.
The SecureSource 4 Plus rider is an optional benefit that you may select, for an additional annual charge if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is issued.
Issue ages from 81 through 85 require prior approval.
The SecureSource 4 Plus riders are not available under an inherited qualified annuity.
The SecureSource 4 Plus rider guarantees that, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving Covered Spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below).
For key terms associated with the SecureSource 4 Plus rider, see “SecureSource Rider Terms” section.
Rate sheet prospectus supplement
The current rider charges and the current rates for the Minimum Lifetime Payment percentages, Income Bonus Percentage, Credit Period and Annual Credit percentages, applicable to your contract issued to you are disclosed in the Rate Sheet Prospectus Supplement attached to this prospectus. These terms can only change as provided in this prospectus (see “Lifetime Payment Percentage”, “Income Bonus percentage” and “Annual Credits” below). We may change these terms for new purchasers, upon 7 calendar prior notice. At least 7 calendar days before we change the terms contained in a Rate Sheet Prospectus Supplement for the next effective period, we will file a new Rate Sheet Supplement. All historical Rate Sheet Supplements are reflected in Appendix M. All Rate Sheet Prospectus Supplements, including the Rate Sheet Prospectus Supplement applicable to you, have been filed with the Securities and Exchange Commission (the “SEC”) and are also available on the Edgar system at www.sec.gov  (File No. 333–230376).
current ANNUAL payment Description
Single Life only: Covered Person: the person whose life is used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Person is the oldest contract owner. If any owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a revocable trust, the Covered Person is the oldest annuitant. The Covered Person cannot be changed.
Joint Life only: Covered Spouses: the contract owner and their spouse named on the application for as long as the marriage remains in effect. If any contract owner is a nonnatural person or a revocable trust, the Covered Spouses are the annuitant and the spouse of the annuitant named on the application. After death or dissolution of marriage that leaves only one of the spouses as the owner (for non-natural owners, the annuitant), that remaining Covered Spouse will be used when referring to the younger Covered Spouse. The Covered Spouses’ lives are used to determine when the Current Annual Payment is established, and the duration of the Current Annual Payments (see “Current Annual Payment” heading below). The Covered Spouses are established on the rider effective date and cannot be changed. For more details, see “Assignment and Change of Ownership – Joint Life” section below.
Current Annual Payment: the benefit available for withdrawal each contract year after the Covered Person (Joint life: younger Covered Spouse) has reached the youngest age in the first Age Band. When the Current Annual Payment is established and at all times thereafter, the Current Annual Payment is equal to the Benefit Base multiplied by the Lifetime Payment Percentage. Anytime the Lifetime Payment Percentage or the Benefit Base changes as described below, the Current Annual Payment will be recalculated. When the first withdrawal is taken in each contract year we will determine if the Income Bonus Percentage will be included in the Lifetime Payment Percentage for that contract year.
The Current Annual Payment can vary each contract year and includes the minimum annual lifetime payment and may also include an Income Bonus. The minimum annual lifetime payment is the guaranteed lifetime benefit amount available for withdrawal each contract year. It is calculated by multiplying the Benefit Base by the Minimum Lifetime
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Payment Percentage. The Income Bonus is a potential increase to the Current Annual Payment and is calculated by multiplying the Benefit Base by the Income Bonus Percentage. If the Income Bonus Percentage is included in the Lifetime Payment Percentage, then the income bonus is included in the Current Annual Payment.
If you withdraw less than the Current Annual Payment in a contract year, the unused portion does not carry over to future contract years.
Single Life: The Current Annual Payment is established on the later of the rider effective date if the Covered Person has reached the youngest age in the first Age Band, or the date the Covered Person’s attained age equals the youngest age in the first Age Band.
Joint Life: The Current Annual Payment is established on the earliest of the following dates:
•
The rider effective date if the younger Covered Spouse has already reached the youngest age in the first Age Band.
•
The date the younger Covered Spouse’s attained age equals the youngest age in the first Age Band.
•
Upon the first death of a Covered Spouse, then either: (a) the date we receive a written notice when the death benefit is not payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, (b) the date spousal continuation is effective when the death benefit is payable and the surviving Covered Spouse has already reached the youngest age in the first Age Band, or (c) the date the surviving Covered Spouse reaches the youngest age in the first Age Band.
•
Following dissolution of marriage of the Covered Spouses, then either (a) the date we receive a written notice if the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached the youngest age in the first Age Band, or (b) the date the remaining Covered Spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) reaches the youngest age in the first Age Band.
Remaining Annual Payment: the amount available for withdrawal for the remainder of the contract year. The Remaining Annual Payment is established at the same time as the Current Annual Payment. The Remaining Annual Payment equals the Current Annual Payment less all withdrawals in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the Current Annual Payment.
The Minimum Lifetime Payment Percentage, the Income Bonus Percentage for each Age Band, and Age Bands are shown in the Rate Sheet Prospectus Supplement.
The Age Band for the Lifetime Payment Percentage is determined at the following times:
•
When the Current Annual Payment is established: The Age Band used to calculate the initial Current Annual Payment is the percentage for the Covered Person’s attained age (Joint life: younger Covered Spouse’s attained age).
•
On the Covered Person’s subsequent birthdays (Joint life: younger Covered Spouse’s subsequent birthdays): If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, and if the Covered Person's new attained age (Joint Life: younger Covered Spouse's attained age) is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage.
•
Upon Annual Step-Ups (see “Annual Step-ups” below).
•
For the Joint life rider, upon death or change in marital status: In the event of death or dissolution of marriage: (A) If no withdrawal has been taken since the Current Annual Payment was established and no increase to the annual rider fee has been declined, the Lifetime Payment Percentage will be reset based on the Age Band for the remaining Covered Spouse’s attained age. (B) If the Current Annual Payment is not established but the remaining Covered Spouse has reached the the youngest age in the first Age Band, the remaining Covered Spouse’s attained age will be used to determine the Age Band for the Lifetime Payment Percentage. In the event of remarriage of the Covered Spouses to each other, the Lifetime Payment Percentage used is the percentage for the younger Covered Spouse’s attained age.
Income Bonus Percentage: The Income Bonus Percentage may provide additional income under the rider. Availability of the Income Bonus Percentage is determined at the time of your first withdrawal each contract year. The benefit determining percentage is a comparison of your contract value and the Withdrawal Adjustment Base. If the benefit determining percentage is less than 20%, then the Lifetime Payment Percentage will include the Income Bonus Percentage, as shown in the Rate Sheet Prospectus Supplement when calculating the Current Annual Payment (unless the Lifetime Payment Percentage is set to a fixed percentage as described below).
The benefit determining percentage is calculated on each valuation date as follows, but it will not be less than zero: 
1
–
(a/b)
a
=
Contract value at the end of the prior valuation period
b
=
Withdrawal Adjustment Base at the end of the prior valuation period
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After the Current Annual Payment is established, the first withdrawal taken in each contract year will set the Lifetime Payment Percentage to a fixed percentage for the remainder of the contract year except as noted below. Following each rider anniversary, the availability of the Income Bonus Percentage, and therefore the Lifetime Payment Percentage, can change on each valuation date until a withdrawal is taken in that contract year. For more information on how this rider operates, please see “Appendix F: Example – Optional Living Benefits – SecureSource 4 Plus Rider”.
However, at the earliest of (1) or (2), the Lifetime Payment Percentage will be set and remain fixed as long as the benefit is payable:
(1)
when your contract value on a rider anniversary is less than two times the Benefit Base multiplied by the Minimum Lifetime Payment Percentage for your current Age Band, or
(2)
when the contract value reduces to zero.
For certain periods of time at our discretion and on a non-discriminatory basis, your Lifetime Payment Percentage may be set by us to include the Income Bonus Percentage if more favorable to you.
Determination of Adjustments of Benefit Values: values are determined at the following times and are subject to a maximum amount of $20 million for each:
1.
At rider effective date
The Withdrawal Adjustment Base, Credit Base and Benefit Base are set equal to the initial purchase payment.
2.
When an additional purchase payment is made
The Benefit Base and Withdrawal Adjustment Base will be increased by the amount of each additional purchase payment.
If the Credit Base is greater than zero, the Credit Base will be increased by the amount of each additional purchase payment.
See “Buying Your Contract — Purchase Payments” for purchase payment limitations.
3.
When a withdrawal is taken
If the Credit Base is greater than zero, Annual Credits will not be added to the Benefit Base on the following rider anniversary.
The Withdrawal Adjustment Base, Benefit Base and Credit Base can be adjusted, but they will not be less than zero.
(A)
The Withdrawal Adjustment Base will be reduced by the same proportion that the contract value is reduced. The proportional amount deducted is the “adjustment for withdrawal,” calculated as follows: 
a × b
where:
c
 
a
=
the amount of the withdrawal
b
=
the Withdrawal Adjustment Base on the date of (but prior to) the withdrawal
c
=
the contract value on the date of (but prior to) the withdrawal.
(B)
If the Current Annual Payment is not established, Excess Withdrawal Processing will occur as follows.
The Benefit Base and Credit Base will be reduced by the same proportion that the contract value is reduced using the “adjustment for withdrawal” calculation described above but substituting the Credit Base or Benefit Base (as applicable) for the Withdrawal Adjustment Base.
(C)
If the Current Annual Payment is established and the withdrawal is less than or equal to the Remaining Annual Payment, the Benefit Base and Credit Base do not change.
(D)
If the Current Annual Payment is established and the withdrawal is greater than the Remaining Annual Payment, Excess Withdrawal Processing will occur, and the Benefit Base and Credit Base will be reduced by an amount as calculated below:
 
d × e
where:
f
 
d
=
the amount of the withdrawal minus the Remaining Annual Payment
e
=
the Benefit Base or Credit Base (as applicable) on the date of (but prior to) the withdrawal
f
=
the contract value on the date of (but prior to) the withdrawal minus the Remaining Annual Payment.
Rider Anniversary Processing: The following describes how the Withdrawal Adjustment Base, Benefit Base and, Credit Base are calculated on rider anniversaries, subject to the maximum amount of $20 million for each, and how the Lifetime Payment Percentage can change on rider anniversaries.
•
Annual Credits: If you did not take any withdrawals during the prior contract year and you did not decline any increase to the annual rider fee, Annual Credits may be available.
(A)
On the first rider anniversary
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The Annual Credit equals the Credit Base 180 days following the rider effective date multiplied by the Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base 180 days following the rider effective date increased by the Annual Credit and any additional purchase payments since 180 days following the rider effective date.
(B)
On any other rider anniversary during a Credit Period
The Annual Credit equals the Credit Base as of the prior rider anniversary multiplied by the current Annual Credit percentage, as shown in the Rate Sheet Prospectus Supplement.
•
Single Life: The Benefit Base will be increased by the Annual Credit.
•
Joint Life: The Benefit Base will be set to the greater of the current Benefit Base, or the Benefit Base on the prior rider anniversary increased by the Annual Credit and any additional purchase payments since the prior rider anniversary.
The Withdrawal Adjustment Base will be set as follows:
(A)
if no withdrawals have been taken, the Withdrawal Adjustment Base will be set to the Benefit Base determined above, or
(B)
if any withdrawals have been taken, the Withdrawal Adjustment Base will be set to the amount as calculated below:
 
a × b
where:
c
 
a
=
the Withdrawal Adjustment Base on the rider anniversary (but prior to rider anniversary processing)
b
=
the Benefit Base determined above
c
=
the Benefit Base on the rider anniversary (but prior to rider anniversary processing)
The Credit Base will be set to zero on the last rider anniversary of a Credit Period after any adjustment to the Withdrawal Adjustment Base and Benefit Base, and there will be no additional Annual Credits unless the Credit Period restarts due to a step-up of the Benefit Base.
The Credit Base will be permanently set to zero on the later of: A) the rider anniversary on or after the owner’s 95th birthday or (B) the rider anniversary equal to the Credit Period duration, as shown in the Rate Sheet Supplement.
•
Annual Step-Ups: Beginning with the first rider anniversary, an Annual Step-Up may be available. If you decline any increase to the annual rider fee, future Annual Step-Ups will no longer be available.
The Annual Step-Up will take place on any rider anniversary where the contract value (after charges are deducted) is greater than the Benefit Base after any annual credit is added. If an annual step-up is executed, the Benefit Base, Credit Base and Lifetime Payment Percentage will be adjusted as follows:
•
The Benefit Base (after any Annual Credit is added) will be increased to the contract value, if greater.
•
The Credit Base will be increased to the contract value and the Credit Period will restart, if there is an increase to Benefit Base due to an Annual Step-Up.
•
If the Covered Person’s attained age (Joint Life: younger Covered Spouse’s attained age) on the rider anniversary is in a higher Age Band, then the higher Age Band will be used to determine the appropriate Lifetime Payment Percentage, regardless of any prior withdrawals. The higher Age Band will be used even if there was no Annual Step-Up due to the maximum Benefit Base limitation
•
The Withdrawal Adjustment Base on rider anniversaries: If you did not decline an increase to the annual rider fee, the Withdrawal Adjustment Base (after any Annual Credit is added) will be increased to the contract value, if greater.
Other Provisions
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the Current Annual Payment, the portion of your RMD that exceeds the Current Annual Payment will not be subject to Excess Withdrawal Processing provided that the following conditions are met:
•
The Current Annual Payment is established;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
If the Current Annual Payment is not established, the RMD will be subject to Excess Withdrawal Processing. RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to Excess Withdrawal Processing.
162 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
See Appendix L for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource 4 Plus — Single Life rider terminates.
Joint Life: If a surviving spouse is a Covered Spouse and elects the spousal continuation provision of the contract as the new owner, the SecureSource 4 Plus — Joint Life rider also continues. The surviving Covered Spouse can name a new beneficiary; however, a new Covered Spouse cannot be added to the rider (see “Benefits in Case of Death – If you Die Before the Annuitization Start Date”).
If you did not decline an increase to the annual rider fee, at the time of spousal continuation, a step-up may be available. All Annual Step-Up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the Remaining Annual Payment will be reduced for any prior withdrawals in that contract year. Also, the Credit Period will restart on the next contract anniversary. The Withdrawal Adjustment Base, if greater than zero, will be increased to the contract value if the contract value is greater. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: There is no minimum contract value requirement following a partial surrender. Surrenders will be taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value.
If your contract value is reduced to zero, the Credit Base, if greater than zero, will be permanently reset to zero, and there will be no additional Annual Credits. Also, the following will occur:
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of market performance, fees or charges, then the owner must wait until the Current Annual Payment would be established, and the Current Annual Payment will be paid annually until the death of the Covered Person (Joint Life: both Covered Spouses) (see “Current Annual Payment Description” above).
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of market performance, fees or charges, or as a result of a withdrawal that is less than or equal to the Remaining Annual Payment (including RMDs that are not subject to Excess Withdrawal Processing as described above), then the owner will receive the Current Annual Payment paid annually until the death of the Covered Person (Joint Life: both Covered Spouses).
In both cases above:
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year.
•
If the Current Annual Payment is determined by incorrect information regarding the Covered Person's birth date, payments will be adjusted. They will be based on what would have been provided using the correct birth date. Any underpayments made by us will be made up promptly without interest. We reserve the right to recover from you or your estate any amounts overpaid. If there are any future payments under this rider, overpayments made by us will be subtracted, together without interest, and/or as otherwise legally permissible.
•
If the Current Annual Payment is not established and if the contract value is reduced to zero as a result of a withdrawal taken before the Current Annual Payment is established, the rider and the contract will terminate.
•
If the Current Annual Payment is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than the Remaining Annual Payment (including RMDs that are subject to Excess Withdrawal Processing as described above), the rider and the contract will terminate.
At Death:
Single Life: The rider will terminate even if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a Covered Spouse, the surviving Covered Spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving Covered Spouse.
If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
continue the contract under the spousal continuation option.
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Assignment and Change of Ownership
Single Life: The rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or the Covered person before the change, or is a nonnatural owner (e.g., an individual ownership changed to an irrevocable trust) or a revocable trust, either holding for the sole benefit of the prior owner. Joint ownership and joint annuitants are not allowed while this rider is in force. Exception: ownership changes will not terminate the rider for contracts issued in California.
Joint Life: In order to maintain the joint life benefit, the surviving Covered Spouse must be able to continue the contract under the spousal continuation provision. Therefore, only ownership arrangements that permit such continuation are allowed at rider issue. If the owner is a natural person, only the Covered Spouses can be owners. If there is a non-natural or revocable trust owner, one of the Covered Spouses must be the annuitant. For all contracts except those issued in California, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner or a Covered Spouse before the change, or is a non-natural owner or a revocable trust, holding for the sole benefit of the prior owner. For contracts issued in California, transfer of the ownership of the annuity contract is not limited and the rider will not terminate; however, the Covered Spouses under the rider will not change even if there is an ownership change.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date (see “The Annuitization Start Date”), you can choose one of the payout options available under the contract (see “Annuity Payout Plans”) or an alternative fixed annuity payout option available under the SecureSource 4 Plus rider. If you elect an annuitization start date that is earlier than the maximum annuitization start date, the alternative fixed annuity payout option under the SecureSource 4 Plus rider is not available.
Under the rider’s payout option, you will receive the Current Annual Payment each contract year until the death of the Covered Person (Joint Life: both Covered Spouses). If you choose to receive the Current Annual Payment, the amount payable each year will be equal to the Current Annual Payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that contract year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. If the monthly payment is less than $20, we have the right to make a lump sum payment equal to the present value of any remaining future payments. The present value will be calculated on the same mortality and interest rate basis used in Plan B in the contract. For more information on annuity payout plans, please see “The Annuity Payout Period - Annuity Payout Plans.”
If you choose to receive the Current Annual Payment rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date.
The rider payout option may be greater or less than other payout options available under the contract. You should consider your payout options carefully and consult your financial advisor before making a determination.
Rider Termination
The SecureSource 4 Plus rider cannot be terminated either by you or us except as follows:
•
Single Life: after the death benefit is payable, the rider will terminate, even if the Covered Person is still living.
•
Single Life: spousal continuation will terminate the rider, even if the Covered Person is still living.
•
Single Life: for contracts issued in California, after the death of the Covered Person, the rider will terminate.
•
Joint Life: for contracts issued in California, after the death of the last Covered Spouse, the rider will terminate.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone other than a Covered Spouse continues the contract. However, if the Covered Spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
When there are certain assignment and ownership changes as described in the “Assignment and Change of Ownership” section above, the rider will terminate.
•
On the annuitization start date, the rider will terminate, if you choose a payout option available under the contract.
•
You may terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (See “Charges — SecureSource 4 Plus rider charge”).
•
When the contract value is reduced to zero as a result of an Excess Withdrawal as described in the Rules for Surrender Section above, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
164 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Appendix K: Accumulation Protector Benefit Rider Disclosure
Accumulation Protector Benefit Rider
(Available for contract applications signed prior to 3/30/2020)
The Accumulation Protector Benefit rider is an optional benefit that you may select at contract issue for an additional charge. The Accumulation Protector Benefit rider specifies a Waiting Period that ends on the Benefit Date. The Waiting Period is 10 years. The Accumulation Protector Benefit rider provides a one-time adjustment to your contract value on the Benefit Date if your contract value is less than the Minimum Contract Accumulation Value (defined below) on that Benefit Date. On the Benefit Date, if the contract value is equal to or greater than the Minimum Contract Accumulation Value, as determined under the Accumulation Protector Benefit rider, the Accumulation Protector Benefit rider ends without value and no benefit is payable.
If the contract value falls to zero as the result of adverse market performance or the deduction of fees and/or charges at any time during the Waiting Period and before the Benefit Date, the contract and all riders, including the Accumulation Protector Benefit rider will terminate without value and no benefits will be paid. Exception: if you are still living on the Benefit Date, we will pay you an amount equal to the Minimum Contract Accumulation Value as determined under the Accumulation Protector Benefit rider on the valuation date your contract value reached zero.
The Accumulation Protector Benefit rider is only available to those age 80 or younger at contract issue. If elected, the rider effective date will be the contract issue date. The Accumulation Protector Benefit rider may not be terminated once you have elected it except as described in the “Terminating the Rider” section below. An additional charge for the Accumulation Protector Benefit rider will be assessed annually during the Waiting Period. The rider ends when the Waiting Period expires, no further benefit will be payable, and no further charges for the rider will be deducted. After the Waiting Period, you have the following options:
•
Continue your contract;
•
Take partial surrenders or make a full surrender; or
•
Annuitize your contract.
The Accumulation Protector Benefit rider may not be purchased with the optional SecureSource Legacy benefit, Enhanced Legacy Benefit or SecureSource series riders.
You should consider whether an Accumulation Protector Benefit rider is appropriate for you because:
•
You must invest in approved investment options. Current approved investment options are Portfolio Stabilizer funds.  This requirement limits your choice of investment options. This means you will not be able to allocate contract value to all of the subaccounts, GPAs or the regular fixed account that are available under the contract to contract owners who do not elect the rider. (See “Investment Allocation Restrictions for Certain Benefit Riders” section below and for the list of available funds, see Appendix B: Funds Available Under the Optional Benefits Offered Under the contract – Investment Allocation Restrictions for the Accumulation Protector Benefit Rider  or Enhanced Legacy  Benefit) You may allocate purchase payments to the Special DCA fixed account, when available, and we will make monthly transfers into the approved investment options. You should consult your financial advisor before you purchase the Accumulation Protector Benefit rider. In addition, the Income Guide program will not be available to you (See “Making the Most of Your Contract — The Income Guide Program). We reserve the right to add, remove or substitute approved investment options at any time and in our sole discretion in the future. Any substitution of funds may be subject to the SEC or state insurance departments approval (see “Substitution of Investments”);
•
You may not make additional purchase payments to your contract during the Waiting Period after the first 180 days immediately following the effective date of the Accumulation Protector Benefit rider. Some exceptions apply. (see “Additional Purchase Payments with Elective Step-Up” below) In addition, we reserve the right to change these additional purchase payment limits, including making further restrictions, upon written notice;
•
If you purchase this contract as a qualified annuity, for example, an IRA, you may need to take partial surrenders from your contract to satisfy the RMDs under the Code. Partial surrenders, including those used to satisfy RMDs, will reduce any potential benefit that the Accumulation Protector Benefit rider provides. You should consult your tax advisor if you have any questions about the use of this rider in your tax situation;
•
If you think you may surrender all of your contract value before you have held your contract with this benefit rider attached for 10 years, or you are considering selecting an annuity payout option within 10 years of the effective date of your contract, you should consider whether this optional benefit is right for you. You must hold the contract a minimum of 10 years from the effective date of the Accumulation Protector Benefit rider, which is the length of the Waiting Period under the rider, in order to receive the benefit, if any, provided by the rider. In some cases, as described below, you may need to hold the contract longer than 10 years in order to qualify for any benefit the Accumulation Protector Benefit rider may provide;
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 165
•
The 10 year Waiting Period under the Accumulation Protector Benefit rider will restart if you exercise the elective step-up option (described below) or your surviving spouse exercises the spousal continuation elective step-up (described below); and
•
The 10 year Waiting Period under the Accumulation Protector Benefit rider may be restarted if you elect to change your investment option to one that causes the Accumulation Protector Benefit rider fee to increase (see “Waiting Period” below).
Be sure to discuss with your financial advisor whether an Accumulation Protector Benefit rider is appropriate for your situation.
Here are some general terms that are used to describe the operation of the Accumulation Protector Benefit:
Benefit Date: This is the first valuation date immediately following the expiration of the Waiting Period.
Minimum Contract Accumulation Value (MCAV): An amount calculated under the Accumulation Protector Benefit rider. The contract value will be increased to equal the MCAV on the Benefit Date if the contract value is less than the MCAV on the Benefit Date.
Your initial MCAV is equal to your initial purchase payment. It is increased by the amount of any subsequent purchase payments received. It is reduced by any adjustments for partial surrenders made during the Waiting Period.
Adjustments for Partial Surrenders: The adjustment made for each partial surrender from the contract is equal to the amount derived from multiplying (a) and (b) where:
(a)
is 1 minus the ratio of the contract value on the date of (but immediately after) the partial surrender to the contract value on the date of (but immediately prior to) the partial surrender; and
(b)
is the MCAV on the date of (but immediately prior to) the partial surrender.
Waiting Period: The Waiting Period for the rider is 10 years. We reserve the right to restart the Waiting Period on the latest contract anniversary if you change your investment option after we have exercised our rights to increase the rider fee. Waiting Period will restart upon elective step-ups and spousal continuation step-ups.
Automatic Step-Up
On each contract anniversary after the effective date of the rider, the MCAV will be set to the greater of:
1.
90% of the contract value on the contract anniversary (after charges are deducted); or
2.
the MCAV immediately prior to the automatic step-up.
The automatic step-up does not create contract value, guarantee the performance of any investment option, or provide a benefit that can be surrendered or paid upon death. Rather, the automatic step-up is an interim calculation used to arrive at the final MCAV, which is used to determine whether a benefit will be paid under the rider on the Benefit Date.
The automatic step-up of the MCAV does not restart the Waiting Period or increase the fee (although the total charge for the rider may increase).
Elective Step-Up Option
Within thirty days following each contract anniversary after the rider effective date, but prior to the Benefit Date, you may notify us in writing that you wish to exercise the annual elective step-up option. You may exercise this elective step-up option only once per contract year during this 30 day period. If your contract value (after charges are deducted) on the valuation date we receive your written request to step-up is greater than the MCAV on that date, your MCAV will increase to 100% of that contract value.
We may increase the fee for your rider (see “Charges — Accumulation Protector Benefit Rider Charge”) and the revised fee would apply to your rider if you exercise the annual elective step-up. Elective step-ups will also result in a restart of the Waiting Period as of the most recent contract anniversary.
The elective step-up does not create contract value, guarantee the performance of any investment option or provide any benefit that can be surrendered or paid upon death. Rather the elective step-up is an interim calculation used to arrive at the final MCAV, which is used to determine whether a benefit will be paid under the rider on the Benefit Date.
The elective step-up option is not available for inherited IRAs or if the Benefit Date would be after the annuitization start date.
Additional Purchase Payments with Annual Elective Step-Ups
If your MCAV is increased as a result of Elective Step-up, you have 180 days from the latest contract anniversary to make additional purchase payments, if allowed under the base contract. The MCAV will include the amount of any additional purchase payments received during this period.
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Spousal Continuation
If a spouse chooses to continue the contract under the spousal continuation provision, the rider will continue as part of the contract. Once, within the thirty days following the date of spousal continuation, the spouse may choose to exercise an elective step-up. The spousal continuation elective step-up is in addition to the annual elective step-up. If the contract value on the valuation date we receive the written request to exercise this option is greater than the MCAV on that date, we will increase the MCAV to that contract value. If the MCAV is increased as a result of the elective step-up and we have increased the fee for the Accumulation Protector Benefit rider, you will pay the fee that is in effect on the valuation date we receive their written request to step-up. In addition, the Waiting Period will restart as of the most recent contract anniversary.
Assignment and Change of Ownership
Subject to state limitations, the rider will terminate if there is an assignment or a change of ownership unless the new owner or assignee assumes total ownership of the contract and was an owner before the change, or is a nonnatural owner holding for the sole benefit of the prior owner (e.g., an individual ownership changed to a personal revocable trust).
Terminating the Rider
The rider will terminate under the following conditions:
•
The rider will terminate on the Benefit Date after the rider charge has been deducted and after any adjustment to the contract value due to payment of the rider benefit.
•
The rider will terminate for certain assignment and ownership changes as described in the “Assignment and Change of Ownership” provision above.
•
After the death benefit is payable, unless the spouse continues the contract as described in the “Spousal Continuation” provision above, the rider will terminate.
•
In relation to certain increases to the annual rider fee, your written request will terminate the rider. (See “Charges - Accumulation Protector Benefit rider charge”).
•
The rider will terminate on the annuitization start date.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix F.
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Appendix L: Additional Required Minimum Distribution (RMD) Disclosure
This appendix describes our current administrative practice for determining the amount of withdrawals in any contract year which an owner may take under the SecureSource series rider to satisfy the RMD rules under 401(a)(9) of the Code without application of the excess withdrawal processing described in the rider. We reserve the right to modify this administrative practice at any time upon 30 days’ written notice to you.
For contract holders subject to annual RMD rules under the Section 401(a)(9) of the Code, amounts you withdraw from this contract to satisfy these rules are not subject to excess withdrawal processing under the terms of the rider, subject to the following rules and our current administrative practice:
(1)
Each calendar year, if your Annual Life Expectancy Required Minimum Distribution Amount (ALERMDA) is greater than the Current Annual Payment.
•
A Lifetime Additional Benefit Amount (LABA) will be set equal to that portion of your ALERMDA that exceeds the value of Current Annual Payment.
•
The LABA will be reduced by the total of the amount that each withdrawal in the current calendar year exceeds the Remaining Annual Payment at the time of each withdrawal, but shall not be reduced to less than zero.
•
Any withdrawals taken in a contract year will count first against and reduce the Remaining Annual Payment for that contract year.
•
Once the Remaining Annual Payment for the current contract year has been depleted, any additional amounts withdrawn will count against and reduce the LABA. These withdrawals will not be considered excess withdrawals with regard to the Current Annual Payment as long as they do not exceed the remaining LABA.
•
Once the LABA has been depleted, any additional withdrawal amounts will be considered excess withdrawals with regard to the Current Annual Payment and will subject the Current Annual Payment to the excess withdrawal processing described by the SecureSource series rider.
The ALERMDA is:
(1)
determined by us each calendar year;
(2)
based on your initial purchase payment and not the entire interest value in the calendar year of contract issue and therefore may not be sufficient to allow you to withdraw your RMD without causing an excess withdrawal;
(3)
based on the value of this contract alone on the date it is determined;
(4)
based on recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
(5)
based on the company’s understanding and interpretation of the requirements for life expectancy distributions intended to satisfy the required minimum distribution rules under Code Section 401(a)(9) and the Treasury Regulations promulgated thereunder as applicable on the effective date of this prospectus, to:
1.
IRAs under Section 408(b) of the Code;
2.
Roth IRAs under Section 408A of the Code;
3.
SIMPLE IRAs under Section 408(p) of the Code;
4.
Simplified Employee Pension IRA (SEP) plans under Section 408(k) of the Code;
5.
Custodial and investment only plans under section 401(a) of the Code;
6.
TSAs under Section 403(b) of the Code.
In the future, the requirements under tax law for such distributions may change and the life expectancy amount calculation provided under your SecureSource series rider may not be sufficient to satisfy the requirements under the tax law for these types of distributions. In such a situation, amounts withdrawn to satisfy such distribution requirements will exceed your available Remaining Annual Payment amount and may result in the reduction of your Current Annual Payment as described under the excess withdrawal provision of the rider.
In cases where the Code does not allow the life expectancy of a natural person to be used to calculate the required minimum distribution amount (e.g. some ownerships by trusts and charities), we will calculate the life expectancy RMD amount as zero in all years.
Please consult your tax advisor about the impact of these rules prior to purchasing the SecureSource series rider.
168 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
Appendix M: Prospectus Rate Sheet Supplements
The purpose of this appendix is to show historic rates filed with the following Prospectus Rate Sheet Supplements:
•
Rate Sheet Prospectus Supplement dated April 29, 2019 – applicable to contracts with applications signed from 4/29/2019 through 10/27/2019;
•
Rate Sheet Prospectus Supplement dated Oct. 14, 2019 – applicable to contracts with applications signed from 10/28/2019 through 3/29/2020;
•
Rate Sheet Prospectus Supplement dated March 16, 2020 – applicable to contracts with applications signed from 3/30/2020 through 4/30/2020;
•
Rate Sheet Prospectus Supplement dated May 1, 2020 – applicable to contracts with applications signed from 5/1/2020 through 5/2/2021;
•
Rate Sheet Prospectus Supplement dated May 1, 2021– applicable to contracts with applications signed from 5/3/2021 through 4/28/2022;
•
Rate Sheet Prospectus Supplement dated April 29, 2022 – applicable to contracts with applications signed from 4/29/2022 through 6/24/2022
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 169
 
Rate Sheet Prospectus Supplement dated April 29, 2019
Product Name
Prospectus Form #/Date
RiverSource RAVA 5 Advantage® Variable Annuity (Offered for contract applications signed
on or after April 29, 2019)
S- 6720 CA (4/19)
Rate Sheet Prospectus Supplement
This Rate Sheet Prospectus Supplement (this “Supplement”) should be read and retained with your prospectus. This Supplement must be used in conjunction with the effective RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019) prospectus. If you need another copy of the prospectus, please call us at 1-800-862-7919. Historical rate sheet supplements will be reflected in an appendix to this prospectus. For additional information, you may consult your financial advisor or call us at 1-800-862-7919.
The Rate Sheet Prospectus Supplement has been filed with the Securities and Exchange Commission (the “SEC”) and is also available on the Edgar system at www.sec.gov (File No. 333 - 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019)).
We are issuing this Supplement to provide the:
•
Current rider fees for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Lifetime Payment Percentages and Age Bands for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Income Bonus Percentage for the SecureSource 4 and SecureSource 4 Plus optional benefit riders;
•
Annual Credit percentage and Credit Period for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders.
•
Base Doubler age used to determine Base Doubler Date for the SecureSource Core Plus optional benefit rider.
The rider fees, percentages, age bands, credit period and terms, listed below apply to applications signed on or after April 29, 2019.
In order to get these terms, your application must be signed and in good order while this Rate Sheet Prospectus Supplement is in effect. Because we reserve the right to change these terms upon notice as provided below, if your application is not signed and in good order while this Rate Sheet Prospectus Supplement is in effect then you will receive the terms that are in effect on the date that you have a signed application in good order. The rider fees, percentages, age bands, credit period and terms, listed below will not change after your application is signed, except as provided in the prospectus (See “Charges – Optional Living Benefit Charges”; “SecureSource Core Rider – Lifetime Payment Percentage/Annual Credits; “SecureSource Core Plus Rider– Lifetime Payment Percentage/ Annual Credits/Base Doubler”; “SecureSource 4 Rider– Lifetime Payment Percentage /Annual Credits”; “SecureSource 4 Plus Rider– Lifetime Payment Percentage/Annual Credits/Base Doubler”).
The rider fees, percentages, age bands, credit period and terms listed in this Rate Sheet Supplement are subject to change and can be superseded upon14 days prior notice as provided below. We may periodically issue a new Rate Sheet Prospectus Supplement that may reflect different values than the previous Rate Sheet Prospectus Supplement. Please note that any superseding terms do not apply to applications that are already signed and received by us in good order. Changes to the rider fees, percentages, age bands, credit period or terms listed in this Rate Sheet Prospectus Supplement will be disclosed at least 14 days in advance in a new Rate Sheet Prospectus Supplement filed on Edgar at www.sec.gov (File No. 333 – 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
RIDER FEES 
Rider
Single Life Option
Joint Life Option
SecureSource CoreSM
1.30%
1.40%
SecureSource Core PlusSM
1.50%
1.70%
SecureSource4®
1.00%
1.15%
SecureSource4Plus®
1.30%
1.55%
(Charged annually on the contract anniversary as a percentage of contract value or the Benefit Base, whichever is greater.)
LIFETIME PAYMENT PERCENTAGE
The Lifetime Payment Percentage is used to calculate the Current Annual Payment.
170 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
SecureSource Core Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.50
%
3.20
%
59-64
4.50
%
4.20
%
65-69
5.50
%
5.20
%
70-74
5.75
%
5.45
%
75-79
6.00
%
5.70
%
80+
6.50
%
6.20
%
SecureSource Core Plus Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.50
%
3.20
%
59-64
4.50
%
4.20
%
65-69
5.50
%
5.20
%
70-74
5.75
%
5.45
%
75-79
6.00
%
5.70
%
80+
6.50
%
6.20
%
SecureSource 4 Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
3.00
%
2.75
%
1.00
%
59-64
4.00
%
3.75
%
1.00
%
65-69
5.00
%
4.75
%
1.00
%
70-74
5.25
%
5.00
%
1.00
%
75-79
5.50
%
5.25
%
1.00
%
80+
6.00
%
5.75
%
1.00
%
SecureSource 4 Plus Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
3.30
%
3.20
%
1.00
%
59-64
4.30
%
4.20
%
1.00
%
65-69
5.30
%
5.20
%
1.00
%
70-74
5.55
%
5.45
%
1.00
%
75-79
5.80
%
5.70
%
1.00
%
80+
6.30
%
6.20
%
1.00
%
ANNUAL CREDIT PERCENTAGE AND CrEDIT PERIOD: 
Rider
Annual Credit Percentage
Credit Period
SecureSource CoreSM
6%
12 years
SecureSource Core PlusSM
7%
12 years
SecureSource4®
6%
12 years
SecureSource4Plus®
6%
12 years
BASE DOUBLER AGE for the SecureSource CORE PLUS rider:
Base Doubler age is 70.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
S-6720-1 (4/19)
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 171
 
Rate Sheet Prospectus Supplement dated October 14, 2019
to the
Prospectus Dated April 29, 2019
Product Name
Prospectus Form #
RiverSource RAVA 5 Advantage® Variable Annuity (Offered for contract applications signed on or
after April 29, 2019)
S- 6720 CA (4/19)
Rate Sheet Prospectus Supplement
This Rate Sheet Prospectus Supplement (this “Supplement”) should be read and retained with your prospectus. This Supplement must be used in conjunction with the effective RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019) prospectus. If you need another copy of the prospectus, please call us at 1-800-862-7919. Historical rate sheet supplements will be reflected in an appendix to this prospectus. For additional information, you may consult your financial advisor or call us at 1-800-862-7919.
The Rate Sheet Prospectus Supplement has been filed with the Securities and Exchange Commission (the “SEC”) and is also available on the Edgar system at www.sec.gov (File No. 333 - 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019)).
We are issuing this Supplement to provide the:
•
Current rider fees for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Lifetime Payment Percentages and Age Bands for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Income Bonus Percentage for the SecureSource 4 and SecureSource 4 Plus optional benefit riders;
•
Annual Credit percentage and Credit Period for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders.
•
Base Doubler age used to determine Base Doubler Date for the SecureSource Core Plus optional benefit rider.
The rider fees, percentages, age bands, credit period and terms listed below apply to applications signed on or after October 28, 2019.
In order to get these terms, your application must be signed and in good order while this Rate Sheet Prospectus Supplement is in effect. Because we reserve the right to change these terms upon notice as provided below, if your application is not signed and in good order while this Rate Sheet Prospectus Supplement is in effect then you will receive the terms that are in effect on the date that you have a signed application in good order. The rider fees, percentages, age bands, credit period and terms, listed below will not change after your application is signed, except as provided in the prospectus (See “Charges – Optional Living Benefit Charges”; “SecureSource Core Rider – Lifetime Payment Percentage/Annual Credits; “SecureSource Core Plus Rider – Lifetime Payment Percentage/ Annual Credits/Base Doubler”; “SecureSource 4 Rider – Lifetime Payment Percentage /Annual Credits”; “SecureSource 4 Plus Rider – Lifetime Payment Percentage/Annual Credits/Base Doubler”).
The rider fees, percentages, age bands, credit period and terms listed in this Rate Sheet Supplement are subject to change and can be superseded upon 14 days prior notice as provided below. We may periodically issue a new Rate Sheet Prospectus Supplement that may reflect different values than the previous Rate Sheet Prospectus Supplement. Please note that any superseding terms do not apply to applications that are already signed and received by us in good order. Changes to the rider fees, percentages, age bands, credit period or terms listed in this Rate Sheet Prospectus Supplement will be disclosed at least 14 days in advance in a new Rate Sheet Prospectus Supplement filed on Edgar at www.sec.gov (File No. 333 – 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
RIDER FEES 
Rider
Single Life Option
Joint Life Option
SecureSource CoreSM
1.45%
1.55%
SecureSource Core PlusSM
1.65%
1.85%
SecureSource4®
1.35%
1.50%
SecureSource4Plus®
1.45%
1.70%
(Charged annually on the contract anniversary as a percentage of contract value or the Benefit Base, whichever is greater.)
172 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
LIFETIME PAYMENT PERCENTAGE
The Lifetime Payment Percentage is used to calculate the Current Annual Payment.
SecureSource Core Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.30
%
2.90
%
59-64
4.30
%
3.90
%
65-69
5.30
%
4.90
%
70-74
5.55
%
5.15
%
75-79
5.80
%
5.40
%
80+
6.30
%
5.90
%
SecureSource Core Plus Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.30
%
2.90
%
59-64
4.30
%
3.90
%
65-69
5.30
%
4.90
%
70-74
5.55
%
5.15
%
75-79
5.80
%
5.40
%
80+
6.30
%
5.90
%
SecureSource 4 Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
3.00
%
2.75
%
1.00
%
59-64
4.00
%
3.75
%
1.00
%
65-69
5.00
%
4.75
%
1.00
%
70-74
5.25
%
5.00
%
1.00
%
75-79
5.50
%
5.25
%
1.00
%
80+
6.00
%
5.75
%
1.00
%
SecureSource 4 Plus Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
3.10
%
2.90
%
1.00
%
59-64
4.10
%
3.90
%
1.00
%
65-69
5.10
%
4.90
%
1.00
%
70-74
5.35
%
5.15
%
1.00
%
75-79
5.60
%
5.40
%
1.00
%
80+
6.10
%
5.90
%
1.00
%
ANNUAL CREDIT PERCENTAGE AND CrEDIT PERIOD: 
Rider
Annual Credit Percentage
Credit Period
SecureSource CoreSM
6%
10 years
SecureSource Core PlusSM
7%
10 years
SecureSource4®
6%
10 years
SecureSource4Plus®
6%
10 years
BASE DOUBLER AGE for the SecureSource CORE PLUS rider:
Base Doubler age is 70.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
S-6720-4 A (10/19)
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 173
 
Rate Sheet Prospectus Supplement dated March 16, 2020
to the
Prospectus Dated April 29, 2019
Product Name
Prospectus Form #
RiverSource RAVA 5 Advantage® Variable Annuity (Offered for contract applications signed on or
after April 29, 2019)
S- 6720 CA (4/19)
Rate Sheet Prospectus Supplement
This Rate Sheet Prospectus Supplement (this “Supplement”) should be read and retained with your prospectus. This Supplement must be used in conjunction with the effective RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019) prospectus. If you need another copy of the prospectus, please call us at 1-800-862-7919. Historical rate sheet supplements will be reflected in an appendix to this prospectus. For additional information, you may consult your financial advisor or call us at 1-800-862-7919.
The Rate Sheet Prospectus Supplement has been filed with the Securities and Exchange Commission (the “SEC”) and is also available on the Edgar system at www.sec.gov (File No. 333 - 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019)).
We are issuing this Supplement to provide the:
•
Current rider fees for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Lifetime Payment Percentages and Age Bands for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Income Bonus Percentage for the SecureSource 4 and SecureSource 4 Plus optional benefit riders;
•
Annual Credit percentage and Credit Period for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders.
•
Base Doubler age used to determine Base Doubler Date for the SecureSource Core Plus optional benefit rider.
The rider fees, percentages, age bands, credit period and terms listed below apply to applications signed on or after MARCH 30, 2020.
In order to get these terms, your application must be signed and in good order while this Rate Sheet Prospectus Supplement is in effect. Because we reserve the right to change these terms upon notice as provided below, if your application is not signed and in good order while this Rate Sheet Prospectus Supplement is in effect then you will receive the terms that are in effect on the date that you have a signed application in good order. The rider fees, percentages, age bands, credit period and terms, listed below will not change after your application is signed, except as provided in the prospectus (See “Charges – Optional Living Benefit Charges”; “SecureSource Core Rider – Lifetime Payment Percentage/Annual Credits; “SecureSource Core Plus Rider – Lifetime Payment Percentage/ Annual Credits/Base Doubler”; “SecureSource 4 Rider – Lifetime Payment Percentage /Annual Credits”; “SecureSource 4 Plus Rider – Lifetime Payment Percentage/Annual Credits/Base Doubler”).
The rider fees, percentages, age bands, credit period and terms listed in this Rate Sheet Supplement are subject to change and can be superseded upon 14 days prior notice as provided below. We may periodically issue a new Rate Sheet Prospectus Supplement that may reflect different values than the previous Rate Sheet Prospectus Supplement. Please note that any superseding terms do not apply to applications that are already signed and received by us in good order. Changes to the rider fees, percentages, age bands, credit period or terms listed in this Rate Sheet Prospectus Supplement will be disclosed at least 14 days in advance in a new Rate Sheet Prospectus Supplement filed on Edgar at www.sec.gov (File No. 333 – 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
RIDER FEES 
Rider
Single Life Option
Joint Life Option
SecureSource CoreSM
1.60%
1.70%
SecureSource Core PlusSM
N/A
N/A
SecureSource4®
1.55%
1.65%
SecureSource4Plus®
1.70%
1.80%
(Charged annually on the contract anniversary as a percentage of contract value or the Benefit Base, whichever is greater.)
174 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
LIFETIME PAYMENT PERCENTAGE
The Lifetime Payment Percentage is used to calculate the Current Annual Payment.
SecureSource Core Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.00
%
2.60
%
59-64
4.00
%
3.60
%
65-69
5.00
%
4.60
%
70-74
5.20
%
4.70
%
75-79
5.35
%
4.85
%
80+
5.50
%
5.00
%
SecureSource Core Plus Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
N/A
N/A
59-64
N/A
N/A
65-69
N/A
N/A
70-74
N/A
N/A
75-79
N/A
N/A
80+
N/A
N/A
SecureSource 4 Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.80
%
2.45
%
1.00
%
59-64
3.80
%
3.45
%
1.00
%
65-69
4.80
%
4.45
%
1.00
%
70-74
5.00
%
4.55
%
1.00
%
75-79
5.15
%
4.70
%
1.00
%
80+
5.30
%
4.85
%
1.00
%
SecureSource 4 Plus Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.80
%
2.45
%
1.00
%
59-64
3.80
%
3.45
%
1.00
%
65-69
4.80
%
4.45
%
1.00
%
70-74
5.00
%
4.55
%
1.00
%
75-79
5.15
%
4.70
%
1.00
%
80+
5.30
%
4.85
%
1.00
%
ANNUAL CREDIT PERCENTAGE AND CrEDIT PERIOD: 
Rider
Annual Credit Percentage
Credit Period
SecureSource CoreSM
6%
10 years
SecureSource Core PlusSM
N/A
N/A
SecureSource4®
6%
10 years
SecureSource4Plus®
7%
10 years
BASE DOUBLER AGE for the SecureSource CORE PLUS rider:
Base Doubler age is N/A.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
S-6720-7A (03/20)
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 175
 
Rate Sheet Prospectus Supplement dated May 1, 2020 to the
Prospectus Dated May 1, 2020
Product Name
Prospectus Form #
RiverSource RAVA 5 Advantage® Variable Annuity (Offered for contract applications signed on or
after April 29, 2019)
S- 6720 CG (5/20)
Rate Sheet Prospectus Supplement
This Rate Sheet Prospectus Supplement (this “Supplement”) should be read and retained with your prospectus. This Supplement must be used in conjunction with the effective RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019) prospectus. If you need another copy of the prospectus, please call us at 1-800-862-7919. Historical rate sheet supplements are reflected in Appendix M to this prospectus. For additional information, you may consult your financial advisor or call us at 1-800-862-7919.
The Rate Sheet Prospectus Supplement has been filed with the Securities and Exchange Commission (the “SEC”) and is also available on the Edgar system at www.sec.gov (File No. 333 - 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019)).
We are issuing this Supplement to provide the:
•
Current rider fees for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Lifetime Payment Percentages and Age Bands for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders;
•
Income Bonus Percentage for the SecureSource 4 and SecureSource 4 Plus optional benefit riders;
•
Annual Credit percentage and Credit Period for the SecureSource Core, SecureSource Core Plus, SecureSource 4, and SecureSource 4 Plus optional benefit riders.
•
Base Doubler age and Base Doubler duration used to determine Base Doubler Date for the SecureSource Core Plus optional benefit rider.
The rider fees, percentages, age bands, credit period and terms listed below apply to applications signed on or after May 1, 2020.
In order to get these terms, your application must be signed and in good order while this Rate Sheet Prospectus Supplement is in effect. Because we reserve the right to change these terms upon notice as provided below, if your application is not signed and in good order while this Rate Sheet Prospectus Supplement is in effect then you will receive the terms that are in effect on the date that you have a signed application in good order. The rider fees, percentages, age bands, credit period and terms, listed below will not change after your application is signed, except as provided in the prospectus (See “Charges – Optional Living Benefit Charges”; “SecureSource Core Rider – Lifetime Payment Percentage/Annual Credits; “SecureSource Core Plus Rider – Lifetime Payment Percentage/ Annual Credits/Base Doubler”; “SecureSource 4 Rider – Lifetime Payment Percentage /Annual Credits”; “SecureSource 4 Plus Rider – Lifetime Payment Percentage/Annual Credits”).
The rider fees, percentages, age bands, credit period and terms listed in this Rate Sheet Supplement are subject to change and can be superseded upon 7 calendar days prior notice as provided below. We may periodically issue a new Rate Sheet Prospectus Supplement that may reflect different values than the previous Rate Sheet Prospectus Supplement. Please note that any superseding terms do not apply to applications that are already signed and received by us in good order. Changes to the rider fees, percentages, age bands, credit period or terms listed in this Rate Sheet Prospectus Supplement will be disclosed at least 7 calendar days in advance in a new Rate Sheet Prospectus Supplement filed on Edgar at www.sec.gov (File No. 333-230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
RIDER FEES 
Rider
Single Life Option
Joint Life Option
SecureSource CoreSM
1.60%
1.70%
SecureSource Core PlusSM
N/A
N/A
SecureSource4®
1.55%
1.65%
SecureSource4Plus®
1.70%
1.80%
(Charged annually on the contract anniversary as a percentage of contract value or the Benefit Base, whichever is greater.)
176 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
LIFETIME PAYMENT PERCENTAGE
The Lifetime Payment Percentage is used to calculate the Current Annual Payment.
SecureSource Core Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.00
%
2.60
%
59-64
4.00
%
3.60
%
65-69
5.00
%
4.60
%
70-74
5.20
%
4.70
%
75-79
5.35
%
4.85
%
80+
5.50
%
5.00
%
SecureSource Core Plus Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
N/A
N/A
59-64
N/A
N/A
65-69
N/A
N/A
70-74
N/A
N/A
75-79
N/A
N/A
80+
N/A
N/A
SecureSource 4 Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.80
%
2.45
%
1.00
%
59-64
3.80
%
3.45
%
1.00
%
65-69
4.80
%
4.45
%
1.00
%
70-74
5.00
%
4.55
%
1.00
%
75-79
5.15
%
4.70
%
1.00
%
80+
5.30
%
4.85
%
1.00
%
SecureSource 4 Plus Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.80
%
2.45
%
1.00
%
59-64
3.80
%
3.45
%
1.00
%
65-69
4.80
%
4.45
%
1.00
%
70-74
5.00
%
4.55
%
1.00
%
75-79
5.15
%
4.70
%
1.00
%
80+
5.30
%
4.85
%
1.00
%
ANNUAL CREDIT PERCENTAGE AND CrEDIT PERIOD: 
Rider
Annual Credit Percentage
Credit Period
SecureSource CoreSM
6%
10 years
SecureSource Core PlusSM
N/A
N/A
SecureSource4®
6%
10 years
SecureSource4Plus®
7%
10 years
BASE DOUBLER AGE and duration for the SecureSource CORE PLUS rider:
Base Doubler age is N/A and Base Doubler duration is N/A.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
S-6720-4 A (5/20) 
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 177
Rate Sheet Prospectus Supplement dated May 1, 2021 to the
Prospectus Dated May 1, 2021
Product Name
Prospectus Form #
RiverSource RAVA 5 Advantage® Variable Annuity (Offered for contract applications signed on or
after April 29, 2019)
S- 6720 CH (5/21)
Rate Sheet Prospectus Supplement
This Rate Sheet Prospectus Supplement (this “Supplement”) should be read and retained with your prospectus. This Supplement must be used in conjunction with the effective RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019) prospectus. If you need another copy of the prospectus, please call us at 1-800-862-7919. Historical rate sheet supplements are reflected in Appendix M to this prospectus. For additional information, you may consult your financial advisor or call us at 1-800-862-7919.
The Rate Sheet Prospectus Supplement has been filed with the Securities and Exchange Commission (the “SEC”) and is also available on the Edgar system at www.sec.gov (File No. 333 - 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
We are issuing this Supplement to provide the:
•
Current rider fees for the SecureSource Tempo, SecureSource Core 2, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Lifetime Payment Percentages and Age Bands for the SecureSource Tempo, SecureSource Core 2, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Income Bonus Percentage for the SecureSource Tempo, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Annual Credit percentage and Credit Period for the SecureSource Core 2, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Credit Multiplier, Maximum Credit percentage, Maximum Credit Carryover percentage for the SecureSource Tempo optional benefit riders.
The rider fees, percentages, age bands, credit period and terms listed below apply to applications signed on or after May 3, 2021.
In order to get these terms, your application must be signed and in good order while this Rate Sheet Prospectus Supplement is in effect. Because we reserve the right to change these terms upon notice as provided below, if your application is not signed and in good order while this Rate Sheet Prospectus Supplement is in effect then you will receive the terms that are in effect on the date that you have a signed application in good order. The rider fees, percentages, age bands, credit period and terms, listed below will not change after your application is signed, except as provided in the prospectus (See “Charges – Optional Living Benefit Charges”; “SecureSource Tempo Rider – Lifetime Payment Percentage/Returns-linked Credit”; “SecureSource Core 2 Rider – Lifetime Payment Percentage/Annual Credits; “SecureSource 5 Rider – Lifetime Payment Percentage /Annual Credits”; “SecureSource 5 Plus Rider – Lifetime Payment Percentage/Annual Credits”; SecureSource Core 2 Rider – Lifetime Payment Percentage/Annual Credits).
The rider fees, percentages, age bands, credit period and terms listed in this Rate Sheet Supplement are subject to change and can be superseded upon 7 calendar days prior notice as provided below. Please note that any superseding terms do not apply to applications that are already signed and received by us in good order. Changes to the rider fees, percentages, age bands, credit period or terms listed in this Rate Sheet Prospectus Supplement will be disclosed at least 7 calendar days in advance in a new Rate Sheet Prospectus Supplement filed on Edgar at www.sec.gov (File No. 333-230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
current RIDER FEES 
Rider
Single Life Option
Joint Life Option
SecureSource TempoSM
1.55%
1.65%
SecureSource5SM
1.55%
1.65%
SecureSource5PlusSM
1.70%
1.80%
SecureSource Core 2SM
1.60%
1.70%
(Charged annually on the contract anniversary as a percentage of contract value or the Benefit Base, whichever is greater.)
178 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
LIFETIME PAYMENT PERCENTAGE and income bonus percentage
The Lifetime Payment Percentage is used to calculate the Current Annual Payment.
SecureSource Tempo Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.60
%
2.30
%
1.00
%
59-64
3.60
%
3.30
%
1.00
%
65-69
4.70
%
4.30
%
1.00
%
70-74
4.90
%
4.40
%
1.00
%
75-79
5.00
%
4.55-
%
1.00
%
80+
5.10
%
4.65
%
1.00
%
SecureSource 5 Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.60
%
2.30
%
1.00
%
59-64
3.60
%
3.30
%
1.00
%
65-69
4.70
%
4.30
%
1.00
%
70-74
4.90
%
4.40
%
1.00
%
75-79
5.00
%
4.55-
%
1.00
%
80+
5.10
%
4.65
%
1.00
%
SecureSource 5 Plus Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.60
%
2.30
%
1.00
%
59-64
3.60
%
3.30
%
1.00
%
65-69
4.70
%
4.30
%
1.00
%
70-74
4.90
%
4.40
%
1.00
%
75-79
5.00
%
4.55-
%
1.00
%
80+
5.10
%
4.65
%
1.00
%
SecureSource Core 2 Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.00
%
2.50
%
59-64
4.00
%
3.50
%
65-69
5.00
%
4.50
%
70-74
5.20
%
4.60
%
75-79
5.35
%
4.85
%
80+
5.50
%
5.00
%
ANNUAL CREDIT PERCENTAGE AND CrEDIT PERIOD: 
Rider
Annual Credit Percentage
Credit Period
SecureSource TempoSM
N/A
15 years
SecureSource5SM
5%
10 years
SecureSource5PlusSM
6%
10 years
SecureSource Core 2SM
5%
10 years
credit multiplier, MAXIMUM CREDIT PERCENTAGE AND MAXIMUM CARRYOVER PERCENTAGE for the SecureSource tempo rider:
Credit Multiplier is 200%, Maximum Credit Percentage is 10% and Maximum Carryover Percentage is 10%.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 179
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
S-6720-13 A (5/21) 
Rate Sheet Prospectus Supplement dated April 29, 2022 to the
Prospectus Dated April 29, 2022
Product Name
Prospectus Form #
RiverSource RAVA 5 Advantage® Variable Annuity (Offered for contract applications
signed on or after April 29, 2019)
PRO9101_12_A01_(4/22)
Rate Sheet Prospectus Supplement
This Rate Sheet Prospectus Supplement (this “Supplement”) should be read and retained with your prospectus. This Supplement must be used in conjunction with the effective RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed or after April 29, 2019) prospectus. If you need another copy of the prospectus, please call us at 1-800-862-7919. Historical rate sheet supplements are reflected in Appendix M to this prospectus. For additional information, you may consult your financial advisor or call us at 1-800-862-7919.
The Rate Sheet Prospectus Supplement has been filed with the Securities and Exchange Commission (the “SEC”) and is also available on the Edgar system at www.sec.gov (File No. 333 - 230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
We are issuing this Supplement to provide the:
•
Current rider fees for the SecureSource Tempo, SecureSource Core 2, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Lifetime Payment Percentages and Age Bands for the SecureSource Tempo, SecureSource Core 2, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Income Bonus Percentage for the SecureSource Tempo, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Annual Credit percentage and Credit Period for the SecureSource Core 2, SecureSource 5 and SecureSource 5 Plus optional benefit riders;
•
Credit Multiplier, Maximum Credit percentage, Maximum Credit Carryover percentage for the SecureSource Tempo optional benefit riders.
The rider fees, percentages, age bands, credit period and terms listed below apply to applications signed on or after APRIL 29, 2022.
PLEASE NOTE THAT AS OF JAN.1, 2022, ONLY SECURESOURCE TEMPO RIDER IS AVAILABLE.
In order to get these terms, your application must be signed and in good order while this Rate Sheet Prospectus Supplement is in effect. Because we reserve the right to change these terms upon notice as provided below, if your application is not signed and in good order while this Rate Sheet Prospectus Supplement is in effect then you will receive the terms that are in effect on the date that you have a signed application in good order. The rider fees, percentages, age bands, credit period and terms, listed below will not change after your application is signed, except as provided in the prospectus (See “Charges – Optional Living Benefit Charges”; “SecureSource Tempo Rider – Lifetime Payment Percentage/Returns-linked Credit”.
The rider fees, percentages, age bands, credit period and terms listed in this Rate Sheet Supplement are subject to change and can be superseded upon 7 calendar days prior notice as provided below. Please note that any superseding terms do not apply to applications that are already signed and received by us in good order. Changes to the rider fees, percentages, age bands, credit period or terms listed in this Rate Sheet Prospectus Supplement will be disclosed at least 7 calendar days in advance in a new Rate Sheet Prospectus Supplement filed on Edgar at www.sec.gov (File No. 333-230376 for the RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)).
current RIDER FEES 
Rider
Single Life Option
Joint Life Option
SecureSource TempoSM
1.55%
1.65%
SecureSource5SM
1.55%
1.65%
SecureSource5PlusSM
1.70%
1.80%
SecureSource Core 2SM
1.60%
1.70%
(Charged annually on the contract anniversary as a percentage of contract value or the Benefit Base, whichever is greater.)
180 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
LIFETIME PAYMENT PERCENTAGE and income bonus percentage
The Lifetime Payment Percentage is used to calculate the Current Annual Payment.
SecureSource Tempo Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.60
%
2.30
%
1.00
%
59-64
3.60
%
3.30
%
1.00
%
65-69
4.70
%
4.30
%
1.00
%
70-74
4.90
%
4.40
%
1.00
%
75-79
5.00
%
4.55-
%
1.00
%
80+
5.10
%
4.65
%
1.00
%
SecureSource 5 Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.60
%
2.30
%
1.00
%
59-64
3.60
%
3.30
%
1.00
%
65-69
4.70
%
4.30
%
1.00
%
70-74
4.90
%
4.40
%
1.00
%
75-79
5.00
%
4.55-
%
1.00
%
80+
5.10
%
4.65
%
1.00
%
SecureSource 5 Plus Rider 
Age Bands
Minimum Lifetime Payment
Percentage – Single Life
Minimum Lifetime Payment
Percentage – Joint Life
Income Bonus
Percentage
50-58
2.60
%
2.30
%
1.00
%
59-64
3.60
%
3.30
%
1.00
%
65-69
4.70
%
4.30
%
1.00
%
70-74
4.90
%
4.40
%
1.00
%
75-79
5.00
%
4.55-
%
1.00
%
80+
5.10
%
4.65
%
1.00
%
SecureSource Core 2 Rider 
Age Bands
Lifetime Payment
Percentage – Single Life
Lifetime Payment
Percentage – Joint Life
50-58
3.00
%
2.50
%
59-64
4.00
%
3.50
%
65-69
5.00
%
4.50
%
70-74
5.20
%
4.60
%
75-79
5.35
%
4.85
%
80+
5.50
%
5.00
%
ANNUAL CREDIT PERCENTAGE AND CrEDIT PERIOD: 
Rider
Annual Credit Percentage
Credit Period
SecureSource TempoSM
N/A
15 years
SecureSource5SM
5%
10 years
SecureSource5PlusSM
6%
10 years
SecureSource Core 2SM
5%
10 years
credit multiplier, MAXIMUM CREDIT PERCENTAGE AND MAXIMUM CARRYOVER PERCENTAGE for the SecureSource tempo rider:
Credit Multiplier is 200%, Maximum Credit Percentage is 10% and Maximum Carryover Percentage is 10%.
RiverSource RAVA 5 Advantage Variable Annuity — Prospectus 181
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
SUP9101-0001 (04/22)
182 RiverSource RAVA 5 Advantage Variable Annuity — Prospectus
 
This page left blank intentionally
 
This page left blank intentionally
 
This page left blank intentionally
The Statement of Additional Information (SAI) includes additional information about the Contract. The SAI, dated the same date as this prospectus, is incorporated by reference into this prospectus. The SAI is available, without charge, upon request. For a free copy of the SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.
(RiverSource Annuity Logo) 
RiverSource Life Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474
1-800-862-7919
PRO9101_12_D01_(05/25)
Reports and other information about RiverSource Variable Account 10 are available on the SEC’s website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
 
EDGAR Contract Identifier: C000212360
© 2008-2025 RiverSource Life Insurance Company. All rights reserved.

Table of Contents

STATEMENT OF ADDITIONAL INFORMATION FOR

 

RIVERSOURCE® RETIREMENT ADVISOR VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR ADVANTAGE VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR SELECT VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR ADVANTAGE PLUS VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR SELECT PLUS VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR 4 ADVANTAGE® VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR 4 SELECT® VARIABLE ANNUITY

RIVERSOURCE® RETIREMENT ADVISOR 4 ACCESS® VARIABLE ANNUITY

RIVERSOURCE® RAVA 5 ADVANTAGE® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RIVERSOURCE® RAVA 5 SELECT® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RIVERSOURCE® RAVA 5 ACCESS® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

 

RIVERSOURCE® RAVA 5 ADVANTAGE® VARIABLE ANNUITY

(Offered for contract applications signed prior to April 30, 2012)

RIVERSOURCE® RAVA 5 SELECT® VARIABLE ANNUITY

(Offered for contract applications signed prior to April 30, 2012)

RIVERSOURCE® RAVA 5 ACCESS® VARIABLE ANNUITY

(Offered for contract applications signed prior to April 30, 2012)

RIVERSOURCE® RAVA 5 ADVANTAGE® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 29, 2013)

RIVERSOURCE® RAVA 5 SELECT® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 29, 2013)

RIVERSOURCE® RAVA 5 ACCESS® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 29, 2013)

RIVERSOURCE® RAVA 5 ADVANTAGE® VARIABLE ANNUITY

(Offered for contract applications signed on or after April 29, 2019)

RIVERSOURCE® RAVA 5 CHOICESM VARIABLE ANNUITY

RIVERSOURCE® RAVA 5 ACCESS® VARIABLE ANNUITY

(Offered for contract applications signed on or after June 22, 2020)

RIVERSOURCE® RAVA Apex VARIABLE ANNUITY

RIVERSOURCE® RAVA Vista VARIABLE ANNUITY

RIVERSOURCE® FLEXIBLE PORTFOLIO ANNUITY

RIVERSOURCE® RETIREMENT GROUP ANNUITY CONTRACT I

RIVERSOURCE® RETIREMENT GROUP ANNUITY CONTRACT II

 

 

RIVERSOURCE VARIABLE ACCOUNT 10

May 1, 2025

RiverSource Variable Account 10 is a separate account of RiverSource Life Insurance Company (RiverSource Life).

This Statement of Additional Information (SAI) is not a prospectus. It should be read together with the prospectus dated the same date as this SAI, which may be obtained from your sales representative, or by writing or calling us at the address and telephone number below.

This SAI contains financial information for all the subaccounts of RiverSource Variable Account 10. Not all subaccounts of RiverSource Variable Account 10 apply to your specific contract.

RiverSource Life Insurance Company

70100 Ameriprise Financial Center

Minneapolis, MN 55474

1-800-862-7919

 

 

SAI9010_12_D01_(05/25)

Table of Contents

Table of Contents

 

Company

      p.       3  

Non-Principal Risks of Investing in the Contracts

     p.       3  

Services

      p.       3  

Calculating Annuity Payouts

      p.       4  

Rating Agencies

      p.       5  

Principal Underwriter

      p.       5  

Independent Registered Public Accounting Firm

      p.       5  

Custodian

     p.       5  

Financial Statements

     

 

2   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Company

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

Non-Principal Risks of Investing in the Contracts

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

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

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

BUSINESS CONTINUITY/DISASTER RECOVERY

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

Services

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

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

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

 

Name of Service Provider   Services Provided   Principal Business Address   Basis for Compensation Paid
Ameriprise Financial, Inc. (“AFI”)*   Business affairs management and administrative support related to new business and servicing of existing contracts and policies  

901 Third Ave South

Minneapolis, MN 55402

USA

   Expense allocation based primarily on policies in force, secondarily on policies issued or cash sales (for acquisition expenses)
     
Ameriprise India LLP (“Amp India”)*   Administrative support related to new business and servicing of existing contracts and policies  

Plot No. 14, Sector 18

Udyog Vihar

Gurugram, Haryana – 122 015

India

   Expense allocation based on number of service provider employees dedicated to performing services
     
Foundever Asia, Inc. (“Foundever Asia”) (previously known as Sykes Enterprises Incorporated)   Administrative support related to new business and servicing of existing contracts and policies  

10th Floor, Glorietta

BPO 1 Office Tower

Makati City 1224

Metro Manila

Philippines

   Expense allocation based on number of contacts made or received from customers

 

*

Affiliated Entities

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

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

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

 

RIVERSOURCE VARIABLE ACCOUNT 10 ∎     3  

Table of Contents

Calculating Annuity Payouts

THE VARIABLE ACCOUNT

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

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

 

•  

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

 

•  

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

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

Annuity Units: We then convert the value of your subaccount to annuity units. To compute the number of units credited to you, we divide the first monthly payout by the annuity unit value (see below) on the valuation date. The number of units in your subaccount is fixed. The value of the units fluctuates with the performance of the underlying fund.

Subsequent Payouts: To compute later payouts, we multiply:

 

•  

the annuity unit value on the valuation date; by

 

•  

the fixed number of annuity units credited to you.

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

 

•  

the net investment factor; and

 

•  

the neutralizing factor.

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

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

 

•  

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

 

•  

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

 

•  

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

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

THE FIXED ACCOUNT

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

 

•  

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

 

•  

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

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

 

4   ∎ RIVERSOURCE VARIABLE ACCOUNT 10

Table of Contents

Rating Agencies

We receive ratings from independent rating agencies. These agencies evaluate the creditworthiness and claims-paying ability of insurance companies based on a number of different factors. The ratings reflect each agency’s estimation of our ability to meet our contractual obligations such as making annuity payouts and paying death benefits and other distributions. As such, the ratings relate to our fixed account and not to the subaccounts. This information generally does not relate to the management or performance of the subaccounts.

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

 

A.M. Best      www.ambest.com  
  
Moody’s      www.moodys.com  
  
Standard & Poor’s      www.standardandpoors.com  

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

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

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

Principal Underwriter

RiverSource Distributors, Inc. (RiverSource Distributors) serves as principal underwriter for the contracts, which are offered on a continuous basis. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is registered with the Securities and Exchange Commission under the Securities Act of 1934 as a broker dealer and is a member of the Financial Industry Regulatory Authority (FINRA). RiverSource Distributors is not required to sell any specific number or dollar amount of securities, but will use its best efforts to sell the securities offered. The contracts are offered to the public through certain securities broker-dealers that have entered into sales agreements with RiverSource Life and RiverSource Distributors and whose personnel are legally authorized to sell annuity and life insurance products. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.

The aggregate dollar amount of underwriting commissions paid to RiverSource Distributors by RiverSource Life for the variable accounts in 2024 was $439,655,537, in 2023 was $394,275,424 and in 2022 was $408,452,683. RiverSource Distributors retained no underwriting commissions from the sale of the contracts.

Independent Registered Public Accounting Firm

The consolidated financial statements of RiverSource Life Insurance Company and its subsidiaries as of December 31, 2024 and December 31, 2023 and for each of the three years in the period ended December 31, 2024 and the financial statements of each of the divisions of RiverSource Variable Account 10 as of December 31, 2024 and for the period then ended and the statement of changes in net assets for each of the two years in the period ended December 31, 2024 included in this Statement of Additional Information have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

Custodian

RiverSource Life is the custodian of the assets of RiverSource Variable Account 10. RiverSource Life holds these assets for safekeeping, maintains records and accounts relating to the variable account including purchase and redemption transactions, and is responsible for administration of the contracts. RiverSource Life’s principal offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474.

 

RIVERSOURCE VARIABLE ACCOUNT 10 ∎     5  

Table of Contents

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, as of December 31, 2024, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Variable Account 10 as of December 31, 2024, and the results of each of their operations and the changes in each of their net assets for each of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource 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, 2024, by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 24, 2025

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

 

6   ∎ RIVERSOURCE VARIABLE ACCOUNT 10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024    AB VPS
Dyn Asset Alloc,
Cl B		     AB VPS
Intl Val,
Cl B		     AB VPS
Lg Cap Gro,
Cl B		     AB VPS
Relative Val,
Cl B		     AB VPS Sus
Gbl Thematic,
Cl B		  
Assets           

Investments, at fair value(1),(2)

    $ 9,957,779     $ 60,905,600     $ 178,729,992     $ 74,116,179     $ 9,496,574  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      151       91,335       124,336       1,246       1,120  

Receivable for share redemptions

      9,159       47,116       873,219       67,892       46,776  

Total assets

      9,967,089       61,044,051       179,727,547       74,185,317       9,544,470  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      9,152       47,116       167,531       57,556       7,904  

Contract terminations

      7       —       705,688       10,336       38,872  

Payable for investments purchased

      151       91,335       124,336       1,246       1,120  

Total liabilities

      9,310       138,451       997,555       69,138       47,896  

Net assets applicable to contracts in accumulation period

      9,956,766       60,771,765       178,722,113       73,893,417       9,439,615  

Net assets applicable to contracts in payment period

      —       133,835       4,946       222,229       56,305  

Net assets applicable to seed money

      1,013       —       2,933       533       654  

Total net assets

    $ 9,957,779     $ 60,905,600     $ 178,729,992     $ 74,116,179     $ 9,496,574  

(1)  Investment shares

      1,024,463       4,044,197       2,241,972       2,400,913       289,530  

(2)  Investments, at cost

    $ 11,248,712     $ 61,030,538     $ 139,101,652     $ 63,127,747     $ 8,849,924  
December 31, 2024 (continued)    Allspg VT
Index Asset Alloc,
Cl 2		     Allspg VT
Opp,
Cl 2		     Allspg VT
Sm Cap Gro,
Cl 2		     ALPS Alerian
Engy Infr,
Class III		     BlackRock
Adv SMID
Cap VI,
Cl III		  
Assets           

Investments, at fair value(1),(2)

    $ 20,331,915     $ 39,822,818     $ 74,640,491     $ 55,373,483     $ 2,374,175  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      2,503       —       36,123       24,399       8  

Receivable for share redemptions

      15,277       48,355       184,037       72,227       2,157  

Total assets

      20,349,695       39,871,173       74,860,651       55,470,109       2,376,340  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      15,277       33,034       65,897       50,203       2,157  

Contract terminations

      —       15,321       118,140       22,024       —  

Payable for investments purchased

      2,503       —       36,123       24,399       8  

Total liabilities

      17,780       48,355       220,160       96,626       2,165  

Net assets applicable to contracts in accumulation period

      19,869,125       39,699,936       74,508,934       55,311,780       2,373,549  

Net assets applicable to contracts in payment period

      462,625       121,445       130,653       60,460       —  

Net assets applicable to seed money

      165       1,437       904       1,243       626  

Total net assets

    $ 20,331,915     $ 39,822,818     $ 74,640,491     $ 55,373,483     $ 2,374,175  

(1)  Investment shares

      1,023,762       1,482,607       8,000,053       3,877,695       217,615  

(2)  Investments, at cost

    $ 17,262,741     $ 34,646,486     $ 78,251,121     $ 39,185,342     $ 2,040,600  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     7  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    BlackRock
Global Alloc,
Cl III		     BNY Mellon
Sus US Eq,
Serv		     Calvert VP
SRI Bal,
Cl F		     Calvert VP
SRI Bal,
Cl I		     CB Var
Sm Cap Gro,
Cl I		  
Assets           

Investments, at fair value(1),(2)

    $ 73,474,279     $ 3,941,486     $ 2,478,666     $ 23,999,751     $ 13,111,319  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      6,351       18,985       —       292       126  

Receivable for share redemptions

      272,303       3,118       2,155       18,184       14,870  

Total assets

      73,752,933       3,963,589       2,480,821       24,018,227       13,126,315  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      67,212       3,118       2,155       18,026       10,943  

Contract terminations

      205,091       —       —       158       3,927  

Payable for investments purchased

      6,351       18,985       —       292       126  

Total liabilities

      278,654       22,103       2,155       18,476       14,996  

Net assets applicable to contracts in accumulation period

      73,241,951       3,939,625       2,477,910       23,930,876       13,078,189  

Net assets applicable to contracts in payment period

      231,727       —       —       68,770       33,130  

Net assets applicable to seed money

      601       1,861       756       105       —  

Total net assets

    $ 73,474,279     $ 3,941,486     $ 2,478,666     $ 23,999,751     $ 13,111,319  

(1)  Investment shares

      5,700,099       72,547       918,024       8,759,033       473,504  

(2)  Investments, at cost

    $ 81,888,866     $ 3,041,862     $ 2,189,714     $ 18,551,407     $ 12,858,175  
December 31, 2024 (continued)    Col VP
Bal,
Cl 2		     Col VP
Bal,
Cl 3		     Col VP
Commodity
Strategy,
Cl 2		     Col VP
Contrarian Core,
Cl 2		     Col VP
Disciplined Core,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 148,564,955     $ 600,829,843     $ 15,901,201     $ 183,738,719     $ 62,880,100  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      229,724       1,705       87       36,321       75,276  

Receivable for share redemptions

      131,459       961,594       19,111       274,162       60,312  

Total assets

      148,926,138       601,793,142       15,920,399       184,049,202       63,015,688  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      130,514       542,623       14,685       163,867       58,901  

Contract terminations

      945       418,971       4,426       110,295       1,411  

Payable for investments purchased

      229,724       1,705       87       36,321       75,276  

Total liabilities

      361,183       963,299       19,198       310,483       135,588  

Net assets applicable to contracts in accumulation period

      148,564,865       595,664,574       15,900,473       183,335,996       62,879,080  

Net assets applicable to contracts in payment period

      —       5,164,951       —       402,502       —  

Net assets applicable to seed money

      90       318       728       221       1,020  

Total net assets

    $ 148,564,955     $ 600,829,843     $ 15,901,201     $ 183,738,719     $ 62,880,100  

(1)  Investment shares

      3,119,147       12,442,117       4,195,567       3,510,484       577,358  

(2)  Investments, at cost

    $ 125,923,313     $ 318,266,008     $ 21,209,811     $ 94,609,266     $ 35,544,861  

See accompanying notes to financial statements.

 

8   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)   Col VP
Disciplined Core,
Cl 3		     Col VP
Divd Opp,
Cl 2		     Col VP
Divd Opp,
Cl 3		     Col VP
Emerg Mkts Bond,
Cl 2		     Col VP
Emer Mkts,
Cl 2		  
Assets          

Investments, at fair value(1),(2)

   $ 373,861,338     $ 110,046,167     $ 362,700,958     $ 9,588,357     $ 46,105,891  

Dividends receivable

     —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

     345       36,264       692       5       5,736  

Receivable for share redemptions

     550,961       104,304       596,093       14,617       52,111  

Total assets

     374,412,644       110,186,735       363,297,743       9,602,979       46,163,738  
         
Liabilities          

Payable to RiverSource Life for:

          

Mortality and expense risk fee

     329,655       103,755       298,871       8,332       43,382  

Contract terminations

     221,306       549       297,222       6,285       8,729  

Payable for investments purchased

     345       36,264       692       5       5,736  

Total liabilities

     551,306       140,568       596,785       14,622       57,847  

Net assets applicable to contracts in accumulation period

     369,696,586       110,034,510       359,761,594       9,587,496       46,105,593  

Net assets applicable to contracts in payment period

     4,164,752       11,480       2,939,364       —       —  

Net assets applicable to seed money

     —       177       —       861       298  

Total net assets

   $ 373,861,338     $ 110,046,167     $ 362,700,958     $ 9,588,357     $ 46,105,891  

(1)  Investment shares

     3,372,982       2,522,259       8,159,752       1,209,124       4,592,220  

(2)  Investments, at cost

   $ 85,515,683     $ 73,410,044     $ 110,646,530     $ 10,765,412     $ 64,944,349  
December 31, 2024 (continued)   Col VP
Emer Mkts,
Cl 3		     Col VP Global
Strategic Inc,
Cl 2		     Col VP Global
Strategic Inc,
Cl 3		     Col VP
Govt Money Mkt,
Cl 2		     Col VP
Govt Money Mkt,
Cl 3		  
Assets          

Investments, at fair value(1),(2)

   $ 62,439,059     $ 9,819,388     $ 40,324,196     $ 150,347,068     $ 149,421,744  

Dividends receivable

     —       —       —       16,329       16,754  

Accounts receivable from RiverSource Life for contract purchase payments

     19,225       2,508       862       419,698       26,793  

Receivable for share redemptions

     57,067       9,459       90,186       431,264       128,192  

Total assets

     62,515,351       9,831,355       40,415,244       151,214,359       149,593,483  
         
Liabilities          

Payable to RiverSource Life for:

          

Mortality and expense risk fee

     53,603       9,325       33,192       140,805       122,665  

Contract terminations

     3,464       134       56,994       290,459       5,527  

Payable for investments purchased

     19,225       2,508       862       419,698       26,793  

Total liabilities

     76,292       11,967       91,048       850,962       154,985  

Net assets applicable to contracts in accumulation period

     62,220,774       9,812,012       40,056,772       150,356,986       149,059,868  

Net assets applicable to contracts in payment period

     218,285       6,717       267,424       —       378,630  

Net assets applicable to seed money

     —       659       —       6,411       —  

Total net assets

   $ 62,439,059     $ 9,819,388     $ 40,324,196     $ 150,363,397     $ 149,438,498  

(1)  Investment shares

     6,139,534       1,283,580       5,216,584       150,347,068       149,421,744  

(2)  Investments, at cost

   $ 78,850,946     $ 10,804,044     $ 50,761,683     $ 150,347,067     $ 149,420,558  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     9  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Col VP
Hi Yield Bond,
Cl 2		     Col VP
Hi Yield Bond,
Cl 3		     Col VP
Inc Opp,
Cl 2		     Col VP
Inc Opp,
Cl 3		     Col VP
Inter Bond,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 51,989,693     $ 107,337,243     $ 28,099,689     $ 67,080,997     $ 84,550,475  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      13,283       7,319       5,392       3,489       32,194  

Receivable for share redemptions

      50,258       125,826       29,379       66,468       82,425  

Total assets

      52,053,234       107,470,388       28,134,460       67,150,954       84,665,094  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      47,470       89,226       26,078       54,206       78,518  

Contract terminations

      2,788       36,600       3,301       12,262       3,907  

Payable for investments purchased

      13,283       7,319       5,392       3,489       32,194  

Total liabilities

      63,541       133,145       34,771       69,957       114,619  

Net assets applicable to contracts in accumulation period

      51,989,068       106,490,206       28,099,087       66,693,559       84,497,634  

Net assets applicable to contracts in payment period

      —       847,037       —       387,438       52,541  

Net assets applicable to seed money

      625       —       602       —       300  

Total net assets

    $ 51,989,693     $ 107,337,243     $ 28,099,689     $ 67,080,997     $ 84,550,475  

(1)  Investment shares

      8,550,936       17,481,636       4,460,268       10,465,054       10,186,804  

(2)  Investments, at cost

    $ 54,822,532     $ 113,995,255     $ 31,499,984     $ 81,634,474     $ 95,814,614  
December 31, 2024 (continued)    Col VP
Inter Bond,
Cl 3		     Col VP
Lg Cap Gro,
Cl 2		     Col VP
Lg Cap Gro,
Cl 3		     Col VP
Lg Cap Index,
Cl 2		     Col VP
Lg Cap Index,
Cl 3		  
Assets           

Investments, at fair value(1),(2)

    $ 201,848,091     $ 152,641,801     $ 152,156,464     $ 174,897,016     $ 588,803,630  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      25,785       34,687       —       72,778       148,442  

Receivable for share redemptions

      264,703       291,155       165,711       174,796       684,563  

Total assets

      202,138,579       152,967,643       152,322,175       175,144,590       589,636,635  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      165,858       142,732       115,251       158,406       524,468  

Contract terminations

      98,845       148,423       50,460       16,390       160,095  

Payable for investments purchased

      25,785       34,687       —       72,778       148,442  

Total liabilities

      290,488       325,842       165,711       247,574       833,005  

Net assets applicable to contracts in accumulation period

      200,483,436       152,641,278       151,188,939       174,896,947       586,986,383  

Net assets applicable to contracts in payment period

      1,364,655       —       967,525       —       1,817,075  

Net assets applicable to seed money

      —       523       —       69       172  

Total net assets

    $ 201,848,091     $ 152,641,801     $ 152,156,464     $ 174,897,016     $ 588,803,630  

(1)  Investment shares

      24,173,424       3,234,622       3,162,021       3,592,052       11,887,818  

(2)  Investments, at cost

    $ 244,846,713     $ 81,719,243     $ 38,357,585     $ 138,670,075     $ 234,834,449  

See accompanying notes to financial statements.

 

10   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Col VP Limited
Duration Cr,
Cl 2		     Col VP Long
Govt/Cr Bond,
Cl 2		     Col VP
Overseas Core,
Cl 2		     Col VP
Overseas Core,
Cl 3		     Col VP Select
Lg Cap Eq,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 82,194,141     $ 14,775,542     $ 36,133,971     $ 47,221,762     $ 4,652,904  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      100,060       19,609       68,915       25,381       —  

Receivable for share redemptions

      81,544       23,149       32,964       66,555       4,311  

Total assets

      82,375,745       14,818,300       36,235,850       47,313,698       4,657,215  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      73,088       13,188       32,964       42,461       4,311  

Contract terminations

      8,456       9,961       —       24,094       —  

Payable for investments purchased

      100,060       19,609       68,915       25,381       —  

Total liabilities

      181,604       42,758       101,879       91,936       4,311  

Net assets applicable to contracts in accumulation period

      82,180,784       14,727,656       36,011,929       46,585,473       4,652,599  

Net assets applicable to contracts in payment period

      12,822       47,185       121,446       636,289       —  

Net assets applicable to seed money

      535       701       596       —       305  

Total net assets

    $ 82,194,141     $ 14,775,542     $ 36,133,971     $ 47,221,762     $ 4,652,904  

(1)  Investment shares

      8,642,917       2,035,199       2,762,536       3,588,280       201,163  

(2)  Investments, at cost

    $ 81,956,212     $ 17,966,794     $ 36,428,463     $ 44,127,798     $ 3,597,805  
December 31, 2024 (continued)    Col VP Select
Lg Cap Val,
Cl 2		     Col VP Select
Lg Cap Val,
Cl 3		     Col VP Select
Mid Cap Gro,
Cl 2		     Col VP Select
Mid Cap Gro,
Cl 3		     Col VP Select
Mid Cap Val,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 70,423,215     $ 39,762,635     $ 43,318,695     $ 72,846,495     $ 43,248,863  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      200,459       21,425       50,468       76       32,692  

Receivable for share redemptions

      167,782       34,534       137,288       120,607       42,692  

Total assets

      70,791,456       39,818,594       43,506,451       72,967,178       43,324,247  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      65,730       32,168       41,156       64,855       40,813  

Contract terminations

      102,052       2,366       96,132       55,752       1,879  

Payable for investments purchased

      200,459       21,425       50,468       76       32,692  

Total liabilities

      368,241       55,959       187,756       120,683       75,384  

Net assets applicable to contracts in accumulation period

      70,422,947       39,741,670       43,315,595       72,003,630       43,242,269  

Net assets applicable to contracts in payment period

      —       20,965       2,591       842,865       6,280  

Net assets applicable to seed money

      268       —       509       —       314  

Total net assets

    $ 70,423,215     $ 39,762,635     $ 43,318,695     $ 72,846,495     $ 43,248,863  

(1)  Investment shares

      1,670,776       927,300       799,681       1,321,359       1,079,063  

(2)  Investments, at cost

    $ 51,674,841     $ 24,193,448     $ 29,027,856     $ 22,468,330     $ 28,134,745  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     11  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Col VP Select
Mid Cap Val,
Cl 3		     Col VP Select
Sm Cap Val,
Cl 2		     Col VP Select
Sm Cap Val,
Cl 3		     Col VP Sel
Gbl Tech,
Cl 2		     Col VP Sm
Cap Val,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 39,071,475     $ 27,183,899     $ 28,660,856     $ 19,313,674     $ 2,466,940  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      3,125       2,043       331       30,088       1,229  

Receivable for share redemptions

      44,390       26,399       27,090       35,520       5,735  

Total assets

      39,118,990       27,212,341       28,688,277       19,379,282       2,473,904  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      31,512       26,399       21,962       17,227       2,202  

Contract terminations

      12,878       —       5,128       18,293       3,533  

Payable for investments purchased

      3,125       2,043       331       30,088       1,229  

Total liabilities

      47,515       28,442       27,421       65,608       6,964  

Net assets applicable to contracts in accumulation period

      38,894,720       27,180,542       28,619,399       19,313,135       2,466,305  

Net assets applicable to contracts in payment period

      176,755       3,129       41,457       —       —  

Net assets applicable to seed money

      —       228       —       539       635  

Total net assets

    $ 39,071,475     $ 27,183,899     $ 28,660,856     $ 19,313,674     $ 2,466,940  

(1)  Investment shares

      958,574       716,497       741,549       683,428       186,184  

(2)  Investments, at cost

    $ 15,180,654     $ 19,624,260     $ 12,556,285     $ 16,730,427     $ 2,277,853  
December 31, 2024 (continued)    Col VP
Strategic Inc,
Cl 2		     Col VP
US Govt Mtge,
Cl 2		     Col VP
US Govt Mtge,
Cl 3		     CS
Commodity
Return,
Cl 1		     CTIVP
AC Div Bond,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 82,044,059     $ 12,122,961     $ 32,864,293     $ 10,638,332     $ 25,373,006  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      108,833       13,104       1,607       883       2,218  

Receivable for share redemptions

      196,596       11,224       27,422       10,420       22,514  

Total assets

      82,349,488       12,147,289       32,893,322       10,649,635       25,397,738  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      77,164       11,224       26,179       8,615       22,514  

Contract terminations

      119,432       —       1,243       1,805       —  

Payable for investments purchased

      108,833       13,104       1,607       883       2,218  

Total liabilities

      305,429       24,328       29,029       11,303       24,732  

Net assets applicable to contracts in accumulation period

      82,043,614       12,106,584       32,616,812       10,637,987       25,372,535  

Net assets applicable to contracts in payment period

      —       15,880       247,481       345       —  

Net assets applicable to seed money

      445       497       —       —       471  

Total net assets

    $ 82,044,059     $ 12,122,961     $ 32,864,293     $ 10,638,332     $ 25,373,006  

(1)  Investment shares

      22,477,824       1,385,481       3,747,354       591,676       2,847,700  

(2)  Investments, at cost

    $ 91,646,100     $ 13,502,364     $ 37,934,350     $ 16,849,285     $ 28,361,657  

See accompanying notes to financial statements.

 

12   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    CTIVP BR Gl
Infl Prot Sec,
Cl 2		     CTIVP BR Gl
Infl Prot Sec,
Cl 3		     CTIVP
CenterSquare
Real Est,
Cl 2		     CTIVP
MFS Val,
Cl 2		     CTIVP Prin
Blue Chip Gro,
Cl 1		  
Assets           

Investments, at fair value(1),(2)

    $ 17,742,113     $ 39,225,954     $ 22,873,160     $ 84,489,744     $ 113,672,769  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      5,296       5,074       40,380       21,595       221  

Receivable for share redemptions

      25,735       75,047       22,984       143,796       153,739  

Total assets

      17,773,144       39,306,075       22,936,524       84,655,135       113,826,729  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      16,830       31,225       21,135       79,101       91,802  

Contract terminations

      8,905       43,822       1,849       64,695       61,937  

Payable for investments purchased

      5,296       5,074       40,380       21,595       221  

Total liabilities

      31,031       80,121       63,364       165,391       153,960  

Net assets applicable to contracts in accumulation period

      17,741,606       39,157,794       22,872,465       84,489,518       113,331,203  

Net assets applicable to contracts in payment period

      —       68,160       —       —       341,566  

Net assets applicable to seed money

      507       —       695       226       —  

Total net assets

    $ 17,742,113     $ 39,225,954     $ 22,873,160     $ 84,489,744     $ 113,672,769  

(1)  Investment shares

      4,174,615       9,038,238       3,393,644       2,040,322       1,586,501  

(2)  Investments, at cost

    $ 22,263,990     $ 55,267,210     $ 26,984,435     $ 56,745,545     $ 37,794,435  
December 31, 2024 (continued)    CTIVP Prin
Blue Chip Gro,
Cl 2		     CTIVP T Rowe
Price LgCap Val,
Cl 2		     CTIVP TCW
Core Plus Bond,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 3		  
Assets           

Investments, at fair value(1),(2)

    $ 63,766,713     $ 44,812,855     $ 23,279,680     $ 70,731,417     $ 41,898,186  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      5,237       50,821       13,759       2,761       3,842  

Receivable for share redemptions

      133,520       61,621       21,097       86,711       38,811  

Total assets

      63,905,470       44,925,297       23,314,536       70,820,889       41,940,839  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      59,366       42,625       21,097       65,654       33,883  

Contract terminations

      74,154       18,996       —       21,057       4,928  

Payable for investments purchased

      5,237       50,821       13,759       2,761       3,842  

Total liabilities

      138,757       112,442       34,856       89,472       42,653  

Net assets applicable to contracts in accumulation period

      63,766,064       44,751,525       23,278,915       70,731,213       41,800,905  

Net assets applicable to contracts in payment period

      —       61,099       —       —       97,281  

Net assets applicable to seed money

      649       231       765       204       —  

Total net assets

    $ 63,766,713     $ 44,812,855     $ 23,279,680     $ 70,731,417     $ 41,898,186  

(1)  Investment shares

      922,684       1,183,334       2,572,340       1,444,383       839,811  

(2)  Investments, at cost

    $ 35,721,958     $ 31,189,589     $ 25,483,706     $ 46,334,470     $ 22,314,869  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     13  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    CTIVP
Westfield
Mid Cap Gro,
Cl 2		     CTIVP
Westfield
Sel Lg Cp Gr,
Cl 2		     CVT EAFE
Intl Index,
Cl F		     CVT Nasdaq
100 Index,
Cl F		     CVT Russ 2000
Sm Cap Ind,
Cl F		  
Assets           

Investments, at fair value(1),(2)

    $ 30,938,048     $ 26,788,093     $ 4,802,447     $ 23,550,483     $ 10,351,945  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      1,139       485       449       71,671       6,574  

Receivable for share redemptions

      33,570       46,253       3,891       21,084       8,820  

Total assets

      30,972,757       26,834,831       4,806,787       23,643,238       10,367,339  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      28,805       25,740       3,891       20,377       8,820  

Contract terminations

      4,765       20,513       —       707       —  

Payable for investments purchased

      1,139       485       449       71,671       6,574  

Total liabilities

      34,709       46,738       4,340       92,755       15,394  

Net assets applicable to contracts in accumulation period

      30,937,480       26,787,436       4,800,082       23,547,096       10,349,957  

Net assets applicable to contracts in payment period

      —       —       —       —       —  

Net assets applicable to seed money

      568       657       2,365       3,387       1,988  

Total net assets

    $ 30,938,048     $ 26,788,093     $ 4,802,447     $ 23,550,483     $ 10,351,945  

(1)  Investment shares

      611,666       470,793       50,632       144,917       122,190  

(2)  Investments, at cost

    $ 18,045,224     $ 20,264,464     $ 4,658,079     $ 20,461,825     $ 9,700,022  
December 31, 2024 (continued)    DWS Alt Asset
Alloc VIP,
Cl B		     EV VT
Floating-Rate Inc,
Init Cl		     Fid VIP
Contrafund,
Serv Cl 2		     Fid VIP
Emer Mkts,
Serv Cl 2		     Fid VIP
Energy,
Serv Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 15,821,221     $ 76,704,868     $ 616,762,401     $ 2,503,544     $ 2,774,819  

Dividends receivable

      —       459,224       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      544       31,376       213,464       23,849       634  

Receivable for share redemptions

      21,594       76,764       1,065,189       2,150       2,488  

Total assets

      15,843,359       77,272,232       618,041,054       2,529,543       2,777,941  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      14,032       63,404       540,237       2,150       2,488  

Contract terminations

      7,562       13,360       524,952       —       —  

Payable for investments purchased

      544       490,600       213,464       23,849       634  

Total liabilities

      22,138       567,364       1,278,653       25,999       3,122  

Net assets applicable to contracts in accumulation period

      15,806,490       76,361,923       616,006,312       2,503,050       2,774,052  

Net assets applicable to contracts in payment period

      14,122       335,787       754,980       —       —  

Net assets applicable to seed money

      609       7,158       1,109       494       767  

Total net assets

    $ 15,821,221     $ 76,704,868     $ 616,762,401     $ 2,503,544     $ 2,774,819  

(1)  Investment shares

      1,222,660       8,908,812       11,112,836       218,269       110,860  

(2)  Investments, at cost

    $ 16,381,790     $ 80,135,909     $ 423,759,829     $ 2,340,086     $ 2,773,600  

See accompanying notes to financial statements.

 

14   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Fid VIP
Gro & Inc,
Serv Cl		     Fid VIP
Gro & Inc,
Serv Cl 2		     Fid VIP
Gro Opp,
Serv Cl 2		     Fid VIP Intl
Cap Appr,
Serv Cl 2		     Fid VIP
Invest Gr,
Serv Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 42,673,475     $ 109,129,398     $ 25,706,117     $ 8,079,000     $ 15,716,455  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      —       10,230       103,742       24,828       32,539  

Receivable for share redemptions

      35,562       118,467       29,526       7,087       14,955  

Total assets

      42,709,037       109,258,095       25,839,385       8,110,915       15,763,949  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      31,208       83,803       23,062       7,087       13,422  

Contract terminations

      4,354       34,664       6,464       —       1,533  

Payable for investments purchased

      —       10,230       103,742       24,828       32,539  

Total liabilities

      35,562       128,697       133,268       31,915       47,494  

Net assets applicable to contracts in accumulation period

      42,353,467       107,959,462       25,704,549       8,078,533       15,716,156  

Net assets applicable to contracts in payment period

      320,008       1,169,395       —       —       —  

Net assets applicable to seed money

      —       541       1,568       467       299  

Total net assets

    $ 42,673,475     $ 109,129,398     $ 25,706,117     $ 8,079,000     $ 15,716,455  

(1)  Investment shares

      1,416,312       3,708,101       319,927       359,546       1,479,892  

(2)  Investments, at cost

    $ 27,131,298     $ 70,572,458     $ 19,548,280     $ 7,476,077     $ 15,939,198  
December 31, 2024 (continued)    Fid VIP
Mid Cap,
Serv Cl		     Fid VIP
Mid Cap,
Serv Cl 2		     Fid VIP
Overseas,
Serv Cl		     Fid VIP
Overseas,
Serv Cl 2		     Fid VIP
Strategic Inc,
Serv Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 63,821,469     $ 357,177,903     $ 9,394,097     $ 41,146,875     $ 185,772,902  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      —       60,652       2,428       14,383       63,846  

Receivable for share redemptions

      54,217       464,644       6,825       101,258       350,764  

Total assets

      63,875,686       357,703,199       9,403,350       41,262,516       186,187,512  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      47,266       297,354       6,825       32,573       162,242  

Contract terminations

      6,951       167,290       —       68,685       188,522  

Payable for investments purchased

      —       60,652       2,428       14,383       63,846  

Total liabilities

      54,217       525,296       9,253       115,641       414,610  

Net assets applicable to contracts in accumulation period

      62,821,426       355,948,356       9,307,603       40,934,356       185,441,381  

Net assets applicable to contracts in payment period

      1,000,043       1,228,715       86,494       212,519       331,331  

Net assets applicable to seed money

      —       832       —       —       190  

Total net assets

    $ 63,821,469     $ 357,177,903     $ 9,394,097     $ 41,146,875     $ 185,772,902  

(1)  Investment shares

      1,728,642       10,067,021       371,161       1,636,059       17,575,487  

(2)  Investments, at cost

    $ 54,424,676     $ 328,969,349     $ 7,830,199     $ 34,367,016     $ 194,400,501  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     15  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)   Frank Global
Real Est,
Cl 2		     Frank
Inc,
Cl 2		     Frank
Inc,
Cl 4		     Frank Mutual
Gbl Dis,
Cl 4		     Frank Mutual
Shares,
Cl 2		  
Assets          

Investments, at fair value(1),(2)

   $ 41,247,230     $ 59,762,586     $ 12,122,592     $ 613,693     $ 60,102,550  

Dividends receivable

     —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

     26,501       382       99,205       5       686  

Receivable for share redemptions

     35,256       146,812       9,861       525       57,478  

Total assets

     41,308,987       59,909,780       12,231,658       614,223       60,160,714  
         
Liabilities          

Payable to RiverSource Life for:

          

Mortality and expense risk fee

     32,074       55,186       9,861       525       50,679  

Contract terminations

     3,182       91,626       —       —       6,799  

Payable for investments purchased

     26,501       382       99,205       5       686  

Total liabilities

     61,757       147,194       109,066       530       58,164  

Net assets applicable to contracts in accumulation period

     41,128,467       59,688,140       12,122,189       612,724       60,010,723  

Net assets applicable to contracts in payment period

     118,763       73,774       —       —       90,763  

Net assets applicable to seed money

     —       672       403       969       1,064  

Total net assets

   $ 41,247,230     $ 59,762,586     $ 12,122,592     $ 613,693     $ 60,102,550  

(1)  Investment shares

     3,361,632       4,161,740       815,787       33,756       3,667,026  

(2)  Investments, at cost

   $ 54,334,830     $ 62,504,199     $ 12,177,132     $ 617,979     $ 61,646,114  
December 31, 2024 (continued)   Frank
Sm Cap Val,
Cl 2		     Frank
Sm Cap Val,
Cl 4		     GS VIT
Mid Cap Val,
Inst		     GS VIT
Multi-Strategy Alt,
Advisor		     GS VIT
Multi-Strategy Alt,
Serv		  
Assets          

Investments, at fair value(1),(2)

   $ 110,502,676     $ 4,926,466     $ 103,250,625     $ 9,288,445     $ 1,633,361  

Dividends receivable

     —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

     12,455       24,136       3,651       652       23,979  

Receivable for share redemptions

     175,604       4,385       207,973       8,610       1,364  

Total assets

     110,690,735       4,954,987       103,462,249       9,297,707       1,658,704  
         
Liabilities          

Payable to RiverSource Life for:

          

Mortality and expense risk fee

     93,222       4,385       77,660       8,610       1,364  

Contract terminations

     82,382       —       130,313       —       —  

Payable for investments purchased

     12,455       24,136       3,651       652       23,979  

Total liabilities

     188,059       28,521       211,624       9,262       25,343  

Net assets applicable to contracts in accumulation period

     110,163,400       4,926,029       102,405,779       9,284,729       1,632,817  

Net assets applicable to contracts in payment period

     338,629       —       844,846       3,102       —  

Net assets applicable to seed money

     647       437       —       614       544  

Total net assets

   $ 110,502,676     $ 4,926,466     $ 103,250,625     $ 9,288,445     $ 1,633,361  

(1)  Investment shares

     7,716,667       328,431       6,120,369       1,045,996       182,907  

(2)  Investments, at cost

   $ 111,833,468     $ 4,525,237     $ 95,677,380     $ 9,583,235     $ 1,660,466  

See accompanying notes to financial statements.

 

16   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    GS VIT Sm Cap
Eq Insights,
Inst		     GS VIT Sm Cap
Eq Insights,
Serv		     GS VIT U.S.
Eq Insights,
Inst		     Invesco VI
Am Fran,
Ser I		     Invesco VI
Am Fran,
Ser II		  
Assets           

Investments, at fair value(1),(2)

    $ 5,092,836     $ 2,706,174     $ 101,544,340     $ 15,204,146     $ 45,553,591  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      —       5       —       —       —  

Receivable for share redemptions

      4,009       3,588       117,984       16,918       172,773  

Total assets

      5,096,845       2,709,767       101,662,324       15,221,064       45,726,364  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      3,700       2,444       77,639       10,916       35,052  

Contract terminations

      309       1,144       40,345       6,002       137,721  

Payable for investments purchased

      —       5       —       —       —  

Total liabilities

      4,009       3,593       117,984       16,918       172,773  

Net assets applicable to contracts in accumulation period

      5,072,936       2,705,519       100,558,757       15,174,112       45,550,933  

Net assets applicable to contracts in payment period

      19,900       —       985,583       30,034       2,658  

Net assets applicable to seed money

      —       655       —       —       —  

Total net assets

    $ 5,092,836     $ 2,706,174     $ 101,544,340     $ 15,204,146     $ 45,553,591  

(1)  Investment shares

      378,931       204,240       4,683,780       191,175       636,223  

(2)  Investments, at cost

    $ 4,744,459     $ 2,609,265     $ 79,747,412     $ 9,910,048     $ 32,045,472  
December 31, 2024 (continued)    Invesco VI Bal
Risk Alloc,
Ser II		     Invesco VI
Comstock,
Ser II		     Invesco VI
Core Eq,
Ser I		     Invesco VI
Core Plus Bond,
Ser II		     Invesco VI Dis
Mid Cap Gro,
Ser I		  
Assets           

Investments, at fair value(1),(2)

    $ 26,350,967     $ 97,684,022     $ 75,003,648     $ 7,083,309     $ 17,744,151  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      4,966       105,498       —       1,479       —  

Receivable for share redemptions

      40,723       106,447       90,620       6,388       17,885  

Total assets

      26,396,656       97,895,967       75,094,268       7,091,176       17,762,036  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      24,030       77,308       82,489       6,388       13,229  

Contract terminations

      16,693       29,139       8,131       —       4,656  

Payable for investments purchased

      4,966       105,498       —       1,479       —  

Total liabilities

      45,689       211,945       90,620       7,867       17,885  

Net assets applicable to contracts in accumulation period

      26,170,731       97,429,746       74,274,551       7,082,782       17,660,994  

Net assets applicable to contracts in payment period

      179,410       254,031       729,097       —       83,157  

Net assets applicable to seed money

      826       245       —       527       —  

Total net assets

    $ 26,350,967     $ 97,684,022     $ 75,003,648     $ 7,083,309     $ 17,744,151  

(1)  Investment shares

      3,186,332       4,739,642       2,230,923       1,260,375       227,402  

(2)  Investments, at cost

    $ 31,882,254     $ 77,711,736     $ 60,735,118     $ 7,131,334     $ 16,877,558  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     17  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Invesco VI Dis
Mid Cap Gro,
Ser II		     Invesco VI
Div Divd,
Ser I		     Invesco VI
Div Divd,
Ser II		     Invesco VI
EQV Intl Eq,
Ser II		     Invesco VI
Global,
Ser II		  
Assets           

Investments, at fair value(1),(2)

    $ 11,271,667     $ 17,183,752     $ 9,066,111     $ 33,562,831     $ 127,717,155  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      —       487       —       15,241       37,658  

Receivable for share redemptions

      29,282       15,769       8,464       26,491       185,446  

Total assets

      11,300,949       17,200,008       9,074,575       33,604,563       127,940,259  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      9,199       13,212       8,062       26,491       109,968  

Contract terminations

      20,083       2,557       402       —       75,478  

Payable for investments purchased

      —       487       —       15,241       37,658  

Total liabilities

      29,282       16,256       8,464       41,732       223,104  

Net assets applicable to contracts in accumulation period

      11,271,667       17,043,218       9,010,959       33,459,003       127,481,907  

Net assets applicable to contracts in payment period

      —       140,534       55,152       103,828       233,743  

Net assets applicable to seed money

      —       —       —       —       1,505  

Total net assets

    $ 11,271,667     $ 17,183,752     $ 9,066,111     $ 33,562,831     $ 127,717,155  

(1)  Investment shares

      168,410       663,978       354,145       1,020,457       3,303,599  

(2)  Investments, at cost

    $ 11,323,747     $ 15,466,134     $ 8,322,029     $ 31,627,511     $ 120,878,886  
December 31, 2024 (continued)    Invesco VI
Gbl Strat Inc,
Ser II		     Invesco VI
Hlth,
Ser II		     Invesco VI
Main St,
Ser II		     Invesco VI
Mn St Sm Cap,
Ser II		     Invesco VI
Tech,
Ser I		  
Assets           

Investments, at fair value(1),(2)

    $ 113,888,748     $ 28,023,384     $ 2,579,523     $ 107,467,352     $ 29,890,087  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      55,281       14,952       —       74,137       —  

Receivable for share redemptions

      163,794       27,840       2,380       134,641       41,462  

Total assets

      114,107,823       28,066,176       2,581,903       107,676,130       29,931,549  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      93,227       22,598       2,180       93,715       22,463  

Contract terminations

      70,567       5,242       200       40,926       18,999  

Payable for investments purchased

      55,281       14,952       —       74,137       —  

Total liabilities

      219,075       42,792       2,380       208,778       41,462  

Net assets applicable to contracts in accumulation period

      113,136,699       27,831,773       2,564,957       107,244,987       29,650,865  

Net assets applicable to contracts in payment period

      751,530       191,611       14,566       221,875       239,222  

Net assets applicable to seed money

      519       —       —       490       —  

Total net assets

    $ 113,888,748     $ 28,023,384     $ 2,579,523     $ 107,467,352     $ 29,890,087  

(1)  Investment shares

      25,766,685       1,134,550       130,213       3,772,108       1,255,886  

(2)  Investments, at cost

    $ 131,245,665     $ 29,263,331     $ 2,809,979     $ 89,955,095     $ 23,720,910  

See accompanying notes to financial statements.

 

18   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Invesco VI
Tech,
Ser II		     Janus
Henderson
VIT Bal,
Serv		     Janus
Henderson
VIT Enter,
Serv		     Janus
Henderson
VIT Flex Bd,
Serv		     Janus
Henderson
VIT Forty,
Serv		  
Assets           

Investments, at fair value(1),(2)

    $ 7,935,111     $ 156,290,775     $ 14,590,298     $ 63,356,521     $ 5,505,811  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      19,038       86,906       258       102,021       18,868  

Receivable for share redemptions

      7,411       187,746       10,974       146,042       5,127  

Total assets

      7,961,560       156,565,427       14,601,530       63,604,584       5,529,806  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      7,339       142,448       10,503       55,315       5,127  

Contract terminations

      72       45,298       471       90,727       —  

Payable for investments purchased

      19,038       86,906       258       102,021       18,868  

Total liabilities

      26,449       274,652       11,232       248,063       23,995  

Net assets applicable to contracts in accumulation period

      7,934,010       155,875,630       14,535,933       63,356,048       5,503,771  

Net assets applicable to contracts in payment period

      —       413,937       54,365       —       —  

Net assets applicable to seed money

      1,101       1,208       —       473       2,040  

Total net assets

    $ 7,935,111     $ 156,290,775     $ 14,590,298     $ 63,356,521     $ 5,505,811  

(1)  Investment shares

      393,022       2,873,520       195,266       5,828,567       107,830  

(2)  Investments, at cost

    $ 6,409,463     $ 127,329,055     $ 11,200,372     $ 71,180,821     $ 4,624,917  
December 31, 2024 (continued)    Janus Hend
VIT Gbl
Tech Innov,
Srv		     Janus
Henderson
VIT Overseas,
Serv		     Janus
Henderson
VIT Res,
Serv		     Lazard Ret
Emer Mkts Eq,
Serv		     Lazard Ret
Global Dyn MA,
Serv		  
Assets           

Investments, at fair value(1),(2)

    $ 43,522,804     $ 22,945,603     $ 71,065,291     $ 945,992     $ 9,309,240  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      18,625       25,343       54,311       —       108  

Receivable for share redemptions

      35,231       17,671       89,958       755       8,521  

Total assets

      43,576,660       22,988,617       71,209,560       946,747       9,317,869  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      32,741       17,671       62,981       755       8,521  

Contract terminations

      2,490       —       26,977       —       —  

Payable for investments purchased

      18,625       25,343       54,311       —       108  

Total liabilities

      53,856       43,014       144,269       755       8,629  

Net assets applicable to contracts in accumulation period

      43,373,937       22,910,162       71,009,355       944,587       9,308,139  

Net assets applicable to contracts in payment period

      148,379       34,608       53,107       —       —  

Net assets applicable to seed money

      488       833       2,829       1,405       1,101  

Total net assets

    $ 43,522,804     $ 22,945,603     $ 71,065,291     $ 945,992     $ 9,309,240  

(1)  Investment shares

      2,056,843       549,332       1,259,130       43,695       715,545  

(2)  Investments, at cost

    $ 24,906,136     $ 20,061,681     $ 44,716,816     $ 921,084     $ 9,069,554  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     19  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Lord Abt
Bond Debenture,
Cl VC		     Lord Abt
Short Dur Inc,
Cl VC		     LVIP AC
Intl,
Serv Cl		     LVIP AC
Intl,
Std Cl II		     LVIP AC
Mid Cap Val,
Serv Cl		  
Assets           

Investments, at fair value(1),(2)

    $ 6,556,089     $ 12,918,651     $ 15,612,599     $ 5,542,809     $ 36,954,343  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      1,291       82,251       55,038       1,592       11,031  

Receivable for share redemptions

      15,624       11,535       19,600       4,131       66,907  

Total assets

      6,573,004       13,012,437       15,687,237       5,548,532       37,032,281  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      5,820       11,535       12,222       4,131       30,743  

Contract terminations

      9,804       —       7,378       —       36,164  

Payable for investments purchased

      1,291       82,251       55,038       1,592       11,031  

Total liabilities

      16,915       93,786       74,638       5,723       77,938  

Net assets applicable to contracts in accumulation period

      6,555,692       12,918,336       15,485,347       5,490,167       36,855,001  

Net assets applicable to contracts in payment period

      —       —       126,710       52,570       99,020  

Net assets applicable to seed money

      397       315       542       72       322  

Total net assets

    $ 6,556,089     $ 12,918,651     $ 15,612,599     $ 5,542,809     $ 36,954,343  

(1)  Investment shares

      630,393       986,910       1,462,539       518,795       1,877,857  

(2)  Investments, at cost

    $ 6,658,297     $ 13,109,973     $ 14,207,300     $ 5,190,462     $ 36,001,168  
December 31, 2024 (continued)    LVIP AC
Ultra,
Serv Cl		     LVIP AC
Val,
Serv Cl		     LVIP AC
Val,
Std Cl II		     LVIP JPM
US Eq,
Serv Cl		     Mac VIP
Asset Strategy,
Serv Cl		  
Assets           

Investments, at fair value(1),(2)

    $ 51,964,884     $ 167,819,209     $ 25,431,567     $ 4,772,342     $ 12,397,589  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      —       40,947       317       —       —  

Receivable for share redemptions

      141,181       163,547       23,717       4,342       11,940  

Total assets

      52,106,065       168,023,703       25,455,601       4,776,684       12,409,529  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      42,412       143,186       18,620       4,342       11,169  

Contract terminations

      98,769       20,361       5,097       —       771  

Payable for investments purchased

      —       40,947       317       —       —  

Total liabilities

      141,181       204,494       24,034       4,342       11,940  

Net assets applicable to contracts in accumulation period

      51,760,807       167,396,389       25,071,853       4,771,248       12,272,135  

Net assets applicable to contracts in payment period

      204,077       422,017       359,714       —       124,377  

Net assets applicable to seed money

      —       803       —       1,094       1,077  

Total net assets

    $ 51,964,884     $ 167,819,209     $ 25,431,567     $ 4,772,342     $ 12,397,589  

(1)  Investment shares

      1,789,733       13,704,002       2,079,611       109,337       1,334,509  

(2)  Investments, at cost

    $ 35,243,288     $ 135,590,243     $ 19,019,115     $ 3,720,093     $ 13,079,065  

See accompanying notes to financial statements.

 

20   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Mac VIP
for Inc,
Serv Cl		     Mac VIP
Intl Core Eq,
Serv Cl		     MFS Gbl
Real Est,
Serv Cl		     MFS
Intl Gro,
Serv Cl		     MFS Mass
Inv Gro Stock,
Serv Cl		  
Assets           

Investments, at fair value(1),(2)

    $ 1,663,757     $ 1,280,240     $ 1,613,424     $ 5,570,548     $ 69,635,755  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      17       3,524       74       13,370       253  

Receivable for share redemptions

      1,426       1,113       1,356       4,890       66,727  

Total assets

      1,665,200       1,284,877       1,614,854       5,588,808       69,702,735  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      1,426       1,113       1,356       4,890       54,677  

Contract terminations

      —       —       —       —       12,050  

Payable for investments purchased

      17       3,524       74       13,370       253  

Total liabilities

      1,443       4,637       1,430       18,260       66,980  

Net assets applicable to contracts in accumulation period

      1,663,168       1,279,620       1,612,820       5,570,110       69,610,893  

Net assets applicable to contracts in payment period

      —       —       —       —       24,862  

Net assets applicable to seed money

      589       620       604       438       —  

Total net assets

    $ 1,663,757     $ 1,280,240     $ 1,613,424     $ 5,570,548     $ 69,635,755  

(1)  Investment shares

      300,317       77,496       105,868       358,927       2,984,816  

(2)  Investments, at cost

    $ 1,623,720     $ 1,310,399     $ 1,660,972     $ 5,249,905     $ 60,502,935  
December 31, 2024 (continued)    MFS
New Dis,
Serv Cl		     MFS
Research Intl,
Serv Cl		     MFS
Utilities,
Serv Cl		     MS
VIF Dis,
Cl II		     NB AMT
Sus Eq,
Cl S		  
Assets           

Investments, at fair value(1),(2)

    $ 27,284,322     $ 2,797,665     $ 123,093,148     $ 77,103,238     $ 19,494,177  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      1,192       340       28,409       84,465       626  

Receivable for share redemptions

      20,976       2,499       210,317       172,281       17,404  

Total assets

      27,306,490       2,800,504       123,331,874       77,359,984       19,512,207  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      20,451       2,499       104,944       70,130       17,404  

Contract terminations

      525       —       105,373       102,151       —  

Payable for investments purchased

      1,192       340       28,409       84,465       626  

Total liabilities

      22,168       2,839       238,726       256,746       18,030  

Net assets applicable to contracts in accumulation period

      27,204,444       2,797,272       122,653,514       76,940,368       19,491,543  

Net assets applicable to contracts in payment period

      79,878       —       438,561       161,363       —  

Net assets applicable to seed money

      —       393       1,073       1,507       2,634  

Total net assets

    $ 27,284,322     $ 2,797,665     $ 123,093,148     $ 77,103,238     $ 19,494,177  

(1)  Investment shares

      2,538,076       165,935       3,683,218       13,432,620       486,260  

(2)  Investments, at cost

    $ 36,038,708     $ 2,742,425     $ 110,020,660     $ 112,416,783     $ 13,161,054  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     21  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    PIMCO VIT
All Asset,
Advisor Cl		     PIMCO VIT
Glb Man As Alloc,
Adv Cl		     PIMCO VIT
Tot Return,
Advisor Cl		     Put VT
Global Hlth Care,
Cl IB		     Put VT
Intl Eq,
Cl IB		  
Assets           

Investments, at fair value(1),(2)

    $ 44,866,545     $ 5,517,645     $ 69,999,876     $ 23,745,518     $ 9,747,049  

Dividends receivable

      —       —       236,743       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      7,084       13       15,310       4,075       7,426  

Receivable for share redemptions

      54,139       5,186       64,443       23,521       7,344  

Total assets

      44,927,768       5,522,844       70,316,372       23,773,114       9,761,819  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      39,121       5,184       61,892       18,643       7,344  

Contract terminations

      15,018       2       2,551       4,878       —  

Payable for investments purchased

      7,084       13       252,053       4,075       7,426  

Total liabilities

      61,223       5,199       316,496       27,596       14,770  

Net assets applicable to contracts in accumulation period

      44,416,682       5,514,789       69,986,660       23,711,118       9,736,844  

Net assets applicable to contracts in payment period

      449,041       1,783       —       34,074       10,205  

Net assets applicable to seed money

      822       1,073       13,216       326       —  

Total net assets

    $ 44,866,545     $ 5,517,645     $ 69,999,876     $ 23,745,518     $ 9,747,049  

(1)  Investment shares

      5,018,629       548,474       7,743,349       1,514,383       633,336  

(2)  Investments, at cost

    $ 52,547,273     $ 6,083,376     $ 78,191,659     $ 23,351,781     $ 8,827,629  
December 31, 2024 (continued)    Put VT
Intl Val,
Cl IB		     Put VT
Lg Cap Val,
Cl IB		     Put VT
Sus Fut,
Cl IB		     Put VT
Sus Leaders,
Cl IA		     Put VT
Sus Leaders,
Cl IB		  
Assets           

Investments, at fair value(1),(2)

    $ 4,074,424     $ 17,488,017     $ 2,544,738     $ 85,173,813     $ 38,596,376  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      303       —       —       —       96  

Receivable for share redemptions

      3,544       26,729       2,082       110,127       29,981  

Total assets

      4,078,271       17,514,746       2,546,820       85,283,940       38,626,453  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      3,544       15,317       2,082       93,673       29,008  

Contract terminations

      —       11,412       —       16,454       973  

Payable for investments purchased

      303       —       —       —       96  

Total liabilities

      3,847       26,729       2,082       110,127       30,077  

Net assets applicable to contracts in accumulation period

      4,073,791       17,487,368       2,543,721       84,678,059       38,481,001  

Net assets applicable to contracts in payment period

      —       —       —       495,754       113,944  

Net assets applicable to seed money

      633       649       1,017       —       1,431  

Total net assets

    $ 4,074,424     $ 17,488,017     $ 2,544,738     $ 85,173,813     $ 38,596,376  

(1)  Investment shares

      338,407       539,421       149,867       1,686,276       799,097  

(2)  Investments, at cost

    $ 3,831,036     $ 15,921,931     $ 2,061,231     $ 52,432,826     $ 25,550,625  

See accompanying notes to financial statements.

 

22   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    Royce
Micro-Cap,
Invest Cl		     Temp
Global Bond,
Cl 2		     Third Ave
VST Third
Ave Value		     VanEck VIP
Global Gold,
Cl S		     VP
Aggr,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 10,610,255     $ 13,062,519     $ 9,341,415     $ 32,803,230     $ 791,146,849  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      —       3,038       13,376       32,384       180,376  

Receivable for share redemptions

      17,094       18,130       6,813       30,559       1,253,557  

Total assets

      10,627,349       13,083,687       9,361,604       32,866,173       792,580,782  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      7,836       11,823       6,813       30,559       686,710  

Contract terminations

      9,258       6,307       —       —       566,847  

Payable for investments purchased

      —       3,038       13,376       32,384       180,376  

Total liabilities

      17,094       21,168       20,189       62,943       1,433,933  

Net assets applicable to contracts in accumulation period

      10,549,255       13,062,099       9,199,555       32,801,990       789,002,395  

Net assets applicable to contracts in payment period

      61,000       —       141,860       —       2,144,266  

Net assets applicable to seed money

      —       420       —       1,240       188  

Total net assets

    $ 10,610,255     $ 13,062,519     $ 9,341,415     $ 32,803,230     $ 791,146,849  

(1)  Investment shares

      1,088,231       1,147,849       456,570       3,515,887       24,863,195  

(2)  Investments, at cost

    $ 9,920,874     $ 17,653,539     $ 7,974,127     $ 30,544,796     $ 427,521,543  
December 31, 2024 (continued)    VP
Aggr,
Cl 4		     VP
Conserv,
Cl 2		     VP
Conserv,
Cl 4		     VP
Man Risk,
Cl 2		     VP Man
Risk US,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 421,013,792     $ 410,773,140     $ 259,182,922     $ 231,904,584     $ 375,871,425  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      5,964       162       —       57,058       201  

Receivable for share redemptions

      674,997       710,877       241,334       212,293       404,668  

Total assets

      421,694,753       411,484,179       259,424,256       232,173,935       376,276,294  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      342,692       366,372       220,459       199,639       325,571  

Contract terminations

      332,305       344,505       20,875       12,654       79,097  

Payable for investments purchased

      5,964       162       —       57,058       201  

Total liabilities

      680,961       711,039       241,334       269,351       404,869  

Net assets applicable to contracts in accumulation period

      421,013,792       410,205,464       259,182,864       231,855,954       375,641,113  

Net assets applicable to contracts in payment period

      —       567,562       —       48,357       229,992  

Net assets applicable to seed money

      —       114       58       273       320  

Total net assets

    $ 421,013,792     $ 410,773,140     $ 259,182,922     $ 231,904,584     $ 375,871,425  

(1)  Investment shares

      13,210,348       25,577,406       16,138,414       16,768,227       23,864,852  

(2)  Investments, at cost

    $ 158,875,105     $ 363,833,049     $ 206,052,643     $ 185,986,626     $ 288,243,366  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     23  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    VP Man
Vol Conserv,
Cl 2		     VP Man
Vol Conserv Gro,
Cl 2		     VP Man
Vol Gro,
Cl 2		     VP Man
Vol Mod Gro,
Cl 2		     VP
Mod,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 512,434,067     $ 1,038,609,914     $ 10,374,472,896     $ 10,776,991,961     $ 6,385,037,866  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      94,315       366,299       1,606,051       29,656       102,720  

Receivable for share redemptions

      469,242       1,489,037       12,730,741       12,171,597       6,575,424  

Total assets

      512,997,624       1,040,465,250       10,388,809,688       10,789,193,214       6,391,716,010  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      448,528       909,587       8,902,054       9,388,501       5,552,755  

Contract terminations

      20,714       579,450       3,828,687       2,783,096       1,022,669  

Payable for investments purchased

      94,315       366,299       1,606,051       29,656       102,720  

Total liabilities

      563,557       1,855,336       14,336,792       12,201,253       6,678,144  

Net assets applicable to contracts in accumulation period

      512,300,131       1,038,395,403       10,374,354,880       10,776,123,136       6,380,432,451  

Net assets applicable to contracts in payment period

      133,674       214,346       117,851       868,634       4,605,327  

Net assets applicable to seed money

      262       165       165       191       88  

Total net assets

    $ 512,434,067     $ 1,038,609,914     $ 10,374,472,896     $ 10,776,991,961     $ 6,385,037,866  

(1)  Investment shares

      38,528,877       68,919,039       538,653,837       575,694,015       273,918,398  

(2)  Investments, at cost

    $ 470,257,863     $ 812,847,094     $ 6,568,550,931     $ 6,804,514,406     $ 3,525,338,777  
December 31, 2024 (continued)    VP
Mod,
Cl 4		     VP
Mod Aggr,
Cl 2		     VP
Mod Aggr,
Cl 4		     VP
Mod Conserv,
Cl 2		     VP
Mod Conserv,
Cl 4		  
Assets           

Investments, at fair value(1),(2)

    $ 4,683,191,289     $ 2,036,639,923     $ 1,243,730,239     $ 962,901,577     $ 732,041,818  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      4,623       205,099       3,323       61,629       —  

Receivable for share redemptions

      4,629,296       2,729,769       1,168,177       917,960       902,814  

Total assets

      4,687,825,208       2,039,574,791       1,244,901,739       963,881,166       732,944,632  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      3,877,811       1,774,722       1,016,242       858,520       621,258  

Contract terminations

      751,485       955,047       151,935       59,440       281,556  

Payable for investments purchased

      4,623       205,099       3,323       61,629       —  

Total liabilities

      4,633,919       2,934,868       1,171,500       979,589       902,814  

Net assets applicable to contracts in accumulation period

      4,683,191,289       2,035,784,320       1,243,730,239       961,367,619       732,041,818  

Net assets applicable to contracts in payment period

      —       855,471       —       1,533,856       —  

Net assets applicable to seed money

      —       132       —       102       —  

Total net assets

    $ 4,683,191,289     $ 2,036,639,923     $ 1,243,730,239     $ 962,901,577     $ 732,041,818  

(1)  Investment shares

      200,650,869       74,739,080       45,574,578       49,994,890       37,949,291  

(2)  Investments, at cost

    $ 2,053,167,048     $ 1,023,729,095     $ 486,088,299     $ 681,945,268     $ 422,648,021  

See accompanying notes to financial statements.

 

24   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (continued)    VP Ptnrs
Core Bond,
Cl 2		     VP Ptnrs
Core Eq,
Cl 2		     VP Ptnrs
Core Eq,
Cl 3		     VP Ptnrs
Intl Core Eq,
Cl 2		     VP Ptnrs
Intl Gro,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 18,540,511     $ 13,034,643     $ 18,107,198     $ 22,017,260     $ 31,174,041  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      55       40       18       5,766       62,562  

Receivable for share redemptions

      17,834       13,359       65,356       20,004       90,350  

Total assets

      18,558,400       13,048,042       18,172,572       22,043,030       31,326,953  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      17,070       12,879       14,519       20,004       28,695  

Contract terminations

      764       480       50,837       —       61,655  

Payable for investments purchased

      55       40       18       5,766       62,562  

Total liabilities

      17,889       13,399       65,374       25,770       152,912  

Net assets applicable to contracts in accumulation period

      18,539,812       13,033,837       18,088,158       22,016,389       31,173,374  

Net assets applicable to contracts in payment period

      —       —       19,040       —       —  

Net assets applicable to seed money

      699       806       —       871       667  

Total net assets

    $ 18,540,511     $ 13,034,643     $ 18,107,198     $ 22,017,260     $ 31,174,041  

(1)  Investment shares

      1,943,450       293,639       401,045       2,086,944       2,798,388  

(2)  Investments, at cost

    $ 19,909,503     $ 6,299,437     $ 5,210,292     $ 21,854,426     $ 33,012,916  
December 31, 2024 (continued)    VP Ptnrs
Intl Val,
Cl 2		     VP Ptnrs
Sm Cap Gro,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 3		     VP US
Flex Conserv Gro,
Cl 2		  
Assets           

Investments, at fair value(1),(2)

    $ 24,436,900     $ 19,636,245     $ 11,350,996     $ 44,446,025     $ 304,818,266  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      326       2,314       2,860       6,072       107,237  

Receivable for share redemptions

      23,049       17,925       12,687       42,527       456,580  

Total assets

      24,460,275       19,656,484       11,366,543       44,494,624       305,382,083  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      22,973       17,656       10,457       33,839       269,710  

Contract terminations

      76       269       2,230       8,688       186,870  

Payable for investments purchased

      326       2,314       2,860       6,072       107,237  

Total liabilities

      23,375       20,239       15,547       48,599       563,817  

Net assets applicable to contracts in accumulation period

      24,435,945       19,635,751       11,350,621       44,200,800       304,696,419  

Net assets applicable to contracts in payment period

      —       —       —       245,225       121,469  

Net assets applicable to seed money

      955       494       375       —       378  

Total net assets

    $ 24,436,900     $ 19,636,245     $ 11,350,996     $ 44,446,025     $ 304,818,266  

(1)  Investment shares

      2,407,576       589,323       299,578       1,152,347       20,978,546  

(2)  Investments, at cost

    $ 23,281,484     $ 16,354,134     $ 9,109,320     $ 18,257,665     $ 256,857,870  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     25  

Table of Contents

Statement of Assets and Liabilities

 

December 31, 2024 (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)

    $ 4,077,643,635     $ 1,959,030,505     $ 157,104,463     $ 84,296,221     $ 12,852,976  

Dividends receivable

      —       —       —       —       —  

Accounts receivable from RiverSource Life for contract purchase payments

      136,115       79,276       63,393       124,089       203  

Receivable for share redemptions

      6,262,010       1,929,812       395,313       70,014       13,313  

Total assets

      4,084,041,760       1,961,039,593       157,563,169       84,490,324       12,866,492  
          
Liabilities           

Payable to RiverSource Life for:

           

Mortality and expense risk fee

      3,514,507       1,701,815       121,524       66,183       11,795  

Contract terminations

      2,747,503       227,997       273,789       3,831       1,518  

Payable for investments purchased

      136,115       79,276       63,393       124,089       203  

Total liabilities

      6,398,125       2,009,088       458,706       194,103       13,516  

Net assets applicable to contracts in accumulation period

      4,077,435,245       1,958,796,189       156,382,534       83,994,040       12,852,020  

Net assets applicable to contracts in payment period

      208,159       234,176       721,483       301,711       —  

Net assets applicable to seed money

      231       140       446       470       956  

Total net assets

    $ 4,077,643,635     $ 1,959,030,505     $ 157,104,463     $ 84,296,221     $ 12,852,976  

(1)  Investment shares

      213,937,232       117,096,862       10,322,238       4,571,379       2,043,398  

(2)  Investments, at cost

    $ 2,756,800,125     $ 1,419,766,501     $ 206,381,956     $ 112,444,402     $ 14,211,754  

See accompanying notes to financial statements.

 

26   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024    AB VPS
Dyn Asset Alloc,
Cl B		     AB VPS
Intl Val,
Cl B		     AB VPS
Lg Cap Gro,
Cl B		     AB VPS
Relative Val,
Cl B		     AB VPS Sus
Gbl Thematic,
Cl B		  
Investment income           

Dividend income

    $ 105,176     $ 1,483,863     $ —     $ 953,092     $ —  

Variable account expenses

      103,909       581,894       1,814,547       675,845       94,147  

Investment income (loss) — net

      1,267       901,969       (1,814,547 )      277,247       (94,147 ) 
          
Realized and unrealized gain (loss) on investments — net

 

        

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      1,038,930       10,247,090       27,115,532       10,879,156       1,709,719  

Cost of investments sold

      1,211,886       10,047,521       21,605,181       9,166,341       1,591,936  

Net realized gain (loss) on sales of investments

      (172,956 )      199,569       5,510,351       1,712,815       117,783  

Distributions from capital gains

      —       —       7,655,765       2,681,792       30,172  

Net change in unrealized appreciation (depreciation) of investments

      1,016,775       1,571,047       23,389,904       3,663,159       430,748  

Net gain (loss) on investments

      843,819       1,770,616       36,556,020       8,057,766       578,703  

Net increase (decrease) in net assets resulting from operations

    $ 845,086     $ 2,672,585     $ 34,741,473     $ 8,335,013     $ 484,556  
Year ended December 31, 2024 (continued)    Allspg VT
Index Asset Alloc,
Cl 2		     Allspg VT
Opp,
Cl 2		     Allspg VT
Sm Cap Gro,
Cl 2		     ALPS Alerian
Engy Infr,
Class III		     BlackRock
Adv SMID
Cap VI,
Cl III		  
Investment income           

Dividend income

    $ 268,124     $ 19,487     $ —     $ 1,947,152     $ 33,383  

Variable account expenses

      176,054       387,880       753,845       514,964       21,951  

Investment income (loss) — net

      92,070       (368,393 )      (753,845 )      1,432,188       11,432  
          
Realized and unrealized gain (loss) on investments — net

 

        

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      2,632,197       7,529,857       13,306,013       8,768,719       590,763  

Cost of investments sold

      2,242,467       6,538,137       14,982,261       6,557,842       539,765  

Net realized gain (loss) on sales of investments

      389,730       991,720       (1,676,248 )      2,210,877       50,998  

Distributions from capital gains

      1,291,943       4,078,131       —       1,565,588       —  

Net change in unrealized appreciation (depreciation) of investments

      894,102       668,033       14,326,598       10,949,201       154,495  

Net gain (loss) on investments

      2,575,775       5,737,884       12,650,350       14,725,666       205,493  

Net increase (decrease) in net assets resulting from operations

    $ 2,667,845     $ 5,369,491     $ 11,896,505     $ 16,157,854     $ 216,925  
Year ended December 31, 2024 (continued)    BlackRock
Global Alloc,
Cl III		     BNY Mellon
Sus US Eq,
Serv		     Calvert VP
SRI Bal,
Cl F		     Calvert VP
SRI Bal,
Cl I		     CB Var
Sm Cap Gro,
Cl I		  
Investment income           

Dividend income

    $ 601,354     $ 12,906     $ 36,946     $ 392,742     $ —  

Variable account expenses

      792,265       32,588       19,229       197,514       132,723  

Investment income (loss) — net

      (190,911 )      (19,682 )      17,717       195,228       (132,723 ) 
          
Realized and unrealized gain (loss) on investments — net

 

        

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      12,851,429       377,099       236,838       2,570,766       3,444,603  

Cost of investments sold

      13,580,920       309,107       203,797       2,036,585       3,365,562  

Net realized gain (loss) on sales of investments

      (729,491 )      67,992       33,041       534,181       79,041  

Distributions from capital gains

      6,304,242       22,193       38,065       404,643       445,104  

Net change in unrealized appreciation (depreciation) of investments

      285,867       639,567       198,953       2,724,904       93,764  

Net gain (loss) on investments

      5,860,618       729,752       270,059       3,663,728       617,909  

Net increase (decrease) in net assets resulting from operations

    $ 5,669,707     $ 710,070     $ 287,776     $ 3,858,956     $ 485,186  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     27  

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    Col VP
Bal,
Cl 2		     Col VP
Bal,
Cl 3		     Col VP
Commodity
Strategy,
Cl 2		     Col VP
Contrarian Core,
Cl 2		     Col VP
Disciplined Core,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ 570,074     $ —     $ —  

Variable account expenses

      1,248,004       6,203,458       173,290       1,759,568       642,863  

Investment income (loss) — net

      (1,248,004 )      (6,203,458 )      396,784       (1,759,568 )      (642,863 ) 
          
Realized and unrealized gain (loss) on investments — net

 

      

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      7,181,984       85,736,344       3,157,348       24,084,232       9,457,655  

Cost of investments sold

      6,195,060       47,408,242       4,332,154       12,228,929       5,289,995  

Net realized gain (loss) on sales of investments

      986,924       38,328,102       (1,174,806 )      11,855,303       4,167,660  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,255,922       41,222,318       1,708,788       22,476,459       9,155,799  

Net gain (loss) on investments

      15,242,846       79,550,420       533,982       34,331,762       13,323,459  

Net increase (decrease) in net assets resulting from operations

    $ 13,994,842     $ 73,346,962     $ 930,766     $ 32,572,194     $ 12,680,596  
Year ended December 31, 2024 (continued)    Col VP
Disciplined Core,
Cl 3		     Col VP
Divd Opp,
Cl 2		     Col VP
Divd Opp,
Cl 3		     Col VP
Emerg Mkts Bond,
Cl 2		     Col VP
Emer Mkts,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ —     $ 469,798     $ 496,539  

Variable account expenses

      3,706,605       1,157,487       3,512,151       96,279       513,372  

Investment income (loss) — net

      (3,706,605 )      (1,157,487 )      (3,512,151 )      373,519       (16,833 ) 
          
Realized and unrealized gain (loss) on investments — net

 

      

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      50,925,147       16,543,833       58,024,282       1,881,082       7,690,816  

Cost of investments sold

      12,666,150       11,195,023       18,569,029       2,135,055       11,050,188  

Net realized gain (loss) on sales of investments

      38,258,997       5,348,810       39,455,253       (253,973 )      (3,359,372 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      45,098,081       9,258,358       13,398,052       347,964       5,447,795  

Net gain (loss) on investments

      83,357,078       14,607,168       52,853,305       93,991       2,088,423  

Net increase (decrease) in net assets resulting from operations

    $ 79,650,473     $ 13,449,681     $ 49,341,154     $ 467,510     $ 2,071,590  
Year ended December 31, 2024 (continued)    Col VP
Emer Mkts,
Cl 3		     Col VP Global
Strategic Inc,
Cl 2		     Col VP Global
Strategic Inc,
Cl 3		     Col VP
Govt Money Mkt,
Cl 2		     Col VP
Govt Money Mkt,
Cl 3		  
Investment income           

Dividend income

    $ 762,552     $ 288,683     $ 1,421,870     $ 6,909,801     $ 6,491,161  

Variable account expenses

      646,537       102,590       397,975       1,602,870       1,302,928  

Investment income (loss) — net

      116,015       186,093       1,023,895       5,306,931       5,188,233  
          
Realized and unrealized gain (loss) on investments — net

 

      

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      11,123,227       1,829,140       6,897,384       54,811,206       40,633,580  

Cost of investments sold

      14,460,403       2,032,382       8,832,994       54,811,206       40,633,249  

Net realized gain (loss) on sales of investments

      (3,337,176 )      (203,242 )      (1,935,610 )      —       331  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      6,156,371       222,312       1,860,596       —       (331 ) 

Net gain (loss) on investments

      2,819,195       19,070       (75,014 )      —       —  

Net increase (decrease) in net assets resulting from operations

    $ 2,935,210     $ 205,163     $ 948,881     $ 5,306,931     $ 5,188,233  

See accompanying notes to financial statements.

 

28   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    Col VP
Hi Yield Bond,
Cl 2		     Col VP
Hi Yield Bond,
Cl 3		     Col VP
Inc Opp,
Cl 2		     Col VP
Inc Opp,
Cl 3		     Col VP
Inter Bond,
Cl 2		  
Investment income           

Dividend income

    $ 2,822,809     $ 6,378,130     $ 1,473,254     $ 3,727,510     $ 3,603,948  

Variable account expenses

      523,480       1,059,640       294,291       641,503       842,302  

Investment income (loss) — net

      2,299,329       5,318,490       1,178,963       3,086,007       2,761,646  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      7,548,731       17,923,629       4,425,131       11,322,990       10,902,421  

Cost of investments sold

      8,043,162       19,136,648       5,017,756       13,871,421       12,318,344  

Net realized gain (loss) on sales of investments

      (494,431 )      (1,213,019 )      (592,625 )      (2,548,431 )      (1,415,923 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      958,915       2,309,965       627,281       2,778,946       (951,935 ) 

Net gain (loss) on investments

      464,484       1,096,946       34,656       230,515       (2,367,858 ) 

Net increase (decrease) in net assets resulting from operations

    $ 2,763,813     $ 6,415,436     $ 1,213,619     $ 3,316,522     $ 393,788  
Year ended December 31, 2024 (continued)    Col VP
Inter Bond,
Cl 3		     Col VP
Lg Cap Gro,
Cl 2		     Col VP
Lg Cap Gro,
Cl 3		     Col VP
Lg Cap Index,
Cl 2		     Col VP
Lg Cap Index,
Cl 3		  
Investment income           

Dividend income

    $ 9,710,896     $ —     $ —     $ —     $ —  

Variable account expenses

      1,958,665       1,483,441       1,263,050       1,435,175       5,881,772  

Investment income (loss) — net

      7,752,231       (1,483,441 )      (1,263,050 )      (1,435,175 )      (5,881,772 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      30,332,680       18,533,361       23,758,960       14,304,795       86,966,489  

Cost of investments sold

      36,468,994       10,018,806       6,818,381       11,331,344       37,287,668  

Net realized gain (loss) on sales of investments

      (6,136,314 )      8,514,555       16,940,579       2,973,451       49,678,821  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      161,954       27,597,955       21,916,928       24,836,913       74,659,021  

Net gain (loss) on investments

      (5,974,360 )      36,112,510       38,857,507       27,810,364       124,337,842  

Net increase (decrease) in net assets resulting from operations

    $ 1,777,871     $ 34,629,069     $ 37,594,457     $ 26,375,189     $ 118,456,070  
Year ended December 31, 2024 (continued)    Col VP Limited
Duration Cr,
Cl 2		     Col VP Long
Govt/Cr Bond,
Cl 2		     Col VP
Overseas Core,
Cl 2		     Col VP
Overseas Core,
Cl 3		     Col VP Select
Lg Cap Eq,
Cl 2		  
Investment income           

Dividend income

    $ 2,869,847     $ 521,530     $ 1,535,170     $ 2,188,920     $ —  

Variable account expenses

      801,015       152,848       392,121       522,349       41,067  

Investment income (loss) — net

      2,068,832       368,682       1,143,049       1,666,571       (41,067 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      20,192,037       6,350,893       6,618,563       7,684,724       296,958  

Cost of investments sold

      20,175,762       7,646,370       6,567,978       7,020,881       249,678  

Net realized gain (loss) on sales of investments

      16,275       (1,295,477 )      50,585       663,843       47,280  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      688,130       (57,419 )      (393,855 )      (1,060,522 )      717,679  

Net gain (loss) on investments

      704,405       (1,352,896 )      (343,270 )      (396,679 )      764,959  

Net increase (decrease) in net assets resulting from operations

    $ 2,773,237     $ (984,214 )    $ 799,779     $ 1,269,892     $ 723,892  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     29  

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    Col VP Select
Lg Cap Val,
Cl 2		     Col VP Select
Lg Cap Val,
Cl 3		     Col VP Select
Mid Cap Gro,
Cl 2		     Col VP Select
Mid Cap Gro,
Cl 3		     Col VP Select
Mid Cap Val,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ —     $ —     $ —  

Variable account expenses

      753,037       393,375       434,444       719,754       473,398  

Investment income (loss) — net

      (753,037 )      (393,375 )      (434,444 )      (719,754 )      (473,398 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      12,116,234       10,911,954       6,706,930       11,561,188       7,129,021  

Cost of investments sold

      8,965,136       6,752,031       4,703,089       3,939,653       4,552,572  

Net realized gain (loss) on sales of investments

      3,151,098       4,159,923       2,003,841       7,621,535       2,576,449  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      4,920,913       1,026,839       6,371,063       7,326,062       2,351,938  

Net gain (loss) on investments

      8,072,011       5,186,762       8,374,904       14,947,597       4,928,387  

Net increase (decrease) in net assets resulting from operations

    $ 7,318,974     $ 4,793,387     $ 7,940,460     $ 14,227,843     $ 4,454,989  
Year ended December 31, 2024 (continued)    Col VP Select
Mid Cap Val,
Cl 3		     Col VP Select
Sm Cap Val,
Cl 2		     Col VP Select
Sm Cap Val,
Cl 3		     Col VP Sel
Gbl Tech,
Cl 2		     Col VP Sm
Cap Val,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ —     $ —     $ 11,444  

Variable account expenses

      376,451       298,495       257,567       134,842       20,675  

Investment income (loss) — net

      (376,451 )      (298,495 )      (257,567 )      (134,842 )      (9,231 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      6,620,178       4,432,498       5,013,307       2,788,743       218,492  

Cost of investments sold

      2,618,936       3,357,966       2,390,699       2,389,646       202,327  

Net realized gain (loss) on sales of investments

      4,001,242       1,074,532       2,622,608       399,097       16,165  

Distributions from capital gains

      —       —       —       930,569       94,086  

Net change in unrealized appreciation (depreciation) of investments

      770,650       2,315,043       1,131,275       1,771,961       52,246  

Net gain (loss) on investments

      4,771,892       3,389,575       3,753,883       3,101,627       162,497  

Net increase (decrease) in net assets resulting from operations

    $ 4,395,441     $ 3,091,080     $ 3,496,316     $ 2,966,785     $ 153,266  
Year ended December 31, 2024 (continued)    Col VP
Strategic Inc,
Cl 2		     Col VP
US Govt Mtge,
Cl 2		     Col VP
US Govt Mtge,
Cl 3		     CS
Commodity
Return,
Cl 1		     CTIVP
AC Div Bond,
Cl 2		  
Investment income           

Dividend income

    $ 3,452,315     $ 379,023     $ 1,111,726     $ 326,615     $ 931,760  

Variable account expenses

      864,966       139,756       316,956       101,823       239,841  

Investment income (loss) — net

      2,587,349       239,267       794,770       224,792       691,919  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      10,496,207       5,464,948       6,953,062       2,021,093       1,905,072  

Cost of investments sold

      11,874,668       5,816,040       7,974,970       3,297,257       2,151,840  

Net realized gain (loss) on sales of investments

      (1,378,461 )      (351,092 )      (1,021,908 )      (1,276,164 )      (246,768 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      1,417,597       84,767       408,736       1,474,725       (335,103 ) 

Net gain (loss) on investments

      39,136       (266,325 )      (613,172 )      198,561       (581,871 ) 

Net increase (decrease) in net assets resulting from operations

    $ 2,626,485     $ (27,058 )    $ 181,598     $ 423,353     $ 110,048  

See accompanying notes to financial statements.

 

30   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    CTIVP BR Gl
Infl Prot Sec,
Cl 2		     CTIVP BR Gl
Infl Prot Sec,
Cl 3		     CTIVP
CenterSquare
Real Est,
Cl 2		     CTIVP
MFS Val,
Cl 2		     CTIVP Prin
Blue Chip Gro,
Cl 1		  
Investment income           

Dividend income

    $ 335,744     $ 793,167     $ 530,144     $ —     $ —  

Variable account expenses

      208,381       386,258       241,921       892,659       1,059,464  

Investment income (loss) — net

      127,363       406,909       288,223       (892,659 )      (1,059,464 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      4,995,874       8,351,102       3,933,064       12,508,107       21,934,318  

Cost of investments sold

      6,250,295       11,661,564       4,876,951       8,129,515       7,834,048  

Net realized gain (loss) on sales of investments

      (1,254,421 )      (3,310,462 )      (943,887 )      4,378,592       14,100,270  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      681,712       2,088,873       2,528,174       4,272,879       8,102,016  

Net gain (loss) on investments

      (572,709 )      (1,221,589 )      1,584,287       8,651,471       22,202,286  

Net increase (decrease) in net assets resulting from operations

    $ (445,346 )    $ (814,680 )    $ 1,872,510     $ 7,758,812     $ 21,142,822  
Year ended December 31, 2024 (continued)    CTIVP Prin
Blue Chip Gro,
Cl 2		     CTIVP T Rowe
Price LgCap Val,
Cl 2		     CTIVP TCW
Core Plus Bond,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 3		  
Investment income           

Dividend income

    $ —     $ —     $ 784,927     $ —     $ —  

Variable account expenses

      644,412       495,265       216,212       757,933       408,925  

Investment income (loss) — net

      (644,412 )      (495,265 )      568,715       (757,933 )      (408,925 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      8,885,250       6,450,553       3,166,502       10,174,344       7,723,726  

Cost of investments sold

      4,986,352       4,471,798       3,471,392       6,528,668       4,121,291  

Net realized gain (loss) on sales of investments

      3,898,898       1,978,755       (304,890 )      3,645,676       3,602,435  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      7,354,326       2,907,196       (419,123 )      2,720,226       562,246  

Net gain (loss) on investments

      11,253,224       4,885,951       (724,013 )      6,365,902       4,164,681  

Net increase (decrease) in net assets resulting from operations

    $ 10,608,812     $ 4,390,686     $ (155,298 )    $ 5,607,969     $ 3,755,756  
Year ended December 31, 2024 (continued)    CTIVP
Westfield
Mid Cap Gro,
Cl 2		     CTIVP
Westfield
Sel Lg Cp Gr,
Cl 2		     CVT EAFE
Intl Index,
Cl F		     CVT Nasdaq
100 Index,
Cl F		     CVT Russ 2000
Sm Cap Ind,
Cl F		  
Investment income           

Dividend income

    $ —     $ —     $ 122,858     $ 63,823     $ 107,042  

Variable account expenses

      320,093       280,893       37,937       155,912       69,544  

Investment income (loss) — net

      (320,093 )      (280,893 )      84,921       (92,089 )      37,498  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      6,648,731       5,525,735       475,237       2,051,785       930,903  

Cost of investments sold

      4,052,723       4,803,408       416,620       1,722,326       838,344  

Net realized gain (loss) on sales of investments

      2,596,008       722,327       58,617       329,459       92,559  

Distributions from capital gains

      —       —       —       1,254,779       173,163  

Net change in unrealized appreciation (depreciation) of investments

      2,168,361       5,424,960       (132,221 )      1,559,184       282,331  

Net gain (loss) on investments

      4,764,369       6,147,287       (73,604 )      3,143,422       548,053  

Net increase (decrease) in net assets resulting from operations

    $ 4,444,276     $ 5,866,394     $ 11,317     $ 3,051,333     $ 585,551  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     31  

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    DWS Alt Asset
Alloc VIP,
Cl B		     EV VT
Floating-Rate Inc,
Init Cl		     Fid VIP
Contrafund,
Serv Cl 2		     Fid VIP
Emer Mkts,
Serv Cl 2		     Fid VIP
Energy,
Serv Cl 2		  
Investment income           

Dividend income

    $ 522,411     $ 6,190,712     $ 192,466     $ 29,174     $ 57,287  

Variable account expenses

      163,242       750,536       5,918,335       22,490       27,424  

Investment income (loss) — net

      359,169       5,440,176       (5,725,869 )      6,684       29,863  
          
Realized and unrealized gain (loss) on investments — net

 

        

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      3,268,508       14,093,668       86,893,690       633,071       460,762  

Cost of investments sold

      3,410,242       14,772,073       54,476,408       553,158       427,758  

Net realized gain (loss) on sales of investments

      (141,734 )      (678,405 )      32,417,282       79,913       33,004  

Distributions from capital gains

      9,195       —       72,032,556       —       —  

Net change in unrealized appreciation (depreciation) of investments

      436,082       347,882       59,313,515       83,672       (4,938 ) 

Net gain (loss) on investments

      303,543       (330,523 )      163,763,353       163,585       28,066  

Net increase (decrease) in net assets resulting from operations

    $ 662,712     $ 5,109,653     $ 158,037,484     $ 170,269     $ 57,929  
Year ended December 31, 2024 (continued)    Fid VIP
Gro & Inc,
Serv Cl		     Fid VIP
Gro & Inc,
Serv Cl 2		     Fid VIP
Gro Opp,
Serv Cl 2		     Fid VIP Intl
Cap Appr,
Serv Cl 2		     Fid VIP
Invest Gr,
Serv Cl 2		  
Investment income           

Dividend income

    $ 569,869     $ 1,339,756     $ —     $ 47,087     $ 468,594  

Variable account expenses

      360,097       933,371       177,258       61,961       113,719  

Investment income (loss) — net

      209,772       406,385       (177,258 )      (14,874 )      354,875  
          
Realized and unrealized gain (loss) on investments — net

 

        

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      6,972,689       13,691,421       1,850,534       933,512       989,315  

Cost of investments sold

      4,229,101       8,334,084       1,406,014       803,412       974,087  

Net realized gain (loss) on sales of investments

      2,743,588       5,357,337       444,520       130,100       15,228  

Distributions from capital gains

      2,782,505       7,241,346       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      2,377,045       6,708,229       4,551,818       122,941       (336,484 ) 

Net gain (loss) on investments

      7,903,138       19,306,912       4,996,338       253,041       (321,256 ) 

Net increase (decrease) in net assets resulting from operations

    $ 8,112,910     $ 19,713,297     $ 4,819,080     $ 238,167     $ 33,619  
Year ended December 31, 2024 (continued)    Fid VIP
Mid Cap,
Serv Cl		     Fid VIP
Mid Cap,
Serv Cl 2		     Fid VIP
Overseas,
Serv Cl		     Fid VIP
Overseas,
Serv Cl 2		     Fid VIP
Strategic Inc,
Serv Cl 2		  
Investment income           

Dividend income

    $ 295,345     $ 1,216,869     $ 156,796     $ 598,806     $ 6,504,848  

Variable account expenses

      548,860       3,414,755       82,159       390,425       1,757,327  

Investment income (loss) — net

      (253,515 )      (2,197,886 )      74,637       208,381       4,747,521  
          
Realized and unrealized gain (loss) on investments — net

 

        

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      8,987,821       47,727,491       1,438,952       5,791,559       23,120,404  

Cost of investments sold

      7,064,862       40,554,341       1,075,551       4,351,860       24,144,985  

Net realized gain (loss) on sales of investments

      1,922,959       7,173,150       363,401       1,439,699       (1,024,581 ) 

Distributions from capital gains

      8,191,569       47,308,274       445,533       1,969,697       —  

Net change in unrealized appreciation (depreciation) of investments

      (146,038 )      262,410       (491,691 )      (2,023,394 )      4,168,958  

Net gain (loss) on investments

      9,968,490       54,743,834       317,243       1,386,002       3,144,377  

Net increase (decrease) in net assets resulting from operations

    $ 9,714,975     $ 52,545,948     $ 391,880     $ 1,594,383     $ 7,891,898  

See accompanying notes to financial statements.

 

32   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    Frank Global
Real Est,
Cl 2		     Frank
Inc,
Cl 2		     Frank
Inc,
Cl 4		     Frank Mutual
Gbl Dis,
Cl 4		     Frank Mutual
Shares,
Cl 2		  
Investment income           

Dividend income

    $ 803,238     $ 3,125,426     $ 466,738     $ 9,725     $ 1,219,589  

Variable account expenses

      387,063       644,356       84,881       5,737       609,661  

Investment income (loss) — net

      416,175       2,481,070       381,857       3,988       609,928  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      6,504,066       11,907,728       1,491,452       19,557       10,051,330  

Cost of investments sold

      8,471,421       12,470,613       1,483,145       18,331       10,306,500  

Net realized gain (loss) on sales of investments

      (1,967,355 )      (562,885 )      8,307       1,226       (255,170 ) 

Distributions from capital gains

      —       256,069       38,900       44,199       1,268,270  

Net change in unrealized appreciation (depreciation) of investments

      1,015,447       1,370,654       12,494       (32,473 )      4,555,926  

Net gain (loss) on investments

      (951,908 )      1,063,838       59,701       12,952       5,569,026  

Net increase (decrease) in net assets resulting from operations

    $ (535,733 )    $ 3,544,908     $ 441,558     $ 16,940     $ 6,178,954  
Year ended December 31, 2024 (continued)    Frank
Sm Cap Val,
Cl 2		     Frank
Sm Cap Val,
Cl 4		     GS VIT
Mid Cap Val,
Inst		     GS VIT
Multi-Strategy Alt,
Advisor		     GS VIT
Multi-Strategy Alt,
Serv		  
Investment income           

Dividend income

    $ 1,050,457     $ 29,804     $ 1,041,540     $ 239,664     $ 44,018  

Variable account expenses

      1,094,363       40,742       918,155       100,814       13,575  

Investment income (loss) — net

      (43,906 )      (10,938 )      123,385       138,850       30,443  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      19,027,647       465,965       16,269,346       1,426,413       49,531  

Cost of investments sold

      20,072,020       444,760       14,775,901       1,448,894       48,959  

Net realized gain (loss) on sales of investments

      (1,044,373 )      21,205       1,493,445       (22,481 )      572  

Distributions from capital gains

      2,596,381       80,915       5,954,818       —       —  

Net change in unrealized appreciation (depreciation) of investments

      9,878,323       274,331       3,953,693       71,972       (4,619 ) 

Net gain (loss) on investments

      11,430,331       376,451       11,401,956       49,491       (4,047 ) 

Net increase (decrease) in net assets resulting from operations

    $ 11,386,425     $ 365,513     $ 11,525,341     $ 188,341     $ 26,396  
Year ended December 31, 2024 (continued)    GS VIT Sm Cap
Eq Insights,
Inst		     GS VIT Sm Cap
Eq Insights,
Serv		     GS VIT U.S.
Eq Insights,
Inst		     Invesco VI
Am Fran,
Ser I		     Invesco VI
Am Fran,
Ser II		  
Investment income           

Dividend income

    $ 48,279     $ 18,616     $ 625,008     $ —     $ —  

Variable account expenses

      41,885       17,470       875,377       120,996       393,471  

Investment income (loss) — net

      6,394       1,146       (250,369 )      (120,996 )      (393,471 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      604,084       166,301       17,836,094       2,440,493       10,057,180  

Cost of investments sold

      541,084       144,165       12,989,774       1,807,088       8,044,598  

Net realized gain (loss) on sales of investments

      63,000       22,136       4,846,320       633,405       2,012,582  

Distributions from capital gains

      399,162       197,638       13,502,553       —       —  

Net change in unrealized appreciation (depreciation) of investments

      353,411       (5,564 )      5,706,489       3,668,159       11,105,866  

Net gain (loss) on investments

      815,573       214,210       24,055,362       4,301,564       13,118,448  

Net increase (decrease) in net assets resulting from operations

    $ 821,967     $ 215,356     $ 23,804,993     $ 4,180,568     $ 12,724,977  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     33  

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    Invesco VI Bal
Risk Alloc,
Ser II		     Invesco VI
Comstock,
Ser II		     Invesco VI
Core Eq,
Ser I		     Invesco VI
Core Plus Bond,
Ser II		     Invesco VI Dis
Mid Cap Gro,
Ser I		  
Investment income           

Dividend income

    $ 1,626,965     $ 1,479,255     $ 504,888     $ 233,986     $ —  

Variable account expenses

      296,998       902,511       925,414       56,554       147,716  

Investment income (loss) — net

      1,329,967       576,744       (420,526 )      177,432       (147,716 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      5,764,844       16,330,949       9,378,794       820,472       2,373,391  

Cost of investments sold

      6,655,621       12,315,687       7,601,838       796,394       2,444,724  

Net realized gain (loss) on sales of investments

      (890,777 )      4,015,262       1,776,956       24,078       (71,333 ) 

Distributions from capital gains

      —       6,938,696       6,063,473       —       —  

Net change in unrealized appreciation (depreciation) of investments

      342,932       1,298,638       8,169,956       (133,924 )      3,772,817  

Net gain (loss) on investments

      (547,845 )      12,252,596       16,010,385       (109,846 )      3,701,484  

Net increase (decrease) in net assets resulting from operations

    $ 782,122     $ 12,829,340     $ 15,589,859     $ 67,586     $ 3,553,768  
Year ended December 31, 2024 (continued)    Invesco VI Dis
Mid Cap Gro,
Ser II		     Invesco VI
Div Divd,
Ser I		     Invesco VI
Div Divd,
Ser II		     Invesco VI
EQV Intl Eq,
Ser II		     Invesco VI
Global,
Ser II		  
Investment income           

Dividend income

    $ —     $ 326,737     $ 151,949     $ 551,061     $ —  

Variable account expenses

      102,137       156,367       95,029       332,412       1,285,518  

Investment income (loss) — net

      (102,137 )      170,370       56,920       218,649       (1,285,518 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      1,800,452       3,034,996       1,796,434       5,921,172       19,952,910  

Cost of investments sold

      1,984,958       2,691,859       1,632,206       5,309,641       18,604,724  

Net realized gain (loss) on sales of investments

      (184,506 )      343,137       164,228       611,531       1,348,186  

Distributions from capital gains

      —       695,432       370,386       190,831       7,673,292  

Net change in unrealized appreciation (depreciation) of investments

      2,483,478       845,085       459,332       (1,097,519 )      9,859,143  

Net gain (loss) on investments

      2,298,972       1,883,654       993,946       (295,157 )      18,880,621  

Net increase (decrease) in net assets resulting from operations

    $ 2,196,835     $ 2,054,024     $ 1,050,866     $ (76,508 )    $ 17,595,103  
Year ended December 31, 2024 (continued)    Invesco VI
Gbl Strat Inc,
Ser II		     Invesco VI
Hlth,
Ser II		     Invesco VI
Main St,
Ser II		     Invesco VI
Mn St Sm Cap,
Ser II		     Invesco VI
Tech,
Ser I		  
Investment income           

Dividend income

    $ 3,173,343     $ —     $ —     $ —     $ —  

Variable account expenses

      1,109,887       298,755       24,324       1,045,761       239,661  

Investment income (loss) — net

      2,063,456       (298,755 )      (24,324 )      (1,045,761 )      (239,661 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      16,128,526       6,836,681       490,584       14,235,743       4,896,207  

Cost of investments sold

      18,565,970       6,720,995       540,851       11,965,077       4,232,793  

Net realized gain (loss) on sales of investments

      (2,437,444 )      115,686       (50,267 )      2,270,666       663,414  

Distributions from capital gains

      —       —       252,993       3,865,240       1,196,041  

Net change in unrealized appreciation (depreciation) of investments

      2,496,003       1,450,496       309,843       5,925,127       6,251,697  

Net gain (loss) on investments

      58,559       1,566,182       512,569       12,061,033       8,111,152  

Net increase (decrease) in net assets resulting from operations

    $ 2,122,015     $ 1,267,427     $ 488,245     $ 11,015,272     $ 7,871,491  

See accompanying notes to financial statements.

 

34   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    Invesco VI
Tech,
Ser II		     Janus
Henderson
VIT Bal,
Serv		     Janus
Henderson
VIT Enter,
Serv		     Janus
Henderson
VIT Flex Bd,
Serv		     Janus
Henderson
VIT Forty,
Serv		  
Investment income           

Dividend income

    $ —     $ 2,630,844     $ 92,015     $ 2,576,897     $ 380  

Variable account expenses

      59,436       1,546,662       121,876       602,654       42,345  

Investment income (loss) — net

      (59,436 )      1,084,182       (29,861 )      1,974,243       (41,965 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      638,169       18,058,219       2,283,765       9,316,713       683,597  

Cost of investments sold

      517,536       14,886,213       1,793,882       10,392,782       548,539  

Net realized gain (loss) on sales of investments

      120,633       3,172,006       489,883       (1,076,069 )      135,058  

Distributions from capital gains

      336,090       —       645,600       —       230,666  

Net change in unrealized appreciation (depreciation) of investments

      1,106,935       14,496,416       866,155       (561,998 )      483,877  

Net gain (loss) on investments

      1,563,658       17,668,422       2,001,638       (1,638,067 )      849,601  

Net increase (decrease) in net assets resulting from operations

    $ 1,504,222     $ 18,752,604     $ 1,971,777     $ 336,176     $ 807,636  
Year ended December 31, 2024 (continued)    Janus Hend
VIT Gbl
Tech Innov,
Srv		     Janus
Henderson
VIT Overseas,
Serv		     Janus
Henderson
VIT Res,
Serv		     Lazard Ret
Emer Mkts Eq,
Serv		     Lazard Ret
Global Dyn MA,
Serv		  
Investment income           

Dividend income

    $ —     $ 301,830     $ —     $ 26,299     $ —  

Variable account expenses

      348,445       196,544       687,626       6,735       102,527  

Investment income (loss) — net

      (348,445 )      105,286       (687,626 )      19,564       (102,527 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      5,564,327       2,797,614       11,656,878       43,590       1,888,642  

Cost of investments sold

      3,296,045       2,302,392       7,867,878       40,925       1,882,371  

Net realized gain (loss) on sales of investments

      2,268,282       495,222       3,789,000       2,665       6,271  

Distributions from capital gains

      —       —       2,032,906       —       —  

Net change in unrealized appreciation (depreciation) of investments

      8,358,473       245,091       13,959,345       6,212       806,280  

Net gain (loss) on investments

      10,626,755       740,313       19,781,251       8,877       812,551  

Net increase (decrease) in net assets resulting from operations

    $ 10,278,310     $ 845,599     $ 19,093,625     $ 28,441     $ 710,024  
Year ended December 31, 2024 (continued)    Lord Abt
Bond Debenture,
Cl VC		     Lord Abt
Short Dur Inc,
Cl VC		     LVIP AC
Intl,
Serv Cl		     LVIP AC
Intl,
Std Cl II		     LVIP AC
Mid Cap Val,
Serv Cl		  
Investment income           

Dividend income

    $ 356,128     $ 567,127     $ 227,145     $ 98,428     $ 884,815  

Variable account expenses

      51,122       108,244       149,980       51,865       362,179  

Investment income (loss) — net

      305,006       458,883       77,165       46,563       522,636  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      647,654       1,382,967       2,293,000       953,211       7,212,651  

Cost of investments sold

      643,296       1,378,221       2,017,809       865,396       6,957,888  

Net realized gain (loss) on sales of investments

      4,358       4,746       275,191       87,815       254,763  

Distributions from capital gains

      —       —       —       —       1,780,581  

Net change in unrealized appreciation (depreciation) of investments

      (55,575 )      (44,316 )      (56,612 )      (6,493 )      176,601  

Net gain (loss) on investments

      (51,217 )      (39,570 )      218,579       81,322       2,211,945  

Net increase (decrease) in net assets resulting from operations

    $ 253,789     $ 419,313     $ 295,744     $ 127,885     $ 2,734,581  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     35  

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    LVIP AC
Ultra,
Serv Cl		     LVIP AC
Val,
Serv Cl		     LVIP AC
Val,
Std Cl II		     LVIP JPM
US Eq,
Serv Cl		     Mac VIP
Asset Strategy,
Serv Cl		  
Investment income           

Dividend income

    $ —     $ 4,756,917     $ 760,164     $ 16,085     $ 236,806  

Variable account expenses

      483,907       1,720,691       226,461       45,849       132,291  

Investment income (loss) — net

      (483,907 )      3,036,226       533,703       (29,764 )      104,515  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      12,424,452       29,993,783       4,971,681       533,430       2,484,081  

Cost of investments sold

      9,054,343       24,003,850       3,654,728       423,881       2,586,435  

Net realized gain (loss) on sales of investments

      3,370,109       5,989,933       1,316,953       109,549       (102,354 ) 

Distributions from capital gains

      4,563,151       10,090,398       1,563,403       196,533       474,237  

Net change in unrealized appreciation (depreciation) of investments

      5,090,019       (5,140,814 )      (1,189,346 )      572,959       892,322  

Net gain (loss) on investments

      13,023,279       10,939,517       1,691,010       879,041       1,264,205  

Net increase (decrease) in net assets resulting from operations

    $ 12,539,372     $ 13,975,743     $ 2,224,713     $ 849,277     $ 1,368,720  
Year ended December 31, 2024 (continued)    Mac VIP
for Inc,
Serv Cl		     Mac VIP
Intl Core Eq,
Serv Cl(1)		     MFS Gbl
Real Est,
Serv Cl		     MFS
Intl Gro,
Serv Cl		     MFS Mass
Inv Gro Stock,
Serv Cl		  
Investment income           

Dividend income

    $ 99,746     $ 13,426     $ 23,532     $ 36,686     $ 90,640  

Variable account expenses

      14,089       8,023       13,851       43,441       639,819  

Investment income (loss) — net

      85,657       5,403       9,681       (6,755 )      (549,179 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      96,259       89,319       388,655       798,314       12,160,413  

Cost of investments sold

      95,576       88,521       381,280       727,515       10,344,702  

Net realized gain (loss) on sales of investments

      683       798       7,375       70,799       1,815,711  

Distributions from capital gains

      —       2,430       —       14,407       6,306,139  

Net change in unrealized appreciation (depreciation) of investments

      (11,902 )      (30,159 )      (58,666 )      156,293       2,370,596  

Net gain (loss) on investments

      (11,219 )      (26,931 )      (51,291 )      241,499       10,492,446  

Net increase (decrease) in net assets resulting from operations

    $ 74,438     $ (21,528 )    $ (41,610 )    $ 234,744     $ 9,943,267  

(1)  For the period April 26, 2024 (commencement of operations) to December 31, 2024.

   

      
Year ended December 31, 2024 (continued)    MFS
New Dis,
Serv Cl		     MFS
Research Intl,
Serv Cl		     MFS
Utilities,
Serv Cl		     MS
VIF Dis,
Cl II		     NB AMT
Sus Eq,
Cl S		  
Investment income           

Dividend income

    $ —     $ 35,981     $ 2,641,326     $ —     $ —  

Variable account expenses

      249,928       25,701       1,244,175       696,093       196,056  

Investment income (loss) — net

      (249,928 )      10,280       1,397,151       (696,093 )      (196,056 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      4,981,865       538,368       24,956,693       17,058,234       3,258,635  

Cost of investments sold

      6,699,185       491,121       22,513,477       31,498,651       2,270,929  

Net realized gain (loss) on sales of investments

      (1,717,320 )      47,247       2,443,216       (14,440,417 )      987,706  

Distributions from capital gains

      —       —       3,677,529       —       913,000  

Net change in unrealized appreciation (depreciation) of investments

      3,573,226       (48,743 )      5,021,507       38,863,121       2,384,577  

Net gain (loss) on investments

      1,855,906       (1,496 )      11,142,252       24,422,704       4,285,283  

Net increase (decrease) in net assets resulting from operations

    $ 1,605,978     $ 8,784     $ 12,539,403     $ 23,726,611     $ 4,089,227  

See accompanying notes to financial statements.

 

36   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    PIMCO VIT
All Asset,
Advisor Cl		     PIMCO VIT
Glb Man As Alloc,
Adv Cl		     PIMCO VIT
Tot Return,
Advisor Cl		     Put VT
Global Hlth Care,
Cl IB		     Put VT
Intl Eq,
Cl IB		  
Investment income           

Dividend income

    $ 3,010,591     $ 190,659     $ 2,593,171     $ 121,161     $ 220,171  

Variable account expenses

      477,765       60,174       672,476       232,449       88,986  

Investment income (loss) — net

      2,532,826       130,485       1,920,695       (111,288 )      131,185  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      9,071,134       913,296       6,542,011       4,540,323       1,586,310  

Cost of investments sold

      10,447,038       1,039,143       7,345,223       4,105,499       1,394,245  

Net realized gain (loss) on sales of investments

      (1,375,904 )      (125,847 )      (803,212 )      434,824       192,065  

Distributions from capital gains

      —       —       —       1,115,876       —  

Net change in unrealized appreciation (depreciation) of investments

      81,869       501,357       (212,165 )      (1,263,780 )      (90,246 ) 

Net gain (loss) on investments

      (1,294,035 )      375,510       (1,015,377 )      286,920       101,819  

Net increase (decrease) in net assets resulting from operations

    $ 1,238,791     $ 505,995     $ 905,318     $ 175,632     $ 233,004  
Year ended December 31, 2024 (continued)    Put VT
Intl Val,
Cl IB		     Put VT
Lg Cap Val,
Cl IB		     Put VT
Sus Fut,
Cl IB		     Put VT
Sus Leaders,
Cl IA		     Put VT
Sus Leaders,
Cl IB		  
Investment income           

Dividend income

    $ 75,030     $ 110,365     $ —     $ 327,860     $ 79,321  

Variable account expenses

      34,925       126,660       20,208       1,080,410       334,726  

Investment income (loss) — net

      40,105       (16,295 )      (20,208 )      (752,550 )      (255,405 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      365,200       651,327       130,220       9,962,514       6,347,509  

Cost of investments sold

      327,176       576,375       109,562       6,438,472       4,410,465  

Net realized gain (loss) on sales of investments

      38,024       74,952       20,658       3,524,042       1,937,044  

Distributions from capital gains

      8,842       449,212       —       540,328       257,140  

Net change in unrealized appreciation (depreciation) of investments

      17,085       1,002,122       249,844       13,180,334       5,612,632  

Net gain (loss) on investments

      63,951       1,526,286       270,502       17,244,704       7,806,816  

Net increase (decrease) in net assets resulting from operations

    $ 104,056     $ 1,509,991     $ 250,294     $ 16,492,154     $ 7,551,411  
Year ended December 31, 2024 (continued)    Royce
Micro-Cap,
Invest Cl		     Temp
Global Bond,
Cl 2		     Third Ave
VST Third
Ave Value		     VanEck VIP
Global Gold,
Cl S		     VP
Aggr,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ 267,037     $ 965,330     $ —  

Variable account expenses

      89,411       158,618       90,592       345,703       8,026,953  

Investment income (loss) — net

      (89,411 )      (158,618 )      176,445       619,627       (8,026,953 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      1,538,434       3,883,507       1,758,985       5,717,076       145,366,371  

Cost of investments sold

      1,451,211       4,955,267       1,274,513       5,268,475       77,223,128  

Net realized gain (loss) on sales of investments

      87,223       (1,071,760 )      484,472       448,601       68,143,243  

Distributions from capital gains

      723,617       —       816,604       —       —  

Net change in unrealized appreciation (depreciation) of investments

      543,447       (728,254 )      (1,709,023 )      2,738,341       31,699,675  

Net gain (loss) on investments

      1,354,287       (1,800,014 )      (407,947 )      3,186,942       99,842,918  

Net increase (decrease) in net assets resulting from operations

    $ 1,264,876     $ (1,958,632 )    $ (231,502 )    $ 3,806,569     $ 91,815,965  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     37  

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    VP
Aggr,
Cl 4		     VP
Conserv,
Cl 2		     VP
Conserv,
Cl 4		     VP
Man Risk,
Cl 2		     VP Man
Risk US,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ —     $ —     $ —  

Variable account expenses

      4,056,955       4,350,273       2,667,175       2,329,010       3,753,904  

Investment income (loss) — net

      (4,056,955 )      (4,350,273 )      (2,667,175 )      (2,329,010 )      (3,753,904 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      69,245,430       87,502,073       52,717,635       25,943,972       44,682,247  

Cost of investments sold

      26,747,515       77,980,351       42,537,179       21,478,986       35,523,917  

Net realized gain (loss) on sales of investments

      42,497,915       9,521,722       10,180,456       4,464,986       9,158,330  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      11,955,777       8,883,337       1,862,656       16,684,213       32,661,890  

Net gain (loss) on investments

      54,453,692       18,405,059       12,043,112       21,149,199       41,820,220  

Net increase (decrease) in net assets resulting from operations

    $ 50,396,737     $ 14,054,786     $ 9,375,937     $ 18,820,189     $ 38,066,316  
Year ended December 31, 2024 (continued)    VP Man
Vol Conserv,
Cl 2		     VP Man
Vol Conserv Gro,
Cl 2		     VP Man
Vol Gro,
Cl 2		     VP Man
Vol Mod Gro,
Cl 2		     VP
Mod,
Cl 2		  
Investment income           

Dividend income

    $ —     $ —     $ —     $ —     $ —  

Variable account expenses

      5,206,582       10,753,152       104,958,557       112,400,625       65,459,349  

Investment income (loss) — net

      (5,206,582 )      (10,753,152 )      (104,958,557 )      (112,400,625 )      (65,459,349 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      104,341,889       170,783,296       1,264,058,847       1,573,166,727       760,368,878  

Cost of investments sold

      97,016,667       136,474,159       812,839,246       1,026,885,588       432,765,143  

Net realized gain (loss) on sales of investments

      7,325,222       34,309,137       451,219,601       546,281,139       327,603,735  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,048,642       36,000,535       753,928,556       472,716,383       222,921,151  

Net gain (loss) on investments

      21,373,864       70,309,672       1,205,148,157       1,018,997,522       550,524,886  

Net increase (decrease) in net assets resulting from operations

    $ 16,167,282     $ 59,556,520     $ 1,100,189,600     $ 906,596,897     $ 485,065,537  
Year ended December 31, 2024 (continued)    VP
Mod,
Cl 4		     VP
Mod Aggr,
Cl 2		     VP
Mod Aggr,
Cl 4		     VP
Mod Conserv,
Cl 2		     VP
Mod Conserv,
Cl 4		  
Investment income           

Dividend income

    $ —     $ —     $ —     $ —     $ —  

Variable account expenses

      46,316,129       21,107,369       12,162,294       10,198,913       7,584,579  

Investment income (loss) — net

      (46,316,129 )      (21,107,369 )      (12,162,294 )      (10,198,913 )      (7,584,579 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      678,720,711       364,670,113       206,847,003       162,265,452       133,931,167  

Cost of investments sold

      305,820,122       187,294,169       82,805,631       117,317,081       78,444,413  

Net realized gain (loss) on sales of investments

      372,900,589       177,375,944       124,041,372       44,948,371       55,486,754  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      38,556,030       44,665,239       12,779,260       17,315,224       (6,097,511 ) 

Net gain (loss) on investments

      411,456,619       222,041,183       136,820,632       62,263,595       49,389,243  

Net increase (decrease) in net assets resulting from operations

    $ 365,140,490     $ 200,933,814     $ 124,658,338     $ 52,064,682     $ 41,804,664  

See accompanying notes to financial statements.

 

38   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Operations

 

Year ended December 31, 2024 (continued)    VP Ptnrs
Core Bond,
Cl 2		     VP Ptnrs
Core Eq,
Cl 2		     VP Ptnrs
Core Eq,
Cl 3		     VP Ptnrs
Intl Core Eq,
Cl 2		     VP Ptnrs
Intl Gro,
Cl 2		  
Investment income           

Dividend income

    $ 608,318     $ —     $ —     $ 232,709     $ 155,970  

Variable account expenses

      185,845       142,462       172,062       228,142       356,205  

Investment income (loss) — net

      422,473       (142,462 )      (172,062 )      4,567       (200,235 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      2,742,632       2,272,061       4,384,627       3,365,557       5,396,977  

Cost of investments sold

      2,948,143       1,046,424       1,332,405       3,346,164       5,407,053  

Net realized gain (loss) on sales of investments

      (205,511 )      1,225,637       3,052,222       19,393       (10,076 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      (51,647 )      1,330,278       880,559       867,924       (508,177 ) 

Net gain (loss) on investments

      (257,158 )      2,555,915       3,932,781       887,317       (518,253 ) 

Net increase (decrease) in net assets resulting from operations

    $ 165,315     $ 2,413,453     $ 3,760,719     $ 891,884     $ (718,488 ) 
Year ended December 31, 2024 (continued)    VP Ptnrs
Intl Val,
Cl 2		     VP Ptnrs
Sm Cap Gro,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 3		     VP US
Flex Conserv Gro,
Cl 2		  
Investment income           

Dividend income

    $ 638,743     $ —     $ —     $ —     $ —  

Variable account expenses

      270,922       189,257       118,509       401,373       3,132,725  

Investment income (loss) — net

      367,821       (189,257 )      (118,509 )      (401,373 )      (3,132,725 ) 
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      3,635,765       2,751,348       2,105,271       6,971,546       60,297,378  

Cost of investments sold

      3,407,684       2,373,355       1,773,831       2,980,337       52,303,154  

Net realized gain (loss) on sales of investments

      228,081       377,993       331,440       3,991,209       7,994,224  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      186,517       2,594,585       486,629       (562,188 )      19,816,496  

Net gain (loss) on investments

      414,598       2,972,578       818,069       3,429,021       27,810,720  

Net increase (decrease) in net assets resulting from operations

    $ 782,419     $ 2,783,321     $ 699,560     $ 3,027,648     $ 24,677,995  
Year ended December 31, 2024 (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

    $ —     $ —     $ —     $ 1,328,318     $ 731,147  

Variable account expenses

      39,443,916       19,466,946       1,417,555       867,194       128,741  

Investment income (loss) — net

      (39,443,916 )      (19,466,946 )      (1,417,555 )      461,124       602,406  
          
Realized and unrealized gain (loss) on investments — net

 

Realized gain (loss) on sales of investments:

           

Proceeds from sales

      309,295,034       189,851,790       26,615,924       15,930,651       1,704,726  

Cost of investments sold

      219,414,219       143,678,208       37,168,604       19,785,879       1,896,597  

Net realized gain (loss) on sales of investments

      89,880,815       46,173,582       (10,552,680 )      (3,855,228 )      (191,871 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      528,831,932       193,570,643       31,718,697       (5,260,087 )      252,609  

Net gain (loss) on investments

      618,712,747       239,744,225       21,166,017       (9,115,315 )      60,738  

Net increase (decrease) in net assets resulting from operations

    $ 579,268,831     $ 220,277,279     $ 19,748,462     $ (8,654,191 )    $ 663,144  

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     39  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024    AB VPS
Dyn Asset Alloc,
Cl B		     AB VPS
Intl Val,
Cl B		     AB VPS
Lg Cap Gro,
Cl B		     AB VPS
Relative Val,
Cl B		     AB VPS Sus
Gbl Thematic,
Cl B		  
Operations           

Investment income (loss) — net

    $ 1,267     $ 901,969     $ (1,814,547 )    $ 277,247     $ (94,147 ) 

Net realized gain (loss) on sales of investments

      (172,956 )      199,569       5,510,351       1,712,815       117,783  

Distributions from capital gains

      —       —       7,655,765       2,681,792       30,172  

Net change in unrealized appreciation (depreciation) of investments

      1,016,775       1,571,047       23,389,904       3,663,159       430,748  

Net increase (decrease) in net assets resulting from operations

      845,086       2,672,585       34,741,473       8,335,013       484,556  
          
Contract transactions           

Contract purchase payments

      132,788       579,300       12,453,675       1,573,356       419,929  

Net transfers(1)

      248,996       (270,840 )      (1,831,219 )      1,097,765       (275,631 ) 

Transfers for policy loans

      —       19,649       (26,784 )      (12,417 )      4,313  

Adjustments to net assets allocated to contracts in payment period

      —       (12,712 )      (24,054 )      (37,136 )      (3,349 ) 

Contract charges

      (3,214 )      (84,472 )      (49,778 )      (47,665 )      (5,197 ) 

Contract terminations:

           

Surrender benefits

      (411,381 )      (7,466,632 )      (12,348,586 )      (7,739,854 )      (777,078 ) 

Death benefits

      (157,814 )      (879,320 )      (2,279,356 )      (926,439 )      (83,815 ) 

Increase (decrease) from transactions

      (190,625 )      (8,115,027 )      (4,106,102 )      (6,092,390 )      (720,828 ) 

Net assets at beginning of year

      9,303,318       66,348,042       148,094,621       71,873,556       9,732,846  

Net assets at end of year

    $ 9,957,779     $ 60,905,600     $ 178,729,992     $ 74,116,179     $ 9,496,574  
          
Accumulation unit activity           

Units outstanding at beginning of year

      7,078,468       39,260,898       25,046,146       19,454,525       3,352,136  

Units purchased

      390,954       569,477       2,854,819       871,528       179,318  

Units redeemed

      (540,288 )      (5,175,411 )      (3,044,526 )      (2,336,447 )      (412,901 ) 

Units outstanding at end of year

      6,929,134       34,654,964       24,856,439       17,989,606       3,118,553  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Allspg VT
Index Asset Alloc,
Cl 2		     Allspg VT
Opp,
Cl 2		     Allspg VT
Sm Cap Gro,
Cl 2		     ALPS Alerian
Engy Infr,
Class III		     BlackRock
Adv SMID
Cap VI,
Cl III		  
Operations           

Investment income (loss) — net

    $ 92,070     $ (368,393 )    $ (753,845 )    $ 1,432,188     $ 11,432  

Net realized gain (loss) on sales of investments

      389,730       991,720       (1,676,248 )      2,210,877       50,998  

Distributions from capital gains

      1,291,943       4,078,131       —       1,565,588       —  

Net change in unrealized appreciation (depreciation) of investments

      894,102       668,033       14,326,598       10,949,201       154,495  

Net increase (decrease) in net assets resulting from operations

      2,667,845       5,369,491       11,896,505       16,157,854       216,925  
          
Contract transactions           

Contract purchase payments

      71,516       229,095       2,479,349       1,316,226       642,244  

Net transfers(1)

      (86,787 )      (2,219,989 )      (3,087,568 )      (528,005 )      (134,641 ) 

Transfers for policy loans

      15,585       960       20,638       18,900       —  

Adjustments to net assets allocated to contracts in payment period

      (147,637 )      (11,696 )      (10,571 )      (27,681 )      —  

Contract charges

      (12,446 )      (25,086 )      (31,664 )      (20,405 )      (773 ) 

Contract terminations:

           

Surrender benefits

      (1,913,779 )      (4,361,234 )      (6,274,863 )      (4,172,182 )      (34,129 ) 

Death benefits

      (324,121 )      (366,306 )      (1,075,592 )      (564,293 )      (45,506 ) 

Increase (decrease) from transactions

      (2,397,669 )      (6,754,256 )      (7,980,271 )      (3,977,440 )      427,195  

Net assets at beginning of year

      20,061,739       41,207,583       70,724,257       43,193,069       1,730,055  

Net assets at end of year

    $ 20,331,915     $ 39,822,818     $ 74,640,491     $ 55,373,483     $ 2,374,175  
          
Accumulation unit activity           

Units outstanding at beginning of year

      5,573,609       8,453,976       18,920,492       34,441,661       1,528,855  

Units purchased

      23,097       45,517       654,255       1,729,647       653,310  

Units redeemed

      (614,403 )      (1,348,242 )      (2,622,024 )      (4,442,605 )      (283,886 ) 

Units outstanding at end of year

      4,982,303       7,151,251       16,952,723       31,728,703       1,898,279  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     41  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    BlackRock
Global Alloc,
Cl III		     BNY Mellon
Sus US Eq,
Serv		     Calvert VP
SRI Bal,
Cl F		     Calvert VP
SRI Bal,
Cl I		     CB Var
Sm Cap Gro,
Cl I		  
Operations           

Investment income (loss) — net

    $ (190,911 )    $ (19,682 )    $ 17,717     $ 195,228     $ (132,723 ) 

Net realized gain (loss) on sales of investments

      (729,491 )      67,992       33,041       534,181       79,041  

Distributions from capital gains

      6,304,242       22,193       38,065       404,643       445,104  

Net change in unrealized appreciation (depreciation) of investments

      285,867       639,567       198,953       2,724,904       93,764  

Net increase (decrease) in net assets resulting from operations

      5,669,707       710,070       287,776       3,858,956       485,186  
          
Contract transactions           

Contract purchase payments

      1,847,324       219,398       822,021       161,640       109,569  

Net transfers(1)

      425,562       27,564       106,106       850,832       (461,710 ) 

Transfers for policy loans

      (2,055 )      —       (12,454 )      2,800       (1,165 ) 

Adjustments to net assets allocated to contracts in payment period

      (75,199 )      —       —       (5,181 )      (4,383 ) 

Contract charges

      (27,650 )      (149 )      (1,396 )      (17,904 )      (11,689 ) 

Contract terminations:

           

Surrender benefits

      (6,962,951 )      (5,465 )      (156,592 )      (1,582,810 )      (1,957,827 ) 

Death benefits

      (1,796,459 )      —       —       (490,853 )      (104,819 ) 

Increase (decrease) from transactions

      (6,591,428 )      241,348       757,685       (1,081,476 )      (2,432,024 ) 

Net assets at beginning of year

      74,396,000       2,990,068       1,433,205       21,222,271       15,058,157  

Net assets at end of year

    $ 73,474,279     $ 3,941,486     $ 2,478,666     $ 23,999,751     $ 13,111,319  
          
Accumulation unit activity           

Units outstanding at beginning of year

      44,971,391       2,646,827       1,314,828       7,788,387       4,264,712  

Units purchased

      2,633,802       352,692       782,738       334,654       65,921  

Units redeemed

      (6,406,886 )      (172,464 )      (166,611 )      (696,459 )      (744,940 ) 

Units outstanding at end of year

      41,198,307       2,827,055       1,930,955       7,426,582       3,585,693  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP
Bal,
Cl 2		     Col VP
Bal,
Cl 3		     Col VP
Commodity
Strategy,
Cl 2		     Col VP
Contrarian Core,
Cl 2		     Col VP
Disciplined Core,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (1,248,004 )    $ (6,203,458 )    $ 396,784     $ (1,759,568 )    $ (642,863 ) 

Net realized gain (loss) on sales of investments

      986,924       38,328,102       (1,174,806 )      11,855,303       4,167,660  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,255,922       41,222,318       1,708,788       22,476,459       9,155,799  

Net increase (decrease) in net assets resulting from operations

      13,994,842       73,346,962       930,766       32,572,194       12,680,596  
          
Contract transactions           

Contract purchase payments

      42,336,517       3,983,420       309,635       10,992,425       3,798,395  

Net transfers(1)

      4,876,891       31,522,862       (602,895 )      7,963,530       (1,218,639 ) 

Transfers for policy loans

      (24,856 )      (9,407 )      919       (20,114 )      5,622  

Adjustments to net assets allocated to contracts in payment period

      —       (912,983 )      —       (51,252 )      —  

Contract charges

      (334,402 )      (275,338 )      (5,076 )      (149,340 )      (42,334 ) 

Contract terminations:

           

Surrender benefits

      (5,791,651 )      (62,018,908 )      (865,346 )      (15,211,386 )      (3,500,500 ) 

Death benefits

      (1,766,685 )      (13,786,233 )      (216,793 )      (1,518,324 )      (906,947 ) 

Increase (decrease) from transactions

      39,295,814       (41,496,587 )      (1,379,556 )      2,005,539       (1,864,403 ) 

Net assets at beginning of year

      95,274,299       568,979,468       16,349,991       149,160,986       52,063,907  

Net assets at end of year

    $ 148,564,955     $ 600,829,843     $ 15,901,201     $ 183,738,719     $ 62,880,100  
          
Accumulation unit activity           

Units outstanding at beginning of year

      91,068,589       177,388,512       21,658,120       45,709,385       11,159,964  

Units purchased

      41,781,029       11,979,838       778,360       5,943,829       1,005,366  

Units redeemed

      (7,559,517 )      (23,946,097 )      (2,568,328 )      (5,404,334 )      (1,249,864 ) 

Units outstanding at end of year

      125,290,101       165,422,253       19,868,152       46,248,880       10,915,466  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     43  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP
Disciplined Core,
Cl 3		     Col VP
Divd Opp,
Cl 2		     Col VP
Divd Opp,
Cl 3		     Col VP
Emerg Mkts Bond,
Cl 2		     Col VP
Emer Mkts,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (3,706,605 )    $ (1,157,487 )    $ (3,512,151 )    $ 373,519     $ (16,833 ) 

Net realized gain (loss) on sales of investments

      38,258,997       5,348,810       39,455,253       (253,973 )      (3,359,372 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      45,098,081       9,258,358       13,398,052       347,964       5,447,795  

Net increase (decrease) in net assets resulting from operations

      79,650,473       13,449,681       49,341,154       467,510       2,071,590  
          
Contract transactions           

Contract purchase payments

      2,033,016       7,775,720       2,034,271       265,252       1,510,654  

Net transfers(1)

      (3,609,747 )      (76,127 )      (5,319,822 )      368,439       (1,578,545 ) 

Transfers for policy loans

      91,475       6,566       7,968       1,426       (39,453 ) 

Adjustments to net assets allocated to contracts in payment period

      (619,445 )      (6,691 )      (84,959 )      —       —  

Contract charges

      (286,940 )      (59,778 )      (263,713 )      (3,827 )      (33,064 ) 

Contract terminations:

           

Surrender benefits

      (36,594,194 )      (8,210,598 )      (42,857,224 )      (847,240 )      (3,141,533 ) 

Death benefits

      (6,039,222 )      (1,808,854 )      (5,780,605 )      (121,294 )      (652,590 ) 

Increase (decrease) from transactions

      (45,025,057 )      (2,379,762 )      (52,264,084 )      (337,244 )      (3,934,531 ) 

Net assets at beginning of year

      339,235,922       98,976,248       365,623,888       9,458,091       47,968,832  

Net assets at end of year

    $ 373,861,338     $ 110,046,167     $ 362,700,958     $ 9,588,357     $ 46,105,891  
          
Accumulation unit activity           

Units outstanding at beginning of year

      87,846,417       33,216,795       93,884,096       9,314,719       38,480,921  

Units purchased

      673,318       4,037,739       515,872       829,223       1,359,837  

Units redeemed

      (11,015,316 )      (4,473,867 )      (12,852,642 )      (1,166,977 )      (4,316,452 ) 

Units outstanding at end of year

      77,504,419       32,780,667       81,547,326       8,976,965       35,524,306  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP
Emer Mkts,
Cl 3		     Col VP Global
Strategic Inc,
Cl 2		     Col VP Global
Strategic Inc,
Cl 3		     Col VP
Govt Money Mkt,
Cl 2		     Col VP
Govt Money Mkt,
Cl 3		  
Operations           

Investment income (loss) — net

    $ 116,015     $ 186,093     $ 1,023,895     $ 5,306,931     $ 5,188,233  

Net realized gain (loss) on sales of investments

      (3,337,176 )      (203,242 )      (1,935,610 )      —       331  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      6,156,371       222,312       1,860,596       —       (331 ) 

Net increase (decrease) in net assets resulting from operations

      2,935,210       205,163       948,881       5,306,931       5,188,233  
          
Contract transactions           

Contract purchase payments

      598,134       837,221       161,048       25,592,927       1,468,206  

Net transfers(1)

      (1,635,209 )      729,428       633,467       (2,138,794 )      45,649,107  

Transfers for policy loans

      14,209       1,379       10,454       20,900       125,473  

Adjustments to net assets allocated to contracts in payment period

      (12,661 )      (512 )      (25,811 )      (980 )      (76,177 ) 

Contract charges

      (72,551 )      (2,031 )      (68,540 )      (88,315 )      (113,757 ) 

Contract terminations:

           

Surrender benefits

      (7,272,092 )      (770,792 )      (4,690,191 )      (22,162,631 )      (26,342,803 ) 

Death benefits

      (551,434 )      (95,588 )      (1,076,505 )      (5,076,502 )      (2,797,741 ) 

Increase (decrease) from transactions

      (8,931,604 )      699,105       (5,056,078 )      (3,853,395 )      17,912,308  

Net assets at beginning of year

      68,435,453       8,915,120       44,431,393       148,909,861       126,337,957  

Net assets at end of year

    $ 62,439,059     $ 9,819,388     $ 40,324,196     $ 150,363,397     $ 149,438,498  
          
Accumulation unit activity           

Units outstanding at beginning of year

      28,395,940       9,371,704       28,566,883       157,214,722       112,497,377  

Units purchased

      305,909       1,669,498       673,199       30,978,932       41,910,003  

Units redeemed

      (3,950,286 )      (938,722 )      (3,762,747 )      (35,191,469 )      (25,668,545 ) 

Units outstanding at end of year

      24,751,563       10,102,480       25,477,335       153,002,185       128,738,835  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     45  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP
Hi Yield Bond,
Cl 2		     Col VP
Hi Yield Bond,
Cl 3		     Col VP
Inc Opp,
Cl 2		     Col VP
Inc Opp,
Cl 3		     Col VP
Inter Bond,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 2,299,329     $ 5,318,490     $ 1,178,963     $ 3,086,007     $ 2,761,646  

Net realized gain (loss) on sales of investments

      (494,431 )      (1,213,019 )      (592,625 )      (2,548,431 )      (1,415,923 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      958,915       2,309,965       627,281       2,778,946       (951,935 ) 

Net increase (decrease) in net assets resulting from operations

      2,763,813       6,415,436       1,213,619       3,316,522       393,788  
          
Contract transactions           

Contract purchase payments

      4,056,101       609,178       2,159,400       312,369       6,726,881  

Net transfers(1)

      2,482,132       915,544       1,013,611       1,532,536       11,124,888  

Transfers for policy loans

      1,683       11,942       677       10,467       (4,213 ) 

Adjustments to net assets allocated to contracts in payment period

      —       (220,131 )      —       (39,175 )      (4,284 ) 

Contract charges

      (12,942 )      (70,383 )      (7,447 )      (102,440 )      (67,191 ) 

Contract terminations:

           

Surrender benefits

      (4,822,915 )      (13,001,597 )      (2,438,817 )      (7,947,481 )      (5,559,109 ) 

Death benefits

      (665,134 )      (2,602,694 )      (638,762 )      (1,592,210 )      (1,049,776 ) 

Increase (decrease) from transactions

      1,038,925       (14,358,141 )      88,662       (7,825,934 )      11,167,196  

Net assets at beginning of year

      48,186,955       115,279,948       26,797,408       71,590,409       72,989,491  

Net assets at end of year

    $ 51,989,693     $ 107,337,243     $ 28,099,689     $ 67,080,997     $ 84,550,475  
          
Accumulation unit activity           

Units outstanding at beginning of year

      26,479,958       38,417,330       15,261,678       29,010,653       60,739,026  

Units purchased

      4,440,596       735,714       2,001,573       820,366       14,941,597  

Units redeemed

      (3,777,654 )      (5,254,210 )      (1,949,922 )      (3,920,483 )      (5,792,359 ) 

Units outstanding at end of year

      27,142,900       33,898,834       15,313,329       25,910,536       69,888,264  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP
Inter Bond,
Cl 3		     Col VP
Lg Cap Gro,
Cl 2		     Col VP
Lg Cap Gro,
Cl 3		     Col VP
Lg Cap Index,
Cl 2		     Col VP
Lg Cap Index,
Cl 3		  
Operations           

Investment income (loss) — net

    $ 7,752,231     $ (1,483,441 )    $ (1,263,050 )    $ (1,435,175 )    $ (5,881,772 ) 

Net realized gain (loss) on sales of investments

      (6,136,314 )      8,514,555       16,940,579       2,973,451       49,678,821  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      161,954       27,597,955       21,916,928       24,836,913       74,659,021  

Net increase (decrease) in net assets resulting from operations

      1,777,871       34,629,069       37,594,457       26,375,189       118,456,070  
          
Contract transactions           

Contract purchase payments

      1,067,635       12,519,423       840,451       51,861,961       4,025,593  

Net transfers(1)

      11,789,436       (423,983 )      792,625       3,805,191       3,357,442  

Transfers for policy loans

      27,324       16,631       3,029       (57,770 )      (101,493 ) 

Adjustments to net assets allocated to contracts in payment period

      (81,645 )      —       24,360       —       (240,458 ) 

Contract charges

      (252,185 )      (129,036 )      (101,134 )      (108,279 )      (243,604 ) 

Contract terminations:

           

Surrender benefits

      (24,318,538 )      (7,965,087 )      (16,503,988 )      (3,626,400 )      (54,257,655 ) 

Death benefits

      (4,919,871 )      (1,310,913 )      (2,146,798 )      (4,767,828 )      (11,066,160 ) 

Increase (decrease) from transactions

      (16,687,844 )      2,707,035       (17,091,455 )      47,106,875       (58,526,335 ) 

Net assets at beginning of year

      216,758,064       115,305,697       131,653,462       101,414,952       528,873,895  

Net assets at end of year

    $ 201,848,091     $ 152,641,801     $ 152,156,464     $ 174,897,016     $ 588,803,630  
          
Accumulation unit activity           

Units outstanding at beginning of year

      119,387,992       21,126,775       38,438,479       88,752,646       132,544,707  

Units purchased

      7,206,781       2,786,177       466,973       47,434,053       3,599,181  

Units redeemed

      (16,377,119 )      (1,932,540 )      (4,794,611 )      (11,881,045 )      (16,186,810 ) 

Units outstanding at end of year

      110,217,654       21,980,412       34,110,841       124,305,654       119,957,078  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     47  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP Limited
Duration Cr,
Cl 2		     Col VP Long
Govt/Cr Bond,
Cl 2		     Col VP
Overseas Core,
Cl 2		     Col VP
Overseas Core,
Cl 3		     Col VP Select
Lg Cap Eq,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 2,068,832     $ 368,682     $ 1,143,049     $ 1,666,571     $ (41,067 ) 

Net realized gain (loss) on sales of investments

      16,275       (1,295,477 )      50,585       663,843       47,280  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      688,130       (57,419 )      (393,855 )      (1,060,522 )      717,679  

Net increase (decrease) in net assets resulting from operations

      2,773,237       (984,214 )      799,779       1,269,892       723,892  
          
Contract transactions           

Contract purchase payments

      10,907,121       1,493,276       2,105,007       455,264       1,228,183  

Net transfers(1)

      4,630,141       1,081,088       104,350       548,329       (35,345 ) 

Transfers for policy loans

      422       57       (8,924 )      25,038       —  

Adjustments to net assets allocated to contracts in payment period

      (2,806 )      (6,667 )      (9,848 )      87,314       —  

Contract charges

      (71,116 )      (4,616 )      (36,698 )      (31,519 )      (2,447 ) 

Contract terminations:

           

Surrender benefits

      (8,495,520 )      (1,373,463 )      (2,545,550 )      (5,459,779 )      (46,535 ) 

Death benefits

      (2,505,023 )      (431,676 )      (718,769 )      (792,465 )      —  

Increase (decrease) from transactions

      4,463,219       757,999       (1,110,432 )      (5,167,818 )      1,143,856  

Net assets at beginning of year

      74,957,685       15,001,757       36,444,624       51,119,688       2,785,156  

Net assets at end of year

    $ 82,194,141     $ 14,775,542     $ 36,133,971     $ 47,221,762     $ 4,652,904  
          
Accumulation unit activity           

Units outstanding at beginning of year

      66,869,288       14,702,754       20,025,515       27,310,543       2,393,486  

Units purchased

      17,857,856       2,577,000       1,736,079       714,484       1,018,919  

Units redeemed

      (14,008,819 )      (1,964,205 )      (2,104,079 )      (3,420,341 )      (150,902 ) 

Units outstanding at end of year

      70,718,325       15,315,549       19,657,515       24,604,686       3,261,503  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP Select
Lg Cap Val,
Cl 2		     Col VP Select
Lg Cap Val,
Cl 3		     Col VP Select
Mid Cap Gro,
Cl 2		     Col VP Select
Mid Cap Gro,
Cl 3		     Col VP Select
Mid Cap Val,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (753,037 )    $ (393,375 )    $ (434,444 )    $ (719,754 )    $ (473,398 ) 

Net realized gain (loss) on sales of investments

      3,151,098       4,159,923       2,003,841       7,621,535       2,576,449  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      4,920,913       1,026,839       6,371,063       7,326,062       2,351,938  

Net increase (decrease) in net assets resulting from operations

      7,318,974       4,793,387       7,940,460       14,227,843       4,454,989  
          
Contract transactions           

Contract purchase payments

      4,641,373       312,365       3,678,921       400,864       2,509,178  

Net transfers(1)

      (1,480,592 )      (2,483,274 )      (129,696 )      (452,564 )      (462,652 ) 

Transfers for policy loans

      (17,274 )      2,806       (12,184 )      8,147       (589 ) 

Adjustments to net assets allocated to contracts in payment period

      —       (14,534 )      (1,957 )      (39,358 )      (3,727 ) 

Contract charges

      (51,152 )      (23,530 )      (30,362 )      (37,591 )      (29,878 ) 

Contract terminations:

           

Surrender benefits

      (4,608,453 )      (5,503,321 )      (2,543,339 )      (7,929,013 )      (3,512,297 ) 

Death benefits

      (1,452,018 )      (863,048 )      (712,121 )      (1,175,954 )      (704,114 ) 

Increase (decrease) from transactions

      (2,968,116 )      (8,572,536 )      249,262       (9,225,469 )      (2,204,079 ) 

Net assets at beginning of year

      66,072,357       43,541,784       35,128,973       67,844,121       40,997,953  

Net assets at end of year

    $ 70,423,215     $ 39,762,635     $ 43,318,695     $ 72,846,495     $ 43,248,863  
          
Accumulation unit activity           

Units outstanding at beginning of year

      17,249,459       11,453,982       10,620,277       18,489,667       11,612,222  

Units purchased

      1,475,377       80,051       1,353,731       194,358       900,600  

Units redeemed

      (2,076,243 )      (2,155,654 )      (1,170,939 )      (2,430,614 )      (1,413,538 ) 

Units outstanding at end of year

      16,648,593       9,378,379       10,803,069       16,253,411       11,099,284  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     49  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP Select
Mid Cap Val,
Cl 3		     Col VP Select
Sm Cap Val,
Cl 2		     Col VP Select
Sm Cap Val,
Cl 3		     Col VP Sel
Gbl Tech,
Cl 2		     Col VP Sm
Cap Val,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (376,451 )    $ (298,495 )    $ (257,567 )    $ (134,842 )    $ (9,231 ) 

Net realized gain (loss) on sales of investments

      4,001,242       1,074,532       2,622,608       399,097       16,165  

Distributions from capital gains

      —       —       —       930,569       94,086  

Net change in unrealized appreciation (depreciation) of investments

      770,650       2,315,043       1,131,275       1,771,961       52,246  

Net increase (decrease) in net assets resulting from operations

      4,395,441       3,091,080       3,496,316       2,966,785       153,266  
          
Contract transactions           

Contract purchase payments

      243,282       1,311,643       209,362       8,725,812       661,180  

Net transfers(1)

      (858,914 )      2,180       (566,250 )      602,885       165,661  

Transfers for policy loans

      (1,937 )      (2,922 )      (19,646 )      (6,298 )      —  

Adjustments to net assets allocated to contracts in payment period

      56,476       (382 )      (9,102 )      —       —  

Contract charges

      (27,424 )      (21,941 )      (20,674 )      (3,268 )      (376 ) 

Contract terminations:

           

Surrender benefits

      (4,234,660 )      (2,025,022 )      (3,313,073 )      (245,832 )      (46,267 ) 

Death benefits

      (680,048 )      (375,665 )      (356,345 )      (383,206 )      (61,623 ) 

Increase (decrease) from transactions

      (5,503,225 )      (1,112,109 )      (4,075,728 )      8,690,093       718,575  

Net assets at beginning of year

      40,179,259       25,204,928       29,240,268       7,656,796       1,595,099  

Net assets at end of year

    $ 39,071,475     $ 27,183,899     $ 28,660,856     $ 19,313,674     $ 2,466,940  
          
Accumulation unit activity           

Units outstanding at beginning of year

      10,964,412       7,937,035       6,967,188       6,245,474       1,342,273  

Units purchased

      71,299       725,977       50,391       8,162,369       688,943  

Units redeemed

      (1,486,297 )      (967,458 )      (981,702 )      (1,833,126 )      (100,487 ) 

Units outstanding at end of year

      9,549,414       7,695,554       6,035,877       12,574,717       1,930,729  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Col VP
Strategic Inc,
Cl 2		     Col VP
US Govt Mtge,
Cl 2		     Col VP
US Govt Mtge,
Cl 3		     CS
Commodity
Return,
Cl 1		     CTIVP
AC Div Bond,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 2,587,349     $ 239,267     $ 794,770     $ 224,792     $ 691,919  

Net realized gain (loss) on sales of investments

      (1,378,461 )      (351,092 )      (1,021,908 )      (1,276,164 )      (246,768 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      1,417,597       84,767       408,736       1,474,725       (335,103 ) 

Net increase (decrease) in net assets resulting from operations

      2,626,485       (27,058 )      181,598       423,353       110,048  
          
Contract transactions           

Contract purchase payments

      4,202,535       721,896       244,798       97,313       1,812,531  

Net transfers(1)

      5,552,777       (2,057,238 )      462,888       (8,361 )      3,650,704  

Transfers for policy loans

      (13,184 )      (1,118 )      11,968       5,504       —  

Adjustments to net assets allocated to contracts in payment period

      —       (3,228 )      (19,276 )      (34 )      —  

Contract charges

      (16,614 )      (18,099 )      (24,721 )      (6,441 )      (41,970 ) 

Contract terminations:

           

Surrender benefits

      (7,019,151 )      (942,799 )      (4,762,248 )      (1,223,369 )      (788,382 ) 

Death benefits

      (1,062,465 )      (310,124 )      (679,543 )      (94,937 )      (249,467 ) 

Increase (decrease) from transactions

      1,643,898       (2,610,710 )      (4,766,134 )      (1,230,325 )      4,383,416  

Net assets at beginning of year

      77,773,676       14,760,729       37,448,829       11,445,304       20,879,542  

Net assets at end of year

    $ 82,044,059     $ 12,122,961     $ 32,864,293     $ 10,638,332     $ 25,373,006  
          
Accumulation unit activity           

Units outstanding at beginning of year

      62,275,813       14,811,065       28,406,351       18,489,807       18,390,468  

Units purchased

      8,492,964       1,418,989       663,147       409,207       4,798,284  

Units redeemed

      (7,226,866 )      (4,144,981 )      (4,281,765 )      (2,363,402 )      (950,054 ) 

Units outstanding at end of year

      63,541,911       12,085,073       24,787,733       16,535,612       22,238,698  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     51  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    CTIVP BR Gl
Infl Prot Sec,
Cl 2		     CTIVP BR Gl
Infl Prot Sec,
Cl 3		     CTIVP
CenterSquare
Real Est,
Cl 2		     CTIVP
MFS Val,
Cl 2		     CTIVP Prin
Blue Chip Gro,
Cl 1		  
Operations           

Investment income (loss) — net

    $ 127,363     $ 406,909     $ 288,223     $ (892,659 )    $ (1,059,464 ) 

Net realized gain (loss) on sales of investments

      (1,254,421 )      (3,310,462 )      (943,887 )      4,378,592       14,100,270  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      681,712       2,088,873       2,528,174       4,272,879       8,102,016  

Net increase (decrease) in net assets resulting from operations

      (445,346 )      (814,680 )      1,872,510       7,758,812       21,142,822  
          
Contract transactions           

Contract purchase payments

      614,497       118,635       1,299,715       6,606,597       830,252  

Net transfers(1)

      (1,553,746 )      113,912       (784,511 )      1,798,581       (3,382,348 ) 

Transfers for policy loans

      813       14,330       2,115       (21,738 )      (19,268 ) 

Adjustments to net assets allocated to contracts in payment period

      —       16,838       —       —       (3,601 ) 

Contract charges

      (4,018 )      (124,975 )      (7,214 )      (55,959 )      (88,801 ) 

Contract terminations:

           

Surrender benefits

      (1,617,513 )      (4,217,151 )      (1,762,123 )      (5,228,279 )      (15,131,202 ) 

Death benefits

      (322,491 )      (1,279,690 )      (378,068 )      (1,671,416 )      (1,507,912 ) 

Increase (decrease) from transactions

      (2,882,458 )      (5,358,101 )      (1,630,086 )      1,427,786       (19,302,880 ) 

Net assets at beginning of year

      21,069,917       45,398,735       22,630,736       75,303,146       111,832,827  

Net assets at end of year

    $ 17,742,113     $ 39,225,954     $ 22,873,160     $ 84,489,744     $ 113,672,769  
          
Accumulation unit activity           

Units outstanding at beginning of year

      17,709,544       30,733,916       10,611,230       21,938,945       41,831,487  

Units purchased

      609,333       441,504       656,031       3,190,851       282,784  

Units redeemed

      (3,043,378 )      (4,109,114 )      (1,359,864 )      (2,745,588 )      (6,780,709 ) 

Units outstanding at end of year

      15,275,499       27,066,306       9,907,397       22,384,208       35,333,562  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    CTIVP Prin
Blue Chip Gro,
Cl 2		     CTIVP T Rowe
Price LgCap Val,
Cl 2		     CTIVP TCW
Core Plus Bond,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 3		  
Operations           

Investment income (loss) — net

    $ (644,412 )    $ (495,265 )    $ 568,715     $ (757,933 )    $ (408,925 ) 

Net realized gain (loss) on sales of investments

      3,898,898       1,978,755       (304,890 )      3,645,676       3,602,435  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      7,354,326       2,907,196       (419,123 )      2,720,226       562,246  

Net increase (decrease) in net assets resulting from operations

      10,608,812       4,390,686       (155,298 )      5,607,969       3,755,756  
          
Contract transactions           

Contract purchase payments

      3,884,105       1,511,163       1,585,490       4,739,972       297,348  

Net transfers(1)

      487,785       632,305       3,772,962       684,052       (243,997 ) 

Transfers for policy loans

      (20,193 )      954       (43 )      (3,543 )      4,646  

Adjustments to net assets allocated to contracts in payment period

      —       (4,669 )      —       —       (22,972 ) 

Contract charges

      (67,007 )      (42,779 )      (34,198 )      (36,354 )      (26,097 ) 

Contract terminations:

           

Surrender benefits

      (3,969,947 )      (2,855,538 )      (1,228,040 )      (5,338,451 )      (5,234,558 ) 

Death benefits

      (607,485 )      (1,079,706 )      (102,991 )      (1,239,934 )      (295,557 ) 

Increase (decrease) from transactions

      (292,742 )      (1,838,270 )      3,993,180       (1,194,258 )      (5,521,187 ) 

Net assets at beginning of year

      53,450,643       42,260,439       19,441,798       66,317,706       43,663,617  

Net assets at end of year

    $ 63,766,713     $ 44,812,855     $ 23,279,680     $ 70,731,417     $ 41,898,186  
          
Accumulation unit activity           

Units outstanding at beginning of year

      10,303,109       13,904,219       18,366,435       15,977,681       9,202,354  

Units purchased

      1,047,402       847,090       5,187,747       1,790,667       130,327  

Units redeemed

      (1,116,142 )      (1,367,074 )      (1,505,028 )      (1,878,626 )      (1,215,597 ) 

Units outstanding at end of year

      10,234,369       13,384,235       22,049,154       15,889,722       8,117,084  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     53  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    CTIVP
Westfield
Mid Cap Gro,
Cl 2		     CTIVP
Westfield
Sel Lg Cp Gr,
Cl 2		     CVT EAFE
Intl Index,
Cl F		     CVT Nasdaq
100 Index,
Cl F		     CVT Russ 2000
Sm Cap Ind,
Cl F		  
Operations           

Investment income (loss) — net

    $ (320,093 )    $ (280,893 )    $ 84,921     $ (92,089 )    $ 37,498  

Net realized gain (loss) on sales of investments

      2,596,008       722,327       58,617       329,459       92,559  

Distributions from capital gains

      —       —       —       1,254,779       173,163  

Net change in unrealized appreciation (depreciation) of investments

      2,168,361       5,424,960       (132,221 )      1,559,184       282,331  

Net increase (decrease) in net assets resulting from operations

      4,444,276       5,866,394       11,317       3,051,333       585,551  
          
Contract transactions           

Contract purchase payments

      1,811,750       728,283       1,724,756       11,043,889       5,265,563  

Net transfers(1)

      (1,222,804 )      (2,497,728 )      355,612       731,698       430,551  

Transfers for policy loans

      (2,751 )      (7,457 )      (418 )      (683 )      (691 ) 

Adjustments to net assets allocated to contracts in payment period

      —       —       —       —       —  

Contract charges

      (20,656 )      (21,943 )      (1,980 )      (5,075 )      (4,255 ) 

Contract terminations:

           

Surrender benefits

      (2,553,591 )      (1,685,440 )      (58,411 )      (299,742 )      (131,872 ) 

Death benefits

      (609,894 )      (241,289 )      (408,188 )      (266,278 )      (518,600 ) 

Increase (decrease) from transactions

      (2,597,946 )      (3,725,574 )      1,611,371       11,203,809       5,040,696  

Net assets at beginning of year

      29,091,718       24,647,273       3,179,759       9,295,341       4,725,698  

Net assets at end of year

    $ 30,938,048     $ 26,788,093     $ 4,802,447     $ 23,550,483     $ 10,351,945  
          
Accumulation unit activity           

Units outstanding at beginning of year

      7,552,699       6,283,350       2,801,182       7,194,537       4,331,815  

Units purchased

      568,308       179,606       1,973,502       9,295,234       5,752,811  

Units redeemed

      (1,159,466 )      (1,027,370 )      (622,121 )      (1,745,552 )      (1,443,471 ) 

Units outstanding at end of year

      6,961,541       5,435,586       4,152,563       14,744,219       8,641,155  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    DWS Alt Asset
Alloc VIP,
Cl B		     EV VT
Floating-Rate Inc,
Init Cl		     Fid VIP
Contrafund,
Serv Cl 2		     Fid VIP
Emer Mkts,
Serv Cl 2		     Fid VIP
Energy,
Serv Cl 2		  
Operations           

Investment income (loss) — net

    $ 359,169     $ 5,440,176     $ (5,725,869 )    $ 6,684     $ 29,863  

Net realized gain (loss) on sales of investments

      (141,734 )      (678,405 )      32,417,282       79,913       33,004  

Distributions from capital gains

      9,195       —       72,032,556       —       —  

Net change in unrealized appreciation (depreciation) of investments

      436,082       347,882       59,313,515       83,672       (4,938 ) 

Net increase (decrease) in net assets resulting from operations

      662,712       5,109,653       158,037,484       170,269       57,929  
          
Contract transactions           

Contract purchase payments

      755,512       2,299,802       24,474,464       534,363       540,039  

Net transfers(1)

      268,235       (1,789,752 )      (833,368 )      (13,466 )      (11,060 ) 

Transfers for policy loans

      4,336       7,677       (29,993 )      —       (321 ) 

Adjustments to net assets allocated to contracts in payment period

      (1,587 )      (31,901 )      (184,106 )      —       —  

Contract charges

      (6,790 )      (56,957 )      (248,002 )      (964 )      (2,194 ) 

Contract terminations:

           

Surrender benefits

      (1,705,111 )      (8,135,126 )      (62,501,380 )      (28,060 )      (84,603 ) 

Death benefits

      (210,788 )      (1,540,762 )      (9,503,982 )      (51,583 )      (20,189 ) 

Increase (decrease) from transactions

      (896,193 )      (9,247,019 )      (48,826,367 )      440,290       421,672  

Net assets at beginning of year

      16,054,702       80,842,234       507,551,284       1,892,985       2,295,218  

Net assets at end of year

    $ 15,821,221     $ 76,704,868     $ 616,762,401     $ 2,503,544     $ 2,774,819  
          
Accumulation unit activity           

Units outstanding at beginning of year

      13,734,431       50,309,582       123,150,326       1,829,144       1,982,168  

Units purchased

      1,049,203       2,115,182       8,477,793       823,120       577,282  

Units redeemed

      (1,787,042 )      (7,524,371 )      (16,541,396 )      (425,140 )      (230,803 ) 

Units outstanding at end of year

      12,996,592       44,900,393       115,086,723       2,227,124       2,328,647  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     55  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Fid VIP
Gro & Inc,
Serv Cl		     Fid VIP
Gro & Inc,
Serv Cl 2		     Fid VIP
Gro Opp,
Serv Cl 2		     Fid VIP Intl
Cap Appr,
Serv Cl 2		     Fid VIP
Invest Gr,
Serv Cl 2		  
Operations           

Investment income (loss) — net

    $ 209,772     $ 406,385     $ (177,258 )    $ (14,874 )    $ 354,875  

Net realized gain (loss) on sales of investments

      2,743,588       5,357,337       444,520       130,100       15,228  

Distributions from capital gains

      2,782,505       7,241,346       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      2,377,045       6,708,229       4,551,818       122,941       (336,484 ) 

Net increase (decrease) in net assets resulting from operations

      8,112,910       19,713,297       4,819,080       238,167       33,619  
          
Contract transactions           

Contract purchase payments

      293,257       5,300,628       12,197,534       3,933,099       6,010,951  

Net transfers(1)

      (172,022 )      (1,708,560 )      444,797       332,646       2,236,249  

Transfers for policy loans

      32,296       (34,347 )      —       2,468       (2,246 ) 

Adjustments to net assets allocated to contracts in payment period

      47,251       (77,358 )      —       —       —  

Contract charges

      (8,314 )      (71,332 )      (7,282 )      (1,349 )      (2,834 ) 

Contract terminations:

           

Surrender benefits

      (4,972,804 )      (9,341,113 )      (404,759 )      (182,316 )      (362,060 ) 

Death benefits

      (854,469 )      (1,170,579 )      (32,383 )      (41,689 )      (58,905 ) 

Increase (decrease) from transactions

      (5,634,805 )      (7,102,661 )      12,197,907       4,042,859       7,821,155  

Net assets at beginning of year

      40,195,370       96,518,762       8,689,130       3,797,974       7,861,681  

Net assets at end of year

    $ 42,673,475     $ 109,129,398     $ 25,706,117     $ 8,079,000     $ 15,716,455  
          
Accumulation unit activity           

Units outstanding at beginning of year

      10,014,343       23,415,642       7,195,876       3,267,096       7,882,190  

Units purchased

      71,867       2,221,681       9,289,528       3,966,719       8,331,506  

Units redeemed

      (1,327,353 )      (2,894,218 )      (966,075 )      (731,693 )      (528,282 ) 

Units outstanding at end of year

      8,758,857       22,743,105       15,519,329       6,502,122       15,685,414  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Fid VIP
Mid Cap,
Serv Cl		     Fid VIP
Mid Cap,
Serv Cl 2		     Fid VIP
Overseas,
Serv Cl		     Fid VIP
Overseas,
Serv Cl 2		     Fid VIP
Strategic Inc,
Serv Cl 2		  
Operations           

Investment income (loss) — net

    $ (253,515 )    $ (2,197,886 )    $ 74,637     $ 208,381     $ 4,747,521  

Net realized gain (loss) on sales of investments

      1,922,959       7,173,150       363,401       1,439,699       (1,024,581 ) 

Distributions from capital gains

      8,191,569       47,308,274       445,533       1,969,697       —  

Net change in unrealized appreciation (depreciation) of investments

      (146,038 )      262,410       (491,691 )      (2,023,394 )      4,168,958  

Net increase (decrease) in net assets resulting from operations

      9,714,975       52,545,948       391,880       1,594,383       7,891,898  
          
Contract transactions           

Contract purchase payments

      261,792       10,082,303       60,395       352,754       9,342,290  

Net transfers(1)

      (1,238,735 )      (1,451,775 )      626,415       4,017,968       25,373,325  

Transfers for policy loans

      13,024       (14,789 )      (2,433 )      4,823       (13,524 ) 

Adjustments to net assets allocated to contracts in payment period

      (5,976 )      (156,246 )      (4,629 )      19,527       (68,892 ) 

Contract charges

      (13,756 )      (249,667 )      (1,950 )      (28,788 )      (53,631 ) 

Contract terminations:

           

Surrender benefits

      (6,329,029 )      (35,368,681 )      (1,025,536 )      (4,674,856 )      (16,797,224 ) 

Death benefits

      (672,834 )      (5,451,609 )      (148,133 )      (336,487 )      (2,888,233 ) 

Increase (decrease) from transactions

      (7,985,514 )      (32,610,464 )      (495,871 )      (645,059 )      14,894,111  

Net assets at beginning of year

      62,092,008       337,242,419       9,498,088       40,197,551       162,986,893  

Net assets at end of year

    $ 63,821,469     $ 357,177,903     $ 9,394,097     $ 41,146,875     $ 185,772,902  
          
Accumulation unit activity           

Units outstanding at beginning of year

      5,939,292       65,758,963       4,138,976       16,513,637       134,873,909  

Units purchased

      23,792       2,624,794       285,771       1,781,071       28,093,961  

Units redeemed

      (724,191 )      (8,387,593 )      (486,353 )      (1,959,433 )      (16,165,071 ) 

Units outstanding at end of year

      5,238,893       59,996,164       3,938,394       16,335,275       146,802,799  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     57  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Frank Global
Real Est,
Cl 2		     Frank
Inc,
Cl 2		     Frank
Inc,
Cl 4		     Frank Mutual
Gbl Dis,
Cl 4		     Frank Mutual
Shares,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 416,175     $ 2,481,070     $ 381,857     $ 3,988     $ 609,928  

Net realized gain (loss) on sales of investments

      (1,967,355 )      (562,885 )      8,307       1,226       (255,170 ) 

Distributions from capital gains

      —       256,069       38,900       44,199       1,268,270  

Net change in unrealized appreciation (depreciation) of investments

      1,015,447       1,370,654       12,494       (32,473 )      4,555,926  

Net increase (decrease) in net assets resulting from operations

      (535,733 )      3,544,908       441,558       16,940       6,178,954  
          
Contract transactions           

Contract purchase payments

      384,532       350,372       3,394,340       100,282       424,064  

Net transfers(1)

      133,634       2,329,764       2,857,675       12,777       (1,575,618 ) 

Transfers for policy loans

      25,334       9,122       —       —       23,444  

Adjustments to net assets allocated to contracts in payment period

      (22,489 )      (15,946 )      —       —       30,137  

Contract charges

      (36,321 )      (25,010 )      (1,820 )      (102 )      (35,110 ) 

Contract terminations:

           

Surrender benefits

      (4,311,364 )      (5,864,358 )      (460,937 )      (5,489 )      (6,269,607 ) 

Death benefits

      (599,115 )      (1,313,548 )      (142,127 )      (7,188 )      (988,422 ) 

Increase (decrease) from transactions

      (4,425,789 )      (4,529,604 )      5,647,131       100,280       (8,391,112 ) 

Net assets at beginning of year

      46,208,752       60,747,282       6,033,903       496,473       62,314,708  

Net assets at end of year

    $ 41,247,230     $ 59,762,586     $ 12,122,592     $ 613,693     $ 60,102,550  
          
Accumulation unit activity           

Units outstanding at beginning of year

      19,107,484       38,683,322       5,804,751       420,971       23,727,834  

Units purchased

      535,698       3,114,120       5,909,979       92,862       181,816  

Units redeemed

      (2,198,347 )      (5,970,367 )      (725,629 )      (11,290 )      (3,151,943 ) 

Units outstanding at end of year

      17,444,835       35,827,075       10,989,101       502,543       20,757,707  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Frank
Sm Cap Val,
Cl 2		     Frank
Sm Cap Val,
Cl 4		     GS VIT
Mid Cap Val,
Inst		     GS VIT
Multi-Strategy Alt,
Advisor		     GS VIT
Multi-Strategy Alt,
Serv		  
Operations           

Investment income (loss) — net

    $ (43,906 )    $ (10,938 )    $ 123,385     $ 138,850     $ 30,443  

Net realized gain (loss) on sales of investments

      (1,044,373 )      21,205       1,493,445       (22,481 )      572  

Distributions from capital gains

      2,596,381       80,915       5,954,818       —       —  

Net change in unrealized appreciation (depreciation) of investments

      9,878,323       274,331       3,953,693       71,972       (4,619 ) 

Net increase (decrease) in net assets resulting from operations

      11,386,425       365,513       11,525,341       188,341       26,396  
          
Contract transactions           

Contract purchase payments

      601,798       1,515,422       461,018       42,285       405,796  

Net transfers(1)

      (2,158,681 )      225,057       (2,140,727 )      180,996       156,621  

Transfers for policy loans

      11,083       —       18,391       98       —  

Adjustments to net assets allocated to contracts in payment period

      65,097       —       (77,678 )      (264 )      —  

Contract charges

      (55,080 )      (601 )      (95,160 )      (2,981 )      (304 ) 

Contract terminations:

           

Surrender benefits

      (12,300,002 )      (214,788 )      (11,833,015 )      (569,918 )      (33,245 ) 

Death benefits

      (1,128,319 )      (92,691 )      (1,210,830 )      (197,495 )      —  

Increase (decrease) from transactions

      (14,964,104 )      1,432,399       (14,878,001 )      (547,279 )      528,868  

Net assets at beginning of year

      114,080,355       3,128,554       106,603,285       9,647,383       1,078,097  

Net assets at end of year

    $ 110,502,676     $ 4,926,466     $ 103,250,625     $ 9,288,445     $ 1,633,361  
          
Accumulation unit activity           

Units outstanding at beginning of year

      22,656,414       2,838,789       13,863,863       9,707,552       1,051,947  

Units purchased

      201,104       1,579,911       61,183       508,894       539,111  

Units redeemed

      (3,332,899 )      (370,401 )      (1,873,259 )      (1,056,894 )      (31,735 ) 

Units outstanding at end of year

      19,524,619       4,048,299       12,051,787       9,159,552       1,559,323  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     59  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    GS VIT Sm Cap
Eq Insights,
Inst		     GS VIT Sm Cap
Eq Insights,
Serv		     GS VIT U.S.
Eq Insights,
Inst		     Invesco VI
Am Fran,
Ser I		     Invesco VI
Am Fran,
Ser II		  
Operations           

Investment income (loss) — net

    $ 6,394     $ 1,146     $ (250,369 )    $ (120,996 )    $ (393,471 ) 

Net realized gain (loss) on sales of investments

      63,000       22,136       4,846,320       633,405       2,012,582  

Distributions from capital gains

      399,162       197,638       13,502,553       —       —  

Net change in unrealized appreciation (depreciation) of investments

      353,411       (5,564 )      5,706,489       3,668,159       11,105,866  

Net increase (decrease) in net assets resulting from operations

      821,967       215,356       23,804,993       4,180,568       12,724,977  
          
Contract transactions           

Contract purchase payments

      32,616       1,496,325       285,268       54,012       141,561  

Net transfers(1)

      127,074       24,622       (4,024,914 )      (289,483 )      (3,188,838 ) 

Transfers for policy loans

      788       —       (15,347 )      2,073       7,771  

Adjustments to net assets allocated to contracts in payment period

      (2,640 )      —       (87,486 )      (2,604 )      714  

Contract charges

      (1,146 )      (999 )      (131,772 )      (3,959 )      (110,536 ) 

Contract terminations:

           

Surrender benefits

      (448,422 )      (23,667 )      (10,394,134 )      (1,886,887 )      (4,819,368 ) 

Death benefits

      (39,775 )      (13,353 )      (1,761,881 )      (69,655 )      (1,029,457 ) 

Increase (decrease) from transactions

      (331,505 )      1,482,928       (16,130,266 )      (2,196,503 )      (8,998,153 ) 

Net assets at beginning of year

      4,602,374       1,007,890       93,869,613       13,220,081       41,826,767  

Net assets at end of year

    $ 5,092,836     $ 2,706,174     $ 101,544,340     $ 15,204,146     $ 45,553,591  
          
Accumulation unit activity           

Units outstanding at beginning of year

      901,219       902,304       23,461,140       3,516,542       11,541,446  

Units purchased

      29,227       1,407,452       112,607       12,595       38,042  

Units redeemed

      (86,245 )      (246,995 )      (3,630,351 )      (507,341 )      (2,151,312 ) 

Units outstanding at end of year

      844,201       2,062,761       19,943,396       3,021,796       9,428,176  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Invesco VI Bal
Risk Alloc,
Ser II		     Invesco VI
Comstock,
Ser II		     Invesco VI
Core Eq,
Ser I		     Invesco VI
Core Plus Bond,
Ser II		     Invesco VI Dis
Mid Cap Gro,
Ser I		  
Operations           

Investment income (loss) — net

    $ 1,329,967     $ 576,744     $ (420,526 )    $ 177,432     $ (147,716 ) 

Net realized gain (loss) on sales of investments

      (890,777 )      4,015,262       1,776,956       24,078       (71,333 ) 

Distributions from capital gains

      —       6,938,696       6,063,473       —       —  

Net change in unrealized appreciation (depreciation) of investments

      342,932       1,298,638       8,169,956       (133,924 )      3,772,817  

Net increase (decrease) in net assets resulting from operations

      782,122       12,829,340       15,589,859       67,586       3,553,768  
          
Contract transactions           

Contract purchase payments

      977,995       2,502,946       266,723       2,951,766       90,839  

Net transfers(1)

      (1,338,982 )      (853,466 )      (456,004 )      468,288       5,511  

Transfers for policy loans

      815       5,771       21,395       —       1,546  

Adjustments to net assets allocated to contracts in payment period

      (21,218 )      12,348       (245,930 )      —       (11,197 ) 

Contract charges

      (10,804 )      (180,998 )      (26,270 )      (892 )      (8,137 ) 

Contract terminations:

           

Surrender benefits

      (2,713,066 )      (10,529,727 )      (7,005,238 )      (119,887 )      (1,652,855 ) 

Death benefits

      (423,468 )      (1,918,117 )      (984,793 )      (18,973 )      (179,974 ) 

Increase (decrease) from transactions

      (3,528,728 )      (10,961,243 )      (8,430,117 )      3,280,302       (1,754,267 ) 

Net assets at beginning of year

      29,097,573       95,815,925       67,843,906       3,735,421       15,944,650  

Net assets at end of year

    $ 26,350,967     $ 97,684,022     $ 75,003,648     $ 7,083,309     $ 17,744,151  
          
Accumulation unit activity           

Units outstanding at beginning of year

      22,516,307       25,313,582       12,684,044       3,781,537       11,608,475  

Units purchased

      783,680       885,130       48,064       3,689,256       152,474  

Units redeemed

      (3,417,718 )      (3,385,495 )      (1,408,336 )      (418,358 )      (1,272,391 ) 

Units outstanding at end of year

      19,882,269       22,813,217       11,323,772       7,052,435       10,488,558  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     61  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Invesco VI Dis
Mid Cap Gro,
Ser II		     Invesco VI
Div Divd,
Ser I		     Invesco VI
Div Divd,
Ser II		     Invesco VI
EQV Intl Eq,
Ser II		     Invesco VI
Global,
Ser II		  
Operations           

Investment income (loss) — net

    $ (102,137 )    $ 170,370     $ 56,920     $ 218,649     $ (1,285,518 ) 

Net realized gain (loss) on sales of investments

      (184,506 )      343,137       164,228       611,531       1,348,186  

Distributions from capital gains

      —       695,432       370,386       190,831       7,673,292  

Net change in unrealized appreciation (depreciation) of investments

      2,483,478       845,085       459,332       (1,097,519 )      9,859,143  

Net increase (decrease) in net assets resulting from operations

      2,196,835       2,054,024       1,050,866       (76,508 )      17,595,103  
          
Contract transactions           

Contract purchase payments

      64,206       105,162       68,962       293,518       2,659,302  

Net transfers(1)

      69,623       (421,520 )      (53,681 )      (323,938 )      (1,601,929 ) 

Transfers for policy loans

      11,085       625       679       (2,158 )      15,148  

Adjustments to net assets allocated to contracts in payment period

      —       (12,103 )      (4,755 )      (2,939 )      1,618  

Contract charges

      (6,633 )      (10,402 )      (5,931 )      (30,367 )      (67,797 ) 

Contract terminations:

           

Surrender benefits

      (1,116,312 )      (1,986,378 )      (1,384,716 )      (4,124,889 )      (12,195,452 ) 

Death benefits

      (94,959 )      (228,604 )      (62,548 )      (490,459 )      (1,790,709 ) 

Increase (decrease) from transactions

      (1,072,990 )      (2,553,220 )      (1,441,990 )      (4,681,232 )      (12,979,819 ) 

Net assets at beginning of year

      10,147,822       17,682,948       9,457,235       38,320,571       123,101,871  

Net assets at end of year

    $ 11,271,667     $ 17,183,752     $ 9,066,111     $ 33,562,831     $ 127,717,155  
          
Accumulation unit activity           

Units outstanding at beginning of year

      7,519,630       6,441,653       3,624,138       17,007,896       33,561,073  

Units purchased

      168,183       36,113       54,861       157,198       863,725  

Units redeemed

      (883,848 )      (901,224 )      (572,047 )      (2,184,445 )      (4,215,680 ) 

Units outstanding at end of year

      6,803,965       5,576,542       3,106,952       14,980,649       30,209,118  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Invesco VI
Gbl Strat Inc,
Ser II		     Invesco VI
Hlth,
Ser II		     Invesco VI
Main St,
Ser II		     Invesco VI
Mn St Sm Cap,
Ser II		     Invesco VI
Tech,
Ser I		  
Operations           

Investment income (loss) — net

    $ 2,063,456     $ (298,755 )    $ (24,324 )    $ (1,045,761 )    $ (239,661 ) 

Net realized gain (loss) on sales of investments

      (2,437,444 )      115,686       (50,267 )      2,270,666       663,414  

Distributions from capital gains

      —       —       252,993       3,865,240       1,196,041  

Net change in unrealized appreciation (depreciation) of investments

      2,496,003       1,450,496       309,843       5,925,127       6,251,697  

Net increase (decrease) in net assets resulting from operations

      2,122,015       1,267,427       488,245       11,015,272       7,871,491  
          
Contract transactions           

Contract purchase payments

      648,655       249,868       21,715       4,352,097       183,909  

Net transfers(1)

      1,991,275       (1,149,309 )      (3,075 )      4,336,395       179,606  

Transfers for policy loans

      10,694       (6,955 )      —       (9,202 )      (9,786 ) 

Adjustments to net assets allocated to contracts in payment period

      (51,007 )      (26,061 )      (2,057 )      22,364       144,212  

Contract charges

      (149,023 )      (17,916 )      (1,346 )      (46,330 )      (32,581 ) 

Contract terminations:

           

Surrender benefits

      (11,542,887 )      (3,997,944 )      (208,323 )      (9,124,882 )      (2,960,211 ) 

Death benefits

      (2,623,650 )      (369,155 )      (14,403 )      (1,299,430 )      (332,770 ) 

Increase (decrease) from transactions

      (11,715,943 )      (5,317,472 )      (207,489 )      (1,768,988 )      (2,827,621 ) 

Net assets at beginning of year

      123,482,676       32,073,429       2,298,767       98,221,068       24,846,217  

Net assets at end of year

    $ 113,888,748     $ 28,023,384     $ 2,579,523     $ 107,467,352     $ 29,890,087  
          
Accumulation unit activity           

Units outstanding at beginning of year

      78,192,377       10,054,430       1,306,838       23,472,165       7,330,076  

Units purchased

      1,906,670       88,234       82,192       2,103,976       143,611  

Units redeemed

      (9,338,248 )      (1,605,196 )      (190,367 )      (2,590,851 )      (906,353 ) 

Units outstanding at end of year

      70,760,799       8,537,468       1,198,663       22,985,290       6,567,334  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     63  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Invesco VI
Tech,
Ser II		     Janus
Henderson
VIT Bal,
Serv		     Janus
Henderson
VIT Enter,
Serv		     Janus
Henderson
VIT Flex Bd,
Serv		     Janus
Henderson
VIT Forty,
Serv		  
Operations           

Investment income (loss) — net

    $ (59,436 )    $ 1,084,182     $ (29,861 )    $ 1,974,243     $ (41,965 ) 

Net realized gain (loss) on sales of investments

      120,633       3,172,006       489,883       (1,076,069 )      135,058  

Distributions from capital gains

      336,090       —       645,600       —       230,666  

Net change in unrealized appreciation (depreciation) of investments

      1,106,935       14,496,416       866,155       (561,998 )      483,877  

Net increase (decrease) in net assets resulting from operations

      1,504,222       18,752,604       1,971,777       336,176       807,636  
          
Contract transactions           

Contract purchase payments

      2,903,287       12,522,720       69,465       4,170,143       2,019,110  

Net transfers(1)

      231,133       6,493,166       (92,788 )      8,069,302       356,294  

Transfers for policy loans

      (269 )      (30,128 )      16,354       (7,207 )      —  

Adjustments to net assets allocated to contracts in payment period

      —       (118,527 )      (7,200 )      —       —  

Contract charges

      (1,449 )      (47,267 )      (3,832 )      (16,419 )      (2,253 ) 

Contract terminations:

           

Surrender benefits

      (82,086 )      (10,301,774 )      (1,833,920 )      (5,602,310 )      (52,091 ) 

Death benefits

      (27,601 )      (3,190,405 )      (63,932 )      (626,381 )      (49,829 ) 

Increase (decrease) from transactions

      3,023,015       5,327,785       (1,915,853 )      5,987,128       2,271,231  

Net assets at beginning of year

      3,407,874       132,210,386       14,534,374       57,033,217       2,426,944  

Net assets at end of year

    $ 7,935,111     $ 156,290,775     $ 14,590,298     $ 63,356,521     $ 5,505,811  
          
Accumulation unit activity           

Units outstanding at beginning of year

      2,929,383       89,611,176       4,827,986       54,461,244       2,031,176  

Units purchased

      2,755,277       13,260,269       71,913       11,737,572       2,077,467  

Units redeemed

      (535,192 )      (9,768,741 )      (664,104 )      (6,070,454 )      (471,275 ) 

Units outstanding at end of year

      5,149,468       93,102,704       4,235,795       60,128,362       3,637,368  

 

(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 VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Janus Hend
VIT Gbl
Tech Innov,
Srv		     Janus
Henderson
VIT Overseas,
Serv		     Janus
Henderson
VIT Res,
Serv		     Lazard Ret
Emer Mkts Eq,
Serv		     Lazard Ret
Global Dyn MA,
Serv		  
Operations           

Investment income (loss) — net

    $ (348,445 )    $ 105,286     $ (687,626 )    $ 19,564     $ (102,527 ) 

Net realized gain (loss) on sales of investments

      2,268,282       495,222       3,789,000       2,665       6,271  

Distributions from capital gains

      —       —       2,032,906       —       —  

Net change in unrealized appreciation (depreciation) of investments

      8,358,473       245,091       13,959,345       6,212       806,280  

Net increase (decrease) in net assets resulting from operations

      10,278,310       845,599       19,093,625       28,441       710,024  
          
Contract transactions           

Contract purchase payments

      2,936,021       1,920,825       331,848       471,717       76,356  

Net transfers(1)

      715,092       1,878,140       (834,170 )      85,466       (345,159 ) 

Transfers for policy loans

      8,391       (6,718 )      8,259       —       (1,838 ) 

Adjustments to net assets allocated to contracts in payment period

      (24,409 )      (116,351 )      (9,943 )      —       —  

Contract charges

      (14,923 )      (9,776 )      (51,194 )      (204 )      (3,390 ) 

Contract terminations:

           

Surrender benefits

      (4,166,798 )      (1,604,385 )      (5,615,324 )      (13,660 )      (578,539 ) 

Death benefits

      (188,659 )      (171,043 )      (842,989 )      —       (549,338 ) 

Increase (decrease) from transactions

      (735,285 )      1,890,692       (7,013,513 )      543,319       (1,401,908 ) 

Net assets at beginning of year

      33,979,779       20,209,312       58,985,179       374,232       10,001,124  

Net assets at end of year

    $ 43,522,804     $ 22,945,603     $ 71,065,291     $ 945,992     $ 9,309,240  
          
Accumulation unit activity           

Units outstanding at beginning of year

      9,594,714       10,521,447       15,162,546       331,539       6,833,551  

Units purchased

      1,410,593       2,271,543       212,200       579,885       74,031  

Units redeemed

      (1,137,404 )      (911,045 )      (1,682,732 )      (122,007 )      (987,863 ) 

Units outstanding at end of year

      9,867,903       11,881,945       13,692,014       789,417       5,919,719  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     65  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Lord Abt
Bond Debenture,
Cl VC		     Lord Abt
Short Dur Inc,
Cl VC		     LVIP AC
Intl,
Serv Cl		     LVIP AC
Intl,
Std Cl II		     LVIP AC
Mid Cap Val,
Serv Cl		  
Operations           

Investment income (loss) — net

    $ 305,006     $ 458,883     $ 77,165     $ 46,563     $ 522,636  

Net realized gain (loss) on sales of investments

      4,358       4,746       275,191       87,815       254,763  

Distributions from capital gains

      —       —       —       —       1,780,581  

Net change in unrealized appreciation (depreciation) of investments

      (55,575 )      (44,316 )      (56,612 )      (6,493 )      176,601  

Net increase (decrease) in net assets resulting from operations

      253,789       419,313       295,744       127,885       2,734,581  
          
Contract transactions           

Contract purchase payments

      3,181,621       3,899,936       336,193       38,974       1,246,921  

Net transfers(1)

      472,769       475,294       (33,758 )      (179,942 )      (1,442,389 ) 

Transfers for policy loans

      —       (4,775 )      (4,879 )      4,614       3,682  

Adjustments to net assets allocated to contracts in payment period

      —       —       (11,709 )      (4,582 )      (7,078 ) 

Contract charges

      (1,341 )      (4,926 )      (11,213 )      (1,455 )      (19,592 ) 

Contract terminations:

           

Surrender benefits

      (168,672 )      (504,416 )      (1,574,006 )      (596,209 )      (3,833,490 ) 

Death benefits

      (417,891 )      (68,650 )      (199,533 )      (67,829 )      (383,358 ) 

Increase (decrease) from transactions

      3,066,486       3,792,463       (1,498,905 )      (806,429 )      (4,435,304 ) 

Net assets at beginning of year

      3,235,814       8,706,875       16,815,760       6,221,353       38,655,066  

Net assets at end of year

    $ 6,556,089     $ 12,918,651     $ 15,612,599     $ 5,542,809     $ 36,954,343  
          
Accumulation unit activity           

Units outstanding at beginning of year

      3,236,578       8,565,201       7,364,877       2,879,596       11,492,748  

Units purchased

      3,983,408       4,398,813       190,452       19,247       528,910  

Units redeemed

      (1,011,674 )      (746,468 )      (758,645 )      (377,841 )      (1,846,609 ) 

Units outstanding at end of year

      6,208,312       12,217,546       6,796,684       2,521,002       10,175,049  

 

(1) 

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

See accompanying notes to financial statements.

 

66   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    LVIP AC
Ultra,
Serv Cl		     LVIP AC
Val,
Serv Cl		     LVIP AC
Val,
Std Cl II		     LVIP JPM
US Eq,
Serv Cl		     Mac VIP
Asset Strategy,
Serv Cl		  
Operations           

Investment income (loss) — net

    $ (483,907 )    $ 3,036,226     $ 533,703     $ (29,764 )    $ 104,515  

Net realized gain (loss) on sales of investments

      3,370,109       5,989,933       1,316,953       109,549       (102,354 ) 

Distributions from capital gains

      4,563,151       10,090,398       1,563,403       196,533       474,237  

Net change in unrealized appreciation (depreciation) of investments

      5,090,019       (5,140,814 )      (1,189,346 )      572,959       892,322  

Net increase (decrease) in net assets resulting from operations

      12,539,372       13,975,743       2,224,713       849,277       1,368,720  
          
Contract transactions           

Contract purchase payments

      303,296       2,603,243       134,446       63,252       132,452  

Net transfers(1)

      (3,165,757 )      (6,356,239 )      (929,294 )      140,722       (324,463 ) 

Transfers for policy loans

      13,392       (20,020 )      13,423       —       —  

Adjustments to net assets allocated to contracts in payment period

      (120,166 )      (47,428 )      (33,176 )      —       (48,207 ) 

Contract charges

      (32,550 )      (85,635 )      (4,906 )      (2,858 )      (5,076 ) 

Contract terminations:

           

Surrender benefits

      (6,265,149 )      (17,168,793 )      (3,328,542 )      (44,070 )      (783,770 ) 

Death benefits

      (1,152,998 )      (2,998,663 )      (323,455 )      (52,953 )      (498,825 ) 

Increase (decrease) from transactions

      (10,419,932 )      (24,073,535 )      (4,471,504 )      104,093       (1,527,889 ) 

Net assets at beginning of year

      49,845,444       177,917,001       27,678,358       3,818,972       12,556,758  

Net assets at end of year

    $ 51,964,884     $ 167,819,209     $ 25,431,567     $ 4,772,342     $ 12,397,589  
          
Accumulation unit activity           

Units outstanding at beginning of year

      8,646,873       46,305,319       5,193,536       3,278,588       8,132,125  

Units purchased

      47,866       646,835       26,233       315,519       363,570  

Units redeemed

      (1,607,268 )      (6,853,152 )      (826,123 )      (246,876 )      (1,273,450 ) 

Units outstanding at end of year

      7,087,471       40,099,002       4,393,646       3,347,231       7,222,245  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     67  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Mac VIP
for Inc,
Serv Cl		     Mac VIP
Intl Core Eq,
Serv Cl(2)		     MFS Gbl
Real Est,
Serv Cl		     MFS
Intl Gro,
Serv Cl		     MFS Mass
Inv Gro Stock,
Serv Cl		  
Operations           

Investment income (loss) — net

    $ 85,657     $ 5,403     $ 9,681     $ (6,755 )    $ (549,179 ) 

Net realized gain (loss) on sales of investments

      683       798       7,375       70,799       1,815,711  

Distributions from capital gains

      —       2,430       —       14,407       6,306,139  

Net change in unrealized appreciation (depreciation) of investments

      (11,902 )      (30,159 )      (58,666 )      156,293       2,370,596  

Net increase (decrease) in net assets resulting from operations

      74,438       (21,528 )      (41,610 )      234,744       9,943,267  
          
Contract transactions           

Contract purchase payments

      530,845       81,597       631,290       2,303,608       335,429  

Net transfers(1)

      110,753       1,233,562       75,574       289,388       (2,691,064 ) 

Transfers for policy loans

      —       —       (332 )      —       (14,164 ) 

Adjustments to net assets allocated to contracts in payment period

      —       —       —       —       (3,072 ) 

Contract charges

      (46 )      (157 )      (637 )      (1,554 )      (30,370 ) 

Contract terminations:

           

Surrender benefits

      (26,063 )      (8,581 )      (80,211 )      (69,579 )      (6,981,242 ) 

Death benefits

      —       (4,653 )      —       (147,926 )      (973,762 ) 

Increase (decrease) from transactions

      615,489       1,301,768       625,684       2,373,937       (10,358,245 ) 

Net assets at beginning of year

      973,830       —       1,029,350       2,961,867       70,050,733  

Net assets at end of year

    $ 1,663,757     $ 1,280,240     $ 1,613,424     $ 5,570,548     $ 69,635,755  
          
Accumulation unit activity           

Units outstanding at beginning of year

      911,900       —       1,148,178       2,679,935       26,423,354  

Units purchased

      598,902       1,308,056       1,128,078       2,534,445       121,486  

Units redeemed

      (27,827 )      (12,924 )      (403,490 )      (530,076 )      (3,692,103 ) 

Units outstanding at end of year

      1,482,975       1,295,132       1,872,766       4,684,304       22,852,737  

 

(1) 

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

 

(2) 

For the period April 26, 2024 (commencement of operations) to December 31, 2024.

See accompanying notes to financial statements.

 

68   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    MFS
New Dis,
Serv Cl		     MFS
Research Intl,
Serv Cl		     MFS
Utilities,
Serv Cl		     MS
VIF Dis,
Cl II		     NB AMT
Sus Eq,
Cl S		  
Operations           

Investment income (loss) — net

    $ (249,928 )    $ 10,280     $ 1,397,151     $ (696,093 )    $ (196,056 ) 

Net realized gain (loss) on sales of investments

      (1,717,320 )      47,247       2,443,216       (14,440,417 )      987,706  

Distributions from capital gains

      —       —       3,677,529       —       913,000  

Net change in unrealized appreciation (depreciation) of investments

      3,573,226       (48,743 )      5,021,507       38,863,121       2,384,577  

Net increase (decrease) in net assets resulting from operations

      1,605,978       8,784       12,539,403       23,726,611       4,089,227  
          
Contract transactions           

Contract purchase payments

      154,374       1,035,445       2,895,408       2,147,977       242,359  

Net transfers(1)

      (1,277,299 )      152,708       (3,773,988 )      (8,538,130 )      (1,149,167 ) 

Transfers for policy loans

      1,710       (4,586 )      (7,560 )      (6,984 )      7,471  

Adjustments to net assets allocated to contracts in payment period

      (17,482 )      —       (46,847 )      (11,379 )      —  

Contract charges

      (17,492 )      (1,072 )      (72,460 )      (34,295 )      (6,127 ) 

Contract terminations:

           

Surrender benefits

      (2,941,716 )      (176,187 )      (15,062,828 )      (5,688,201 )      (660,995 ) 

Death benefits

      (276,981 )      (38,607 )      (2,304,492 )      (1,128,005 )      (419,041 ) 

Increase (decrease) from transactions

      (4,374,886 )      967,701       (18,372,767 )      (13,259,017 )      (1,985,500 ) 

Net assets at beginning of year

      30,053,230       1,821,180       128,926,512       66,635,644       17,390,450  

Net assets at end of year

    $ 27,284,322     $ 2,797,665     $ 123,093,148     $ 77,103,238     $ 19,494,177  
          
Accumulation unit activity           

Units outstanding at beginning of year

      8,074,376       1,693,052       30,874,726       18,520,966       4,557,532  

Units purchased

      43,291       1,287,632       788,416       565,473       98,048  

Units redeemed

      (1,168,893 )      (424,546 )      (5,099,291 )      (3,811,156 )      (551,616 ) 

Units outstanding at end of year

      6,948,774       2,556,138       26,563,851       15,275,283       4,103,964  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     69  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    PIMCO VIT
All Asset,
Advisor Cl		     PIMCO VIT
Glb Man As Alloc,
Adv Cl		     PIMCO VIT
Tot Return,
Advisor Cl		     Put VT
Global Hlth Care,
Cl IB		     Put VT
Intl Eq,
Cl IB		  
Operations           

Investment income (loss) — net

    $ 2,532,826     $ 130,485     $ 1,920,695     $ (111,288 )    $ 131,185  

Net realized gain (loss) on sales of investments

      (1,375,904 )      (125,847 )      (803,212 )      434,824       192,065  

Distributions from capital gains

      —       —       —       1,115,876       —  

Net change in unrealized appreciation (depreciation) of investments

      81,869       501,357       (212,165 )      (1,263,780 )      (90,246 ) 

Net increase (decrease) in net assets resulting from operations

      1,238,791       505,995       905,318       175,632       233,004  
          
Contract transactions           

Contract purchase payments

      1,325,453       42,502       6,053,372       2,395,338       87,771  

Net transfers(1)

      (1,579,803 )      87,525       8,495,493       (384,710 )      614,813  

Transfers for policy loans

      7,287       99       (7,484 )      62       1,742  

Adjustments to net assets allocated to contracts in payment period

      (41,853 )      (458 )      —       (5,139 )      (2,348 ) 

Contract charges

      (39,538 )      (1,252 )      (17,855 )      (16,252 )      (6,825 ) 

Contract terminations:

           

Surrender benefits

      (5,107,363 )      (413,953 )      (4,711,493 )      (2,731,699 )      (1,266,752 ) 

Death benefits

      (998,459 )      (111,831 )      (953,637 )      (152,361 )      (102,298 ) 

Increase (decrease) from transactions

      (6,434,276 )      (397,368 )      8,858,396       (894,761 )      (673,897 ) 

Net assets at beginning of year

      50,062,030       5,409,018       60,236,162       24,464,647       10,187,942  

Net assets at end of year

    $ 44,866,545     $ 5,517,645     $ 69,999,876     $ 23,745,518     $ 9,747,049  
          
Accumulation unit activity           

Units outstanding at beginning of year

      26,172,311       3,886,093       59,225,038       6,060,172       4,622,406  

Units purchased

      848,982       288,605       14,245,080       1,555,264       307,602  

Units redeemed

      (4,156,140 )      (563,631 )      (5,627,657 )      (1,029,818 )      (602,256 ) 

Units outstanding at end of year

      22,865,153       3,611,067       67,842,461       6,585,618       4,327,752  

 

(1) 

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

See accompanying notes to financial statements.

 

70   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Put VT
Intl Val,
Cl IB		     Put VT
Lg Cap Val,
Cl IB		     Put VT
Sus Fut,
Cl IB		     Put VT
Sus Leaders,
Cl IA		     Put VT
Sus Leaders,
Cl IB		  
Operations           

Investment income (loss) — net

    $ 40,105     $ (16,295 )    $ (20,208 )    $ (752,550 )    $ (255,405 ) 

Net realized gain (loss) on sales of investments

      38,024       74,952       20,658       3,524,042       1,937,044  

Distributions from capital gains

      8,842       449,212       —       540,328       257,140  

Net change in unrealized appreciation (depreciation) of investments

      17,085       1,002,122       249,844       13,180,334       5,612,632  

Net increase (decrease) in net assets resulting from operations

      104,056       1,509,991       250,294       16,492,154       7,551,411  
          
Contract transactions           

Contract purchase payments

      1,245,202       7,186,886       524,551       250,599       1,021,900  

Net transfers(1)

      243,748       1,930,375       106,005       (779,172 )      (531,670 ) 

Transfers for policy loans

      —       (4,627 )      (2,708 )      24,942       11,044  

Adjustments to net assets allocated to contracts in payment period

      —       —       —       (88,367 )      (8,193 ) 

Contract charges

      (435 )      (3,212 )      (382 )      (27,394 )      (16,866 ) 

Contract terminations:

           

Surrender benefits

      (63,154 )      (221,907 )      (3,549 )      (7,086,543 )      (4,351,624 ) 

Death benefits

      (7,280 )      (56,068 )      —       (1,183,956 )      (560,444 ) 

Increase (decrease) from transactions

      1,418,081       8,831,447       623,917       (8,889,891 )      (4,435,853 ) 

Net assets at beginning of year

      2,552,287       7,146,579       1,670,527       77,571,550       35,480,818  

Net assets at end of year

    $ 4,074,424     $ 17,488,017     $ 2,544,738     $ 85,173,813     $ 38,596,376  
          
Accumulation unit activity           

Units outstanding at beginning of year

      2,140,735       6,202,781       1,495,230       12,136,569       8,857,667  

Units purchased

      1,365,222       7,006,197       558,179       37,579       512,258  

Units redeemed

      (223,956 )      (336,039 )      (50,090 )      (1,232,528 )      (1,025,038 ) 

Units outstanding at end of year

      3,282,001       12,872,939       2,003,319       10,941,620       8,344,887  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     71  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    Royce
Micro-Cap,
Invest Cl		     Temp
Global Bond,
Cl 2		     Third Ave
VST Third
Ave Value		     VanEck VIP
Global Gold,
Cl S		     VP
Aggr,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (89,411 )    $ (158,618 )    $ 176,445     $ 619,627     $ (8,026,953 ) 

Net realized gain (loss) on sales of investments

      87,223       (1,071,760 )      484,472       448,601       68,143,243  

Distributions from capital gains

      723,617       —       816,604       —       —  

Net change in unrealized appreciation (depreciation) of investments

      543,447       (728,254 )      (1,709,023 )      2,738,341       31,699,675  

Net increase (decrease) in net assets resulting from operations

      1,264,876       (1,958,632 )      (231,502 )      3,806,569       91,815,965  
          
Contract transactions           

Contract purchase payments

      66,909       168,529       42,849       719,892       36,005,381  

Net transfers(1)

      (256,086 )      (784,816 )      (29,542 )      425,224       (33,035,997 ) 

Transfers for policy loans

      (2,525 )      2,439       8,751       (4,768 )      18,708  

Adjustments to net assets allocated to contracts in payment period

      (3,523 )      —       (19,370 )      —       350,373  

Contract charges

      (2,823 )      (5,191 )      (3,063 )      (9,649 )      (3,347,367 ) 

Contract terminations:

           

Surrender benefits

      (1,060,518 )      (1,459,764 )      (1,493,345 )      (1,793,775 )      (75,640,936 ) 

Death benefits

      (127,204 )      (401,701 )      (68,037 )      (246,558 )      (14,166,469 ) 

Increase (decrease) from transactions

      (1,385,770 )      (2,480,504 )      (1,561,757 )      (909,634 )      (89,816,307 ) 

Net assets at beginning of year

      10,731,149       17,501,655       11,134,674       29,906,295       789,147,191  

Net assets at end of year

    $ 10,610,255     $ 13,062,519     $ 9,341,415     $ 32,803,230     $ 791,146,849  
          
Accumulation unit activity           

Units outstanding at beginning of year

      1,549,346       21,204,300       1,992,942       27,682,112       323,687,764  

Units purchased

      12,072       416,839       8,863       2,158,677       17,959,557  

Units redeemed

      (202,945 )      (3,599,827 )      (278,023 )      (3,030,525 )      (50,415,057 ) 

Units outstanding at end of year

      1,358,473       18,021,312       1,723,782       26,810,264       291,232,264  

 

(1) 

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

See accompanying notes to financial statements.

 

72   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    VP
Aggr,
Cl 4		     VP
Conserv,
Cl 2		    

VP

Conserv,
Cl 4

     VP
Man Risk,
Cl 2		     VP Man
Risk US,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (4,056,955 )    $ (4,350,273 )    $ (2,667,175 )    $ (2,329,010 )    $ (3,753,904 ) 

Net realized gain (loss) on sales of investments

      42,497,915       9,521,722       10,180,456       4,464,986       9,158,330  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      11,955,777       8,883,337       1,862,656       16,684,213       32,661,890  

Net increase (decrease) in net assets resulting from operations

      50,396,737       14,054,786       9,375,937       18,820,189       38,066,316  
          
Contract transactions           

Contract purchase payments

      3,658,259       7,040,717       450,092       506,024       1,950,039  

Net transfers(1)

      (10,324,686 )      16,891,430       (486,171 )      (2,732,337 )      304,986  

Transfers for policy loans

      (75,472 )      24,749       17,432       (30,859 )      158  

Adjustments to net assets allocated to contracts in payment period

      —       74,094       —       (7,904 )      (53,655 ) 

Contract charges

      (2,045,812 )      (3,758,828 )      (1,953,929 )      (3,858,817 )      (5,839,747 ) 

Contract terminations:

           

Surrender benefits

      (48,561,289 )      (51,127,319 )      (29,228,793 )      (11,885,894 )      (22,268,002 ) 

Death benefits

      (3,497,854 )      (11,028,432 )      (8,926,253 )      (1,439,543 )      (2,491,562 ) 

Increase (decrease) from transactions

      (60,846,854 )      (41,883,589 )      (40,127,622 )      (19,449,330 )      (28,397,783 ) 

Net assets at beginning of year

      431,463,909       438,601,943       289,934,607       232,533,725       366,202,892  

Net assets at end of year

    $ 421,013,792     $ 410,773,140     $ 259,182,922     $ 231,904,584     $ 375,871,425  
          
Accumulation unit activity           

Units outstanding at beginning of year

      173,886,253       327,628,102       215,363,559       195,837,557       276,365,139  

Units purchased

      1,528,788       19,036,913       2,299,391       491,774       3,914,727  

Units redeemed

      (24,115,556 )      (50,077,984 )      (31,593,827 )      (16,062,064 )      (23,807,362 ) 

Units outstanding at end of year

      151,299,485       296,587,031       186,069,123       180,267,267       256,472,504  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     73  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    VP Man
Vol Conserv,
Cl 2		     VP Man
Vol Conserv Gro,
Cl 2		     VP Man
Vol Gro,
Cl 2		     VP Man
Vol Mod Gro,
Cl 2		     VP
Mod,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (5,206,582 )    $ (10,753,152 )    $ (104,958,557 )    $ (112,400,625 )    $ (65,459,349 ) 

Net realized gain (loss) on sales of investments

      7,325,222       34,309,137       451,219,601       546,281,139       327,603,735  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,048,642       36,000,535       753,928,556       472,716,383       222,921,151  

Net increase (decrease) in net assets resulting from operations

      16,167,282       59,556,520       1,100,189,600       906,596,897       485,065,537  
          
Contract transactions           

Contract purchase payments

      1,827,274       6,042,617       16,411,434       25,772,759       106,791,828  

Net transfers(1)

      45,945,133       14,750,163       (152,217,402 )      (134,607,074 )      62,242,397  

Transfers for policy loans

      (18,433 )      (8 )      (30,572 )      (7,611 )      128,988  

Adjustments to net assets allocated to contracts in payment period

      (22,540 )      (116,056 )      (943,099 )      (28,090 )      (186,353 ) 

Contract charges

      (9,017,572 )      (17,375,851 )      (168,028,595 )      (181,485,036 )      (70,891,106 ) 

Contract terminations:

           

Surrender benefits

      (59,489,808 )      (85,879,712 )      (756,187,666 )      (1,030,123,284 )      (631,966,608 ) 

Death benefits

      (9,240,207 )      (24,942,829 )      (69,297,750 )      (106,913,598 )      (101,077,137 ) 

Increase (decrease) from transactions

      (30,016,153 )      (107,521,676 )      (1,130,293,650 )      (1,427,391,934 )      (634,957,991 ) 

Net assets at beginning of year

      526,282,938       1,086,575,070       10,404,576,946       11,297,786,998       6,534,930,320  

Net assets at end of year

    $ 512,434,067     $ 1,038,609,914     $ 10,374,472,896     $ 10,776,991,961     $ 6,385,037,866  
          
Accumulation unit activity           

Units outstanding at beginning of year

      458,306,125       854,945,731       6,709,471,889       7,556,338,165       3,490,896,601  

Units purchased

      47,905,023       48,746,804       129,761,281       188,809,626       107,128,046  

Units redeemed

      (74,465,605 )      (131,679,936 )      (810,380,114 )      (1,110,870,080 )      (430,627,413 ) 

Units outstanding at end of year

      431,745,543       772,012,599       6,028,853,056       6,634,277,711       3,167,397,234  

 

(1) 

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

See accompanying notes to financial statements.

 

74   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    VP
Mod,
Cl 4		     VP
Mod Aggr,
Cl 2		     VP
Mod Aggr,
Cl 4		     VP
Mod Conserv,
Cl 2		     VP
Mod Conserv,
Cl 4		  
Operations           

Investment income (loss) — net

    $ (46,316,129 )    $ (21,107,369 )    $ (12,162,294 )    $ (10,198,913 )    $ (7,584,579 ) 

Net realized gain (loss) on sales of investments

      372,900,589       177,375,944       124,041,372       44,948,371       55,486,754  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      38,556,030       44,665,239       12,779,260       17,315,224       (6,097,511 ) 

Net increase (decrease) in net assets resulting from operations

      365,140,490       200,933,814       124,658,338       52,064,682       41,804,664  
          
Contract transactions           

Contract purchase payments

      4,979,001       69,544,914       7,669,138       15,085,031       944,817  

Net transfers(1)

      4,518,151       (95,971,829 )      (35,531,775 )      11,931,563       3,069,878  

Transfers for policy loans

      (6,089 )      (5,756 )      136,292       19,284       12,702  

Adjustments to net assets allocated to contracts in payment period

      —       (439,756 )      —       279,375       —  

Contract charges

      (34,948,375 )      (8,455,968 )      (5,327,004 )      (7,973,375 )      (5,104,699 ) 

Contract terminations:

           

Surrender benefits

      (500,158,759 )      (218,257,385 )      (145,212,679 )      (103,281,478 )      (88,282,043 ) 

Death benefits

      (101,092,059 )      (28,105,497 )      (10,807,561 )      (26,437,274 )      (28,360,217 ) 

Increase (decrease) from transactions

      (626,708,130 )      (281,691,277 )      (189,073,589 )      (110,376,874 )      (117,719,562 ) 

Net assets at beginning of year

      4,944,758,929       2,117,397,386       1,308,145,490       1,021,213,769       807,956,716  

Net assets at end of year

    $ 4,683,191,289     $ 2,036,639,923     $ 1,243,730,239     $ 962,901,577     $ 732,041,818  
          
Accumulation unit activity           

Units outstanding at beginning of year

      2,620,110,605       990,336,177       603,948,163       648,002,062       508,545,749  

Units purchased

      9,883,919       30,999,870       3,478,152       24,113,071       3,622,516  

Units redeemed

      (325,406,403 )      (154,321,758 )      (84,992,094 )      (92,475,876 )      (74,922,225 ) 

Units outstanding at end of year

      2,304,588,121       867,014,289       522,434,221       579,639,257       437,246,040  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     75  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    VP Ptnrs
Core Bond,
Cl 2		     VP Ptnrs
Core Eq,
Cl 2		     VP Ptnrs
Core Eq,
Cl 3		     VP Ptnrs
Intl Core Eq,
Cl 2		     VP Ptnrs
Intl Gro,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 422,473     $ (142,462 )    $ (172,062 )    $ 4,567     $ (200,235 ) 

Net realized gain (loss) on sales of investments

      (205,511 )      1,225,637       3,052,222       19,393       (10,076 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      (51,647 )      1,330,278       880,559       867,924       (508,177 ) 

Net increase (decrease) in net assets resulting from operations

      165,315       2,413,453       3,760,719       891,884       (718,488 ) 
          
Contract transactions           

Contract purchase payments

      1,477,242       537,193       69,163       1,007,401       1,139,242  

Net transfers(1)

      2,452,684       (31,641 )      (891,647 )      1,620,943       318,708  

Transfers for policy loans

      (2,825 )      (93 )      (3,770 )      104       6,088  

Adjustments to net assets allocated to contracts in payment period

      —       —       (6,281 )      —       —  

Contract charges

      (21,822 )      (12,605 )      (32,999 )      (28,675 )      (24,896 ) 

Contract terminations:

           

Surrender benefits

      (1,206,789 )      (1,221,041 )      (2,759,596 )      (1,273,820 )      (2,749,032 ) 

Death benefits

      (96,541 )      (138,574 )      (320,269 )      (231,593 )      (609,462 ) 

Increase (decrease) from transactions

      2,601,949       (866,761 )      (3,945,399 )      1,094,360       (1,919,352 ) 

Net assets at beginning of year

      15,773,247       11,487,951       18,291,878       20,031,016       33,811,881  

Net assets at end of year

    $ 18,540,511     $ 13,034,643     $ 18,107,198     $ 22,017,260     $ 31,174,041  
          
Accumulation unit activity           

Units outstanding at beginning of year

      14,109,963       3,210,784       5,663,166       12,129,101       19,142,149  

Units purchased

      3,508,833       270,717       19,647       1,897,282       1,151,845  

Units redeemed

      (1,198,947 )      (492,103 )      (1,090,650 )      (1,256,307 )      (2,204,380 ) 

Units outstanding at end of year

      16,419,849       2,989,398       4,592,163       12,770,076       18,089,614  

 

(1) 

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

See accompanying notes to financial statements.

 

76   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (continued)    VP Ptnrs
Intl Val,
Cl 2		     VP Ptnrs
Sm Cap Gro,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 3		     VP US
Flex Conserv Gro,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 367,821     $ (189,257 )    $ (118,509 )    $ (401,373 )    $ (3,132,725 ) 

Net realized gain (loss) on sales of investments

      228,081       377,993       331,440       3,991,209       7,994,224  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      186,517       2,594,585       486,629       (562,188 )      19,816,496  

Net increase (decrease) in net assets resulting from operations

      782,419       2,783,321       699,560       3,027,648       24,677,995  
          
Contract transactions           

Contract purchase payments

      1,186,382       2,337,580       757,982       264,415       2,568,529  

Net transfers(1)

      (140,629 )      276,634       (595,277 )      (538,376 )      11,243,714  

Transfers for policy loans

      —       187       85       2,049       229  

Adjustments to net assets allocated to contracts in payment period

      —       —       —       (19,632 )      (20,188 ) 

Contract charges

      (20,737 )      (29,883 )      (16,980 )      (92,446 )      (4,766,583 ) 

Contract terminations:

           

Surrender benefits

      (1,526,337 )      (1,327,476 )      (602,198 )      (5,043,181 )      (25,540,862 ) 

Death benefits

      (308,788 )      (228,134 )      (108,088 )      (654,793 )      (5,083,757 ) 

Increase (decrease) from transactions

      (810,109 )      1,028,908       (564,476 )      (6,081,964 )      (21,598,918 ) 

Net assets at beginning of year

      24,464,590       15,824,016       11,215,912       47,500,341       301,739,189  

Net assets at end of year

    $ 24,436,900     $ 19,636,245     $ 11,350,996     $ 44,446,025     $ 304,818,266  
          
Accumulation unit activity           

Units outstanding at beginning of year

      17,865,507       5,906,125       4,596,872       12,364,950       244,360,261  

Units purchased

      1,059,793       2,193,058       437,608       73,321       16,631,910  

Units redeemed

      (1,625,345 )      (1,204,138 )      (622,943 )      (1,624,737 )      (33,183,209 ) 

Units outstanding at end of year

      17,299,955       6,895,045       4,411,537       10,813,534       227,808,962  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     77  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2024 (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

    $ (39,443,916 )    $ (19,466,946 )    $ (1,417,555 )    $ 461,124     $ 602,406  

Net realized gain (loss) on sales of investments

      89,880,815       46,173,582       (10,552,680 )      (3,855,228 )      (191,871 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      528,831,932       193,570,643       31,718,697       (5,260,087 )      252,609  

Net increase (decrease) in net assets resulting from operations

      579,268,831       220,277,279       19,748,462       (8,654,191 )      663,144  
          
Contract transactions           

Contract purchase payments

      11,822,046       9,235,785       2,480,433       1,610,708       1,588,059  

Net transfers(1)

      128,675,518       40,825,019       (4,355,145 )      (1,711,450 )      826,426  

Transfers for policy loans

      (41,408 )      12,745       (16,972 )      32,988       (395 ) 

Adjustments to net assets allocated to contracts in payment period

      207,818       (50,367 )      28,450       (25,416 )      —  

Contract charges

      (63,940,669 )      (30,006,643 )      (128,117 )      (99,214 )      (2,986 ) 

Contract terminations:

           

Surrender benefits

      (233,676,179 )      (127,983,969 )      (18,142,291 )      (10,223,708 )      (705,517 ) 

Death benefits

      (22,800,140 )      (14,291,529 )      (1,939,183 )      (1,268,787 )      (196,447 ) 

Increase (decrease) from transactions

      (179,753,014 )      (122,258,959 )      (22,072,825 )      (11,684,879 )      1,509,140  

Net assets at beginning of year

      3,678,127,818       1,861,012,185       159,428,826       104,635,291       10,680,692  

Net assets at end of year

    $ 4,077,643,635     $ 1,959,030,505     $ 157,104,463     $ 84,296,221     $ 12,852,976  
          
Accumulation unit activity           

Units outstanding at beginning of year

      2,426,804,903       1,352,692,329       32,426,327       30,059,677       9,036,151  

Units purchased

      106,257,823       44,370,760       1,844,372       592,016       2,283,194  

Units redeemed

      (214,295,947 )      (126,864,651 )      (5,046,423 )      (3,886,199 )      (972,133 ) 

Units outstanding at end of year

      2,318,766,779       1,270,198,438       29,224,276       26,765,494       10,347,212  

 

(1) 

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

See accompanying notes to financial statements.

 

78   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023    AB VPS
Dyn Asset Alloc,
Cl B		     AB VPS
Intl Val,
Cl B		     AB VPS
Lg Cap Gro,
Cl B		     AB VPS
Relative Val,
Cl B		     AB VPS Sus
Gbl Thematic,
Cl B		  
Operations           

Investment income (loss) — net

    $ (42,772 )    $ (139,019 )    $ (1,414,556 )    $ 282,089     $ (77,046 ) 

Net realized gain (loss) on sales of investments

      (306,216 )      (638,266 )      514,525       841,792       (94,195 ) 

Distributions from capital gains

      —       —       9,601,713       5,749,453       491,452  

Net change in unrealized appreciation (depreciation) of investments

      1,397,043       9,490,109       28,535,914       339,453       896,591  

Net increase (decrease) in net assets resulting from operations

      1,048,055       8,712,824       37,237,596       7,212,787       1,216,802  
          
Contract transactions           

Contract purchase payments

      85,218       653,874       8,049,168       1,154,311       1,926,588  

Net transfers(1)

      (88,050 )      (479,199 )      1,123,312       (1,442,415 )      (423,791 ) 

Transfers for policy loans

      —       23,142       (8,743 )      (6,769 )      4,916  

Adjustments to net assets allocated to contracts in payment period

      —       (20,570 )      (19,947 )      (38,773 )      (3,077 ) 

Contract charges

      (3,081 )      (86,179 )      (43,509 )      (48,482 )      (5,576 ) 

Contract terminations:

           

Surrender benefits

      (272,783 )      (6,666,054 )      (7,940,277 )      (6,751,563 )      (613,165 ) 

Death benefits

      (356,859 )      (641,298 )      (1,884,639 )      (993,130 )      (67,269 ) 

Increase (decrease) from transactions

      (635,555 )      (7,216,284 )      (724,635 )      (8,126,821 )      818,626  

Net assets at beginning of year

      8,890,818       64,851,502       111,581,660       72,787,590       7,697,418  

Net assets at end of year

    $ 9,303,318     $ 66,348,042     $ 148,094,621     $ 71,873,556     $ 9,732,846  
          
Accumulation unit activity           

Units outstanding at beginning of year

      7,605,874       43,732,652       25,048,450       21,768,798       3,064,811  

Units purchased

      122,257       743,081       2,017,001       375,080       1,115,960  

Units redeemed

      (649,663 )      (5,214,835 )      (2,019,305 )      (2,689,353 )      (828,635 ) 

Units outstanding at end of year

      7,078,468       39,260,898       25,046,146       19,454,525       3,352,136  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     79  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Allspg VT
Index Asset Alloc,
Cl 2		     Allspg VT
Opp,
Cl 2		     Allspg VT
Sm Cap Gro,
Cl 2		     ALPS Alerian
Engy Infr,
Class III		     BlackRock
Adv SMID
Cap VI,
Cl III		  
Operations           

Investment income (loss) — net

    $ 20,854     $ (381,183 )    $ (714,791 )    $ 846,535     $ 19,940  

Net realized gain (loss) on sales of investments

      93,165       437,758       (2,742,518 )      625,860       3,007  

Distributions from capital gains

      596,791       3,344,437       —       460,878       —  

Net change in unrealized appreciation (depreciation) of investments

      2,098,481       5,669,137       5,629,395       3,099,501       185,143  

Net increase (decrease) in net assets resulting from operations

      2,809,291       9,070,149       2,172,086       5,032,774       208,090  
          
Contract transactions           

Contract purchase payments

      68,829       225,184       2,293,078       1,346,316       1,049,199  

Net transfers(1)

      (85,769 )      (1,067,217 )      981,316       (1,974,239 )      172,150  

Transfers for policy loans

      2,606       (3,654 )      (9,745 )      (824 )      —  

Adjustments to net assets allocated to contracts in payment period

      (42,022 )      (10,053 )      (11,503 )      (6,571 )      —  

Contract charges

      (12,287 )      (25,474 )      (34,630 )      (18,889 )      (217 ) 

Contract terminations:

           

Surrender benefits

      (1,118,463 )      (5,019,434 )      (5,169,423 )      (2,909,298 )      (28,320 ) 

Death benefits

      (121,946 )      (689,392 )      (865,584 )      (581,867 )      —  

Increase (decrease) from transactions

      (1,309,052 )      (6,590,040 )      (2,816,491 )      (4,145,372 )      1,192,812  

Net assets at beginning of year

      18,561,500       38,727,474       71,368,662       42,305,667       329,153  

Net assets at end of year

    $ 20,061,739     $ 41,207,583     $ 70,724,257     $ 43,193,069     $ 1,730,055  
          
Accumulation unit activity           

Units outstanding at beginning of year

      5,961,996       9,953,649       19,709,570       38,045,287       341,148  

Units purchased

      32,383       79,411       1,167,315       1,253,104       1,416,022  

Units redeemed

      (420,770 )      (1,579,084 )      (1,956,393 )      (4,856,730 )      (228,315 ) 

Units outstanding at end of year

      5,573,609       8,453,976       18,920,492       34,441,661       1,528,855  

 

(1) 

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

See accompanying notes to financial statements.

 

80   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    BlackRock
Global Alloc,
Cl III		     BNY Mellon
Sus US Eq,
Serv		     Calvert VP
SRI Bal,
Cl F		     Calvert VP
SRI Bal,
Cl I		     CB Var
Sm Cap Gro,
Cl I		  
Operations           

Investment income (loss) — net

    $ 1,040,749     $ (9,277 )    $ 9,172     $ 142,785     $ (143,111 ) 

Net realized gain (loss) on sales of investments

      (1,935,185 )      (1,031 )      25,851       130,232       (122,629 ) 

Distributions from capital gains

      —       37,378       4,412       75,306       —  

Net change in unrealized appreciation (depreciation) of investments

      8,671,687       271,121       112,070       2,608,800       1,304,291  

Net increase (decrease) in net assets resulting from operations

      7,777,251       298,191       151,505       2,957,123       1,038,551  
          
Contract transactions           

Contract purchase payments

      2,542,927       2,454,159       956,906       80,473       131,581  

Net transfers(1)

      (633,451 )      1,809       6,336       327,980       665,063  

Transfers for policy loans

      3,999       —       —       9,595       6,135  

Adjustments to net assets allocated to contracts in payment period

      (31,610 )      —       —       (4,443 )      (4,748 ) 

Contract charges

      (28,293 )      (79 )      (13 )      (17,390 )      (11,973 ) 

Contract terminations:

           

Surrender benefits

      (5,662,226 )      (3,208 )      (7,958 )      (1,416,399 )      (1,350,374 ) 

Death benefits

      (1,249,212 )      —       —       (71,842 )      (208,734 ) 

Increase (decrease) from transactions

      (5,057,866 )      2,452,681       955,271       (1,092,026 )      (773,050 ) 

Net assets at beginning of year

      71,676,615       239,196       326,429       19,357,174       14,792,656  

Net assets at end of year

    $ 74,396,000     $ 2,990,068     $ 1,433,205     $ 21,222,271     $ 15,058,157  
          
Accumulation unit activity           

Units outstanding at beginning of year

      48,231,412       257,515       344,102       8,224,519       4,500,892  

Units purchased

      2,490,050       3,408,800       1,274,882       166,187       272,731  

Units redeemed

      (5,750,071 )      (1,019,488 )      (304,156 )      (602,319 )      (508,911 ) 

Units outstanding at end of year

      44,971,391       2,646,827       1,314,828       7,788,387       4,264,712  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     81  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP
Bal,
Cl 2		     Col VP
Bal,
Cl 3		     Col VP
Commodity
Strategy,
Cl 2		     Col VP
Contrarian Core,
Cl 2		     Col VP
Disciplined Core,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (791,699 )    $ (5,444,996 )    $ 3,846,106     $ (1,344,992 )    $ (504,030 ) 

Net realized gain (loss) on sales of investments

      82,606       21,945,963       (2,596,162 )      6,389,483       1,773,432  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,887,453       79,330,762       (3,114,290 )      29,564,955       8,186,059  

Net increase (decrease) in net assets resulting from operations

      14,178,360       95,831,729       (1,864,346 )      34,609,446       9,455,461  
          
Contract transactions           

Contract purchase payments

      25,036,170       3,859,836       1,101,136       4,467,040       3,394,354  

Net transfers(1)

      (83,849 )      32,786,852       (5,140,123 )      6,951,643       1,425,393  

Transfers for policy loans

      83       49,844       600       3,512       (3,686 ) 

Adjustments to net assets allocated to contracts in payment period

      —       (138,269 )      —       (40,937 )      —  

Contract charges

      (310,388 )      (268,420 )      (6,402 )      (123,254 )      (35,275 ) 

Contract terminations:

           

Surrender benefits

      (4,144,016 )      (44,833,940 )      (2,107,853 )      (8,876,250 )      (2,368,688 ) 

Death benefits

      (518,476 )      (8,269,724 )      (255,765 )      (1,844,833 )      (577,552 ) 

Increase (decrease) from transactions

      19,979,524       (16,813,821 )      (6,408,407 )      536,921       1,834,546  

Net assets at beginning of year

      61,116,415       489,961,560       24,622,744       114,014,619       40,773,900  

Net assets at end of year

    $ 95,274,299     $ 568,979,468     $ 16,349,991     $ 149,160,986     $ 52,063,907  
          
Accumulation unit activity           

Units outstanding at beginning of year

      70,089,838       183,169,074       29,908,651       45,629,605       10,728,291  

Units purchased

      27,212,677       12,887,853       1,516,692       4,099,955       1,295,356  

Units redeemed

      (6,233,926 )      (18,668,415 )      (9,767,223 )      (4,020,175 )      (863,683 ) 

Units outstanding at end of year

      91,068,589       177,388,512       21,658,120       45,709,385       11,159,964  

 

(1) 

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

See accompanying notes to financial statements.

 

82   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP
Disciplined Core,
Cl 3		     Col VP
Divd Opp,
Cl 2		     Col VP
Divd Opp,
Cl 3		     Col VP
Emerg Mkts Bond,
Cl 2		     Col VP
Emer Mkts,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (3,237,851 )    $ (1,065,647 )    $ (3,457,822 )    $ 391,401     $ (508,896 ) 

Net realized gain (loss) on sales of investments

      24,181,312       3,918,247       32,847,815       (366,641 )      (3,966,928 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      45,614,003       676,601       (16,011,654 )      763,166       8,149,960  

Net increase (decrease) in net assets resulting from operations

      66,557,464       3,529,201       13,378,339       787,926       3,674,136  
          
Contract transactions           

Contract purchase payments

      1,635,700       7,853,903       2,374,260       211,378       1,800,989  

Net transfers(1)

      (3,008,127 )      (2,653,232 )      (6,215,213 )      (91,642 )      (1,274,077 ) 

Transfers for policy loans

      69,844       18,455       85,387       (1,697 )      (4,838 ) 

Adjustments to net assets allocated to contracts in payment period

      (577,520 )      (5,949 )      (538,357 )      (1,678 )      (1,698 ) 

Contract charges

      (295,403 )      (58,233 )      (285,079 )      (4,497 )      (34,599 ) 

Contract terminations:

           

Surrender benefits

      (23,241,537 )      (5,478,299 )      (35,441,740 )      (670,683 )      (2,126,804 ) 

Death benefits

      (4,206,649 )      (1,999,074 )      (5,986,241 )      (172,157 )      (776,327 ) 

Increase (decrease) from transactions

      (29,623,692 )      (2,322,429 )      (46,006,983 )      (730,976 )      (2,417,354 ) 

Net assets at beginning of year

      302,302,150       97,769,476       398,252,532       9,401,141       46,712,050  

Net assets at end of year

    $ 339,235,922     $ 98,976,248     $ 365,623,888     $ 9,458,091     $ 47,968,832  
          
Accumulation unit activity           

Units outstanding at beginning of year

      96,320,193       33,984,509       106,455,214       10,088,186       40,465,875  

Units purchased

      594,807       3,040,524       702,109       308,834       1,665,431  

Units redeemed

      (9,068,583 )      (3,808,238 )      (13,273,227 )      (1,082,301 )      (3,650,385 ) 

Units outstanding at end of year

      87,846,417       33,216,795       93,884,096       9,314,719       38,480,921  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     83  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP
Emer Mkts,
Cl 3		     Col VP Global
Strategic Inc,
Cl 2		     Col VP Global
Strategic Inc,
Cl 3		     Col VP
Govt Money Mkt,
Cl 2		     Col VP
Govt Money Mkt,
Cl 3		  
Operations           

Investment income (loss) — net

    $ (678,552 )    $ 172,368     $ 1,037,497     $ 4,862,599     $ 4,512,295  

Net realized gain (loss) on sales of investments

      (4,264,662 )      (387,702 )      (2,276,344 )      —       419  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      10,447,293       908,374       4,963,138       —       (420 ) 

Net increase (decrease) in net assets resulting from operations

      5,504,079       693,040       3,724,291       4,862,599       4,512,294  
          
Contract transactions           

Contract purchase payments

      717,146       784,794       247,798       29,803,697       2,474,651  

Net transfers(1)

      (1,947,268 )      (346,612 )      165,746       (6,479,447 )      12,452,796  

Transfers for policy loans

      33,904       980       18,174       23,976       42,222  

Adjustments to net assets allocated to contracts in payment period

      (34,376 )      (506 )      (40,323 )      (926 )      (36,160 ) 

Contract charges

      (76,321 )      (1,793 )      (73,006 )      (90,914 )      (104,087 ) 

Contract terminations:

           

Surrender benefits

      (6,075,936 )      (538,736 )      (3,960,398 )      (23,785,887 )      (27,004,686 ) 

Death benefits

      (829,928 )      (336,451 )      (1,070,396 )      (2,244,361 )      (1,604,204 ) 

Increase (decrease) from transactions

      (8,212,779 )      (438,324 )      (4,712,405 )      (2,773,862 )      (13,779,468 ) 

Net assets at beginning of year

      71,144,153       8,660,404       45,419,507       146,821,124       135,605,131  

Net assets at end of year

    $ 68,435,453     $ 8,915,120     $ 44,431,393     $ 148,909,861     $ 126,337,957  
          
Accumulation unit activity           

Units outstanding at beginning of year

      31,921,757       9,863,382       31,814,943       160,765,010       125,778,978  

Units purchased

      352,356       946,671       496,772       38,453,126       14,676,219  

Units redeemed

      (3,878,173 )      (1,438,349 )      (3,744,832 )      (42,003,414 )      (27,957,820 ) 

Units outstanding at end of year

      28,395,940       9,371,704       28,566,883       157,214,722       112,497,377  

 

(1) 

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

See accompanying notes to financial statements.

 

84   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP
Hi Yield Bond,
Cl 2		     Col VP
Hi Yield Bond,
Cl 3		     Col VP
Inc Opp,
Cl 2		     Col VP
Inc Opp,
Cl 3		     Col VP
Inter Bond,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 1,924,187     $ 5,110,472     $ 978,517     $ 2,951,005     $ 681,153  

Net realized gain (loss) on sales of investments

      (875,776 )      (2,128,984 )      (967,131 )      (3,415,374 )      (1,664,959 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      3,632,652       9,098,448       2,490,309       7,599,261       4,173,473  

Net increase (decrease) in net assets resulting from operations

      4,681,063       12,079,936       2,501,695       7,134,892       3,189,667  
          
Contract transactions           

Contract purchase payments

      2,664,376       592,177       1,870,793       401,004       6,671,369  

Net transfers(1)

      712,750       (1,623,695 )      456,203       203,528       12,284,853  

Transfers for policy loans

      (4,685 )      (9,437 )      (1,882 )      18,027       (8,443 ) 

Adjustments to net assets allocated to contracts in payment period

      —       (120,166 )      —       (17,215 )      (4,246 ) 

Contract charges

      (14,257 )      (77,313 )      (8,456 )      (109,973 )      (59,085 ) 

Contract terminations:

           

Surrender benefits

      (3,615,393 )      (11,382,893 )      (2,176,853 )      (7,469,269 )      (3,915,249 ) 

Death benefits

      (1,067,138 )      (2,444,512 )      (720,943 )      (1,674,953 )      (957,482 ) 

Increase (decrease) from transactions

      (1,324,347 )      (15,065,839 )      (581,138 )      (8,648,851 )      14,011,717  

Net assets at beginning of year

      44,830,239       118,265,851       24,876,851       73,104,368       55,788,107  

Net assets at end of year

    $ 48,186,955     $ 115,279,948     $ 26,797,408     $ 71,590,409     $ 72,989,491  
          
Accumulation unit activity           

Units outstanding at beginning of year

      27,214,550       43,790,441       15,640,238       32,732,029       48,670,683  

Units purchased

      2,388,782       227,774       1,878,038       317,050       16,464,929  

Units redeemed

      (3,123,374 )      (5,600,885 )      (2,256,598 )      (4,038,426 )      (4,396,586 ) 

Units outstanding at end of year

      26,479,958       38,417,330       15,261,678       29,010,653       60,739,026  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     85  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP
Inter Bond,
Cl 3		     Col VP
Lg Cap Gro,
Cl 2		     Col VP
Lg Cap Gro,
Cl 3		     Col VP
Lg Cap Index,
Cl 2		     Col VP
Lg Cap Index,
Cl 3		  
Operations           

Investment income (loss) — net

    $ 2,770,366     $ (1,056,639 )    $ (1,019,465 )    $ (787,071 )    $ (5,020,592 ) 

Net realized gain (loss) on sales of investments

      (6,733,845 )      3,275,626       10,236,715       444,448       28,189,068  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,703,622       30,221,654       31,197,193       16,562,383       84,517,870  

Net increase (decrease) in net assets resulting from operations

      10,740,143       32,440,641       40,414,443       16,219,760       107,686,346  
          
Contract transactions           

Contract purchase payments

      1,175,406       7,939,630       730,442       36,698,974       3,917,049  

Net transfers(1)

      11,884,462       5,301,527       1,791,493       1,815,905       3,953,685  

Transfers for policy loans

      10,075       (30,179 )      (19,920 )      (1,194 )      (33,674 ) 

Adjustments to net assets allocated to contracts in payment period

      (145,350 )      —       (72,107 )      —       (176,871 ) 

Contract charges

      (269,834 )      (106,598 )      (96,033 )      (72,716 )      (217,322 ) 

Contract terminations:

           

Surrender benefits

      (19,893,439 )      (4,833,681 )      (10,460,277 )      (2,363,801 )      (31,808,162 ) 

Death benefits

      (5,006,266 )      (1,846,717 )      (2,101,176 )      (982,559 )      (8,902,992 ) 

Increase (decrease) from transactions

      (12,244,946 )      6,423,982       (10,227,578 )      35,094,609       (33,268,287 ) 

Net assets at beginning of year

      218,262,867       76,441,074       101,466,597       50,100,583       454,455,836  

Net assets at end of year

    $ 216,758,064     $ 115,305,697     $ 131,653,462     $ 101,414,952     $ 528,873,895  
          
Accumulation unit activity           

Units outstanding at beginning of year

      126,392,881       19,629,805       42,115,096       54,509,103       141,826,051  

Units purchased

      7,563,557       3,099,921       789,676       42,415,250       2,799,028  

Units redeemed

      (14,568,446 )      (1,602,951 )      (4,466,293 )      (8,171,707 )      (12,080,372 ) 

Units outstanding at end of year

      119,387,992       21,126,775       38,438,479       88,752,646       132,544,707  

 

(1) 

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

See accompanying notes to financial statements.

 

86   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP Limited
Duration Cr,
Cl 2		     Col VP Long
Govt/Cr Bond,
Cl 2		     Col VP
Overseas Core,
Cl 2		     Col VP
Overseas Core,
Cl 3		     Col VP Select
Lg Cap Eq,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 1,540,804     $ 288,873     $ 197,866     $ 403,120     $ (14,816 ) 

Net realized gain (loss) on sales of investments

      (580,190 )      (656,166 )      (307,517 )      105,445       7,088  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      3,121,161       1,041,022       4,593,937       6,185,469       338,025  

Net increase (decrease) in net assets resulting from operations

      4,081,775       673,729       4,484,286       6,694,034       330,297  
          
Contract transactions           

Contract purchase payments

      4,620,370       1,324,932       1,203,197       429,326       1,879,089  

Net transfers(1)

      1,531,147       3,533,547       2,098,147       (379,075 )      89,603  

Transfers for policy loans

      (5,306 )      (3,211 )      (42 )      30,875       —  

Adjustments to net assets allocated to contracts in payment period

      (2,801 )      (6,789 )      (9,256 )      (69,988 )      —  

Contract charges

      (75,804 )      (4,587 )      (32,725 )      (35,093 )      (30 ) 

Contract terminations:

           

Surrender benefits

      (7,903,876 )      (744,117 )      (1,712,445 )      (4,063,316 )      (14,574 ) 

Death benefits

      (2,107,262 )      (259,148 )      (663,962 )      (899,678 )      —  

Increase (decrease) from transactions

      (3,943,532 )      3,840,627       882,914       (4,986,949 )      1,954,088  

Net assets at beginning of year

      74,819,442       10,487,401       31,077,424       49,412,603       500,771  

Net assets at end of year

    $ 74,957,685     $ 15,001,757     $ 36,444,624     $ 51,119,688     $ 2,785,156  
          
Accumulation unit activity           

Units outstanding at beginning of year

      70,474,506       10,846,393       19,479,227       30,269,068       543,959  

Units purchased

      6,457,405       5,454,278       2,134,923       358,473       1,936,565  

Units redeemed

      (10,062,623 )      (1,597,917 )      (1,588,635 )      (3,316,998 )      (87,038 ) 

Units outstanding at end of year

      66,869,288       14,702,754       20,025,515       27,310,543       2,393,486  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     87  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP Select
Lg Cap Val,
Cl 2		     Col VP Select
Lg Cap Val,
Cl 3		     Col VP Select
Mid Cap Gro,
Cl 2		     Col VP Select
Mid Cap Gro,
Cl 3		     Col VP Select
Mid Cap Val,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (686,465 )    $ (422,767 )    $ (338,266 )    $ (644,134 )    $ (434,064 ) 

Net realized gain (loss) on sales of investments

      1,994,479       3,440,947       786,931       4,220,790       1,832,155  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      1,172,383       (1,355,268 )      6,090,493       9,953,036       2,010,687  

Net increase (decrease) in net assets resulting from operations

      2,480,397       1,662,912       6,539,158       13,529,692       3,408,778  
          
Contract transactions           

Contract purchase payments

      4,872,429       434,554       2,749,689       391,382       2,292,338  

Net transfers(1)

      (1,401,577 )      (4,106,372 )      1,720,060       592,156       (1,622,660 ) 

Transfers for policy loans

      (3,032 )      6,574       (6,751 )      7,487       (2,310 ) 

Adjustments to net assets allocated to contracts in payment period

      —       (13,189 )      (2,152 )      (97,599 )      (3,272 ) 

Contract charges

      (49,990 )      (26,150 )      (26,590 )      (39,602 )      (29,171 ) 

Contract terminations:

           

Surrender benefits

      (3,451,224 )      (4,222,259 )      (2,363,771 )      (4,632,181 )      (2,019,646 ) 

Death benefits

      (1,097,569 )      (1,125,796 )      (541,681 )      (784,837 )      (1,225,987 ) 

Increase (decrease) from transactions

      (1,130,963 )      (9,052,638 )      1,528,804       (4,563,194 )      (2,610,708 ) 

Net assets at beginning of year

      64,722,923       50,931,510       27,061,011       58,877,623       40,199,883  

Net assets at end of year

    $ 66,072,357     $ 43,541,784     $ 35,128,973     $ 67,844,121     $ 40,997,953  
          
Accumulation unit activity           

Units outstanding at beginning of year

      17,438,148       13,975,178       10,060,351       19,888,100       12,349,992  

Units purchased

      1,752,928       138,784       1,661,141       381,981       904,197  

Units redeemed

      (1,941,617 )      (2,659,980 )      (1,101,215 )      (1,780,414 )      (1,641,967 ) 

Units outstanding at end of year

      17,249,459       11,453,982       10,620,277       18,489,667       11,612,222  

 

(1) 

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

See accompanying notes to financial statements.

 

88   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP Select
Mid Cap Val,
Cl 3		     Col VP Select
Sm Cap Val,
Cl 2		     Col VP Select
Sm Cap Val,
Cl 3		     Col VP Sel
Gbl Tech,
Cl 2		     Col VP Sm
Cap Val,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (369,973 )    $ (263,665 )    $ (252,646 )    $ (35,305 )    $ (5,191 ) 

Net realized gain (loss) on sales of investments

      3,919,122       547,017       2,019,523       39,757       (3,821 ) 

Distributions from capital gains

      —       —       —       184,896       75,545  

Net change in unrealized appreciation (depreciation) of investments

      (118,438 )      2,309,135       1,484,165       959,926       151,062  

Net increase (decrease) in net assets resulting from operations

      3,430,711       2,592,487       3,251,042       1,149,274       217,595  
          
Contract transactions           

Contract purchase payments

      241,028       1,114,509       268,125       5,241,312       901,009  

Net transfers(1)

      (1,186,890 )      648,677       (431,527 )      345,263       132,910  

Transfers for policy loans

      7,188       (1,084 )      612       —       —  

Adjustments to net assets allocated to contracts in payment period

      (5,490 )      (355 )      (9,146 )      —       —  

Contract charges

      (29,315 )      (22,143 )      (21,891 )      (427 )      (215 ) 

Contract terminations:

           

Surrender benefits

      (4,315,414 )      (1,302,375 )      (2,556,702 )      (26,879 )      (22,211 ) 

Death benefits

      (759,569 )      (382,540 )      (429,700 )      (32,240 )      (38,153 ) 

Increase (decrease) from transactions

      (6,048,462 )      54,689       (3,180,229 )      5,527,029       973,340  

Net assets at beginning of year

      42,797,010       22,557,752       29,169,455       980,493       404,164  

Net assets at end of year

    $ 40,179,259     $ 25,204,928     $ 29,240,268     $ 7,656,796     $ 1,595,099  
          
Accumulation unit activity           

Units outstanding at beginning of year

      12,743,523       7,906,049       7,804,987       1,145,945       408,962  

Units purchased

      88,245       747,346       132,145       6,018,498       1,109,331  

Units redeemed

      (1,867,356 )      (716,360 )      (969,944 )      (918,969 )      (176,020 ) 

Units outstanding at end of year

      10,964,412       7,937,035       6,967,188       6,245,474       1,342,273  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     89  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Col VP
Strategic Inc,
Cl 2		     Col VP
US Govt Mtge,
Cl 2		     Col VP
US Govt Mtge,
Cl 3		     CS
Commodity
Return,
Cl 1		     CTIVP
AC Div Bond,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 1,745,771     $ 221,927     $ 687,476     $ 2,709,042     $ 383,637  

Net realized gain (loss) on sales of investments

      (2,208,486 )      (595,841 )      (1,339,773 )      (1,757,661 )      (355,487 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      6,175,243       998,723       2,277,490       (2,383,804 )      784,078  

Net increase (decrease) in net assets resulting from operations

      5,712,528       624,809       1,625,193       (1,432,423 )      812,228  
          
Contract transactions           

Contract purchase payments

      5,542,181       1,205,052       356,383       104,962       2,142,350  

Net transfers(1)

      2,912,943       (1,295,870 )      140,319       (735,567 )      2,235,440  

Transfers for policy loans

      (1,962 )      87       9,900       1,464       —  

Adjustments to net assets allocated to contracts in payment period

      —       (3,277 )      (2,412 )      (989 )      —  

Contract charges

      (17,013 )      (16,579 )      (28,556 )      (7,877 )      (39,843 ) 

Contract terminations:

           

Surrender benefits

      (5,115,521 )      (634,433 )      (3,888,027 )      (1,451,161 )      (895,039 ) 

Death benefits

      (1,695,361 )      (402,105 )      (1,005,473 )      (169,649 )      (113,550 ) 

Increase (decrease) from transactions

      1,625,267       (1,147,125 )      (4,417,866 )      (2,258,817 )      3,329,358  

Net assets at beginning of year

      70,435,881       15,283,045       40,241,502       15,136,544       16,737,956  

Net assets at end of year

    $ 77,773,676     $ 14,760,729     $ 37,448,829     $ 11,445,304     $ 20,879,542  
          
Accumulation unit activity           

Units outstanding at beginning of year

      60,973,747       16,021,201       31,983,695       21,992,569       15,337,665  

Units purchased

      7,482,764       1,469,138       555,913       192,550       4,043,124  

Units redeemed

      (6,180,698 )      (2,679,274 )      (4,133,257 )      (3,695,312 )      (990,321 ) 

Units outstanding at end of year

      62,275,813       14,811,065       28,406,351       18,489,807       18,390,468  

 

(1) 

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

See accompanying notes to financial statements.

 

90   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    CTIVP BR Gl
Infl Prot Sec,
Cl 2		     CTIVP BR Gl
Infl Prot Sec,
Cl 3		     CTIVP
CenterSquare
Real Est,
Cl 2		     CTIVP
MFS Val,
Cl 2		     CTIVP Prin
Blue Chip Gro,
Cl 1		  
Operations           

Investment income (loss) — net

    $ 1,818,046     $ 3,861,747     $ 155,925     $ (784,311 )    $ (933,840 ) 

Net realized gain (loss) on sales of investments

      (1,648,898 )      (4,058,384 )      (1,965,615 )      2,943,503       8,496,270  

Distributions from capital gains

      —       —       1,517,497       —       —  

Net change in unrealized appreciation (depreciation) of investments

      376,933       1,532,624       2,830,171       2,590,017       25,393,171  

Net increase (decrease) in net assets resulting from operations

      546,081       1,335,987       2,537,978       4,749,209       32,955,601  
          
Contract transactions           

Contract purchase payments

      1,369,996       185,083       657,033       3,742,706       757,418  

Net transfers(1)

      (3,204,687 )      (1,840,322 )      (1,365,315 )      (694,198 )      (2,813,082 ) 

Transfers for policy loans

      305       4,602       5,751       (5,945 )      9,063  

Adjustments to net assets allocated to contracts in payment period

      —       (65,038 )      —       —       (26,431 ) 

Contract charges

      (6,904 )      (130,085 )      (8,417 )      (55,008 )      (86,688 ) 

Contract terminations:

           

Surrender benefits

      (1,738,041 )      (4,713,530 )      (1,729,111 )      (5,329,623 )      (10,252,308 ) 

Death benefits

      (187,389 )      (1,050,843 )      (314,230 )      (632,491 )      (992,761 ) 

Increase (decrease) from transactions

      (3,766,720 )      (7,610,133 )      (2,754,289 )      (2,974,559 )      (13,404,789 ) 

Net assets at beginning of year

      24,290,556       51,672,881       22,847,047       73,528,496       92,282,015  

Net assets at end of year

    $ 21,069,917     $ 45,398,735     $ 22,630,736     $ 75,303,146     $ 111,832,827  
          
Accumulation unit activity           

Units outstanding at beginning of year

      20,991,208       36,009,447       11,996,073       22,715,553       47,724,125  

Units purchased

      1,185,541       131,443       383,275       1,532,349       349,171  

Units redeemed

      (4,467,205 )      (5,406,974 )      (1,768,118 )      (2,308,957 )      (6,241,809 ) 

Units outstanding at end of year

      17,709,544       30,733,916       10,611,230       21,938,945       41,831,487  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     91  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    CTIVP Prin
Blue Chip Gro,
Cl 2		     CTIVP T Rowe
Price LgCap Val,
Cl 2		     CTIVP TCW
Core Plus Bond,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 2		     CTIVP Vty
Sycamore
Estb Val,
Cl 3		  
Operations           

Investment income (loss) — net

    $ (495,656 )    $ (446,647 )    $ 219,972     $ (672,519 )    $ (394,615 ) 

Net realized gain (loss) on sales of investments

      1,697,421       1,344,700       (339,054 )      3,033,840       2,640,367  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      13,447,982       2,280,216       885,623       2,848,490       1,327,813  

Net increase (decrease) in net assets resulting from operations

      14,649,747       3,178,269       766,541       5,209,811       3,573,565  
          
Contract transactions           

Contract purchase payments

      1,989,950       2,493,124       1,185,555       4,858,151       339,704  

Net transfers(1)

      993,823       (2,179,006 )      2,784,264       983,429       321,522  

Transfers for policy loans

      (16,117 )      491       364       (13,839 )      13,379  

Adjustments to net assets allocated to contracts in payment period

      —       (4,144 )      —       —       (21,491 ) 

Contract charges

      (60,425 )      (49,394 )      (29,012 )      (35,881 )      (26,325 ) 

Contract terminations:

           

Surrender benefits

      (2,438,571 )      (1,825,122 )      (1,019,712 )      (3,445,918 )      (3,669,389 ) 

Death benefits

      (825,125 )      (553,269 )      (149,427 )      (3,049,515 )      (530,874 ) 

Increase (decrease) from transactions

      (356,465 )      (2,117,320 )      2,772,032       (703,573 )      (3,573,474 ) 

Net assets at beginning of year

      39,157,361       41,199,490       15,903,225       61,811,468       43,663,526  

Net assets at end of year

    $ 53,450,643     $ 42,260,439     $ 19,441,798     $ 66,317,706     $ 43,663,617  
          
Accumulation unit activity           

Units outstanding at beginning of year

      10,320,790       14,599,752       15,687,710       15,979,103       10,009,941  

Units purchased

      859,255       969,290       3,968,390       1,883,489       267,858  

Units redeemed

      (876,936 )      (1,664,823 )      (1,289,665 )      (1,884,911 )      (1,075,445 ) 

Units outstanding at end of year

      10,303,109       13,904,219       18,366,435       15,977,681       9,202,354  

 

(1) 

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

See accompanying notes to financial statements.

 

92   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    CTIVP
Westfield
Mid Cap Gro,
Cl 2		     CTIVP
Westfield
Sel Lg Cp Gr,
Cl 2		     CVT EAFE
Intl Index,
Cl F		     CVT Nasdaq
100 Index,
Cl F		     CVT Russ 2000
Sm Cap Ind,
Cl F		  
Operations           

Investment income (loss) — net

    $ (273,636 )    $ (251,861 )    $ 57,317     $ (27,537 )    $ 7,647  

Net realized gain (loss) on sales of investments

      1,030,266       (314,894 )      4,042       95,900       7,896  

Distributions from capital gains

      —       —       —       —       2,130  

Net change in unrealized appreciation (depreciation) of investments

      4,752,196       6,370,301       233,727       1,749,799       490,183  

Net increase (decrease) in net assets resulting from operations

      5,508,826       5,803,546       295,086       1,818,162       507,856  
          
Contract transactions           

Contract purchase payments

      1,354,947       880,078       1,577,765       5,045,497       2,339,272  

Net transfers(1)

      1,000,819       (1,108,564 )      249,204       746,223       434,468  

Transfers for policy loans

      (160 )      —       —       —       —  

Adjustments to net assets allocated to contracts in payment period

      —       —       —       —       —  

Contract charges

      (19,450 )      (20,342 )      (345 )      (1,038 )      (711 ) 

Contract terminations:

           

Surrender benefits

      (1,330,935 )      (1,143,491 )      (23,404 )      (61,663 )      (29,833 ) 

Death benefits

      (432,842 )      (440,857 )      —       (180,895 )      —  

Increase (decrease) from transactions

      572,379       (1,833,176 )      1,803,220       5,548,124       2,743,196  

Net assets at beginning of year

      23,010,513       20,676,903       1,081,453       1,929,055       1,474,646  

Net assets at end of year

    $ 29,091,718     $ 24,647,273     $ 3,179,759     $ 9,295,341     $ 4,725,698  
          
Accumulation unit activity           

Units outstanding at beginning of year

      7,343,765       6,721,366       1,105,917       2,272,958       1,554,466  

Units purchased

      886,166       384,238       1,943,023       5,536,224       2,909,078  

Units redeemed

      (677,232 )      (822,254 )      (247,758 )      (614,645 )      (131,729 ) 

Units outstanding at end of year

      7,552,699       6,283,350       2,801,182       7,194,537       4,331,815  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     93  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    DWS Alt Asset
Alloc VIP,
Cl B		     EV VT
Floating-Rate Inc,
Init Cl		     Fid VIP
Contrafund,
Serv Cl 2		     Fid VIP
Emer Mkts,
Serv Cl 2		     Fid VIP
Energy,
Serv Cl 2		  
Operations           

Investment income (loss) — net

    $ 946,725     $ 5,926,310     $ (3,473,208 )    $ 20,843     $ 28,449  

Net realized gain (loss) on sales of investments

      (398,678 )      (1,059,027 )      12,330,432       2,336       7  

Distributions from capital gains

      158,371       —       17,074,886       —       —  

Net change in unrealized appreciation (depreciation) of investments

      22,619       3,070,864       101,779,074       71,236       (11,655 ) 

Net increase (decrease) in net assets resulting from operations

      729,037       7,938,147       127,711,184       94,415       16,801  
          
Contract transactions           

Contract purchase payments

      582,531       3,229,648       14,446,728       1,131,540       1,409,677  

Net transfers(1)

      (874,824 )      (4,695,456 )      (2,347,041 )      157,754       98,711  

Transfers for policy loans

      (1,995 )      (3,688 )      (39,299 )      —       —  

Adjustments to net assets allocated to contracts in payment period

      (1,536 )      64,663       (111,599 )      —       —  

Contract charges

      (6,926 )      (62,994 )      (224,574 )      (315 )      (564 ) 

Contract terminations:

           

Surrender benefits

      (1,210,058 )      (7,811,086 )      (38,914,780 )      (5,487 )      (21,528 ) 

Death benefits

      (549,189 )      (1,471,722 )      (9,544,877 )      (74,515 )      —  

Increase (decrease) from transactions

      (2,061,997 )      (10,750,635 )      (36,735,442 )      1,208,977       1,486,296  

Net assets at beginning of year

      17,387,662       83,654,722       416,575,542       589,593       792,121  

Net assets at end of year

    $ 16,054,702     $ 80,842,234     $ 507,551,284     $ 1,892,985     $ 2,295,218  
          
Accumulation unit activity           

Units outstanding at beginning of year

      15,554,996       57,322,006       133,029,082       616,797       681,049  

Units purchased

      622,577       2,353,414       5,443,171       1,466,189       1,501,408  

Units redeemed

      (2,443,142 )      (9,365,838 )      (15,321,927 )      (253,842 )      (200,289 ) 

Units outstanding at end of year

      13,734,431       50,309,582       123,150,326       1,829,144       1,982,168  

 

(1) 

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

See accompanying notes to financial statements.

 

94   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Fid VIP
Gro & Inc,
Serv Cl		     Fid VIP
Gro & Inc,
Serv Cl 2		     Fid VIP
Gro Opp,
Serv Cl 2		     Fid VIP Intl
Cap Appr,
Serv Cl 2		     Fid VIP
Invest Gr,
Serv Cl 2		  
Operations           

Investment income (loss) — net

    $ 280,544     $ 570,860     $ (58,076 )    $ (17,562 )    $ 133,013  

Net realized gain (loss) on sales of investments

      1,407,583       2,823,818       83,582       24,064       (18,143 ) 

Distributions from capital gains

      1,452,803       3,550,988       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      3,153,308       7,618,714       1,717,462       470,802       135,010  

Net increase (decrease) in net assets resulting from operations

      6,294,238       14,564,380       1,742,968       477,304       249,880  
          
Contract transactions           

Contract purchase payments

      96,212       4,314,998       5,267,365       2,424,182       5,876,157  

Net transfers(1)

      (277,373 )      1,218,274       304,237       351,409       1,045,113  

Transfers for policy loans

      (6,449 )      2,414       —       (12,314 )      —  

Adjustments to net assets allocated to contracts in payment period

      (39,053 )      (117,720 )      —       —       —  

Contract charges

      (10,177 )      (68,766 )      (1,706 )      (482 )      (1,009 ) 

Contract terminations:

           

Surrender benefits

      (2,589,572 )      (6,601,815 )      (39,154 )      (31,302 )      (120,174 ) 

Death benefits

      (677,786 )      (1,442,204 )      (83,592 )      (48,101 )      (4,901 ) 

Increase (decrease) from transactions

      (3,504,198 )      (2,694,819 )      5,447,150       2,683,392       6,795,186  

Net assets at beginning of year

      37,405,330       84,649,201       1,499,012       637,278       816,615  

Net assets at end of year

    $ 40,195,370     $ 96,518,762     $ 8,689,130     $ 3,797,974     $ 7,861,681  
          
Accumulation unit activity           

Units outstanding at beginning of year

      10,958,490       23,377,712       1,782,995       689,208       858,518  

Units purchased

      43,116       2,499,565       6,649,889       3,050,436       7,997,827  

Units redeemed

      (987,263 )      (2,461,635 )      (1,237,008 )      (472,548 )      (974,155 ) 

Units outstanding at end of year

      10,014,343       23,415,642       7,195,876       3,267,096       7,882,190  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     95  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Fid VIP
Mid Cap,
Serv Cl		     Fid VIP
Mid Cap,
Serv Cl 2		     Fid VIP
Overseas,
Serv Cl		     Fid VIP
Overseas,
Serv Cl 2		     Fid VIP
Strategic Inc,
Serv Cl 2		  
Operations           

Investment income (loss) — net

    $ (206,404 )    $ (1,819,384 )    $ 10,201     $ (38,793 )    $ 5,250,529  

Net realized gain (loss) on sales of investments

      753,285       1,137,791       160,574       726,833       (1,871,036 ) 

Distributions from capital gains

      1,645,337       9,229,636       23,844       101,596       —  

Net change in unrealized appreciation (depreciation) of investments

      5,763,765       33,456,630       1,384,535       5,812,355       8,724,166  

Net increase (decrease) in net assets resulting from operations

      7,955,983       42,004,673       1,579,154       6,601,991       12,103,659  
          
Contract transactions           

Contract purchase payments

      338,964       7,737,631       72,785       351,633       6,981,895  

Net transfers(1)

      (987,516 )      (477,499 )      203,875       1,395,479       11,746,750  

Transfers for policy loans

      (12,625 )      (6,287 )      (702 )      7,084       11,202  

Adjustments to net assets allocated to contracts in payment period

      (106,185 )      (88,932 )      (4,218 )      (20,606 )      (46,060 ) 

Contract charges

      (16,618 )      (245,541 )      (2,365 )      (27,135 )      (52,502 ) 

Contract terminations:

           

Surrender benefits

      (4,945,050 )      (27,680,864 )      (543,926 )      (3,083,072 )      (11,967,581 ) 

Death benefits

      (949,620 )      (4,729,729 )      (124,153 )      (307,223 )      (3,160,221 ) 

Increase (decrease) from transactions

      (6,678,650 )      (25,491,221 )      (398,704 )      (1,683,840 )      3,513,483  

Net assets at beginning of year

      60,814,675       320,728,967       8,317,638       35,279,400       147,369,751  

Net assets at end of year

    $ 62,092,008     $ 337,242,419     $ 9,498,088     $ 40,197,551     $ 162,986,893  
          
Accumulation unit activity           

Units outstanding at beginning of year

      6,629,881       70,982,436       4,330,413       17,219,181       131,771,278  

Units purchased

      35,267       2,198,142       129,430       850,427       16,502,194  

Units redeemed

      (725,856 )      (7,421,615 )      (320,867 )      (1,555,971 )      (13,399,563 ) 

Units outstanding at end of year

      5,939,292       65,758,963       4,138,976       16,513,637       134,873,909  

 

(1) 

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

See accompanying notes to financial statements.

 

96   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Frank Global
Real Est,
Cl 2		     Frank
Inc,
Cl 2		     Frank
Inc,
Cl 4		     Frank Mutual
Gbl Dis,
Cl 4		     Frank Mutual
Shares,
Cl 2		  
Operations           

Investment income (loss) — net

    $ 914,912     $ 2,450,364     $ 159,638     $ 6,411     $ 546,915  

Net realized gain (loss) on sales of investments

      (2,985,111 )      (904,621 )      (36,630 )      188       (864,981 ) 

Distributions from capital gains

      —       3,740,594       248,183       22,719       5,180,275  

Net change in unrealized appreciation (depreciation) of investments

      6,568,447       (1,010,665 )      (53,868 )      28,654       2,218,631  

Net increase (decrease) in net assets resulting from operations

      4,498,248       4,275,672       317,323       57,972       7,080,840  
          
Contract transactions           

Contract purchase payments

      442,728       358,428       2,997,611       295,544       498,978  

Net transfers(1)

      (1,492,222 )      3,098,268       422,913       11,385       (624,762 ) 

Transfers for policy loans

      16,748       (7,880 )      —       —       14,492  

Adjustments to net assets allocated to contracts in payment period

      (23,292 )      (723 )      —       —       (9,354 ) 

Contract charges

      (39,731 )      (25,855 )      (582 )      (33 )      (37,173 ) 

Contract terminations:

           

Surrender benefits

      (4,587,081 )      (5,757,736 )      (118,612 )      (2,232 )      (5,109,510 ) 

Death benefits

      (819,158 )      (1,170,400 )      (60,855 )      —       (597,871 ) 

Increase (decrease) from transactions

      (6,502,008 )      (3,505,898 )      3,240,475       304,664       (5,865,200 ) 

Net assets at beginning of year

      48,212,512       59,977,508       2,476,105       133,837       61,099,068  

Net assets at end of year

    $ 46,208,752     $ 60,747,282     $ 6,033,903     $ 496,473     $ 62,314,708  
          
Accumulation unit activity           

Units outstanding at beginning of year

      22,063,546       41,039,929       2,560,573       134,234       26,190,555  

Units purchased

      223,061       2,635,031       4,131,800       290,145       316,910  

Units redeemed

      (3,179,123 )      (4,991,638 )      (887,622 )      (3,408 )      (2,779,631 ) 

Units outstanding at end of year

      19,107,484       38,683,322       5,804,751       420,971       23,727,834  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     97  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Frank
Sm Cap Val,
Cl 2		     Frank
Sm Cap Val,
Cl 4		     GS VIT
Mid Cap Val,
Inst		     GS VIT
Multi-Strategy Alt,
Advisor		     GS VIT
Multi-Strategy Alt,
Serv		  
Operations           

Investment income (loss) — net

    $ (487,776 )    $ (13,172 )    $ 150,892     $ 505,261     $ 61,573  

Net realized gain (loss) on sales of investments

      (2,761,847 )      (14,187 )      (204,389 )      (35,465 )      (631 ) 

Distributions from capital gains

      6,292,755       112,914       2,549,056       —       —  

Net change in unrealized appreciation (depreciation) of investments

      9,177,480       197,295       7,840,328       116,023       (8,404 ) 

Net increase (decrease) in net assets resulting from operations

      12,220,612       282,850       10,335,887       585,819       52,538  
          
Contract transactions           

Contract purchase payments

      938,198       1,641,599       469,796       118,551       647,995  

Net transfers(1)

      (1,334,694 )      69,983       (824,586 )      (17,288 )      13,619  

Transfers for policy loans

      (7,730 )      —       (19,270 )      95       —  

Adjustments to net assets allocated to contracts in payment period

      (14,013 )      —       (95,593 )      (235 )      —  

Contract charges

      (58,303 )      (219 )      (96,894 )      (3,037 )      (63 ) 

Contract terminations:

           

Surrender benefits

      (9,326,492 )      (20,357 )      (8,509,403 )      (418,753 )      (23,100 ) 

Death benefits

      (1,623,521 )      (36,979 )      (1,327,830 )      (110,672 )      —  

Increase (decrease) from transactions

      (11,426,555 )      1,654,027       (10,403,780 )      (431,339 )      638,451  

Net assets at beginning of year

      113,286,298       1,191,677       106,671,178       9,492,903       387,108  

Net assets at end of year

    $ 114,080,355     $ 3,128,554     $ 106,603,285     $ 9,647,383     $ 1,078,097  
          
Accumulation unit activity           

Units outstanding at beginning of year

      25,397,806       1,205,405       15,315,665       10,136,404       401,252  

Units purchased

      293,290       1,931,125       66,874       368,795       976,904  

Units redeemed

      (3,034,682 )      (297,741 )      (1,518,676 )      (797,647 )      (326,209 ) 

Units outstanding at end of year

      22,656,414       2,838,789       13,863,863       9,707,552       1,051,947  

 

(1) 

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

See accompanying notes to financial statements.

 

98   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    GS VIT Sm Cap
Eq Insights,
Inst		     GS VIT Sm Cap
Eq Insights,
Serv		     GS VIT U.S.
Eq Insights,
Inst		     Invesco VI
Am Fran,
Ser I		     Invesco VI
Am Fran,
Ser II		  
Operations           

Investment income (loss) — net

    $ 7,128     $ 1,300     $ (178,754 )    $ (99,018 )    $ (336,176 ) 

Net realized gain (loss) on sales of investments

      (59,121 )      3,582       974,884       (20,315 )      (491,258 ) 

Distributions from capital gains

      —       —       —       264,510       927,174  

Net change in unrealized appreciation (depreciation) of investments

      788,875       120,930       17,585,883       3,787,309       12,561,760  

Net increase (decrease) in net assets resulting from operations

      736,882       125,812       18,382,013       3,932,486       12,661,500  
          
Contract transactions           

Contract purchase payments

      37,118       556,775       358,921       54,097       159,988  

Net transfers(1)

      (81,715 )      59,437       (2,776,771 )      (227,470 )      (1,125,146 ) 

Transfers for policy loans

      (2,110 )      —       7,852       (12,569 )      (930 ) 

Adjustments to net assets allocated to contracts in payment period

      (2,293 )      —       (97,335 )      (1,998 )      (186 ) 

Contract charges

      (1,279 )      (73 )      (125,941 )      (4,026 )      (101,620 ) 

Contract terminations:

           

Surrender benefits

      (254,249 )      (6,288 )      (6,893,522 )      (836,635 )      (3,133,887 ) 

Death benefits

      (38,748 )      (42,007 )      (860,778 )      (76,854 )      (559,335 ) 

Increase (decrease) from transactions

      (343,276 )      567,844       (10,387,574 )      (1,105,455 )      (4,761,116 ) 

Net assets at beginning of year

      4,208,768       314,234       85,875,174       10,393,050       33,926,383  

Net assets at end of year

    $ 4,602,374     $ 1,007,890     $ 93,869,613     $ 13,220,081     $ 41,826,767  
          
Accumulation unit activity           

Units outstanding at beginning of year

      974,690       330,457       26,351,558       3,864,463       13,038,300  

Units purchased

      7,842       778,900       109,251       16,910       183,023  

Units redeemed

      (81,313 )      (207,053 )      (2,999,669 )      (364,831 )      (1,679,877 ) 

Units outstanding at end of year

      901,219       902,304       23,461,140       3,516,542       11,541,446  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     99  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Invesco VI Bal
Risk Alloc,
Ser II		     Invesco VI
Comstock,
Ser II		     Invesco VI
Core Eq,
Ser I		     Invesco VI
Core Plus Bond,
Ser II		     Invesco VI Dis
Mid Cap Gro,
Ser I		  
Operations           

Investment income (loss) — net

    $ (318,742 )    $ 610,999     $ (342,839 )    $ 49,862     $ (132,483 ) 

Net realized gain (loss) on sales of investments

      (2,135,605 )      3,511,727       153,797       (708 )      (480,650 ) 

Distributions from capital gains

      —       10,464,407       1,525,363       —       —  

Net change in unrealized appreciation (depreciation) of investments

      3,975,794       (4,788,714 )      11,415,882       92,712       2,403,706  

Net increase (decrease) in net assets resulting from operations

      1,521,447       9,798,419       12,752,203       141,866       1,790,573  
          
Contract transactions           

Contract purchase payments

      1,658,017       2,425,627       295,397       3,025,793       94,747  

Net transfers(1)

      (2,090,187 )      (1,590,476 )      (237,978 )      245,034       20,718  

Transfers for policy loans

      (1,329 )      17,299       35,058       —       6,035  

Adjustments to net assets allocated to contracts in payment period

      (22,170 )      (30,777 )      (78,405 )      —       (9,494 ) 

Contract charges

      (12,008 )      (176,080 )      (29,801 )      (176 )      (7,925 ) 

Contract terminations:

           

Surrender benefits

      (3,132,385 )      (8,313,996 )      (4,906,245 )      (43,505 )      (1,118,807 ) 

Death benefits

      (952,689 )      (1,850,318 )      (993,425 )      —       (251,932 ) 

Increase (decrease) from transactions

      (4,552,751 )      (9,518,721 )      (5,915,399 )      3,227,146       (1,266,658 ) 

Net assets at beginning of year

      32,128,877       95,536,227       61,007,102       366,409       15,420,735  

Net assets at end of year

    $ 29,097,573     $ 95,815,925     $ 67,843,906     $ 3,735,421     $ 15,944,650  
          
Accumulation unit activity           

Units outstanding at beginning of year

      26,236,118       27,918,335       13,894,125       387,399       12,594,030  

Units purchased

      1,604,350       1,005,802       68,600       3,703,474       192,342  

Units redeemed

      (5,324,161 )      (3,610,555 )      (1,278,681 )      (309,336 )      (1,177,897 ) 

Units outstanding at end of year

      22,516,307       25,313,582       12,684,044       3,781,537       11,608,475  

 

(1) 

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

See accompanying notes to financial statements.

 

100   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Invesco VI Dis
Mid Cap Gro,
Ser II		     Invesco VI
Div Divd,
Ser I		     Invesco VI
Div Divd,
Ser II		     Invesco VI
EQV Intl Eq,
Ser II		     Invesco VI
Global,
Ser II		  
Operations           

Investment income (loss) — net

    $ (92,024 )    $ 194,038     $ 67,781     $ (338,583 )    $ (1,133,806 ) 

Net realized gain (loss) on sales of investments

      (512,514 )      186,887       70,051       13,689       (1,198,088 ) 

Distributions from capital gains

      —       1,444,228       797,691       27,829       13,436,243  

Net change in unrealized appreciation (depreciation) of investments

      1,720,511       (478,989 )      (235,363 )      6,143,135       21,378,963  

Net increase (decrease) in net assets resulting from operations

      1,115,973       1,346,164       700,160       5,846,070       32,483,312  
          
Contract transactions           

Contract purchase payments

      84,546       122,113       83,814       324,258       2,129,132  

Net transfers(1)

      (185,962 )      (694,976 )      (726,726 )      (607,288 )      (4,613,298 ) 

Transfers for policy loans

      (1,039 )      4,557       660       (6,712 )      8,331  

Adjustments to net assets allocated to contracts in payment period

      —       (11,646 )      (4,305 )      (9,793 )      (47,988 ) 

Contract charges

      (6,547 )      (10,774 )      (6,472 )      (33,367 )      (66,312 ) 

Contract terminations:

           

Surrender benefits

      (770,433 )      (1,614,520 )      (1,029,073 )      (3,438,061 )      (7,820,569 ) 

Death benefits

      (42,968 )      (336,142 )      (158,464 )      (384,103 )      (2,263,305 ) 

Increase (decrease) from transactions

      (922,403 )      (2,541,388 )      (1,840,566 )      (4,155,066 )      (12,674,009 ) 

Net assets at beginning of year

      9,954,252       18,878,172       10,597,641       36,629,567       103,292,568  

Net assets at end of year

    $ 10,147,822     $ 17,682,948     $ 9,457,235     $ 38,320,571     $ 123,101,871  
          
Accumulation unit activity           

Units outstanding at beginning of year

      8,247,175       7,439,427       4,379,034       19,003,021       37,551,702  

Units purchased

      149,876       67,284       34,509       220,718       665,299  

Units redeemed

      (877,421 )      (1,065,058 )      (789,405 )      (2,215,843 )      (4,655,928 ) 

Units outstanding at end of year

      7,519,630       6,441,653       3,624,138       17,007,896       33,561,073  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     101  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Invesco VI
Gbl Strat Inc,
Ser II		     Invesco VI
Hlth,
Ser II		     Invesco VI
Main St,
Ser II		     Invesco VI
Mn St Sm Cap,
Ser II		     Invesco VI
Tech,
Ser I		  
Operations           

Investment income (loss) — net

    $ (1,150,235 )    $ (302,952 )    $ (11,607 )    $ (42,159 )    $ (190,627 ) 

Net realized gain (loss) on sales of investments

      (3,807,098 )      (865,319 )      (251,042 )      229,679       (703,243 ) 

Distributions from capital gains

      —       —       154,713       —       —  

Net change in unrealized appreciation (depreciation) of investments

      14,001,482       1,636,808       561,374       13,919,391       9,090,869  

Net increase (decrease) in net assets resulting from operations

      9,044,149       468,537       453,438       14,106,911       8,196,999  
          
Contract transactions           

Contract purchase payments

      783,164       307,915       96,919       3,319,533       153,179  

Net transfers(1)

      1,593,976       (1,255,884 )      (153,317 )      2,974,602       352,722  

Transfers for policy loans

      17,861       3,404       —       (20,095 )      (2,855 ) 

Adjustments to net assets allocated to contracts in payment period

      76,127       (23,104 )      11,648       (17,006 )      (3,735 ) 

Contract charges

      (160,009 )      (19,351 )      (1,614 )      (43,928 )      (27,647 ) 

Contract terminations:

           

Surrender benefits

      (11,206,104 )      (3,870,832 )      (224,719 )      (6,274,306 )      (2,199,604 ) 

Death benefits

      (2,684,603 )      (271,522 )      (178,618 )      (1,210,875 )      (284,818 ) 

Increase (decrease) from transactions

      (11,579,588 )      (5,129,374 )      (449,701 )      (1,272,075 )      (2,012,758 ) 

Net assets at beginning of year

      126,018,115       36,734,266       2,295,030       85,386,232       18,661,976  

Net assets at end of year

    $ 123,482,676     $ 32,073,429     $ 2,298,767     $ 98,221,068     $ 24,846,217  
          
Accumulation unit activity           

Units outstanding at beginning of year

      85,983,628       11,723,563       1,596,828       23,898,490       8,033,146  

Units purchased

      1,883,080       103,196       61,958       1,754,561       186,760  

Units redeemed

      (9,674,331 )      (1,772,329 )      (351,948 )      (2,180,886 )      (889,830 ) 

Units outstanding at end of year

      78,192,377       10,054,430       1,306,838       23,472,165       7,330,076  

 

(1) 

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

See accompanying notes to financial statements.

 

102   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Invesco VI
Tech,
Ser II		     Janus
Henderson
VIT Bal,
Serv		     Janus
Henderson
VIT Enter,
Serv		     Janus
Henderson
VIT Flex Bd,
Serv		     Janus
Henderson
VIT Forty,
Serv		  
Operations           

Investment income (loss) — net

    $ (19,311 )    $ 936,227     $ (103,896 )    $ 1,460,489     $ (12,079 ) 

Net realized gain (loss) on sales of investments

      4,058       826,589       231,609       (1,158,227 )      12,967  

Distributions from capital gains

      —       —       1,082,670       —       —  

Net change in unrealized appreciation (depreciation) of investments

      654,579       14,202,594       988,480       1,897,360       411,040  

Net increase (decrease) in net assets resulting from operations

      639,326       15,965,410       2,198,863       2,199,622       411,928  
          
Contract transactions           

Contract purchase payments

      1,820,825       10,830,370       71,688       2,681,680       1,138,832  

Net transfers(1)

      536,403       3,121,125       (81,903 )      7,051,266       429,266  

Transfers for policy loans

      —       1,288       (6,665 )      1,887       —  

Adjustments to net assets allocated to contracts in payment period

      —       389,266       (6,417 )      (5,907 )      —  

Contract charges

      (541 )      (42,816 )      (5,231 )      (15,785 )      (707 ) 

Contract terminations:

           

Surrender benefits

      (36,042 )      (7,763,226 )      (1,138,309 )      (3,845,022 )      (29,601 ) 

Death benefits

      (41,736 )      (4,106,614 )      (269,519 )      (985,909 )      —  

Increase (decrease) from transactions

      2,278,909       2,429,393       (1,436,356 )      4,882,210       1,537,790  

Net assets at beginning of year

      489,639       113,815,583       13,771,867       49,951,385       477,226  

Net assets at end of year

    $ 3,407,874     $ 132,210,386     $ 14,534,374     $ 57,033,217     $ 2,426,944  
          
Accumulation unit activity           

Units outstanding at beginning of year

      609,554       88,215,273       5,342,739       49,715,333       550,417  

Units purchased

      2,734,257       10,819,265       25,553       9,598,342       1,511,491  

Units redeemed

      (414,428 )      (9,423,362 )      (540,306 )      (4,852,431 )      (30,732 ) 

Units outstanding at end of year

      2,929,383       89,611,176       4,827,986       54,461,244       2,031,176  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     103  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Janus Hend
VIT Gbl
Tech Innov,
Srv		     Janus
Henderson
VIT Overseas,
Serv		     Janus
Henderson
VIT Res,
Serv		     Lazard Ret
Emer Mkts Eq,
Serv		     Lazard Ret
Global Dyn MA,
Serv		  
Operations           

Investment income (loss) — net

    $ (239,033 )    $ 114,585     $ (493,139 )    $ 10,671     $ (116,244 ) 

Net realized gain (loss) on sales of investments

      522,945       311,872       1,023,542       525       (338,719 ) 

Distributions from capital gains

      —       —       —       —       609,672  

Net change in unrealized appreciation (depreciation) of investments

      11,337,753       1,379,979       17,126,752       19,309       812,664  

Net increase (decrease) in net assets resulting from operations

      11,621,665       1,806,436       17,657,155       30,505       967,373  
          
Contract transactions           

Contract purchase payments

      1,650,598       1,056,454       378,346       304,997       238,620  

Net transfers(1)

      702,170       (32,911 )      1,947,267       19,056       (917,873 ) 

Transfers for policy loans

      (1,578 )      6,773       5,342       —       —  

Adjustments to net assets allocated to contracts in payment period

      (17,951 )      (9,386 )      (8,339 )      —       —  

Contract charges

      (11,512 )      (9,261 )      (48,035 )      (61 )      (5,300 ) 

Contract terminations:

           

Surrender benefits

      (1,957,281 )      (1,545,008 )      (3,436,331 )      (11,276 )      (752,141 ) 

Death benefits

      (296,193 )      (139,211 )      (821,164 )      (10,681 )      (1,151,142 ) 

Increase (decrease) from transactions

      68,253       (672,550 )      (1,982,914 )      302,035       (2,587,836 ) 

Net assets at beginning of year

      22,289,861       19,075,426       43,310,938       41,692       11,621,587  

Net assets at end of year

    $ 33,979,779     $ 20,209,312     $ 58,985,179     $ 374,232     $ 10,001,124  
          
Accumulation unit activity           

Units outstanding at beginning of year

      9,650,007       10,668,442       15,712,470       43,344       8,730,609  

Units purchased

      900,228       1,016,717       880,373       423,834       176,065  

Units redeemed

      (955,521 )      (1,163,712 )      (1,430,297 )      (135,639 )      (2,073,123 ) 

Units outstanding at end of year

      9,594,714       10,521,447       15,162,546       331,539       6,833,551  

 

(1) 

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

See accompanying notes to financial statements.

 

104   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Lord Abt
Bond Debenture,
Cl VC		     Lord Abt
Short Dur Inc,
Cl VC		     LVIP AC
Intl,
Serv Cl		     LVIP AC
Intl,
Std Cl II		     LVIP AC
Mid Cap Val,
Serv Cl		  
Operations           

Investment income (loss) — net

    $ 140,215     $ 329,240     $ 60,782     $ 35,724     $ 474,917  

Net realized gain (loss) on sales of investments

      3,217       3,076       146,259       20,279       8,610  

Distributions from capital gains

      —       —       —       —       4,394,110  

Net change in unrealized appreciation (depreciation) of investments

      954       (85,833 )      1,605,932       637,186       (3,054,694 ) 

Net increase (decrease) in net assets resulting from operations

      144,386       246,483       1,812,973       693,189       1,822,943  
          
Contract transactions           

Contract purchase payments

      2,050,225       6,076,160       414,633       45,708       1,549,167  

Net transfers(1)

      238,760       322,618       50,177       (88,277 )      (1,273,345 ) 

Transfers for policy loans

      —       —       1,006       (4,059 )      11,510  

Adjustments to net assets allocated to contracts in payment period

      —       —       (11,857 )      (4,461 )      (28,434 ) 

Contract charges

      (181 )      (615 )      (12,350 )      (1,718 )      (21,229 ) 

Contract terminations:

           

Surrender benefits

      (41,362 )      (205,693 )      (1,377,518 )      (608,317 )      (3,328,250 ) 

Death benefits

      (43,199 )      (5,018 )      (119,144 )      (43,326 )      (326,033 ) 

Increase (decrease) from transactions

      2,204,243       6,187,452       (1,055,053 )      (704,450 )      (3,416,614 ) 

Net assets at beginning of year

      887,185       2,272,940       16,057,840       6,232,614       40,248,737  

Net assets at end of year

    $ 3,235,814     $ 8,706,875     $ 16,815,760     $ 6,221,353     $ 38,655,066  
          
Accumulation unit activity           

Units outstanding at beginning of year

      935,199       2,325,756       7,607,881       3,217,369       12,448,475  

Units purchased

      2,537,100       7,982,880       555,277       56,229       653,517  

Units redeemed

      (235,721 )      (1,743,435 )      (798,281 )      (394,002 )      (1,609,244 ) 

Units outstanding at end of year

      3,236,578       8,565,201       7,364,877       2,879,596       11,492,748  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     105  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    LVIP AC
Ultra,
Serv Cl		     LVIP AC
Val,
Serv Cl		     LVIP AC
Val,
Std Cl II		     LVIP JPM
US Eq,
Serv Cl(2)		     Mac VIP
Asset Strategy,
Serv Cl		  
Operations           

Investment income (loss) — net

    $ (411,069 )    $ 2,201,719     $ 426,108     $ (68 )    $ 125,586  

Net realized gain (loss) on sales of investments

      897,741       4,823,145       1,054,964       7,272       (470,911 ) 

Distributions from capital gains

      3,191,809       13,950,631       2,208,136       16,823       —  

Net change in unrealized appreciation (depreciation) of investments

      11,444,649       (7,586,110 )      (1,535,533 )      479,290       1,835,419  

Net increase (decrease) in net assets resulting from operations

      15,123,130       13,389,385       2,153,675       503,317       1,490,094  
          
Contract transactions           

Contract purchase payments

      302,800       6,292,882       155,796       64,875       212,999  

Net transfers(1)

      2,371,774       (4,769,416 )      (372,116 )      3,276,923       57,955  

Transfers for policy loans

      (7,536 )      10,666       (46,329 )      —       345  

Adjustments to net assets allocated to contracts in payment period

      (12,794 )      8,847       (28,841 )      —       (17,439 ) 

Contract charges

      (29,207 )      (91,001 )      (5,892 )      (1,748 )      (5,359 ) 

Contract terminations:

           

Surrender benefits

      (3,629,695 )      (14,139,579 )      (2,265,386 )      (19,001 )      (1,223,614 ) 

Death benefits

      (378,926 )      (3,310,376 )      (368,835 )      (5,394 )      (460,377 ) 

Increase (decrease) from transactions

      (1,383,584 )      (15,997,977 )      (2,931,603 )      3,315,655       (1,435,490 ) 

Net assets at beginning of year

      36,105,898       180,525,593       28,456,286       —       12,502,154  

Net assets at end of year

    $ 49,845,444     $ 177,917,001     $ 27,678,358     $ 3,818,972     $ 12,556,758  
          
Accumulation unit activity           

Units outstanding at beginning of year

      8,896,850       51,027,108       5,778,354       —       9,144,724  

Units purchased

      645,135       1,828,648       30,998       3,301,977       408,582  

Units redeemed

      (895,112 )      (6,550,437 )      (615,816 )      (23,389 )      (1,421,181 ) 

Units outstanding at end of year

      8,646,873       46,305,319       5,193,536       3,278,588       8,132,125  

 

(1) 

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

 

(2) 

For the period April 28, 2023 (commencement of operations) to December 31, 2023.

See accompanying notes to financial statements.

 

106   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Mac VIP
for Inc,
Serv Cl		     MFS Gbl
Real Est,
Serv Cl		     MFS
Intl Gro,
Serv Cl		     MFS Mass
Inv Gro Stock,
Serv Cl		     MFS
New Dis,
Serv Cl		  
Operations           

Investment income (loss) — net

    $ 31,863     $ (3,320 )    $ 1,611     $ (569,959 )    $ (249,386 ) 

Net realized gain (loss) on sales of investments

      (200 )      (12,434 )      (16,685 )      355,600       (1,593,620 ) 

Distributions from capital gains

      —       50,027       62,895       3,515,571       —  

Net change in unrealized appreciation (depreciation) of investments

      49,842       51,704       138,423       10,417,133       5,499,874  

Net increase (decrease) in net assets resulting from operations

      81,505       85,977       186,244       13,718,345       3,656,868  
          
Contract transactions           

Contract purchase payments

      477,743       517,860       1,895,254       404,279       204,068  

Net transfers(1)

      26,938       76,575       341,042       (2,023,300 )      26,809  

Transfers for policy loans

      —       —       —       (5,317 )      184  

Adjustments to net assets allocated to contracts in payment period

      —       —       —       (104,603 )      (17,473 ) 

Contract charges

      (15 )      (277 )      (327 )      (31,208 )      (18,993 ) 

Contract terminations:

           

Surrender benefits

      (7,909 )      (3,413 )      (14,365 )      (5,103,739 )      (2,144,205 ) 

Death benefits

      —       (41,481 )      (42,739 )      (788,515 )      (211,549 ) 

Increase (decrease) from transactions

      496,757       549,264       2,178,865       (7,652,403 )      (2,161,159 ) 

Net assets at beginning of year

      395,568       394,109       596,758       63,984,791       28,557,521  

Net assets at end of year

    $ 973,830     $ 1,029,350     $ 2,961,867     $ 70,050,733     $ 30,053,230  
          
Accumulation unit activity           

Units outstanding at beginning of year

      413,155       483,095       610,660       29,550,481       8,687,944  

Units purchased

      664,381       812,119       2,390,983       231,267       115,926  

Units redeemed

      (165,636 )      (147,036 )      (321,708 )      (3,358,394 )      (729,494 ) 

Units outstanding at end of year

      911,900       1,148,178       2,679,935       26,423,354       8,074,376  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     107  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    MFS
Research Intl,
Serv Cl		     MFS
Utilities,
Serv Cl		     MS
VIF Dis,
Cl II		     NB AMT
Sus Eq,
Cl S		     PIMCO VIT
All Asset,
Advisor Cl		  
Operations           

Investment income (loss) — net

    $ (943 )    $ 3,228,424     $ (592,822 )    $ (143,163 )    $ 927,616  

Net realized gain (loss) on sales of investments

      3,375       2,454,215       (14,104,439 )      270,513       (1,496,328 ) 

Distributions from capital gains

      —       7,654,458       —       248,900       —  

Net change in unrealized appreciation (depreciation) of investments

      106,861       (18,558,050 )      35,215,699       3,126,696       3,939,797  

Net increase (decrease) in net assets resulting from operations

      109,293       (5,220,953 )      20,518,438       3,502,946       3,371,085  
          
Contract transactions           

Contract purchase payments

      1,140,993       2,662,775       3,275,137       1,305,620       1,330,749  

Net transfers(1)

      196,489       (6,036,041 )      (874,578 )      216,708       (1,022,525 ) 

Transfers for policy loans

      —       17,236       19,310       7,304       7,729  

Adjustments to net assets allocated to contracts in payment period

      —       8,527       (9,005 )      —       13,380  

Contract charges

      (485 )      (79,670 )      (31,501 )      (5,843 )      (45,914 ) 

Contract terminations:

           

Surrender benefits

      (12,872 )      (13,095,261 )      (3,839,304 )      (897,546 )      (4,458,273 ) 

Death benefits

      (35,613 )      (2,517,699 )      (643,990 )      (210,042 )      (845,225 ) 

Increase (decrease) from transactions

      1,288,512       (19,040,133 )      (2,103,931 )      416,201       (5,020,079 ) 

Net assets at beginning of year

      423,375       153,187,598       48,221,137       13,471,303       51,711,024  

Net assets at end of year

    $ 1,821,180     $ 128,926,512     $ 66,635,644     $ 17,390,450     $ 50,062,030  
          
Accumulation unit activity           

Units outstanding at beginning of year

      438,816       35,725,316       19,127,522       4,438,590       28,885,610  

Units purchased

      1,523,620       673,877       1,555,529       585,460       798,944  

Units redeemed

      (269,384 )      (5,524,467 )      (2,162,085 )      (466,518 )      (3,512,243 ) 

Units outstanding at end of year

      1,693,052       30,874,726       18,520,966       4,557,532       26,172,311  

 

(1) 

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

See accompanying notes to financial statements.

 

108   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    PIMCO VIT
Glb Man As Alloc,
Adv Cl		     PIMCO VIT
Tot Return,
Advisor Cl		     Put VT
Global Hlth Care,
Cl IB		     Put VT
Intl Eq,
Cl IB		     Put VT
Intl Val,
Cl IB		  
Operations           

Investment income (loss) — net

    $ 57,816     $ 1,371,278     $ (131,328 )    $ (80,558 )    $ (2,195 ) 

Net realized gain (loss) on sales of investments

      (422,247 )      (1,214,974 )      34,344       39,639       4,144  

Distributions from capital gains

      —       —       1,794,273       —       —  

Net change in unrealized appreciation (depreciation) of investments

      975,568       2,498,188       146,844       1,616,454       206,343  

Net increase (decrease) in net assets resulting from operations

      611,137       2,654,492       1,844,133       1,575,535       208,292  
          
Contract transactions           

Contract purchase payments

      34,832       4,163,667       2,167,064       83,484       1,813,230  

Net transfers(1)

      19,302       5,219,629       (504,586 )      208,269       329,305  

Transfers for policy loans

      888       2,088       (7,296 )      (2,333 )      —  

Adjustments to net assets allocated to contracts in payment period

      (422 )      —       (7,689 )      (2,170 )      —  

Contract charges

      (1,362 )      (14,861 )      (15,764 )      (6,466 )      (291 ) 

Contract terminations:

           

Surrender benefits

      (217,268 )      (3,822,401 )      (1,712,827 )      (915,558 )      (13,269 ) 

Death benefits

      (642,904 )      (739,302 )      (441,058 )      (55,389 )      (59,782 ) 

Increase (decrease) from transactions

      (806,934 )      4,808,820       (522,156 )      (690,163 )      2,069,193  

Net assets at beginning of year

      5,604,815       52,772,850       23,142,670       9,302,570       274,802  

Net assets at end of year

    $ 5,409,018     $ 60,236,162     $ 24,464,647     $ 10,187,942     $ 2,552,287  
          
Accumulation unit activity           

Units outstanding at beginning of year

      4,495,446       54,368,697       5,651,631       4,961,061       269,952  

Units purchased

      484,700       9,884,784       1,163,426       155,280       2,346,093  

Units redeemed

      (1,094,053 )      (5,028,443 )      (754,885 )      (493,935 )      (475,310 ) 

Units outstanding at end of year

      3,886,093       59,225,038       6,060,172       4,622,406       2,140,735  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     109  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Put VT
Lg Cap Val,
Cl IB		     Put VT
Sus Fut,
Cl IB		     Put VT
Sus Leaders,
Cl IA		     Put VT
Sus Leaders,
Cl IB		     Royce
Micro-Cap,
Invest Cl		  
Operations           

Investment income (loss) — net

    $ 16,728     $ (4,308 )    $ (367,667 )    $ (107,922 )    $ (84,984 ) 

Net realized gain (loss) on sales of investments

      (10,269 )      3,197       1,207,144       493,134       (115,970 ) 

Distributions from capital gains

      166,739       —       2,195,371       988,753       —  

Net change in unrealized appreciation (depreciation) of investments

      516,026       233,836       13,009,176       5,768,083       1,880,305  

Net increase (decrease) in net assets resulting from operations

      689,224       232,725       16,044,024       7,142,048       1,679,351  
          
Contract transactions           

Contract purchase payments

      4,305,556       1,394,095       238,843       2,013,995       82,426  

Net transfers(1)

      626,543       19,412       (242,132 )      (289,434 )      (157,623 ) 

Transfers for policy loans

      —       —       26,707       16,646       (1,221 ) 

Adjustments to net assets allocated to contracts in payment period

      —       —       (96,073 )      (7,038 )      (6,821 ) 

Contract charges

      (747 )      (165 )      (30,491 )      (16,189 )      (3,131 ) 

Contract terminations:

           

Surrender benefits

      (59,191 )      (2,197 )      (4,935,557 )      (2,116,482 )      (845,428 ) 

Death benefits

      (170,576 )      —       (1,321,037 )      (329,049 )      (27,841 ) 

Increase (decrease) from transactions

      4,701,585       1,411,145       (6,359,740 )      (727,551 )      (959,639 ) 

Net assets at beginning of year

      1,755,770       26,657       67,887,266       29,066,321       10,011,437  

Net assets at end of year

    $ 7,146,579     $ 1,670,527     $ 77,571,550     $ 35,480,818     $ 10,731,149  
          
Accumulation unit activity           

Units outstanding at beginning of year

      1,743,796       29,184       13,259,614       7,391,621       1,702,158  

Units purchased

      5,259,731       2,267,262       47,457       2,431,573       13,195  

Units redeemed

      (800,746 )      (801,216 )      (1,170,502 )      (965,527 )      (166,007 ) 

Units outstanding at end of year

      6,202,781       1,495,230       12,136,569       8,857,667       1,549,346  

 

(1) 

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

See accompanying notes to financial statements.

 

110   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    Temp
Global Bond,
Cl 2		     Third Ave
VST Third
Ave Value		     VanEck VIP
Global Gold,
Cl S		     VP
Aggr,
Cl 2		     VP
Aggr,
Cl 4		  
Operations           

Investment income (loss) — net

    $ (189,531 )    $ 157,749     $ (314,762 )    $ (7,560,892 )    $ (3,897,971 ) 

Net realized gain (loss) on sales of investments

      (1,341,600 )      320,155       (438,280 )      49,793,135       31,974,076  

Distributions from capital gains

      —       685,181       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      1,801,129       757,797       3,273,418       71,488,050       35,201,396  

Net increase (decrease) in net assets resulting from operations

      269,998       1,920,882       2,520,376       113,720,293       63,277,501  
          
Contract transactions           

Contract purchase payments

      131,440       56,331       1,301,837       32,651,390       3,850,156  

Net transfers(1)

      (1,998,064 )      (76,581 )      1,226,441       (39,984,129 )      (15,196,666 ) 

Transfers for policy loans

      (1,697 )      1,714       (2,669 )      170,766       37,372  

Adjustments to net assets allocated to contracts in payment period

      —       (16,928 )      —       (45,534 )      —  

Contract charges

      (6,227 )      (3,509 )      (9,147 )      (3,829,829 )      (2,153,271 ) 

Contract terminations:

           

Surrender benefits

      (1,405,938 )      (745,427 )      (2,652,483 )      (49,989,037 )      (33,928,750 ) 

Death benefits

      (158,822 )      (109,126 )      (269,345 )      (8,879,020 )      (2,310,888 ) 

Increase (decrease) from transactions

      (3,439,308 )      (893,526 )      (405,366 )      (69,905,393 )      (49,702,047 ) 

Net assets at beginning of year

      20,670,965       10,107,318       27,791,285       745,332,291       417,888,455  

Net assets at end of year

    $ 17,501,655     $ 11,134,674     $ 29,906,295     $ 789,147,191     $ 431,463,909  
          
Accumulation unit activity           

Units outstanding at beginning of year

      25,465,571       2,165,547       28,069,668       353,189,740       195,567,016  

Units purchased

      178,817       24,530       3,006,810       18,094,606       2,560,531  

Units redeemed

      (4,440,088 )      (197,135 )      (3,394,366 )      (47,596,582 )      (24,241,294 ) 

Units outstanding at end of year

      21,204,300       1,992,942       27,682,112       323,687,764       173,886,253  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     111  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    VP
Conserv,
Cl 2		     VP
Conserv,
Cl 4		     VP
Man Risk,
Cl 2		     VP Man
Risk US,
Cl 2		     VP Man
Vol Conserv,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (4,578,937 )    $ (2,882,039 )    $ (2,182,104 )    $ (3,436,923 )    $ (5,460,446 ) 

Net realized gain (loss) on sales of investments

      4,254,856       7,694,859       1,368,065       3,091,411       269,554  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      31,660,461       16,195,936       24,240,754       44,368,796       39,819,965  

Net increase (decrease) in net assets resulting from operations

      31,336,380       21,008,756       23,426,715       44,023,284       34,629,073  
          
Contract transactions           

Contract purchase payments

      8,166,753       320,318       532,955       5,572,904       4,563,801  

Net transfers(1)

      10,997,395       4,418,656       13,153,740       (2,215,445 )      3,814,012  

Transfers for policy loans

      11,871       23,233       5,755       430       9,307  

Adjustments to net assets allocated to contracts in payment period

      (102,471 )      —       (7,387 )      (48,964 )      (22,191 ) 

Contract charges

      (4,040,948 )      (2,198,473 )      (3,689,270 )      (5,563,555 )      (9,487,020 ) 

Contract terminations:

           

Surrender benefits

      (48,298,066 )      (34,489,089 )      (8,688,265 )      (12,266,638 )      (47,983,167 ) 

Death benefits

      (13,226,081 )      (8,565,114 )      (1,843,881 )      (1,520,336 )      (7,879,842 ) 

Increase (decrease) from transactions

      (46,491,547 )      (40,490,469 )      (536,353 )      (16,041,604 )      (56,985,100 ) 

Net assets at beginning of year

      453,757,110       309,416,320       209,643,363       338,221,212       548,638,965  

Net assets at end of year

    $ 438,601,943     $ 289,934,607     $ 232,533,725     $ 366,202,892     $ 526,282,938  
          
Accumulation unit activity           

Units outstanding at beginning of year

      364,057,563       246,692,247       196,285,934       289,530,601       510,679,345  

Units purchased

      17,778,123       3,756,888       12,801,416       8,101,797       20,238,693  

Units redeemed

      (54,207,584 )      (35,085,576 )      (13,249,793 )      (21,267,259 )      (72,611,913 ) 

Units outstanding at end of year

      327,628,102       215,363,559       195,837,557       276,365,139       458,306,125  

 

(1) 

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

See accompanying notes to financial statements.

 

112   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    VP Man
Vol Conserv Gro,
Cl 2		     VP Man
Vol Gro,
Cl 2		     VP Man
Vol Mod Gro,
Cl 2		     VP
Mod,
Cl 2		     VP
Mod,
Cl 4		  
Operations           

Investment income (loss) — net

    $ (11,005,252 )    $ (99,076,462 )    $ (111,900,425 )    $ (63,252,979 )    $ (46,408,888 ) 

Net realized gain (loss) on sales of investments

      20,715,314       229,224,709       335,899,978       212,565,035       297,810,487  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      82,228,480       1,142,663,417       955,847,612       563,163,625       300,048,867  

Net increase (decrease) in net assets resulting from operations

      91,938,542       1,272,811,664       1,179,847,165       712,475,681       551,450,466  
          
Contract transactions           

Contract purchase payments

      4,253,569       16,997,454       39,585,097       103,983,427       5,870,450  

Net transfers(1)

      3,700,351       (44,268,591 )      (97,982,335 )      166,516,439       18,870,169  

Transfers for policy loans

      (36,262 )      23,015       (32,011 )      95,890       277,045  

Adjustments to net assets allocated to contracts in payment period

      (109,678 )      (162,610 )      125,895       (248,808 )      —  

Contract charges

      (17,804,686 )      (167,389,262 )      (186,915,793 )      (70,644,546 )      (37,759,131 ) 

Contract terminations:

           

Surrender benefits

      (71,911,628 )      (468,345,058 )      (742,849,567 )      (525,716,853 )      (438,989,203 ) 

Death benefits

      (17,895,736 )      (57,454,157 )      (102,235,394 )      (96,818,316 )      (97,920,141 ) 

Increase (decrease) from transactions

      (99,804,070 )      (720,599,209 )      (1,090,304,108 )      (422,832,767 )      (549,650,811 ) 

Net assets at beginning of year

      1,094,440,598       9,852,364,491       11,208,243,941       6,245,287,406       4,942,959,274  

Net assets at end of year

    $ 1,086,575,070     $ 10,404,576,946     $ 11,297,786,998     $ 6,534,930,320     $ 4,944,758,929  
          
Accumulation unit activity           

Units outstanding at beginning of year

      938,364,051       7,214,937,167       8,355,741,886       3,731,168,083       2,930,321,505  

Units purchased

      41,678,760       144,870,290       201,381,194       170,978,714       15,466,745  

Units redeemed

      (125,097,080 )      (650,335,568 )      (1,000,784,915 )      (411,250,196 )      (325,677,645 ) 

Units outstanding at end of year

      854,945,731       6,709,471,889       7,556,338,165       3,490,896,601       2,620,110,605  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     113  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    VP
Mod Aggr,
Cl 2		     VP
Mod Aggr,
Cl 4		     VP
Mod Conserv,
Cl 2		     VP
Mod Conserv,
Cl 4		     VP Ptnrs
Core Bond,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (20,960,851 )    $ (12,100,878 )    $ (10,408,643 )    $ (7,942,928 )    $ 216,561  

Net realized gain (loss) on sales of investments

      147,698,640       104,020,729       32,101,439       44,602,183       (340,520 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      145,760,560       76,870,038       69,654,283       36,847,861       867,894  

Net increase (decrease) in net assets resulting from operations

      272,498,349       168,789,889       91,347,079       73,507,116       743,935  
          
Contract transactions           

Contract purchase payments

      61,894,499       8,230,838       23,155,088       940,661       1,713,619  

Net transfers(1)

      (143,626,507 )      (42,412,202 )      702,773       (1,678,269 )      1,177,268  

Transfers for policy loans

      18,112       (56,140 )      24,494       31,030       217  

Adjustments to net assets allocated to contracts in payment period

      (284,558 )      —       97,739       —       —  

Contract charges

      (10,164,166 )      (5,809,035 )      (8,258,053 )      (5,572,457 )      (20,118 ) 

Contract terminations:

           

Surrender benefits

      (161,080,249 )      (120,676,822 )      (81,860,321 )      (77,927,394 )      (812,477 ) 

Death benefits

      (21,473,704 )      (12,078,084 )      (29,800,483 )      (24,983,666 )      (281,115 ) 

Increase (decrease) from transactions

      (274,716,573 )      (172,801,445 )      (95,938,763 )      (109,190,095 )      1,777,394  

Net assets at beginning of year

      2,119,615,610       1,312,157,046       1,025,805,453       843,639,695       13,251,918  

Net assets at end of year

    $ 2,117,397,386     $ 1,308,145,490     $ 1,021,213,769     $ 807,956,716     $ 15,773,247  
          
Accumulation unit activity           

Units outstanding at beginning of year

      1,127,205,675       689,542,042       712,620,514       581,044,419       12,422,804  

Units purchased

      33,287,609       4,101,012       24,284,852       1,719,630       2,889,972  

Units redeemed

      (170,157,107 )      (89,694,891 )      (88,903,304 )      (74,218,300 )      (1,202,813 ) 

Units outstanding at end of year

      990,336,177       603,948,163       648,002,062       508,545,749       14,109,963  

 

(1) 

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

See accompanying notes to financial statements.

 

114   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    VP Ptnrs
Core Eq,
Cl 2		     VP Ptnrs
Core Eq,
Cl 3		     VP Ptnrs
Intl Core Eq,
Cl 2		     VP Ptnrs
Intl Gro,
Cl 2		     VP Ptnrs
Intl Val,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (120,269 )    $ (163,432 )    $ 13,132     $ (272,347 )    $ 199,847  

Net realized gain (loss) on sales of investments

      748,111       2,339,928       (235,214 )      (504,829 )      (68,098 ) 

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      1,590,503       1,604,860       2,765,971       4,829,890       3,307,113  

Net increase (decrease) in net assets resulting from operations

      2,218,345       3,781,356       2,543,889       4,052,714       3,438,862  
          
Contract transactions           

Contract purchase payments

      308,256       64,362       603,522       879,142       1,171,799  

Net transfers(1)

      141,470       (415,677 )      2,515,960       (793,183 )      25,853  

Transfers for policy loans

      (2,598 )      14,494       101       (12,045 )      206  

Adjustments to net assets allocated to contracts in payment period

      —       (5,067 )      —       —       —  

Contract charges

      (11,342 )      (34,499 )      (25,835 )      (24,852 )      (19,659 ) 

Contract terminations:

           

Surrender benefits

      (1,140,605 )      (2,139,909 )      (629,930 )      (1,755,503 )      (1,199,746 ) 

Death benefits

      (115,909 )      (329,214 )      (66,588 )      (385,586 )      (1,256,475 ) 

Increase (decrease) from transactions

      (820,728 )      (2,845,510 )      2,397,230       (2,092,027 )      (1,278,022 ) 

Net assets at beginning of year

      10,090,334       17,356,032       15,089,897       31,851,194       22,303,750  

Net assets at end of year

    $ 11,487,951     $ 18,291,878     $ 20,031,016     $ 33,811,881     $ 24,464,590  
          
Accumulation unit activity           

Units outstanding at beginning of year

      3,470,422       6,635,410       10,608,988       20,431,865       18,872,159  

Units purchased

      155,049       64,719       1,989,708       609,605       1,222,459  

Units redeemed

      (414,687 )      (1,036,963 )      (469,595 )      (1,899,321 )      (2,229,111 ) 

Units outstanding at end of year

      3,210,784       5,663,166       12,129,101       19,142,149       17,865,507  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     115  

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    VP Ptnrs
Sm Cap Gro,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 2		     VP Ptnrs
Sm Cap Val,
Cl 3		     VP US
Flex Conserv Gro,
Cl 2		     VP US
Flex Gro,
Cl 2		  
Operations           

Investment income (loss) — net

    $ (155,988 )    $ (113,552 )    $ (399,920 )    $ (2,990,686 )    $ (34,054,592 ) 

Net realized gain (loss) on sales of investments

      (37,569 )      85,675       3,168,574       1,525,315       34,522,187  

Distributions from capital gains

      —       —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      1,033,088       1,041,619       1,825,394       29,951,884       505,577,431  

Net increase (decrease) in net assets resulting from operations

      839,531       1,013,742       4,594,048       28,486,513       506,045,026  
          
Contract transactions           

Contract purchase payments

      1,238,627       553,396       294,428       4,049,696       10,175,065  

Net transfers(1)

      539,253       (431,385 )      307,913       12,398,063       48,374,854  

Transfers for policy loans

      114       83       688       888       6,319  

Adjustments to net assets allocated to contracts in payment period

      —       —       (36,954 )      (18,962 )      —  

Contract charges

      (25,566 )      (18,999 )      (93,595 )      (4,598,699 )      (59,981,855 ) 

Contract terminations:

           

Surrender benefits

      (622,049 )      (346,015 )      (4,039,812 )      (17,781,399 )      (130,090,437 ) 

Death benefits

      (401,515 )      (135,771 )      (858,101 )      (3,709,241 )      (19,298,932 ) 

Increase (decrease) from transactions

      728,864       (378,691 )      (4,425,433 )      (9,659,654 )      (150,814,986 ) 

Net assets at beginning of year

      14,255,621       10,580,861       47,331,726       282,912,330       3,322,897,778  

Net assets at end of year

    $ 15,824,016     $ 11,215,912     $ 47,500,341     $ 301,739,189     $ 3,678,127,818  
          
Accumulation unit activity           

Units outstanding at beginning of year

      5,632,415       4,738,678       13,574,106       252,348,696       2,536,094,482  

Units purchased

      852,830       346,019       203,454       15,315,517       61,144,997  

Units redeemed

      (579,120 )      (487,825 )      (1,412,610 )      (23,303,952 )      (170,434,576 ) 

Units outstanding at end of year

      5,906,125       4,596,872       12,364,950       244,360,261       2,426,804,903  

 

(1) 

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

See accompanying notes to financial statements.

 

116   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

Statement of Changes in Net Assets

 

Year ended December 31, 2023 (continued)    VP US
Flex Mod Gro,
Cl 2		     Wanger
Acorn		     Wanger
Intl		     WA Var Global
Hi Yd Bond,
Cl II		  
Operations         

Investment income (loss) — net

    $ (17,726,277 )    $ (1,363,411 )    $ (594,273 )    $ 416,229  

Net realized gain (loss) on sales of investments

      17,764,885       (12,786,089 )      (4,504,542 )      (416,284 ) 

Distributions from capital gains

      —       —       —       —  

Net change in unrealized appreciation (depreciation) of investments

      214,728,450       43,103,918       20,328,679       869,057  

Net increase (decrease) in net assets resulting from operations

      214,767,058       28,954,418       15,229,864       869,002  
        
Contract transactions         

Contract purchase payments

      13,516,603       1,662,663       1,693,652       741,534  

Net transfers(1)

      13,214,019       (2,828,592 )      (1,623,359 )      (1,009,065 ) 

Transfers for policy loans

      4,828       20,803       37,508       —  

Adjustments to net assets allocated to contracts in payment period

      (45,475 )      (63,492 )      (961 )      —  

Contract charges

      (28,927,465 )      (132,939 )      (106,862 )      (2,839 ) 

Contract terminations:

         

Surrender benefits

      (79,373,918 )      (13,570,909 )      (9,289,644 )      (579,588 ) 

Death benefits

      (14,727,649 )      (1,836,252 )      (1,390,360 )      (98,765 ) 

Increase (decrease) from transactions

      (96,339,057 )      (16,748,718 )      (10,680,026 )      (948,723 ) 

Net assets at beginning of year

      1,742,584,184       147,223,126       100,085,453       10,760,413  

Net assets at end of year

    $ 1,861,012,185     $ 159,428,826     $ 104,635,291     $ 10,680,692  
        
Accumulation unit activity         

Units outstanding at beginning of year

      1,428,098,853       36,059,676       33,274,331       9,922,168  

Units purchased

      29,652,615       413,855       600,682       764,069  

Units redeemed

      (105,059,139 )      (4,047,204 )      (3,815,336 )      (1,650,086 ) 

Units outstanding at end of year

      1,352,692,329       32,426,327       30,059,677       9,036,151  

 

(1) 

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

See accompanying notes to financial statements.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     117  

Table of Contents

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

RiverSource® Retirement Advisor Variable Annuity (RAVA)

RiverSource® Retirement Advisor Advantage Variable Annuity (RAVA Advantage)

RiverSource® Retirement Advisor Select Variable Annuity (RAVA Select)

RiverSource® Retirement Advisor Advantage Plus Variable Annuity (RAVA Advantage Plus)

RiverSource® Retirement Advisor Select Plus Variable Annuity (RAVA Select Plus)

RiverSource® Retirement Advisor 4 Advantage® Variable Annuity (RAVA 4 Advantage)

RiverSource® Retirement Advisor 4 Select® Variable Annuity (RAVA 4 Select)

RiverSource® Retirement Advisor 4 Access® Variable Annuity (RAVA 4 Access)

RiverSource® RAVA 5 Advantage® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource® RAVA 5 Select® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource® RAVA 5 Access® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource® RAVA 5 Advantage® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed prior to April 30, 2012)

RiverSource® RAVA 5 Select® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed prior to April 30, 2012)

RiverSource® RAVA 5 Access® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed prior to April 30, 2012)

RiverSource® RAVA 5 Advantage® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 29, 2013)

RiverSource® RAVA 5 Select® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed on or after April 29, 2013)

RiverSource® RAVA 5 Access® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after April 29, 2013)

RiverSource® RAVA 5 Advantage® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 29, 2019)

RiverSource® RAVA 5 ChoiceSM Variable Annuity (RAVA 5 Choice)

RiverSource® RAVA 5 Access® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after June 22, 2020)

RiverSource® RAVA Apex Variable Annuity (RAVA Apex)

RiverSource® RAVA Vista Variable Annuity (RAVA Vista)

RiverSource® Flexible Portfolio Annuity (FPA)

RiverSource® Retirement Group Annuity Contract I (Retirement GAC I)

RiverSource® Retirement Group Annuity Contract II (Retirement GAC II)

RiverSource® Retirement Advisor Variable Annuity – Band 3 (RAVA Band 3)*

RiverSource® Retirement Advisor Advantage Variable Annuity – Band 3 (RAVA Advantage Band 3)*

 

*

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

The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets

 

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and liabilities as of December 31, 2024, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period except as noted below.

 

Division    Fund

AB VPS Dyn Asset Alloc, Cl B

   

AB VPS Dynamic Asset Allocation Portfolio (Class B)

AB VPS Intl Val, Cl B

   

AB VPS International Value Portfolio (Class B)

AB VPS Lg Cap Gro, Cl B

   

AB VPS Large Cap Growth Portfolio (Class B)

AB VPS Relative Val, Cl B

   

AB VPS Relative Value Portfolio (Class B)

AB VPS Sus Gbl Thematic, Cl B

   

AB VPS Sustainable Global Thematic Portfolio (Class B)

Allspg VT Index Asset Alloc, Cl 2

   

Allspring VT Index Asset Allocation Fund – Class 2

Allspg VT Opp, Cl 2

   

Allspring VT Opportunity 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

BlackRock Adv SMID Cap VI, Cl III

   

BlackRock Advantage SMID Cap V.I. Fund (Class III)

BlackRock Global Alloc, Cl III

   

BlackRock Global Allocation V.I. Fund (Class III)

BNY Mellon Sus US Eq, Serv

   

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares

Calvert VP SRI Bal, Cl F

   

Calvert VP SRI Balanced Portfolio – Class F

Calvert VP SRI Bal, Cl I

   

Calvert VP SRI Balanced Portfolio – Class I

CB Var Sm Cap Gro, Cl I

   

ClearBridge Variable Small Cap Growth Portfolio – Class I

Col VP Bal, Cl 2

   

Columbia Variable Portfolio – Balanced Fund (Class 2)

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 2

   

Columbia Variable Portfolio – Disciplined Core Fund (Class 2)

Col VP Disciplined Core, Cl 3

   

Columbia Variable Portfolio – Disciplined Core Fund (Class 3)

Col VP Divd Opp, Cl 2

   

Columbia Variable Portfolio – Dividend Opportunity Fund (Class 2)

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 2

   

Columbia Variable Portfolio – Emerging Markets Fund (Class 2)

Col VP Emer Mkts, Cl 3

   

Columbia Variable Portfolio – Emerging Markets Fund (Class 3)

Col VP Global Strategic Inc, Cl 2

   

Columbia Variable Portfolio – Global Strategic Income Fund (Class 2)
(renamed to Columbia Variable Portfolio – Corporate Bond Fund (Class 2) effective sometime during the second quarter of 2025)

Col VP Global Strategic Inc, Cl 3

   

Columbia Variable Portfolio – Global Strategic Income Fund (Class 3)
(renamed to Columbia Variable Portfolio – Corporate Bond Fund (Class 3) effective sometime during the second quarter of 2025)

Col VP Govt Money Mkt, Cl 2

   

Columbia Variable Portfolio – Government Money Market Fund (Class 2)

Col VP Govt Money Mkt, Cl 3

   

Columbia Variable Portfolio – Government Money Market Fund (Class 3)

Col VP Hi Yield Bond, Cl 2

   

Columbia Variable Portfolio – High Yield Bond Fund (Class 2)

Col VP Hi Yield Bond, Cl 3

   

Columbia Variable Portfolio – High Yield Bond Fund (Class 3)

Col VP Inc Opp, Cl 2

   

Columbia Variable Portfolio – Income Opportunities Fund (Class 2)

Col VP Inc Opp, Cl 3

   

Columbia Variable Portfolio – Income Opportunities Fund (Class 3)

Col VP Inter Bond, Cl 2

   

Columbia Variable Portfolio – Intermediate Bond Fund (Class 2)

Col VP Inter Bond, Cl 3

   

Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)

Col VP Lg Cap Gro, Cl 2

   

Columbia Variable Portfolio – Large Cap Growth Fund (Class 2)

Col VP Lg Cap Gro, Cl 3

   

Columbia Variable Portfolio – Large Cap Growth Fund (Class 3)

Col VP Lg Cap Index, Cl 2

   

Columbia Variable Portfolio – Large Cap Index Fund (Class 2)

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 2

   

Columbia Variable Portfolio – Overseas Core Fund (Class 2)

Col VP Overseas Core, Cl 3

   

Columbia Variable Portfolio – Overseas Core Fund (Class 3)

Col VP Select Lg Cap Eq, Cl 2

   

Columbia Variable Portfolio – Select Large Cap Equity Fund (Class 2)

Col VP Select Lg Cap Val, Cl 2

   

Columbia Variable Portfolio – Select Large Cap Value Fund (Class 2)

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 2

   

Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 2)

Col VP Select Mid Cap Gro, Cl 3

   

Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3)

Col VP Select Mid Cap Val, Cl 2

   

Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 2)

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 2

   

Columbia Variable Portfolio – Select Small Cap Value Fund (Class 2)

 

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Division    Fund

Col VP Select Sm Cap Val, Cl 3

   

Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3)

Col VP Sel Gbl Tech, Cl 2

   

Columbia Variable Portfolio – Seligman Global Technology Fund (Class 2)

Col VP Sm Cap Val, Cl 2

   

Columbia Variable Portfolio – Small Cap Value Fund (Class 2)

Col VP Strategic Inc, Cl 2

   

Columbia Variable Portfolio – Strategic Income Fund (Class 2)

Col VP US Govt Mtge, Cl 2

   

Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 2)

Col VP US Govt Mtge, Cl 3

   

Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 3)

CS Commodity Return, Cl 1

   

Credit Suisse Trust – Commodity Return Strategy Portfolio, Class 1

CTIVP AC Div Bond, Cl 2

   

CTIVP® – American Century Diversified Bond Fund (Class 2)

CTIVP BR Gl Infl Prot Sec, Cl 2

   

CTIVP® – BlackRock Global Inflation-Protected Securities Fund (Class 2)

CTIVP BR Gl Infl Prot Sec, Cl 3

   

CTIVP® – BlackRock Global Inflation-Protected Securities Fund (Class 3)

CTIVP CenterSquare Real Est, Cl 2

   

CTIVP® – CenterSquare Real Estate Fund (Class 2)

CTIVP MFS Val, Cl 2

   

CTIVP® – MFS® Value Fund (Class 2)
(renamed to CTIVP® – Wellington Large Cap Value Fund (Class 2) effective sometime during the second quarter of 2025)

CTIVP Prin Blue Chip Gro, Cl 1

   

CTIVP® – Principal Blue Chip Growth Fund (Class 1)
(renamed to CTIVP® – Principal Large Cap Growth Fund (Class 1) effective sometime during the second quarter of 2025)

CTIVP Prin Blue Chip Gro, Cl 2

   

CTIVP® – Principal Blue Chip Growth Fund (Class 2)
(renamed to CTIVP® – Principal Large Cap Growth Fund (Class 2) effective sometime during the second quarter of 2025)

CTIVP T Rowe Price LgCap Val, Cl 2

   

CTIVP® – T. Rowe Price Large Cap Value Fund (Class 2)

CTIVP TCW Core Plus Bond, Cl 2

   

CTIVP® – TCW Core Plus Bond Fund (Class 2)

CTIVP Vty Sycamore Estb Val, Cl 2

   

CTIVP® – Victory Sycamore Established Value Fund (Class 2)

CTIVP Vty Sycamore Estb Val, Cl 3

   

CTIVP® – Victory Sycamore Established Value Fund (Class 3)

CTIVP Westfield Mid Cap Gro, Cl 2

   

CTIVP® – Westfield Mid Cap Growth Fund (Class 2)

CTIVP Westfield Sel Lg Cp Gr, Cl 2

   

CTIVP® – Westfield Select Large Cap Growth Fund (Class 2)
(previously CTIVP® – Morgan Stanley Advantage Fund (Class 2))

CVT EAFE Intl Index, Cl F

   

CVT EAFE International Index Portfolio – Class F
(previously Calvert VP EAFE International Index Portfolio – Class F)

CVT Nasdaq 100 Index, Cl F

   

CVT Nasdaq 100 Index Portfolio – Class F
(previously Calvert VP Nasdaq 100 Index Portfolio – Class F)

CVT Russ 2000 Sm Cap Ind, Cl F

   

CVT Russell 2000® Small Cap Index Portfolio – Class F
(previously Calvert VP Russell 2000® Small Cap Index Portfolio – Class F)

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 ContrafundSM Portfolio Service Class 2

Fid VIP Emer Mkts, Serv Cl 2

   

Fidelity® VIP Emerging Markets Portfolio Service Class 2

Fid VIP Energy, Serv Cl 2

   

Fidelity® VIP Energy Portfolio Service Class 2

Fid VIP Gro & Inc, Serv Cl

   

Fidelity® VIP Growth & Income Portfolio Service Class

Fid VIP Gro & Inc, Serv Cl 2

   

Fidelity® VIP Growth & Income Portfolio Service Class 2

Fid VIP Gro Opp, Serv Cl 2

   

Fidelity® VIP Growth Opportunities Portfolio Service Class 2

Fid VIP Intl Cap Appr, Serv Cl 2

   

Fidelity® VIP International Capital Appreciation Portfolio Service Class 2

Fid VIP Invest Gr, Serv Cl 2

   

Fidelity® VIP Investment Grade Bond Portfolio Service Class 2

Fid VIP Mid Cap, Serv Cl

   

Fidelity® VIP Mid Cap Portfolio Service Class

Fid VIP Mid Cap, Serv Cl 2

   

Fidelity® VIP Mid Cap Portfolio Service Class 2

Fid VIP Overseas, Serv Cl

   

Fidelity® VIP Overseas Portfolio Service Class

Fid VIP Overseas, Serv Cl 2

   

Fidelity® VIP Overseas Portfolio Service Class 2

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 Inc, Cl 4

   

Franklin Income VIP Fund – Class 4

Frank Mutual Gbl Dis, Cl 4

   

Franklin Mutual Global Discovery VIP Fund – Class 4

Frank Mutual Shares, Cl 2

   

Franklin Mutual Shares VIP Fund – Class 2

Frank Sm Cap Val, Cl 2

   

Franklin Small Cap Value VIP Fund – Class 2

Frank Sm Cap Val, Cl 4

   

Franklin Small Cap Value VIP Fund – Class 4

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(1)

GS VIT Multi-Strategy Alt, Serv

   

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Service Shares(2)

GS VIT Sm Cap Eq Insights, Inst

   

Goldman Sachs VIT Small Cap Equity Insights Fund – Institutional Shares

GS VIT Sm Cap Eq Insights, Serv

   

Goldman Sachs VIT Small Cap Equity Insights Fund – Service 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 Am Fran, Ser II

   

Invesco V.I. American Franchise Fund, Series II 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

 

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Division    Fund

Invesco VI Core Eq, Ser I

   

Invesco V.I. Core Equity Fund, Series I Shares

Invesco VI Core Plus Bond, Ser II

   

Invesco V.I. Core Plus Bond 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 Dis Mid Cap Gro, Ser II

   

Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares

Invesco VI Div Divd, Ser I

   

Invesco V.I. Diversified Dividend Fund, Series I Shares

Invesco VI Div Divd, Ser II

   

Invesco V.I. Diversified Dividend Fund, Series II Shares

Invesco VI EQV Intl Eq, Ser II

   

Invesco V.I. EQV International Equity 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 Main St, Ser II

   

Invesco V.I. Main Street Fund®, Series II Shares

Invesco VI Mn St Sm Cap, Ser II

   

Invesco V.I. Main Street Small Cap Fund®, Series II Shares

Invesco VI Tech, Ser I

   

Invesco V.I. Technology Fund, Series I Shares

Invesco VI Tech, Ser II

   

Invesco V.I. Technology 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 Henderson VIT Forty, Serv

   

Janus Henderson VIT Forty 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 Emer Mkts Eq, Serv

   

Lazard Retirement Emerging Markets Equity Portfolio – Service Shares

Lazard Ret Global Dyn MA, Serv

   

Lazard Retirement Global Dynamic Multi-Asset Portfolio – Service Shares

Lord Abt Bond Debenture, Cl VC

   

Lord Abbett Series Fund Bond Debenture Portfolio – Class VC

Lord Abt Short Dur Inc, Cl VC

   

Lord Abbett Series Fund Short Duration Income Portfolio – Class VC

LVIP AC Intl, Serv Cl

   

LVIP American Century International Fund, Service Class(3)

LVIP AC Intl, Std Cl II

   

LVIP American Century International Fund, Standard Class II(4)

LVIP AC Mid Cap Val, Serv Cl

   

LVIP American Century Mid Cap Value Fund, Service Class(5)

LVIP AC Ultra, Serv Cl

   

LVIP American Century Ultra® Fund, Service Class(6)

LVIP AC Val, Serv Cl

   

LVIP American Century Value Fund, Service Class(7)

LVIP AC Val, Std Cl II

   

LVIP American Century Value Fund, Standard Class II(8)

LVIP JPM US Eq, Serv Cl

   

LVIP JPMorgan U.S. Equity Fund – Service Class(9),(10)

Mac VIP Asset Strategy, Serv Cl

   

Macquarie VIP Asset Strategy Series – Service Class
(previously Delaware Ivy VIP Asset Strategy, Class II)

Mac VIP for Inc, Serv Cl

   

Macquarie VIP Fund for Income Series – Service Class
(previously Delaware VIP® Fund for Income Series – Service Class)

Mac VIP Intl Core Eq, Serv Cl

   

Macquarie VIP International Core Equity Series – Service Class(11),(12)
(previously Delaware Ivy VIP International Core Equity – Class II)

MFS Gbl Real Est, Serv Cl

   

MFS® Global Real Estate Portfolio – Service Class

MFS Intl Gro, Serv Cl

   

MFS® International Growth Portfolio – Service Class

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 Research Intl, Serv Cl

   

MFS® Research International Portfolio – Service Class

MFS Utilities, Serv Cl

   

MFS® Utilities Series – Service Class

MS VIF Dis, Cl II

   

Morgan Stanley VIF Discovery Portfolio, Class II Shares

NB AMT Sus Eq, Cl S

   

Neuberger Berman AMT Sustainable Equity 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 Global Hlth Care, Cl IB

   

Putnam VT Global Health Care Fund – Class IB Shares

Put VT Intl Eq, Cl IB

   

Putnam VT International Equity Fund – Class IB Shares

Put VT Intl Val, Cl IB

   

Putnam VT International Value Fund – Class IB Shares

Put VT Lg Cap Val, Cl IB

   

Putnam VT Large Cap Value Fund – Class IB Shares

Put VT Sus Fut, Cl IB

   

Putnam VT Sustainable Future Fund – Class IB Shares

Put VT Sus Leaders, Cl IA

   

Putnam VT Sustainable Leaders Fund – Class IA Shares

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

 

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Division    Fund

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)

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 Bond, Cl 2

   

Variable Portfolio – Partners Core Bond Fund (Class 2)

VP Ptnrs Core Eq, Cl 2

   

Variable Portfolio – Partners Core Equity Fund (Class 2)

VP Ptnrs Core Eq, Cl 3

   

Variable Portfolio – Partners Core Equity Fund (Class 3)

VP Ptnrs Intl Core Eq, Cl 2

   

Variable Portfolio – Partners International Core Equity Fund (Class 2)

VP Ptnrs Intl Gro, Cl 2

   

Variable Portfolio – Partners International Growth Fund (Class 2)

VP Ptnrs Intl Val, Cl 2

   

Variable Portfolio – Partners International Value Fund (Class 2)

VP Ptnrs Sm Cap Gro, Cl 2

   

Variable Portfolio – Partners Small Cap Growth Fund (Class 2)

VP Ptnrs Sm Cap Val, Cl 2

   

Variable Portfolio – Partners Small Cap Value Fund (Class 2)

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
(renamed to Columbia Variable Portfolio – Acorn Fund effective sometime during the second quarter of 2025)

Wanger Intl

   

Wanger International
(renamed to Columbia Variable Portfolio – Acorn International Fund effective sometime during the second quarter of 2025)

WA Var Global Hi Yd Bond, Cl II

   

Western Asset Variable Global High Yield Bond Portfolio – Class II

 

   (1)

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Advisor Shares is scheduled to liquidate sometime during the second quarter of 2025.

   (2)

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Service Shares is scheduled to liquidate sometime during the second quarter of 2025.

   (3)

American Century VP International, Class II reorganized into LVIP American Century International Fund, Service Class on April 26, 2024.

   (4)

American Century VP International, Class I reorganized into LVIP American Century International Fund, Standard Class II on April 26, 2024.

   (5)

American Century VP Mid Cap Value, Class II reorganized into LVIP American Century Mid Cap Value Fund, Service Class on April 26, 2024.

   (6)

American Century VP Ultra®, Class II reorganized into LVIP American Century Ultra® Fund, Service Class on April 26, 2024.

   (7)

American Century VP Value, Class II reorganized into LVIP American Century Value Fund, Service Class on April 26, 2024.

   (8)

American Century VP Value, Class I reorganized into LVIP American Century Value Fund, Standard Class II on April 26, 2024.

   (9)

JPMorgan Insurance Trust U.S. Equity Portfolio – Class 2 Shares merged into LVIP JPMorgan U.S. Equity Fund – Service Class on April 28, 2023.

  (10) 

For the period April 28, 2023 (commencement of operations) to December 31, 2023.

  (11) 

For the period April 26, 2024 (commencement of operations) to December 31, 2024.

  (12) 

Delaware VIP® International Series – Service Class merged into Delaware Ivy VIP International Core Equity – Class II on April 26, 2024. Subsequent to the merger, the fund was renamed to Macquerie VIP International Core Equity Series – Service Class.

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

RiverSource Life serves as issuer of the contracts.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

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

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

 

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

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

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 not therefore categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2024.

Variable Payout

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

Federal Income Taxes

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

Subsequent Events

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

Use of Estimates

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

Segment Reporting

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The standard was adopted on January 1, 2024. The adoption of the standard did not have an impact on the statement of assets and liabilities, the statement of operations or the statement of changes in net assets, as the standard is disclosure-related only.

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

3. VARIABLE ACCOUNT EXPENSES

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

 

Product    Mortality and expense risk fee

RAVA

   

0.75% to 0.95%

(depending on the contract selected)

 

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Product    Mortality and expense risk fee

RAVA Select

   

1.00% to 1.20%

(depending on the contract selected)

RAVA Advantage Band 3

   

0.55%

RAVA Advantage Plus

   

0.55% to 0.95%

(depending on the contract selected)

RAVA Select Plus

   

0.75% to 1.20%

(depending on the contract selected)

RAVA 4 Advantage

   

0.85% to 1.05%

(depending on the contract selected)

RAVA 4 Select

   

1.10% to 1.30%

(depending on the contract selected)

RAVA 4 Access

   

1.25% to 1.45%

(depending on the contract selected)

RAVA 5 Advantage (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

   

0.95% to 1.50%

(depending on the contract selected)

RAVA 5 Select (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

   

1.30% to 1.75%

(depending on the contract selected)

RAVA 5 Access (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

   

1.45% to 1.90%

(depending on the contract selected)

RAVA 5 Advantage (Offered for contract applications signed prior to April 30, 2012)

   

0.85% to 1.40%

(depending on the contract selected)

RAVA 5 Select (Offered for contract applications signed prior to April 30, 2012)

   

1.20% to 1.65%

(depending on the contract selected)

RAVA 5 Access (Offered for contract applications signed prior to April 30, 2012)

   

1.35% to 1.80%

(depending on the contract selected)

RAVA 5 Advantage (Offered for contract applications signed on or after April 29, 2013)

   

0.95% to 1.45%

(depending on the contract selected)

RAVA 5 Select (Offered for contract applications signed on or after April 29, 2013)

   

0.95% to 1.70%

(depending on the contract selected)

RAVA 5 Access (Offered for contract applications signed on or after April 29, 2013)

   

0.95% to 1.85%

(depending on the contract selected)

RAVA 5 Advantage (Offered for contract applications signed on or after April 29, 2019)

   

0.95% to 1.45%

(depending on the contract selected)

RAVA 5 Choice

   

0.95% to 1.55%

(depending on the contract selected)

RAVA 5 Access (Offered for contract applications signed on or after June 22, 2020)

   

0.95% to 1.30%

(depending on the contract selected)

RAVA Apex

   

0.65% to 1.50%

(depending on the contract selected)

RAVA Vista

   

0.90% to 1.55%

(depending on the contract selected)

FPA

   

1.25%

Retirement GAC I

   

0.60%

Retirement GAC II

   

0.95%

RAVA Band 3

   

0.55%

RAVA Advantage

   

0.75% to 0.95%

(depending on the contract selected)

4. CONTRACT CHARGES

RiverSource Life deducts a contract administrative charge of $50 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 certain products and if selected, the related fees are deducted annually from the contract value on the contract anniversary.

 

124   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

5. SURRENDER CHARGES

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

6. RELATED PARTY TRANSACTIONS

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

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

 

Fee Agreement:    Fees Paid To:

Management Agreement

   

Columbia Management Investment Advisers, LLC

Shareholder Services Agreement

   

Columbia Management Investment Services Corp.

Plan and Agreement of Distribution

   

Columbia Management Investment Distributors, Inc.

Investment Advisory Agreement

   

Columbia Wanger Asset Management, LLC

Administrative Services Agreement

   

Columbia Wanger Asset Management, LLC

7. INVESTMENT TRANSACTIONS

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

 

Division    Purchases  

AB VPS Dyn Asset Alloc, Cl B

    $ 849,572  

AB VPS Intl Val, Cl B

      3,034,032  

AB VPS Lg Cap Gro, Cl B

      28,850,648  

AB VPS Relative Val, Cl B

      7,745,805  

AB VPS Sus Gbl Thematic, Cl B

      924,916  

Allspg VT Index Asset Alloc, Cl 2

      1,618,541  

Allspg VT Opp, Cl 2

      4,485,339  

Allspg VT Sm Cap Gro, Cl 2

      4,571,897  

ALPS Alerian Engy Infr, Class III

      7,789,055  

BlackRock Adv SMID Cap VI, Cl III

      1,029,390  

BlackRock Global Alloc, Cl III

      12,373,332  

BNY Mellon Sus US Eq, Serv

      620,958  

Calvert VP SRI Bal, Cl F

      1,050,305  

Calvert VP SRI Bal, Cl I

      2,089,161  

CB Var Sm Cap Gro, Cl I

      1,324,960  

Col VP Bal, Cl 2

      45,229,794  

Col VP Bal, Cl 3

      38,036,299  

Col VP Commodity Strategy, Cl 2

      2,174,576  

Col VP Contrarian Core, Cl 2

      24,330,203  

Col VP Disciplined Core, Cl 2

      6,950,389  

Col VP Disciplined Core, Cl 3

      2,193,485  

Col VP Divd Opp, Cl 2

      13,006,584  

Col VP Divd Opp, Cl 3

      2,248,047  

Col VP Emerg Mkts Bond, Cl 2

      1,917,357  

Col VP Emer Mkts, Cl 2

      3,739,452  

Col VP Emer Mkts, Cl 3

      2,307,638  

Col VP Global Strategic Inc, Cl 2

      2,714,338  

Col VP Global Strategic Inc, Cl 3

      2,865,201  

Col VP Govt Money Mkt, Cl 2

      56,267,983  

Col VP Govt Money Mkt, Cl 3

      63,734,380  

Col VP Hi Yield Bond, Cl 2

      10,886,985  

Col VP Hi Yield Bond, Cl 3

      8,883,978  

Col VP Inc Opp, Cl 2

      5,692,756  

Col VP Inc Opp, Cl 3

      6,583,063  

Col VP Inter Bond, Cl 2

      24,831,263  

Col VP Inter Bond, Cl 3

      21,397,067  

Col VP Lg Cap Gro, Cl 2

      19,756,955  

Col VP Lg Cap Gro, Cl 3

      5,404,455  
Division    Purchases  

Col VP Lg Cap Index, Cl 2

    $ 59,976,495  

Col VP Lg Cap Index, Cl 3

      22,558,382  

Col VP Limited Duration Cr, Cl 2

      26,724,088  

Col VP Long Govt/Cr Bond, Cl 2

      7,477,574  

Col VP Overseas Core, Cl 2

      6,651,180  

Col VP Overseas Core, Cl 3

      4,183,477  

Col VP Select Lg Cap Eq, Cl 2

      1,399,747  

Col VP Select Lg Cap Val, Cl 2

      8,395,081  

Col VP Select Lg Cap Val, Cl 3

      1,946,043  

Col VP Select Mid Cap Gro, Cl 2

      6,521,748  

Col VP Select Mid Cap Gro, Cl 3

      1,615,965  

Col VP Select Mid Cap Val, Cl 2

      4,451,544  

Col VP Select Mid Cap Val, Cl 3

      740,502  

Col VP Select Sm Cap Val, Cl 2

      3,021,894  

Col VP Select Sm Cap Val, Cl 3

      680,012  

Col VP Sel Gbl Tech, Cl 2

      12,274,563  

Col VP Sm Cap Val, Cl 2

      1,021,922  

Col VP Strategic Inc, Cl 2

      14,727,454  

Col VP US Govt Mtge, Cl 2

      3,093,505  

Col VP US Govt Mtge, Cl 3

      2,981,698  

CS Commodity Return, Cl 1

      1,015,560  

CTIVP AC Div Bond, Cl 2

      6,980,407  

CTIVP BR Gl Infl Prot Sec, Cl 2

      2,240,779  

CTIVP BR Gl Infl Prot Sec, Cl 3

      3,399,910  

CTIVP CenterSquare Real Est, Cl 2

      2,591,201  

CTIVP MFS Val, Cl 2

      13,043,234  

CTIVP Prin Blue Chip Gro, Cl 1

      1,571,974  

CTIVP Prin Blue Chip Gro, Cl 2

      7,948,096  

CTIVP T Rowe Price LgCap Val, Cl 2

      4,117,018  

CTIVP TCW Core Plus Bond, Cl 2

      7,728,397  

CTIVP Vty Sycamore Estb Val, Cl 2

      8,222,153  

CTIVP Vty Sycamore Estb Val, Cl 3

      1,793,614  

CTIVP Westfield Mid Cap Gro, Cl 2

      3,730,692  

CTIVP Westfield Sel Lg Cp Gr, Cl 2

      1,519,268  

CVT EAFE Intl Index, Cl F

      2,171,529  

CVT Nasdaq 100 Index, Cl F

      14,418,284  

CVT Russ 2000 Sm Cap Ind, Cl F

      6,182,260  

DWS Alt Asset Alloc VIP, Cl B

      2,740,679  
 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     125  

Table of Contents
Division    Purchases  

EV VT Floating-Rate Inc, Init Cl

    $ 10,286,825  

Fid VIP Contrafund, Serv Cl 2

      104,374,010  

Fid VIP Emer Mkts, Serv Cl 2

      1,080,045  

Fid VIP Energy, Serv Cl 2

      912,297  

Fid VIP Gro & Inc, Serv Cl

      4,330,161  

Fid VIP Gro & Inc, Serv Cl 2

      14,236,491  

Fid VIP Gro Opp, Serv Cl 2

      13,871,183  

Fid VIP Intl Cap Appr, Serv Cl 2

      4,961,497  

Fid VIP Invest Gr, Serv Cl 2

      9,165,345  

Fid VIP Mid Cap, Serv Cl

      8,940,361  

Fid VIP Mid Cap, Serv Cl 2

      60,227,415  

Fid VIP Overseas, Serv Cl

      1,463,251  

Fid VIP Overseas, Serv Cl 2

      7,324,578  

Fid VIP Strategic Inc, Serv Cl 2

      42,762,036  

Frank Global Real Est, Cl 2

      2,494,452  

Frank Inc, Cl 2

      10,115,263  

Frank Inc, Cl 4

      7,559,340  

Frank Mutual Gbl Dis, Cl 4

      168,024  

Frank Mutual Shares, Cl 2

      3,538,416  

Frank Sm Cap Val, Cl 2

      6,616,018  

Frank Sm Cap Val, Cl 4

      1,968,341  

GS VIT Mid Cap Val, Inst

      7,469,548  

GS VIT Multi-Strategy Alt, Advisor

      1,017,984  

GS VIT Multi-Strategy Alt, Serv

      608,842  

GS VIT Sm Cap Eq Insights, Inst

      678,135  

GS VIT Sm Cap Eq Insights, Serv

      1,848,013  

GS VIT U.S. Eq Insights, Inst

      14,958,012  

Invesco VI Am Fran, Ser I

      122,994  

Invesco VI Am Fran, Ser II

      665,556  

Invesco VI Bal Risk Alloc, Ser II

      3,566,083  

Invesco VI Comstock, Ser II

      12,885,146  

Invesco VI Core Eq, Ser I

      6,591,624  

Invesco VI Core Plus Bond, Ser II

      4,278,206  

Invesco VI Dis Mid Cap Gro, Ser I

      471,408  

Invesco VI Dis Mid Cap Gro, Ser II

      625,325  

Invesco VI Div Divd, Ser I

      1,347,578  

Invesco VI Div Divd, Ser II

      781,750  

Invesco VI EQV Intl Eq, Ser II

      1,649,420  

Invesco VI Global, Ser II

      13,360,865  

Invesco VI Gbl Strat Inc, Ser II

      6,476,039  

Invesco VI Hlth, Ser II

      1,220,454  

Invesco VI Main St, Ser II

      511,764  

Invesco VI Mn St Sm Cap, Ser II

      15,286,234  

Invesco VI Tech, Ser I

      3,024,966  

Invesco VI Tech, Ser II

      3,937,838  

Janus Henderson VIT Bal, Serv

      24,470,186  

Janus Henderson VIT Enter, Serv

      983,651  

Janus Henderson VIT Flex Bd, Serv

      17,278,084  

Janus Henderson VIT Forty, Serv

      3,143,529  

Janus Hend VIT Gbl Tech Innov, Srv

      4,480,597  

Janus Henderson VIT Overseas, Serv

      4,793,592  

Janus Henderson VIT Res, Serv

      5,988,645  

Lazard Ret Emer Mkts Eq, Serv

      606,473  

Lazard Ret Global Dyn MA, Serv

      384,207  

Lord Abt Bond Debenture, Cl VC

      4,019,146  

Lord Abt Short Dur Inc, Cl VC

      5,634,313  

LVIP AC Intl, Serv Cl

      871,260  

LVIP AC Intl, Std Cl II

      193,345  

LVIP AC Mid Cap Val, Serv Cl

      5,080,564  
Division    Purchases  

LVIP AC Ultra, Serv Cl

    $ 6,083,764  

LVIP AC Val, Serv Cl

      19,046,872  

LVIP AC Val, Std Cl II

      2,597,283  

LVIP JPM US Eq, Serv Cl

      804,292  

Mac VIP Asset Strategy, Serv Cl

      1,534,944  

Mac VIP for Inc, Serv Cl

      797,405  

Mac VIP Intl Core Eq, Serv Cl

      1,398,920  

MFS Gbl Real Est, Serv Cl

      1,024,020  

MFS Intl Gro, Serv Cl

      3,179,903  

MFS Mass Inv Gro Stock, Serv Cl

      7,559,128  

MFS New Dis, Serv Cl

      357,051  

MFS Research Intl, Serv Cl

      1,516,349  

MFS Utilities, Serv Cl

      11,658,606  

MS VIF Dis, Cl II

      3,103,124  

NB AMT Sus Eq, Cl S

      1,990,079  

PIMCO VIT All Asset, Advisor Cl

      5,169,684  

PIMCO VIT Glb Man As Alloc, Adv Cl

      646,413  

PIMCO VIT Tot Return, Advisor Cl

      17,321,102  

Put VT Global Hlth Care, Cl IB

      4,650,150  

Put VT Intl Eq, Cl IB

      1,043,598  

Put VT Intl Val, Cl IB

      1,832,228  

Put VT Lg Cap Val, Cl IB

      9,915,691  

Put VT Sus Fut, Cl IB

      733,929  

Put VT Sus Leaders, Cl IA

      860,401  

Put VT Sus Leaders, Cl IB

      1,913,391  

Royce Micro-Cap, Invest Cl

      786,870  

Temp Global Bond, Cl 2

      1,244,385  

Third Ave VST Third Ave Value

      1,190,277  

VanEck VIP Global Gold, Cl S

      5,427,069  

VP Aggr, Cl 2

      47,523,111  

VP Aggr, Cl 4

      4,341,621  

VP Conserv, Cl 2

      41,268,211  

VP Conserv, Cl 4

      9,922,838  

VP Man Risk, Cl 2

      4,165,632  

VP Man Risk US, Cl 2

      12,530,560  

VP Man Vol Conserv, Cl 2

      69,119,154  

VP Man Vol Conserv Gro, Cl 2

      52,508,468  

VP Man Vol Gro, Cl 2

      28,806,640  

VP Man Vol Mod Gro, Cl 2

      33,374,168  

VP Mod, Cl 2

      59,951,538  

VP Mod, Cl 4

      5,696,452  

VP Mod Aggr, Cl 2

      61,871,467  

VP Mod Aggr, Cl 4

      5,611,120  

VP Mod Conserv, Cl 2

      41,689,665  

VP Mod Conserv, Cl 4

      8,627,026  

VP Ptnrs Core Bond, Cl 2

      5,767,054  

VP Ptnrs Core Eq, Cl 2

      1,262,838  

VP Ptnrs Core Eq, Cl 3

      267,166  

VP Ptnrs Intl Core Eq, Cl 2

      4,464,484  

VP Ptnrs Intl Gro, Cl 2

      3,277,390  

VP Ptnrs Intl Val, Cl 2

      3,193,477  

VP Ptnrs Sm Cap Gro, Cl 2

      3,590,999  

VP Ptnrs Sm Cap Val, Cl 2

      1,422,286  

VP Ptnrs Sm Cap Val, Cl 3

      488,209  

VP US Flex Conserv Gro, Cl 2

      35,565,735  

VP US Flex Gro, Cl 2

      90,098,104  

VP US Flex Mod Gro, Cl 2

      48,125,885  

Wanger Acorn

      3,125,544  

Wanger Intl

      4,706,896  

WA Var Global Hi Yd Bond, Cl II

      3,816,272  
 

 

126   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents

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

 

                             

2024

      6,929          $1.53       to       $1.30          $9,958          1.08 %       0.55 %      to       1.90 %       9.82 %       to       8.34 % 

2023

      7,078          $1.39       to       $1.20          $9,303          0.61 %       0.55 %      to       1.90 %       12.85 %       to       11.35 % 

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 % 

AB VPS Intl Val, Cl B

 

                                  

2024

      34,655          $2.26       to       $0.94          $60,906          2.26 %       0.55 %      to       1.45 %       4.23 %       to       3.29 % 

2023

      39,261          $2.17       to       $0.91          $66,348          0.68 %       0.55 %      to       1.45 %       14.20 %       to       13.18 % 

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 % 

AB VPS Lg Cap Gro, Cl B

 

                                  

2024

      24,856          $6.16       to       $5.24          $178,730          —        0.60 %      to       1.90 %       24.20 %       to       22.59 % 

2023

      25,046          $4.96       to       $4.27          $148,095          —        0.60 %      to       1.90 %       33.98 %       to       32.26 % 

2022

      25,048          $3.70       to       $3.23          $111,582          —        0.60 %      to       1.90 %       (29.11 %)       to       (30.03 %) 

2021

      24,175          $5.22       to       $4.62          $152,637          —        0.60 %      to       1.90 %       27.88 %       to       26.23 % 

2020

      24,181          $4.08       to       $3.66          $119,644                —        0.60 %      to       1.90 %       34.34 %       to       32.60 % 

AB VPS Relative Val, Cl B

 

                             

2024

      17,990          $4.51       to       $1.22          $74,116          1.25 %       0.55 %      to       1.55 %       12.14 %       to       11.02 % 

2023

      19,455          $4.02       to       $1.10          $71,874          1.28 %       0.55 %      to       1.55 %       11.11 %       to       10.01 % 

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 % 

AB VPS Sus Gbl Thematic, Cl B

 

                             

2024

      3,119          $3.26       to       $1.12          $9,497          —        0.55 %      to       1.55 %       5.38 %       to       4.32 % 

2023

      3,352          $3.09       to       $1.07          $9,733          0.03 %       0.55 %      to       1.55 %       15.07 %       to       13.93 % 

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 % 

Allspg VT Index Asset Alloc, Cl 2

 

                             

2024

      4,982          $4.27       to       $3.88          $20,332          1.30 %       0.55 %      to       1.20 %       14.25 %       to       13.49 % 

2023

      5,574          $3.73       to       $3.42          $20,062          0.96 %       0.55 %      to       1.20 %       16.07 %       to       15.31 % 

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 % 

Allspg VT Opp, Cl 2

 

                             

2024

      7,151          $6.38       to       $3.22          $39,823          0.05 %       0.55 %      to       1.90 %       14.41 %       to       12.87 % 

2023

      8,454          $5.58       to       $2.86          $41,208          —        0.55 %      to       1.90 %       25.81 %       to       24.13 % 

2022

      9,954          $4.43       to       $2.30          $38,727          —        0.55 %      to       1.90 %       (21.24 %)       to       (22.30 %) 

2021

      11,269          $5.63       to       $2.96          $55,858          0.04 %       0.55 %      to       1.90 %       24.09 %       to       22.43 % 

2020

      12,694          $4.54       to       $2.42          $50,846                0.44 %       0.55 %      to       1.90 %       20.34 %       to       18.73 % 

Allspg VT Sm Cap Gro, Cl 2

 

                             

2024

      16,953          $4.86       to       $2.50          $74,640          —        0.55 %      to       1.90 %       18.05 %       to       16.46 % 

2023

      18,920          $4.12       to       $2.15          $70,724          —        0.55 %      to       1.90 %       3.54 %       to       2.15 % 

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 % 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     127  

Table of Contents
     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)		  

ALPS Alerian Engy Infr, Class III

 

                            

2024

      31,729          $1.84       to       $1.57          $55,373          3.96 %       0.55 %      to       1.90 %       39.82 %      to       37.94 % 

2023

      34,442          $1.32       to       $1.14          $43,193          3.05 %       0.55 %      to       1.90 %       13.28 %      to       11.77 % 

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 %) 

BlackRock Adv SMID Cap VI, Cl III

 

                            

2024

      1,898          $1.26       to       $1.23          $2,374          1.57 %       0.65 %      to       1.55 %       10.98 %      to       9.99 % 

2023

      1,529          $1.14       to       $1.12          $1,730          3.19 %       0.65 %      to       1.55 %       17.86 %      to       16.82 % 

2022

      341          $0.97       to       $0.96          $329                5.43 %       0.65 %      to       1.55 %       (4.28 %)(7)      to       (4.84 %)(7) 

BlackRock Global Alloc, Cl III

 

                            

2024

      41,198          $1.89       to       $1.59          $73,474          0.79 %       0.55 %      to       1.90 %       8.33 %      to       6.86 % 

2023

      44,971          $1.75       to       $1.49          $74,396          2.48 %       0.55 %      to       1.90 %       11.88 %      to       10.37 % 

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 % 

BNY Mellon Sus US Eq, Serv

 

                            

2024

      2,827          $1.40       to       $1.37          $3,941          0.36 %       0.65 %      to       1.55 %       23.77 %      to       22.65 % 

2023

      2,647          $1.13       to       $1.12          $2,990          0.14 %       0.65 %      to       1.55 %       22.71 %      to       21.61 % 

2022

      258          $0.92       to       $0.92          $239                —        0.65 %      to       1.55 %       (7.93 %)(7)      to       (8.48 %)(7) 

Calvert VP SRI Bal, Cl F

 

                            

2024

      1,931          $1.30       to       $1.26          $2,479          1.93 %       0.65 %      to       1.55 %       18.15 %      to       17.07 % 

2023

      1,315          $1.10       to       $1.08          $1,433          2.01 %       0.65 %      to       1.55 %       15.67 %      to       14.64 % 

2022

      344          $0.95       to       $0.94          $326                3.11 %       0.65 %      to       1.55 %       (5.21 %)(7)      to       (5.79 %)(7) 

Calvert VP SRI Bal, Cl I

 

                            

2024

      7,427          $3.41       to       $3.33          $24,000          1.71 %       0.55 %      to       1.20 %       18.95 %      to       18.18 % 

2023

      7,788          $2.87       to       $2.82          $21,222          1.58 %       0.55 %      to       1.20 %       16.19 %      to       15.43 % 

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 % 

CB Var Sm Cap Gro, Cl I

 

                            

2024

      3,586          $3.91       to       $3.34          $13,111          —        0.55 %      to       1.45 %       3.92 %      to       2.99 % 

2023

      4,265          $3.77       to       $3.24          $15,058          —        0.55 %      to       1.45 %       7.81 %      to       6.85 % 

2022

      4,501          $3.49       to       $3.03          $14,793          —        0.55 %      to       1.45 %       (29.24 %)      to       (29.87 %) 

2021

      4,824          $4.94       to       $4.33          $22,500          —        0.55 %      to       1.45 %       11.99 %      to       10.99 % 

2020

      5,487          $4.41       to       $3.90          $22,942                —        0.55 %      to       1.45 %       42.48 %      to       41.20 % 

Col VP Bal, Cl 2

 

                            

2024

      125,290          $1.20       to       $1.16          $148,565          —        0.60 %      to       1.55 %       13.62 %      to       12.54 % 

2023

      91,069          $1.06       to       $1.03          $95,274          —        0.60 %      to       1.55 %       20.38 %      to       19.24 % 

2022

      70,090          $0.88       to       $0.86          $61,116          —        0.60 %      to       1.55 %       (17.36 %)      to       (18.14 %) 

2021

      23,656          $1.06       to       $1.06          $25,051                —        0.60 %      to       1.55 %       6.03 %(6)      to       5.37 %(6) 

Col VP Bal, Cl 3

 

                            

2024

      165,422          $3.93       to       $2.46          $600,830          —        0.55 %      to       1.90 %       13.80 %      to       12.27 % 

2023

      177,389          $3.46       to       $2.19          $568,979          —        0.55 %      to       1.90 %       20.57 %      to       18.96 % 

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 % 

Col VP Commodity Strategy, Cl 2

 

                            

2024

      19,868          $0.85       to       $0.72          $15,901          3.47 %       0.55 %      to       1.90 %       6.50 %      to       5.07 % 

2023

      21,658          $0.80       to       $0.69          $16,350          20.62 %       0.55 %      to       1.90 %       (7.64 %)      to       (8.88 %) 

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 %) 

 

128   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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 Contrarian Core, Cl 2

 

                             

2024

      46,249          $4.20       to       $3.59          $183,739          —        0.55 %      to       1.90 %       22.42 %       to       20.77 % 

2023

      45,709          $3.43       to       $2.97          $149,161          —        0.55 %      to       1.90 %       31.17 %       to       29.41 % 

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 % 

Col VP Disciplined Core, Cl 2

 

                             

2024

      10,915          $4.34       to       $3.70          $62,880          —        0.60 %      to       1.90 %       24.98 %       to       23.35 % 

2023

      11,160          $3.48       to       $3.00          $52,064          —        0.60 %      to       1.90 %       23.34 %       to       21.75 % 

2022

      10,728          $2.82       to       $2.47          $40,774          —        0.60 %      to       1.90 %       (19.42 %)       to       (20.46 %) 

2021

      10,168          $3.50       to       $3.10          $48,058          —        0.60 %      to       1.90 %       31.64 %       to       29.94 % 

2020

      10,030          $2.66       to       $2.39          $36,162                —        0.60 %      to       1.90 %       13.15 %       to       11.69 % 

Col VP Disciplined Core, Cl 3

 

                             

2024

      77,504          $4.37       to       $4.41          $373,861          —        0.55 %      to       1.45 %       25.20 %       to       24.08 % 

2023

      87,846          $3.49       to       $3.55          $339,236          —        0.55 %      to       1.45 %       23.55 %       to       22.45 % 

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 % 

Col VP Divd Opp, Cl 2

 

                             

2024

      32,781          $2.90       to       $2.48          $110,046          —        0.60 %      to       1.90 %       14.43 %       to       12.94 % 

2023

      33,217          $2.53       to       $2.19          $98,976          —        0.60 %      to       1.90 %       4.22 %       to       2.87 % 

2022

      33,985          $2.43       to       $2.13          $97,769          —        0.60 %      to       1.90 %       (1.98 %)       to       (3.24 %) 

2021

      27,966          $2.48       to       $2.20          $82,699          —        0.60 %      to       1.90 %       25.14 %       to       23.53 % 

2020

      26,193          $1.98       to       $1.78          $62,077                —        0.60 %      to       1.90 %       0.30 %       to       (1.00 %) 

Col VP Divd Opp, Cl 3

 

                             

2024

      81,547          $5.35       to       $2.80          $362,701          —        0.55 %      to       1.45 %       14.64 %       to       13.61 % 

2023

      93,884          $4.67       to       $2.46          $365,624          —        0.55 %      to       1.45 %       4.38 %       to       3.45 % 

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 %) 

Col VP Emerg Mkts Bond, Cl 2

 

                             

2024

      8,977          $1.13       to       $0.96          $9,588          4.93 %       0.55 %      to       1.90 %       5.55 %       to       4.13 % 

2023

      9,315          $1.07       to       $0.92          $9,458          5.25 %       0.55 %      to       1.90 %       9.42 %       to       7.95 % 

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 % 

Col VP Emer Mkts, Cl 2

 

                             

2024

      35,524          $1.29       to       $1.10          $46,106          1.03 %       0.60 %      to       1.90 %       4.82 %       to       3.46 % 

2023

      38,481          $1.23       to       $1.06          $47,969          —        0.60 %      to       1.90 %       8.54 %       to       7.15 % 

2022

      40,466          $1.14       to       $0.99          $46,712          —        0.60 %      to       1.90 %       (33.47 %)       to       (34.33 %) 

2021

      37,968          $1.71       to       $1.51          $66,169          0.84 %       0.60 %      to       1.90 %       (8.03 %)       to       (9.22 %) 

2020

      32,764          $1.86       to       $1.66          $62,343                0.43 %       0.60 %      to       1.90 %       32.37 %       to       30.66 % 

Col VP Emer Mkts, Cl 3

 

                             

2024

      24,752          $3.22       to       $1.74          $62,439          1.15 %       0.55 %      to       1.45 %       4.92 %       to       3.97 % 

2023

      28,396          $3.07       to       $1.67          $68,435          —        0.55 %      to       1.45 %       8.71 %       to       7.74 % 

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 % 

Col VP Global Strategic Inc, Cl 2

 

                             

2024

      10,102          $0.95       to       $0.81          $9,819          3.06 %       0.60 %      to       1.90 %       2.69 %       to       1.35 % 

2023

      9,372          $0.93       to       $0.80          $8,915          3.11 %       0.60 %      to       1.90 %       8.82 %       to       7.41 % 

2022

      9,863          $0.85       to       $0.74          $8,660          3.18 %       0.60 %      to       1.90 %       (14.14 %)       to       (15.25 %) 

2021

      9,729          $0.99       to       $0.88          $9,991          3.67 %       0.60 %      to       1.90 %       0.43 %       to       (0.87 %) 

2020

      9,357          $0.99       to       $0.88          $9,602                5.12 %       0.60 %      to       1.90 %       3.96 %       to       2.62 % 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     129  

Table of Contents
     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 Global Strategic Inc, Cl 3

 

                             

2024

      25,477          $1.86       to       $1.14          $40,324          3.34 %       0.55 %      to       1.45 %       2.68 %       to       1.75 % 

2023

      28,567          $1.82       to       $1.12          $44,431          3.26 %       0.55 %      to       1.45 %       9.21 %       to       8.23 % 

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 % 

Col VP Govt Money Mkt, Cl 2

 

                             

2024

      153,002          $1.06       to       $0.90          $150,363          4.60 %       0.60 %      to       1.90 %       4.10 %       to       2.75 % 

2023

      157,215          $1.02       to       $0.87          $148,910          4.38 %       0.60 %      to       1.90 %       3.84 %       to       2.50 % 

2022

      160,765          $0.98       to       $0.85          $146,821          1.24 %       0.60 %      to       1.90 %       0.50 %       to       (0.79 %) 

2021

      102,600          $0.98       to       $0.86          $93,666          0.01 %       0.60 %      to       1.90 %       (0.59 %)       to       (1.87 %) 

2020

      100,549          $0.98       to       $0.88          $92,735                0.13 %       0.60 %      to       1.90 %       (0.36 %)       to       (1.66 %) 

Col VP Govt Money Mkt, Cl 3

 

                             

2024

      128,739          $1.32       to       $0.97          $149,438          4.72 %       0.55 %      to       1.45 %       4.29 %       to       3.35 % 

2023

      112,497          $1.26       to       $0.94          $126,338          4.50 %       0.55 %      to       1.45 %       4.02 %       to       3.09 % 

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 %) 

Col VP Hi Yield Bond, Cl 2

 

                             

2024

      27,143          $1.74       to       $1.47          $51,990          5.66 %       0.60 %      to       1.90 %       6.24 %       to       4.85 % 

2023

      26,480          $1.64       to       $1.41          $48,187          5.28 %       0.60 %      to       1.90 %       11.20 %       to       9.77 % 

2022

      27,215          $1.47       to       $1.28          $44,830          5.01 %       0.60 %      to       1.90 %       (11.31 %)       to       (12.45 %) 

2021

      28,938          $1.66       to       $1.46          $54,019          4.95 %       0.60 %      to       1.90 %       4.17 %       to       2.82 % 

2020

      27,679          $1.59       to       $1.42          $49,734                5.59 %       0.60 %      to       1.90 %       5.67 %       to       4.31 % 

Col VP Hi Yield Bond, Cl 3

 

                             

2024

      33,899          $3.57       to       $2.34          $107,337          5.70 %       0.55 %      to       1.45 %       6.36 %       to       5.40 % 

2023

      38,417          $3.36       to       $2.22          $115,280          5.38 %       0.55 %      to       1.45 %       11.47 %       to       10.47 % 

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 % 

Col VP Inc Opp, Cl 2

 

                             

2024

      15,313          $1.68       to       $1.42          $28,100          5.36 %       0.60 %      to       1.90 %       5.08 %       to       3.71 % 

2023

      15,262          $1.60       to       $1.37          $26,797          4.92 %       0.60 %      to       1.90 %       10.70 %       to       9.27 % 

2022

      15,640          $1.44       to       $1.25          $24,877          5.14 %       0.60 %      to       1.90 %       (10.75 %)       to       (11.89 %) 

2021

      15,562          $1.61       to       $1.42          $27,881          8.91 %       0.60 %      to       1.90 %       3.52 %       to       2.18 % 

2020

      15,674          $1.56       to       $1.39          $27,225                4.58 %       0.60 %      to       1.90 %       5.04 %       to       3.68 % 

Col VP Inc Opp, Cl 3

 

                             

2024

      25,911          $2.83       to       $2.24          $67,081          5.36 %       0.55 %      to       1.45 %       5.31 %       to       4.36 % 

2023

      29,011          $2.69       to       $2.14          $71,590          5.03 %       0.55 %      to       1.45 %       10.90 %       to       9.91 % 

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 % 

Col VP Inter Bond, Cl 2

 

                             

2024

      69,888          $1.18       to       $1.00          $84,550          4.55 %       0.60 %      to       1.90 %       1.12 %       to       (0.19 %) 

2023

      60,739          $1.17       to       $1.00          $72,989          2.14 %       0.60 %      to       1.90 %       5.46 %       to       4.09 % 

2022

      48,671          $1.11       to       $0.97          $55,788          2.91 %       0.60 %      to       1.90 %       (17.71 %)       to       (18.78 %) 

2021

      50,375          $1.35       to       $1.19          $70,444          3.08 %       0.60 %      to       1.90 %       (1.18 %)       to       (2.45 %) 

2020

      47,138          $1.36       to       $1.22          $66,938                2.67 %       0.60 %      to       1.90 %       11.60 %       to       10.16 % 

Col VP Inter Bond, Cl 3

 

                             

2024

      110,218          $2.12       to       $1.39          $201,848          4.63 %       0.55 %      to       1.45 %       1.28 %       to       0.37 % 

2023

      119,388          $2.09       to       $1.38          $216,758          2.22 %       0.55 %      to       1.45 %       5.61 %       to       4.67 % 

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 % 

 

130   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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 Lg Cap Gro, Cl 2

 

                            

2024

      21,980          $5.67       to       $4.81          $152,642          —        0.60 %      to       1.90 %       30.22 %      to       28.53 % 

2023

      21,127          $4.36       to       $3.74          $115,306          —        0.60 %      to       1.90 %       41.92 %      to       40.09 % 

2022

      19,630          $3.07       to       $2.67          $76,441          —        0.60 %      to       1.90 %       (31.94 %)      to       (32.82 %) 

2021

      19,443          $4.51       to       $3.97          $111,805          —        0.60 %      to       1.90 %       27.58 %      to       25.94 % 

2020

      17,772          $3.53       to       $3.15          $80,335                —        0.60 %      to       1.90 %       33.61 %      to       31.88 % 

Col VP Lg Cap Gro, Cl 3

 

                            

2024

      34,111          $4.32       to       $5.67          $152,156          —        0.55 %      to       1.45 %       30.47 %      to       29.29 % 

2023

      38,438          $3.31       to       $4.38          $131,653          —        0.55 %      to       1.45 %       42.17 %      to       40.90 % 

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 % 

Col VP Lg Cap Index, Cl 2

 

                            

2024

      124,306          $1.43       to       $1.38          $174,897          —        0.60 %      to       1.55 %       23.65 %      to       22.48 % 

2023

      88,753          $1.16       to       $1.13          $101,415          —        0.60 %      to       1.55 %       24.90 %      to       23.73 % 

2022

      54,509          $0.93       to       $0.91          $50,101          —        0.60 %      to       1.55 %       (19.03 %)      to       (19.79 %) 

2021

      23,421          $1.14       to       $1.14          $26,667                —        0.60 %      to       1.55 %       13.93 %(6)      to       13.22 %(6) 

Col VP Lg Cap Index, Cl 3

 

                            

2024

      119,957          $5.02       to       $3.98          $588,804          —        0.55 %      to       1.90 %       23.85 %      to       22.18 % 

2023

      132,545          $4.05       to       $3.26          $528,874          —        0.55 %      to       1.90 %       25.13 %      to       23.46 % 

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 % 

Col VP Limited Duration Cr, Cl 2

 

                            

2024

      70,718          $1.10       to       $1.01          $82,194          3.63 %       0.55 %      to       1.90 %       4.06 %      to       2.65 % 

2023

      66,869          $1.06       to       $0.99          $74,958          3.05 %       0.55 %      to       1.90 %       6.08 %      to       4.66 % 

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 % 

Col VP Long Govt/Cr Bond, Cl 2

 

                            

2024

      15,316          $1.01       to       $0.87          $14,776          3.43 %       0.55 %      to       1.90 %       (4.92 %)      to       (6.21 %) 

2023

      14,703          $1.07       to       $0.92          $15,002          3.29 %       0.55 %      to       1.90 %       6.10 %      to       4.67 % 

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 % 

Col VP Overseas Core, Cl 2

 

                            

2024

      19,658          $1.71       to       $1.48          $36,134          4.13 %       0.60 %      to       1.90 %       2.62 %      to       1.28 % 

2023

      20,026          $1.66       to       $1.47          $36,445          1.66 %       0.60 %      to       1.90 %       14.64 %      to       13.16 % 

2022

      19,479          $1.45       to       $1.29          $31,077          0.76 %       0.60 %      to       1.90 %       (15.41 %)      to       (16.50 %) 

2021

      19,064          $1.71       to       $1.55          $36,106          1.09 %       0.60 %      to       1.90 %       9.09 %      to       7.68 % 

2020

      14,948          $1.57       to       $1.44          $26,029                1.43 %       0.60 %      to       1.90 %       8.19 %      to       6.78 % 

Col VP Overseas Core, Cl 3

 

                            

2024

      24,605          $1.85       to       $1.62          $47,222          4.30 %       0.55 %      to       1.45 %       2.77 %      to       1.85 % 

2023

      27,311          $1.80       to       $1.59          $51,120          1.83 %       0.55 %      to       1.45 %       14.84 %      to       13.81 % 

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 % 

Col VP Select Lg Cap Eq, Cl 2

 

                            

2024

      3,262          $1.44       to       $1.41          $4,653          —        0.65 %      to       1.55 %       23.02 %      to       21.91 % 

2023

      2,393          $1.17       to       $1.16          $2,785          —        0.65 %      to       1.55 %       26.94 %      to       25.81 % 

2022

      544          $0.92       to       $0.92          $501                —        0.65 %      to       1.55 %       (8.22 %)(7)      to       (8.76 %)(7) 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     131  

Table of Contents
     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 2

 

                              

2024

      16,649          $3.42       to       $2.94          $70,423          —          0.60 %      to       1.90 %       11.90 %      to       10.45 % 

2023

      17,249          $3.05       to       $2.67          $66,072          —          0.60 %      to       1.90 %       4.48 %      to       3.14 % 

2022

      17,438          $2.92       to       $2.58          $64,723          —          0.60 %      to       1.90 %       (2.65 %)      to       (3.90 %) 

2021

      13,936          $3.00       to       $2.69          $53,745          —          0.60 %      to       1.90 %       25.23 %      to       23.61 % 

2020

      9,450          $2.40       to       $2.18          $29,243                —          0.60 %      to       1.90 %       6.17 %      to       4.80 % 

Col VP Select Lg Cap Val, Cl 3

 

                              

2024

      9,378          $4.80       to       $3.50          $39,763          —          0.55 %      to       1.45 %       12.13 %      to       11.12 % 

2023

      11,454          $4.28       to       $3.15          $43,542          —          0.55 %      to       1.45 %       4.65 %      to       3.72 % 

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 % 

Col VP Select Mid Cap Gro, Cl 2

 

                              

2024

      10,803          $3.53       to       $3.00          $43,319          —          0.60 %      to       1.90 %       22.62 %      to       21.03 % 

2023

      10,620          $2.88       to       $2.48          $35,129          —          0.60 %      to       1.90 %       24.18 %      to       22.58 % 

2022

      10,060          $2.32       to       $2.02          $27,061          —          0.60 %      to       1.90 %       (31.42 %)      to       (32.31 %) 

2021

      9,970          $3.38       to       $2.99          $39,277          —          0.60 %      to       1.90 %       15.57 %      to       14.08 % 

2020

      9,288          $2.92       to       $2.62          $31,803                —          0.60 %      to       1.90 %       34.27 %      to       32.54 % 

Col VP Select Mid Cap Gro, Cl 3

 

                              

2024

      16,253          $5.56       to       $3.97          $72,846          —          0.55 %      to       1.45 %       22.85 %      to       21.74 % 

2023

      18,490          $4.53       to       $3.26          $67,844          —          0.55 %      to       1.45 %       24.40 %      to       23.29 % 

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 % 

Col VP Select Mid Cap Val, Cl 2

 

                              

2024

      11,099          $3.27       to       $2.79          $43,249          —          0.60 %      to       1.90 %       11.59 %      to       10.14 % 

2023

      11,612          $2.93       to       $2.54          $40,998          —          0.60 %      to       1.90 %       9.39 %      to       7.98 % 

2022

      12,350          $2.68       to       $2.35          $40,200          —          0.60 %      to       1.90 %       (10.20 %)      to       (11.36 %) 

2021

      11,773          $2.99       to       $2.65          $42,971          —          0.60 %      to       1.90 %       31.18 %      to       29.49 % 

2020

      10,747          $2.28       to       $2.05          $29,999                —          0.60 %      to       1.90 %       6.61 %      to       5.23 % 

Col VP Select Mid Cap Val, Cl 3

 

                              

2024

      9,549          $4.84       to       $3.27          $39,071          —          0.55 %      to       1.45 %       11.79 %      to       10.78 % 

2023

      10,964          $4.33       to       $2.95          $40,179          —          0.55 %      to       1.45 %       9.58 %      to       8.60 % 

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 % 

Col VP Select Sm Cap Val, Cl 2

 

                              

2024

      7,696          $2.88       to       $2.48          $27,184          —          0.60 %      to       1.90 %       12.98 %      to       11.51 % 

2023

      7,937          $2.55       to       $2.22          $25,205          —          0.60 %      to       1.90 %       12.17 %      to       10.73 % 

2022

      7,906          $2.27       to       $2.01          $22,558          —          0.60 %      to       1.90 %       (15.43 %)      to       (16.53 %) 

2021

      6,959          $2.68       to       $2.40          $23,615          —          0.60 %      to       1.90 %       29.84 %      to       28.16 % 

2020

      5,865          $2.07       to       $1.88          $15,402                —          0.60 %      to       1.90 %       8.27 %      to       6.87 % 

Col VP Select Sm Cap Val, Cl 3

 

                              

2024

      6,036          $5.67       to       $2.95          $28,661          —          0.55 %      to       1.45 %       13.18 %      to       12.16 % 

2023

      6,967          $5.01       to       $2.63          $29,240          —          0.55 %      to       1.45 %       12.36 %      to       11.35 % 

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 % 

Col VP Sel Gbl Tech, Cl 2

 

                              

2024

      12,575          $1.55       to       $1.52          $19,314          —          0.65 %      to       1.55 %       25.76 %      to       24.62 % 

2023

      6,245          $1.23       to       $1.22          $7,657          —          0.65 %      to       1.55 %       43.93 %      to       42.65 % 

2022

      1,146          $0.86       to       $0.85          $980                —          0.65 %      to       1.55 %       (15.93 %)(7)      to       (16.44 %)(7) 

 

132   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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 Sm Cap Val, Cl 2

 

                            

2024

      1,931          $1.29       to       $1.26          $2,467          0.58 %       0.65 %      to       1.55 %       7.97 %      to       6.99 % 

2023

      1,342          $1.20       to       $1.18          $1,595          0.49 %       0.65 %      to       1.55 %       20.87 %      to       19.80 % 

2022

      409          $0.99       to       $0.98          $404                0.18 %       0.65 %      to       1.55 %       (1.99 %)(7)      to       (2.56 %)(7) 

Col VP Strategic Inc, Cl 2

 

                            

2024

      63,542          $1.40       to       $1.19          $82,044          4.33 %       0.60 %      to       1.90 %       3.88 %      to       2.53 % 

2023

      62,276          $1.35       to       $1.16          $77,774          3.47 %       0.60 %      to       1.90 %       8.56 %      to       7.15 % 

2022

      60,974          $1.25       to       $1.09          $70,436          2.71 %       0.60 %      to       1.90 %       (12.05 %)      to       (13.19 %) 

2021

      60,277          $1.42       to       $1.25          $79,642          5.31 %       0.60 %      to       1.90 %       1.03 %      to       (0.28 %) 

2020

      54,322          $1.40       to       $1.25          $71,367                3.34 %       0.60 %      to       1.90 %       5.99 %      to       4.62 % 

Col VP US Govt Mtge, Cl 2

 

                            

2024

      12,085          $1.06       to       $0.90          $12,123          2.85 %       0.60 %      to       1.90 %       0.72 %      to       (0.59 %) 

2023

      14,811          $1.05       to       $0.90          $14,761          2.54 %       0.60 %      to       1.90 %       4.80 %      to       3.45 % 

2022

      16,021          $1.01       to       $0.87          $15,283          1.79 %       0.60 %      to       1.90 %       (14.83 %)      to       (15.93 %) 

2021

      15,497          $1.18       to       $1.04          $17,497          1.80 %       0.60 %      to       1.90 %       (1.78 %)      to       (3.05 %) 

2020

      14,174          $1.20       to       $1.07          $16,346                2.42 %       0.60 %      to       1.90 %       4.23 %      to       2.87 % 

Col VP US Govt Mtge, Cl 3

 

                            

2024

      24,788          $1.53       to       $1.04          $32,864          3.17 %       0.55 %      to       1.45 %       0.88 %      to       (0.02 %) 

2023

      28,406          $1.51       to       $1.04          $37,449          2.67 %       0.55 %      to       1.45 %       4.97 %      to       4.04 % 

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 % 

CS Commodity Return, Cl 1

 

                            

2024

      16,536          $0.68       to       $0.60          $10,638          2.97 %       0.55 %      to       1.45 %       4.25 %      to       3.31 % 

2023

      18,490          $0.65       to       $0.58          $11,445          21.54 %       0.55 %      to       1.45 %       (9.61 %)      to       (10.42 %) 

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 %) 

CTIVP AC Div Bond, Cl 2

 

                            

2024

      22,239          $1.13       to       $0.96          $25,373          4.01 %       0.60 %      to       1.90 %       0.93 %      to       (0.39 %) 

2023

      18,390          $1.12       to       $0.96          $20,880          3.12 %       0.60 %      to       1.90 %       4.70 %      to       3.35 % 

2022

      15,338          $1.07       to       $0.93          $16,738          2.93 %       0.60 %      to       1.90 %       (16.02 %)      to       (17.10 %) 

2021

      14,286          $1.28       to       $1.12          $18,609          2.04 %       0.60 %      to       1.90 %       (0.31 %)      to       (1.59 %) 

2020

      15,575          $1.28       to       $1.14          $20,436                1.74 %       0.60 %      to       1.90 %       7.60 %      to       6.20 % 

CTIVP BR Gl Infl Prot Sec, Cl 2

 

                            

2024

      15,275          $1.12       to       $0.95          $17,742          1.75 %       0.60 %      to       1.90 %       (1.80 %)      to       (3.07 %) 

2023

      17,710          $1.14       to       $0.98          $21,070          8.95 %       0.60 %      to       1.90 %       3.27 %      to       1.94 % 

2022

      20,991          $1.11       to       $0.96          $24,291          4.59 %       0.60 %      to       1.90 %       (18.17 %)      to       (19.24 %) 

2021

      19,577          $1.35       to       $1.19          $27,836          0.57 %       0.60 %      to       1.90 %       3.80 %      to       2.46 % 

2020

      13,758          $1.30       to       $1.16          $18,927                0.45 %       0.60 %      to       1.90 %       8.31 %      to       6.92 % 

CTIVP BR Gl Infl Prot Sec, Cl 3

 

                            

2024

      27,066          $1.56       to       $1.29          $39,226          1.86 %       0.55 %      to       1.45 %       (1.60 %)      to       (2.49 %) 

2023

      30,734          $1.58       to       $1.32          $45,399          8.82 %       0.55 %      to       1.45 %       3.39 %      to       2.46 % 

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 % 

CTIVP CenterSquare Real Est, Cl 2

 

                            

2024

      9,907          $2.03       to       $1.75          $22,873          2.34 %       0.60 %      to       1.90 %       9.20 %      to       7.78 % 

2023

      10,611          $1.86       to       $1.62          $22,631          1.78 %       0.60 %      to       1.90 %       12.88 %      to       11.43 % 

2022

      11,996          $1.65       to       $1.45          $22,847          1.34 %       0.60 %      to       1.90 %       (24.78 %)      to       (25.76 %) 

2021

      11,723          $2.19       to       $1.96          $29,846          1.10 %       0.60 %      to       1.90 %       40.36 %      to       38.55 % 

2020

      12,537          $1.56       to       $1.41          $22,818                4.18 %       0.60 %      to       1.90 %       (5.75 %)      to       (6.97 %) 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     133  

Table of Contents
     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)		  

CTIVP MFS Val, Cl 2

 

                             

2024

      22,384          $3.18       to       $2.73          $84,490          —        0.60 %      to       1.90 %       10.77 %       to       9.33 % 

2023

      21,939          $2.87       to       $2.50          $75,303          —        0.60 %      to       1.90 %       7.13 %       to       5.75 % 

2022

      22,716          $2.68       to       $2.36          $73,528          —        0.60 %      to       1.90 %       (6.91 %)       to       (8.11 %) 

2021

      21,551          $2.88       to       $2.57          $75,491          —        0.60 %      to       1.90 %       24.36 %       to       22.76 % 

2020

      21,073          $2.32       to       $2.09          $59,610                —        0.60 %      to       1.90 %       2.72 %       to       1.39 % 

CTIVP Prin Blue Chip Gro, Cl 1

 

                             

2024

      35,334          $3.31       to       $3.06          $113,673          —        0.55 %      to       1.45 %       20.75 %       to       19.66 % 

2023

      41,831          $2.74       to       $2.56          $111,833          —        0.55 %      to       1.45 %       38.77 %       to       37.54 % 

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 % 

CTIVP Prin Blue Chip Gro, Cl 2

 

                             

2024

      10,234          $4.93       to       $4.18          $63,767          —        0.60 %      to       1.90 %       20.39 %       to       18.83 % 

2023

      10,303          $4.09       to       $3.52          $53,451          —        0.60 %      to       1.90 %       38.38 %       to       36.59 % 

2022

      10,321          $2.96       to       $2.58          $39,157          —        0.60 %      to       1.90 %       (28.62 %)       to       (29.54 %) 

2021

      9,638          $4.15       to       $3.66          $51,911          —        0.60 %      to       1.90 %       17.57 %       to       16.05 % 

2020

      9,749          $3.53       to       $3.15          $44,895                —        0.60 %      to       1.90 %       30.82 %       to       29.13 % 

CTIVP T Rowe Price LgCap Val, Cl 2

 

                             

2024

      13,384          $2.77       to       $2.38          $44,813          —        0.60 %      to       1.90 %       11.01 %       to       9.56 % 

2023

      13,904          $2.49       to       $2.17          $42,260          —        0.60 %      to       1.90 %       8.63 %       to       7.23 % 

2022

      14,600          $2.29       to       $2.03          $41,199          —        0.60 %      to       1.90 %       (5.73 %)       to       (6.95 %) 

2021

      12,161          $2.43       to       $2.18          $36,641          —        0.60 %      to       1.90 %       24.23 %       to       22.63 % 

2020

      10,703          $1.96       to       $1.78          $26,085                —        0.60 %      to       1.90 %       1.81 %       to       0.50 % 

CTIVP TCW Core Plus Bond, Cl 2

 

                             

2024

      22,049          $1.07       to       $0.91          $23,280          3.85 %       0.60 %      to       1.90 %       (0.10 %)       to       (1.39 %) 

2023

      18,366          $1.07       to       $0.92          $19,442          2.31 %       0.60 %      to       1.90 %       4.91 %       to       3.57 % 

2022

      15,688          $1.02       to       $0.89          $15,903          0.89 %       0.60 %      to       1.90 %       (14.82 %)       to       (15.92 %) 

2021

      15,052          $1.20       to       $1.05          $17,938          1.13 %       0.60 %      to       1.90 %       (1.99 %)       to       (3.26 %) 

2020

      17,213          $1.22       to       $1.09          $21,080                2.20 %       0.60 %      to       1.90 %       8.02 %       to       6.63 % 

CTIVP Vty Sycamore Estb Val, Cl 2

 

                             

2024

      15,890          $3.87       to       $3.31          $70,731          —        0.60 %      to       1.90 %       8.97 %       to       7.55 % 

2023

      15,978          $3.55       to       $3.08          $66,318          —        0.60 %      to       1.90 %       9.02 %       to       7.61 % 

2022

      15,979          $3.25       to       $2.86          $61,811          —        0.60 %      to       1.90 %       (3.58 %)       to       (4.82 %) 

2021

      14,888          $3.37       to       $3.01          $60,951          —        0.60 %      to       1.90 %       30.76 %       to       29.07 % 

2020

      13,877          $2.58       to       $2.33          $43,610                —        0.60 %      to       1.90 %       7.16 %       to       5.77 % 

CTIVP Vty Sycamore Estb Val, Cl 3

 

                             

2024

      8,117          $5.86       to       $4.23          $41,898          —        0.55 %      to       1.45 %       9.16 %       to       8.18 % 

2023

      9,202          $5.36       to       $3.91          $43,664          —        0.55 %      to       1.45 %       9.21 %       to       8.23 % 

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 % 

CTIVP Westfield Mid Cap Gro, Cl 2

 

                             

2024

      6,962          $3.55       to       $3.02          $30,938          —        0.60 %      to       1.90 %       16.49 %       to       14.97 % 

2023

      7,553          $3.05       to       $2.63          $29,092          —        0.60 %      to       1.90 %       24.43 %       to       22.83 % 

2022

      7,344          $2.45       to       $2.14          $23,011          —        0.60 %      to       1.90 %       (26.23 %)       to       (27.18 %) 

2021

      7,227          $3.32       to       $2.94          $30,841          —        0.60 %      to       1.90 %       15.72 %       to       14.22 % 

2020

      7,361          $2.87       to       $2.57          $27,283                —        0.60 %      to       1.90 %       26.42 %       to       24.79 % 

CTIVP Westfield Sel Lg Cp Gr, Cl 2

 

                             

2024

      5,436          $3.88       to       $3.27          $26,788          —        0.60 %      to       1.90 %       26.39 %       to       24.75 % 

2023

      6,283          $3.07       to       $2.62          $24,647          —        0.60 %      to       1.90 %       29.84 %       to       28.17 % 

2022

      6,721          $2.37       to       $2.05          $20,677          —        0.60 %      to       1.90 %       (41.57 %)       to       (42.32 %) 

2021

      7,330          $4.05       to       $3.55          $38,806          —        0.60 %      to       1.90 %       (4.92 %)       to       (6.15 %) 

2020

      6,352          $4.26       to       $3.78          $35,501                —        0.60 %      to       1.90 %       74.44 %       to       72.19 % 

 

134   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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)		  

CVT EAFE Intl Index, Cl F

 

                            

2024

      4,153          $1.17       to       $1.14          $4,802          3.00 %       0.65 %      to       1.55 %       2.28 %      to       1.35 % 

2023

      2,801          $1.14       to       $1.12          $3,180          3.77 %       0.65 %      to       1.55 %       16.77 %      to       15.73 % 

2022

      1,106          $0.98       to       $0.97          $1,081                8.22 %       0.65 %      to       1.55 %       (2.06 %)(7)      to       (2.64 %)(7) 

CVT Nasdaq 100 Index, Cl F

 

                            

2024

      14,744          $1.61       to       $1.57          $23,550          0.42 %       0.65 %      to       1.55 %       24.07 %      to       22.95 % 

2023

      7,195          $1.30       to       $1.28          $9,295          0.47 %       0.65 %      to       1.55 %       53.03 %      to       51.66 % 

2022

      2,273          $0.85       to       $0.84          $1,929                0.44 %       0.65 %      to       1.55 %       (16.49 %)(7)      to       (16.98 %)(7) 

CVT Russ 2000 Sm Cap Ind, Cl F

 

                            

2024

      8,641          $1.21       to       $1.18          $10,352          1.55 %       0.65 %      to       1.55 %       10.28 %      to       9.29 % 

2023

      4,332          $1.10       to       $1.08          $4,726          1.24 %       0.65 %      to       1.55 %       15.61 %      to       14.57 % 

2022

      1,554          $0.95       to       $0.94          $1,475                1.76 %       0.65 %      to       1.55 %       (6.07 %)(7)      to       (6.63 %)(7) 

DWS Alt Asset Alloc VIP, Cl B

 

                            

2024

      12,997          $1.29       to       $1.09          $15,821          3.24 %       0.55 %      to       1.90 %       4.72 %      to       3.32 % 

2023

      13,734          $1.23       to       $1.05          $16,055          6.64 %       0.55 %      to       1.90 %       5.09 %      to       3.69 % 

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 % 

EV VT Floating-Rate Inc, Init Cl

 

                            

2024

      44,900          $1.84       to       $1.13          $76,705          7.79 %       0.55 %      to       1.55 %       7.04 %      to       5.97 % 

2023

      50,310          $1.72       to       $1.06          $80,842          8.19 %       0.55 %      to       1.55 %       10.60 %      to       9.51 % 

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 % 

Fid VIP Contrafund, Serv Cl 2

 

                            

2024

      115,087          $5.76       to       $4.12          $616,762          0.03 %       0.55 %      to       1.90 %       32.71 %      to       30.92 % 

2023

      123,150          $4.34       to       $3.15          $507,551          0.26 %       0.55 %      to       1.90 %       32.39 %      to       30.62 % 

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 % 

Fid VIP Emer Mkts, Serv Cl 2

 

                            

2024

      2,227          $1.13       to       $1.11          $2,504          1.32 %       0.65 %      to       1.55 %       9.00 %      to       8.01 % 

2023

      1,829          $1.04       to       $1.03          $1,893          2.66 %       0.65 %      to       1.55 %       8.77 %      to       7.81 % 

2022

      617          $0.96       to       $0.95          $590                5.28 %       0.65 %      to       1.55 %       (4.74 %)(7)      to       (5.30 %)(7) 

Fid VIP Energy, Serv Cl 2

 

                            

2024

      2,329          $1.20       to       $1.18          $2,775          2.19 %       0.65 %      to       1.55 %       3.34 %      to       2.41 % 

2023

      1,982          $1.17       to       $1.15          $2,295          2.81 %       0.65 %      to       1.55 %       0.05 %      to       (0.84 %) 

2022

      681          $1.16       to       $1.16          $792                5.09 %       0.65 %      to       1.55 %       15.45 %(7)      to       14.76 %(7) 

Fid VIP Gro & Inc, Serv Cl

 

                            

2024

      8,759          $5.19       to       $4.69          $42,673          1.32 %       0.55 %      to       0.95 %       21.46 %      to       20.97 % 

2023

      10,014          $4.27       to       $3.88          $40,195          1.56 %       0.55 %      to       0.95 %       17.93 %      to       17.46 % 

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 % 

Fid VIP Gro & Inc, Serv Cl 2

 

                            

2024

      22,743          $5.52       to       $1.40          $109,129          1.26 %       0.55 %      to       1.55 %       21.29 %      to       20.07 % 

2023

      23,416          $4.55       to       $1.16          $96,519          1.50 %       0.55 %      to       1.55 %       17.72 %      to       16.55 % 

2022

      23,378          $3.87       to       $1.00          $84,649          1.46 %       0.55 %      to       1.55 %       (5.69 %)      to       (0.41 %)(7) 

2021

      24,392          $4.10       to       $3.74          $95,670          2.17 %       0.55 %      to       1.20 %       24.95 %      to       24.14 % 

2020

      27,581          $3.28       to       $3.01          $86,752                1.91 %       0.55 %      to       1.20 %       7.00 %      to       6.31 % 

Fid VIP Gro Opp, Serv Cl 2

 

                            

2024

      15,519          $1.67       to       $1.63          $25,706          —        0.65 %      to       1.55 %       37.66 %      to       36.42 % 

2023

      7,196          $1.22       to       $1.20          $8,689          —        0.65 %      to       1.55 %       44.36 %      to       43.08 % 

2022

      1,783          $0.84       to       $0.84          $1,499                —        0.65 %      to       1.55 %       (17.23 %)(7)      to       (17.72 %)(7) 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     135  

Table of Contents
     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)		  

Fid VIP Intl Cap Appr, Serv Cl 2

 

                            

2024

      6,502          $1.25       to       $1.22          $8,079          0.79 %       0.65 %      to       1.55 %       7.22 %      to       6.25 % 

2023

      3,267          $1.17       to       $1.15          $3,798          0.25 %       0.65 %      to       1.55 %       26.37 %      to       25.22 % 

2022

      689          $0.93       to       $0.92          $637                0.22 %       0.65 %      to       1.55 %       (6.69 %)(7)      to       (7.24 %)(7) 

Fid VIP Invest Gr, Serv Cl 2

 

                            

2024

      15,685          $1.01       to       $0.99          $15,716          4.08 %       0.65 %      to       1.55 %       0.84 %      to       (0.08 %) 

2023

      7,882          $1.00       to       $0.99          $7,862          4.31 %       0.65 %      to       1.55 %       5.32 %      to       4.38 % 

2022

      859          $0.95       to       $0.95          $817                7.27 %       0.65 %      to       1.55 %       (4.16 %)(7)      to       (4.73 %)(7) 

Fid VIP Mid Cap, Serv Cl

 

                            

2024

      5,239          $12.91       to       $11.66          $63,821          0.46 %       0.55 %      to       0.95 %       16.71 %      to       16.24 % 

2023

      5,939          $11.06       to       $10.03          $62,092          0.50 %       0.55 %      to       0.95 %       14.38 %      to       13.92 % 

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 % 

Fid VIP Mid Cap, Serv Cl 2

 

                            

2024

      59,996          $8.17       to       $2.71          $357,178          0.34 %       0.55 %      to       1.90 %       16.53 %      to       14.95 % 

2023

      65,759          $7.01       to       $2.36          $337,242          0.38 %       0.55 %      to       1.90 %       14.17 %      to       12.65 % 

2022

      70,982          $6.14       to       $2.09          $320,729          0.27 %       0.55 %      to       1.90 %       (15.43 %)      to       (16.56 %) 

2021

      76,803          $7.27       to       $2.51          $412,423          0.36 %       0.55 %      to       1.90 %       24.62 %      to       22.95 % 

2020

      84,028          $5.83       to       $2.04          $364,896                0.40 %       0.55 %      to       1.90 %       17.22 %      to       15.65 % 

Fid VIP Overseas, Serv Cl

 

                            

2024

      3,938          $2.54       to       $2.29          $9,394          1.59 %       0.55 %      to       0.95 %       4.38 %      to       3.96 % 

2023

      4,139          $2.43       to       $2.21          $9,498          0.95 %       0.55 %      to       0.95 %       19.75 %      to       19.27 % 

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 % 

Fid VIP Overseas, Serv Cl 2

 

                            

2024

      16,335          $3.00       to       $1.78          $41,147          1.39 %       0.55 %      to       1.45 %       4.23 %      to       3.29 % 

2023

      16,514          $2.88       to       $1.72          $40,198          0.80 %       0.55 %      to       1.45 %       19.56 %      to       18.50 % 

2022

      17,219          $2.41       to       $1.46          $35,279          0.80 %       0.55 %      to       1.45 %       (25.09 %)      to       (25.76 %) 

2021

      19,522          $3.22       to       $1.96          $53,906          0.32 %       0.55 %      to       1.45 %       18.74 %      to       17.67 % 

2020

      21,628          $2.71       to       $1.67          $50,424                0.22 %       0.55 %      to       1.45 %       14.70 %      to       13.67 % 

Fid VIP Strategic Inc, Serv Cl 2

 

                            

2024

      146,803          $1.33       to       $1.14          $185,773          3.72 %       0.55 %      to       1.90 %       5.20 %      to       3.78 % 

2023

      134,874          $1.27       to       $1.10          $162,987          4.45 %       0.55 %      to       1.90 %       8.58 %      to       7.13 % 

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 % 

Frank Global Real Est, Cl 2

 

                            

2024

      17,445          $3.46       to       $1.08          $41,247          1.83 %       0.55 %      to       1.45 %       (0.87 %)      to       (1.76 %) 

2023

      19,107          $3.49       to       $1.10          $46,209          2.88 %       0.55 %      to       1.45 %       10.82 %      to       9.83 % 

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 %) 

Frank Inc, Cl 2

 

                            

2024

      35,827          $1.77       to       $1.51          $59,763          5.13 %       0.55 %      to       1.90 %       6.61 %      to       5.18 % 

2023

      38,683          $1.66       to       $1.43          $60,747          5.16 %       0.55 %      to       1.90 %       8.03 %      to       6.58 % 

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 %) 

Frank Inc, Cl 4

 

                            

2024

      10,989          $1.11       to       $1.09          $12,123          5.20 %       0.65 %      to       1.55 %       6.38 %      to       5.42 % 

2023

      5,805          $1.05       to       $1.03          $6,034          4.84 %       0.65 %      to       1.55 %       7.85 %      to       6.88 % 

2022

      2,561          $0.97       to       $0.96          $2,476                7.34 %       0.65 %      to       1.55 %       (3.02 %)(7)      to       (3.59 %)(7) 

 

136   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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 Mutual Gbl Dis, Cl 4

 

                            

2024

      503          $1.23       to       $1.20          $614          1.66 %       0.65 %      to       1.55 %       3.90 %      to       2.97 % 

2023

      421          $1.18       to       $1.17          $496          2.88 %       0.65 %      to       1.55 %       19.36 %      to       18.29 % 

2022

      134          $0.99       to       $0.99          $134                1.49 %       0.65 %      to       1.55 %       (0.78 %)(7)      to       (1.37 %)(7) 

Frank Mutual Shares, Cl 2

 

                            

2024

      20,758          $3.46       to       $2.01          $60,103          1.93 %       0.55 %      to       1.90 %       10.66 %      to       9.17 % 

2023

      23,728          $3.12       to       $1.84          $62,315          1.87 %       0.55 %      to       1.90 %       12.84 %      to       11.33 % 

2022

      26,191          $2.77       to       $1.66          $61,099          1.83 %       0.55 %      to       1.90 %       (7.94 %)      to       (9.17 %) 

2021

      28,365          $3.01       to       $1.82          $72,024          2.85 %       0.55 %      to       1.90 %       18.51 %      to       16.93 % 

2020

      32,570          $2.54       to       $1.56          $69,793                2.71 %       0.55 %      to       1.90 %       (5.56 %)      to       (6.83 %) 

Frank Sm Cap Val, Cl 2

 

                            

2024

      19,525          $8.36       to       $2.55          $110,503          0.93 %       0.55 %      to       1.90 %       11.09 %      to       9.59 % 

2023

      22,656          $7.52       to       $2.33          $114,080          0.52 %       0.55 %      to       1.90 %       12.13 %      to       10.63 % 

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 % 

Frank Sm Cap Val, Cl 4

 

                            

2024

      4,048          $1.23       to       $1.20          $4,926          0.77 %       0.65 %      to       1.55 %       10.88 %      to       9.88 % 

2023

      2,839          $1.11       to       $1.09          $3,129          0.42 %       0.65 %      to       1.55 %       11.95 %      to       10.93 % 

2022

      1,205          $0.99       to       $0.98          $1,192                0.83 %       0.65 %      to       1.55 %       (1.65 %)(7)      to       (2.23 %)(7) 

GS VIT Mid Cap Val, Inst

 

                            

2024

      12,052          $9.59       to       $6.06          $103,251          0.98 %       0.55 %      to       1.20 %       11.78 %      to       11.05 % 

2023

      13,864          $8.58       to       $5.45          $106,603          1.00 %       0.55 %      to       1.20 %       10.81 %      to       10.09 % 

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 % 

GS VIT Multi-Strategy Alt, Advisor

 

                            

2024

      9,160          $1.07       to       $0.93          $9,288          2.51 %       0.55 %      to       1.90 %       2.54 %      to       1.16 % 

2023

      9,708          $1.04       to       $0.92          $9,647          6.44 %       0.55 %      to       1.90 %       6.94 %      to       5.51 % 

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 % 

GS VIT Multi-Strategy Alt, Serv

 

                            

2024

      1,559          $1.06       to       $1.03          $1,633          3.18 %       0.65 %      to       1.55 %       2.61 %      to       1.70 % 

2023

      1,052          $1.03       to       $1.01          $1,078          9.18 %       0.65 %      to       1.55 %       7.07 %      to       6.12 % 

2022

      401          $0.96       to       $0.96          $387                12.27 %       0.65 %      to       1.55 %       (3.71 %)(7)      to       (4.27 %)(7) 

GS VIT Sm Cap Eq Insights, Inst

 

                            

2024

      844          $6.45       to       $5.83          $5,093          0.97 %       0.55 %      to       0.95 %       18.40 %      to       17.92 % 

2023

      901          $5.45       to       $4.94          $4,602          1.00 %       0.55 %      to       0.95 %       18.62 %      to       18.15 % 

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 % 

GS VIT Sm Cap Eq Insights, Serv

 

                            

2024

      2,063          $1.33       to       $1.30          $2,706          1.14 %       0.65 %      to       1.55 %       18.04 %      to       16.98 % 

2023

      902          $1.12       to       $1.11          $1,008          1.29 %       0.65 %      to       1.55 %       18.18 %      to       17.13 % 

2022

      330          $0.95       to       $0.95          $314                0.25 %       0.65 %      to       1.55 %       (5.77 %)(7)      to       (6.32 %)(7) 

GS VIT U.S. Eq Insights, Inst

 

                            

2024

      19,943          $5.40       to       $4.38          $101,544          0.62 %       0.55 %      to       1.45 %       27.62 %      to       26.47 % 

2023

      23,461          $4.23       to       $3.46          $93,870          0.68 %       0.55 %      to       1.45 %       23.13 %      to       22.03 % 

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 % 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     137  

Table of Contents
     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 Am Fran, Ser I

 

                            

2024

      3,022          $5.20       to       $4.94          $15,204          —        0.55 %      to       0.95 %       34.14 %      to       33.61 % 

2023

      3,517          $3.87       to       $3.70          $13,220          —        0.55 %      to       0.95 %       40.16 %      to       39.60 % 

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 % 

Invesco VI Am Fran, Ser II

 

                            

2024

      9,428          $5.03       to       $4.49          $45,554          —        0.55 %      to       1.45 %       33.82 %      to       32.61 % 

2023

      11,541          $3.76       to       $3.39          $41,827          —        0.55 %      to       1.45 %       39.83 %      to       38.58 % 

2022

      13,038          $2.69       to       $2.44          $33,926          —        0.55 %      to       1.45 %       (31.67 %)      to       (32.28 %) 

2021

      14,122          $3.94       to       $3.61          $53,938          —        0.55 %      to       1.45 %       11.04 %      to       10.04 % 

2020

      16,180          $3.55       to       $3.28          $55,833                —        0.55 %      to       1.45 %       41.22 %      to       39.95 % 

Invesco VI Bal Risk Alloc, Ser II

 

                            

2024

      19,882          $1.39       to       $1.19          $26,351          5.69 %       0.55 %      to       1.90 %       2.99 %      to       1.60 % 

2023

      22,516          $1.35       to       $1.17          $29,098          —        0.55 %      to       1.90 %       5.82 %      to       4.40 % 

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 % 

Invesco VI Comstock, Ser II

 

                            

2024

      22,813          $4.84       to       $1.26          $97,684          1.49 %       0.55 %      to       1.55 %       14.23 %      to       13.09 % 

2023

      25,314          $4.23       to       $1.12          $95,816          1.55 %       0.55 %      to       1.55 %       11.48 %      to       10.37 % 

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 %) 

Invesco VI Core Eq, Ser I

 

                            

2024

      11,324          $6.56       to       $6.56          $75,004          0.69 %       1.25 %      to       1.25 %       24.04 %      to       24.04 % 

2023

      12,684          $5.29       to       $5.29          $67,844          0.73 %       1.25 %      to       1.25 %       21.84 %      to       21.84 % 

2022

      13,894          $4.34       to       $4.34          $61,007          0.91 %       1.25 %      to       1.25 %       (21.53 %)      to       (21.53 %) 

2021

      15,101          $5.53       to       $5.53          $84,521          0.66 %       1.25 %      to       1.25 %       26.15 %      to       26.15 % 

2020

      16,461          $4.38       to       $4.38          $73,056                1.34 %       1.25 %      to       1.25 %       12.44 %      to       12.44 % 

Invesco VI Core Plus Bond, Ser II

 

                            

2024

      7,052          $1.01       to       $0.99          $7,083          4.33 %       0.65 %      to       1.55 %       2.05 %      to       1.14 % 

2023

      3,782          $0.99       to       $0.98          $3,735          3.83 %       0.65 %      to       1.55 %       5.16 %      to       4.23 % 

2022

      387          $0.95       to       $0.94          $366                1.32 %       0.65 %      to       1.55 %       (4.93 %)(7)      to       (5.50 %)(7) 

Invesco VI Dis Mid Cap Gro, Ser I

 

                            

2024

      10,489          $1.71       to       $1.66          $17,744          —        0.55 %      to       1.20 %       23.55 %      to       22.74 % 

2023

      11,608          $1.38       to       $1.35          $15,945          —        0.55 %      to       1.20 %       12.53 %      to       11.81 % 

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 %(5)      to       50.36 %(5) 

Invesco VI Dis Mid Cap Gro, Ser II

 

                            

2024

      6,804          $1.69       to       $1.62          $11,272          —        0.55 %      to       1.45 %       23.24 %      to       22.13 % 

2023

      7,520          $1.37       to       $1.32          $10,148          —        0.55 %      to       1.45 %       12.23 %      to       11.23 % 

2022

      8,247          $1.22       to       $1.19          $9,954          —        0.55 %      to       1.45 %       (31.51 %)      to       (32.12 %) 

2021

      9,306          $1.78       to       $1.75          $16,458          —        0.55 %      to       1.45 %       18.14 %      to       17.08 % 

2020

      10,622          $1.51       to       $1.50          $15,963                —        0.55 %      to       1.45 %       50.65 %(5)      to       49.72 %(5) 

Invesco VI Div Divd, Ser I

 

                            

2024

      5,577          $3.20       to       $2.92          $17,184          1.84 %       0.55 %      to       1.20 %       12.59 %      to       11.86 % 

2023

      6,442          $2.84       to       $2.61          $17,683          1.96 %       0.55 %      to       1.20 %       8.45 %      to       7.75 % 

2022

      7,439          $2.62       to       $2.43          $18,878          1.89 %       0.55 %      to       1.20 %       (2.22 %)      to       (2.85 %) 

2021

      7,765          $2.68       to       $2.50          $20,232          2.10 %       0.55 %      to       1.20 %       18.24 %      to       17.48 % 

2020

      8,941          $2.26       to       $2.13          $19,755                2.93 %       0.55 %      to       1.20 %       (0.41 %)      to       (1.05 %) 

 

138   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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 Div Divd, Ser II

 

                            

2024

      3,107          $2.96       to       $2.73          $9,066          1.62 %       0.85 %      to       1.45 %       12.00 %      to       11.33 % 

2023

      3,624          $2.65       to       $2.45          $9,457          1.70 %       0.85 %      to       1.45 %       7.85 %      to       7.21 % 

2022

      4,379          $2.45       to       $2.29          $10,598          1.68 %       0.85 %      to       1.45 %       (2.75 %)      to       (3.33 %) 

2021

      4,426          $2.52       to       $2.37          $11,041          1.92 %       0.85 %      to       1.45 %       17.59 %      to       16.89 % 

2020

      5,209          $2.15       to       $2.03          $11,057                2.70 %       0.85 %      to       1.45 %       (0.98 %)      to       (1.57 %) 

Invesco VI EQV Intl Eq, Ser II

 

                            

2024

      14,981          $2.47       to       $1.87          $33,563          1.49 %       0.55 %      to       1.45 %       (0.21 %)      to       (1.11 %) 

2023

      17,008          $2.48       to       $1.89          $38,321          —        0.55 %      to       1.45 %       17.22 %      to       16.18 % 

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 % 

Invesco VI Global, Ser II

 

                            

2024

      30,209          $5.07       to       $2.77          $127,717          —        0.55 %      to       1.90 %       15.15 %      to       13.60 % 

2023

      33,561          $4.40       to       $2.44          $123,102          —        0.55 %      to       1.90 %       33.71 %      to       31.92 % 

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 % 

Invesco VI Gbl Strat Inc, Ser II

 

                            

2024

      70,761          $1.77       to       $0.91          $113,889          2.66 %       0.55 %      to       1.90 %       2.22 %      to       0.85 % 

2023

      78,192          $1.73       to       $0.90          $123,483          —        0.55 %      to       1.90 %       8.01 %      to       6.56 % 

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 % 

Invesco VI Hlth, Ser II

 

                            

2024

      8,537          $3.41       to       $3.05          $28,023          —        0.55 %      to       1.45 %       3.30 %      to       2.37 % 

2023

      10,054          $3.30       to       $2.98          $32,073          —        0.55 %      to       1.45 %       2.20 %      to       1.29 % 

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 % 

Invesco VI Main St, Ser II

 

                            

2024

      1,199          $2.16       to       $2.06          $2,580          —        0.85 %      to       1.45 %       22.34 %      to       21.61 % 

2023

      1,307          $1.76       to       $1.69          $2,299          0.48 %       0.85 %      to       1.45 %       21.79 %      to       21.07 % 

2022

      1,597          $1.45       to       $1.40          $2,295          1.10 %       0.85 %      to       1.45 %       (20.98 %)      to       (21.46 %) 

2021

      1,925          $1.83       to       $1.78          $3,503          0.51 %       0.85 %      to       1.45 %       26.15 %      to       25.40 % 

2020

      2,060          $1.45       to       $1.42          $2,976                1.13 %       0.85 %      to       1.45 %       12.73 %      to       12.06 % 

Invesco VI Mn St Sm Cap, Ser II

 

                            

2024

      22,985          $5.58       to       $2.96          $107,467          —        0.55 %      to       1.90 %       11.79 %      to       10.28 % 

2023

      23,472          $5.00       to       $2.68          $98,221          0.96 %       0.55 %      to       1.90 %       17.18 %      to       15.61 % 

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 % 

Invesco VI Tech, Ser I

 

                            

2024

      6,567          $4.70       to       $4.75          $29,890          —        0.55 %      to       1.20 %       33.53 %      to       32.66 % 

2023

      7,330          $3.52       to       $3.58          $24,846          —        0.55 %      to       1.20 %       46.14 %      to       45.20 % 

2022

      8,033          $2.41       to       $2.46          $18,662          —        0.55 %      to       1.20 %       (40.28 %)      to       (40.67 %) 

2021

      8,637          $4.03       to       $4.15          $33,694          —        0.55 %      to       1.20 %       13.78 %      to       13.05 % 

2020

      10,030          $3.55       to       $3.67          $34,515                —        0.55 %      to       1.20 %       45.31 %      to       44.37 % 

Invesco VI Tech, Ser II

 

                            

2024

      5,149          $1.56       to       $1.52          $7,935          —        0.65 %      to       1.55 %       32.99 %      to       31.78 % 

2023

      2,929          $1.17       to       $1.15          $3,408          —        0.65 %      to       1.55 %       45.77 %      to       44.47 % 

2022

      610          $0.80       to       $0.80          $490                —        0.65 %      to       1.55 %       (20.88 %)(7)      to       (21.36 %)(7) 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     139  

Table of Contents
     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 Bal, Serv

 

                            

2024

      93,103          $1.73       to       $1.58          $156,291          1.78 %       0.55 %      to       1.90 %       14.51 %      to       12.97 % 

2023

      89,611          $1.51       to       $1.40          $132,210          1.82 %       0.55 %      to       1.90 %       14.51 %      to       12.97 % 

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 % 

Janus Henderson VIT Enter, Serv

 

                            

2024

      4,236          $3.67       to       $3.32          $14,590          0.62 %       0.55 %      to       0.95 %       14.69 %      to       14.23 % 

2023

      4,828          $3.20       to       $2.91          $14,534          0.09 %       0.55 %      to       0.95 %       17.13 %      to       16.67 % 

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 % 

Janus Henderson VIT Flex Bd, Serv

 

                            

2024

      60,128          $1.11       to       $0.95          $63,357          4.30 %       0.55 %      to       1.90 %       1.07 %      to       (0.29 %) 

2023

      54,461          $1.10       to       $0.95          $57,033          3.72 %       0.55 %      to       1.90 %       4.72 %      to       3.33 % 

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 % 

Janus Henderson VIT Forty, Serv

 

                            

2024

      3,637          $1.53       to       $1.49          $5,506          0.01 %       0.65 %      to       1.55 %       27.30 %      to       26.15 % 

2023

      2,031          $1.20       to       $1.18          $2,427          0.20 %       0.65 %      to       1.55 %       38.75 %      to       37.51 % 

2022

      550          $0.87       to       $0.86          $477                0.21 %       0.65 %      to       1.55 %       (14.36 %)(7)      to       (14.87 %)(7) 

Janus Hend VIT Gbl Tech Innov, Srv

 

                            

2024

      9,868          $4.83       to       $1.68          $43,523          —        0.55 %      to       1.55 %       31.03 %      to       29.72 % 

2023

      9,595          $3.69       to       $1.29          $33,980          —        0.55 %      to       1.55 %       53.43 %      to       51.91 % 

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 % 

Janus Henderson VIT Overseas, Serv

 

                            

2024

      11,882          $2.17       to       $1.13          $22,946          1.34 %       0.55 %      to       1.55 %       4.99 %      to       3.94 % 

2023

      10,521          $2.07       to       $1.09          $20,209          1.43 %       0.55 %      to       1.55 %       9.98 %      to       8.89 % 

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 % 

Janus Henderson VIT Res, Serv

 

                            

2024

      13,692          $5.60       to       $4.44          $71,065          —        0.55 %      to       1.90 %       34.21 %      to       32.41 % 

2023

      15,163          $4.17       to       $3.35          $58,985          0.06 %       0.55 %      to       1.90 %       42.03 %      to       40.13 % 

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 % 

Lazard Ret Emer Mkts Eq, Serv

 

                            

2024

      789          $1.21       to       $1.18          $946          3.79 %       0.65 %      to       1.55 %       6.73 %      to       5.77 % 

2023

      332          $1.13       to       $1.11          $374          7.35 %       0.65 %      to       1.55 %       21.48 %      to       20.40 % 

2022

      43          $0.93       to       $0.93          $42                3.94 %       0.65 %      to       1.55 %       (6.40 %)(7)      to       (6.96 %)(7) 

Lazard Ret Global Dyn MA, Serv

 

                            

2024

      5,920          $1.67       to       $1.42          $9,309          —        0.55 %      to       1.90 %       8.00 %      to       6.54 % 

2023

      6,834          $1.54       to       $1.33          $10,001          —        0.55 %      to       1.90 %       10.21 %      to       8.73 % 

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 %) 

Lord Abt Bond Debenture, Cl VC

 

                            

2024

      6,208          $1.07       to       $1.04          $6,556          7.23 %       0.65 %      to       1.55 %       6.03 %      to       5.07 % 

2023

      3,237          $1.01       to       $0.99          $3,236          8.46 %       0.65 %      to       1.55 %       5.87 %      to       4.91 % 

2022

      935          $0.95       to       $0.95          $887                20.62 %       0.65 %      to       1.55 %       (4.49 %)(7)      to       (5.05 %)(7) 

 

140   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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)		  

Lord Abt Short Dur Inc, Cl VC

 

                            

2024

      12,218          $1.07       to       $1.04          $12,919          5.37 %       0.65 %      to       1.55 %       4.45 %      to       3.51 % 

2023

      8,565          $1.02       to       $1.01          $8,707          6.76 %       0.65 %      to       1.55 %       4.37 %      to       3.45 % 

2022

      2,326          $0.98       to       $0.97          $2,273                11.65 %       0.65 %      to       1.55 %       (1.84 %)(7)      to       (2.43 %)(7) 

LVIP AC Intl, Serv Cl

 

                            

2024

      6,797          $2.52       to       $1.04          $15,613          1.36 %       0.55 %      to       1.55 %       1.89 %      to       0.88 % 

2023

      7,365          $2.47       to       $1.03          $16,816          1.25 %       0.55 %      to       1.55 %       11.81 %      to       10.71 % 

2022

      7,608          $2.21       to       $0.93          $16,058          1.35 %       0.55 %      to       1.55 %       (25.27 %)      to       (6.43 %)(7) 

2021

      8,507          $2.96       to       $3.01          $24,400          0.02 %       0.55 %      to       1.20 %       8.01 %      to       7.31 % 

2020

      9,218          $2.74       to       $2.81          $24,485                0.38 %       0.55 %      to       1.20 %       24.97 %      to       24.15 % 

LVIP AC Intl, Std Cl II

 

                            

2024

      2,521          $2.35       to       $2.12          $5,543          1.61 %       0.55 %      to       0.95 %       2.03 %      to       1.63 % 

2023

      2,880          $2.30       to       $2.09          $6,221          1.41 %       0.55 %      to       0.95 %       11.96 %      to       11.51 % 

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 % 

LVIP AC Mid Cap Val, Serv Cl

 

                            

2024

      10,175          $3.56       to       $1.11          $36,954          2.33 %       0.55 %      to       1.55 %       7.93 %      to       6.86 % 

2023

      11,493          $3.30       to       $1.04          $38,655          2.17 %       0.55 %      to       1.55 %       5.45 %      to       4.40 % 

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 %) 

LVIP AC Ultra, Serv Cl

 

                            

2024

      7,087          $7.73       to       $6.85          $51,965          —        0.55 %      to       1.45 %       27.91 %      to       26.76 % 

2023

      8,647          $6.05       to       $5.40          $49,845          —        0.55 %      to       1.45 %       42.49 %      to       41.21 % 

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 % 

LVIP AC Val, Serv Cl

 

                            

2024

      40,099          $5.06       to       $2.65          $167,819          2.70 %       0.55 %      to       1.90 %       8.69 %      to       7.23 % 

2023

      46,305          $4.65       to       $2.47          $177,917          2.23 %       0.55 %      to       1.90 %       8.42 %      to       6.98 % 

2022

      51,027          $4.29       to       $2.31          $180,526          1.96 %       0.55 %      to       1.90 %       (0.24 %)      to       (1.57 %) 

2021

      49,692          $4.30       to       $2.35          $178,573          1.59 %       0.55 %      to       1.90 %       23.60 %      to       21.95 % 

2020

      53,117          $3.48       to       $1.92          $155,093                2.14 %       0.55 %      to       1.90 %       0.28 %      to       (1.06 %) 

LVIP AC Val, Std Cl II

 

                            

2024

      4,394          $6.13       to       $5.54          $25,432          2.81 %       0.55 %      to       0.95 %       8.88 %      to       8.44 % 

2023

      5,194          $5.63       to       $5.11          $27,678          2.38 %       0.55 %      to       0.95 %       8.50 %      to       8.07 % 

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 % 

LVIP JPM US Eq, Serv Cl

 

                            

2024

      3,347          $1.44       to       $1.41          $4,772          0.37 %       0.65 %      to       1.55 %       22.88 %      to       21.77 % 

2023

      3,279          $1.17       to       $1.15          $3,819                1.03 %       0.65 %      to       1.55 %       16.04 %(8)      to       15.34 %(8) 

Mac VIP Asset Strategy, Serv Cl

 

                            

2024

      7,222          $1.80       to       $1.53          $12,398          1.85 %       0.55 %      to       1.90 %       11.82 %      to       10.32 % 

2023

      8,132          $1.61       to       $1.39          $12,557          2.06 %       0.55 %      to       1.90 %       13.31 %      to       11.80 % 

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 % 

Mac VIP for Inc, Serv Cl

 

                            

2024

      1,483          $1.13       to       $1.11          $1,664          6.93 %       0.65 %      to       1.55 %       5.61 %      to       4.66 % 

2023

      912          $1.07       to       $1.06          $974          5.86 %       0.65 %      to       1.55 %       12.12 %      to       11.12 % 

2022

      413          $0.96       to       $0.95          $396                —        0.65 %      to       1.55 %       (3.70 %)(7)      to       (4.27 %)(7) 

Mac VIP Intl Core Eq, Serv Cl

 

                            

2024

      1,295          $0.99       to       $0.98          $1,280                1.67 %       0.65 %      to       1.55 %       (0.96 %)(9)      to       (1.57 %)(9) 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     141  

Table of Contents
     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)		  

MFS Gbl Real Est, Serv Cl

 

                            

2024

      1,873          $0.87       to       $0.85          $1,613          1.71 %       0.65 %      to       1.55 %       (3.56 %)      to       (4.43 %) 

2023

      1,148          $0.90       to       $0.89          $1,029          0.55 %       0.65 %      to       1.55 %       10.49 %      to       9.50 % 

2022

      483          $0.82       to       $0.81          $394                1.65 %       0.65 %      to       1.55 %       (16.74 %)(7)      to       (17.24 %)(7) 

MFS Intl Gro, Serv Cl

 

                            

2024

      4,684          $1.20       to       $1.17          $5,571          0.88 %       0.65 %      to       1.55 %       8.05 %      to       7.09 % 

2023

      2,680          $1.11       to       $1.10          $2,962          1.17 %       0.65 %      to       1.55 %       13.66 %      to       12.66 % 

2022

      611          $0.98       to       $0.97          $597                0.40 %       0.65 %      to       1.55 %       (1.98 %)(7)      to       (2.56 %)(7) 

MFS Mass Inv Gro Stock, Serv Cl

 

                            

2024

      22,853          $3.15       to       $2.88          $69,636          0.13 %       0.55 %      to       1.45 %       15.34 %      to       14.30 % 

2023

      26,423          $2.73       to       $2.52          $70,051          0.05 %       0.55 %      to       1.45 %       23.03 %      to       21.93 % 

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 % 

MFS New Dis, Serv Cl

 

                            

2024

      6,949          $4.15       to       $4.24          $27,284          —        0.55 %      to       1.20 %       5.85 %      to       5.16 % 

2023

      8,074          $3.92       to       $4.03          $30,053          —        0.55 %      to       1.20 %       13.63 %      to       12.89 % 

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 % 

MFS Research Intl, Serv Cl

 

                            

2024

      2,556          $1.11       to       $1.08          $2,798          1.49 %       0.65 %      to       1.55 %       2.12 %      to       1.20 % 

2023

      1,693          $1.08       to       $1.07          $1,821          1.00 %       0.65 %      to       1.55 %       12.09 %      to       11.10 % 

2022

      439          $0.97       to       $0.96          $423                2.42 %       0.65 %      to       1.55 %       (3.09 %)(7)      to       (3.66 %)(7) 

MFS Utilities, Serv Cl

 

                            

2024

      26,564          $5.70       to       $2.06          $123,093          2.07 %       0.55 %      to       1.90 %       10.73 %      to       9.24 % 

2023

      30,875          $5.15       to       $1.89          $128,927          3.30 %       0.55 %      to       1.90 %       (2.86 %)      to       (4.17 %) 

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 % 

MS VIF Dis, Cl II

 

                            

2024

      15,275          $5.34       to       $3.20          $77,103          —        0.55 %      to       1.90 %       40.95 %      to       39.05 % 

2023

      18,521          $3.79       to       $2.30          $66,636          —        0.55 %      to       1.90 %       43.34 %      to       41.43 % 

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 % 

NB AMT Sus Eq, Cl S

 

                            

2024

      4,104          $4.06       to       $3.48          $19,494          —        0.60 %      to       1.90 %       24.77 %      to       23.15 % 

2023

      4,558          $3.25       to       $2.83          $17,390          0.08 %       0.60 %      to       1.90 %       25.81 %      to       24.19 % 

2022

      4,439          $2.59       to       $2.28          $13,471          0.12 %       0.60 %      to       1.90 %       (19.14 %)      to       (20.18 %) 

2021

      4,556          $3.20       to       $2.85          $17,173          0.18 %       0.60 %      to       1.90 %       22.43 %      to       20.85 % 

2020

      4,405          $2.61       to       $2.36          $13,612                0.38 %       0.60 %      to       1.90 %       18.56 %      to       17.03 % 

PIMCO VIT All Asset, Advisor Cl

 

                            

2024

      22,865          $2.11       to       $1.30          $44,867          6.26 %       0.55 %      to       1.90 %       3.00 %      to       1.62 % 

2023

      26,172          $2.04       to       $1.28          $50,062          2.82 %       0.55 %      to       1.90 %       7.43 %      to       5.98 % 

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 % 

PIMCO VIT Glb Man As Alloc, Adv Cl

 

                            

2024

      3,611          $1.63       to       $1.37          $5,518          3.40 %       0.55 %      to       1.90 %       10.14 %      to       8.66 % 

2023

      3,886          $1.48       to       $1.26          $5,409          2.10 %       0.55 %      to       1.90 %       12.25 %      to       10.73 % 

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 % 

 

142   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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)		  

PIMCO VIT Tot Return, Advisor Cl

 

                            

2024

      67,842          $1.09       to       $0.93          $70,000          3.92 %       0.55 %      to       1.90 %       1.87 %      to       0.50 % 

2023

      59,225          $1.07       to       $0.93          $60,236          3.48 %       0.55 %      to       1.90 %       5.25 %      to       3.84 % 

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 % 

Put VT Global Hlth Care, Cl IB

 

                            

2024

      6,586          $4.95       to       $1.09          $23,746          0.46 %       0.55 %      to       1.55 %       0.87 %      to       (0.16 %) 

2023

      6,060          $4.91       to       $1.09          $24,465          0.30 %       0.55 %      to       1.55 %       8.54 %      to       7.47 % 

2022

      5,652          $4.52       to       $1.01          $23,143          0.41 %       0.55 %      to       1.55 %       (5.19 %)      to       2.06 %(7) 

2021

      5,821          $4.77       to       $4.35          $26,302          1.11 %       0.55 %      to       1.20 %       18.75 %      to       17.98 % 

2020

      6,500          $4.01       to       $3.69          $24,820                0.48 %       0.55 %      to       1.20 %       15.64 %      to       14.89 % 

Put VT Intl Eq, Cl IB

 

                            

2024

      4,328          $2.39       to       $2.26          $9,747          2.13 %       0.55 %      to       1.20 %       2.40 %      to       1.74 % 

2023

      4,622          $2.33       to       $2.22          $10,188          0.04 %       0.55 %      to       1.20 %       17.86 %      to       17.10 % 

2022

      4,961          $1.98       to       $1.89          $9,303          1.58 %       0.55 %      to       1.20 %       (15.23 %)      to       (15.78 %) 

2021

      5,340          $2.33       to       $2.25          $11,852          1.17 %       0.55 %      to       1.20 %       8.22 %      to       7.52 % 

2020

      5,740          $2.16       to       $2.09          $11,820                1.62 %       0.55 %      to       1.20 %       11.48 %      to       10.76 % 

Put VT Intl Val, Cl IB

 

                            

2024

      3,282          $1.25       to       $1.22          $4,074          2.16 %       0.65 %      to       1.55 %       4.52 %      to       3.59 % 

2023

      2,141          $1.20       to       $1.18          $2,552          0.83 %       0.65 %      to       1.55 %       17.91 %      to       16.87 % 

2022

      270          $1.02       to       $1.01          $275                —        0.65 %      to       1.55 %       1.80 %(7)      to       1.19 %(7) 

Put VT Lg Cap Val, Cl IB

 

                            

2024

      12,873          $1.37       to       $1.34          $17,488          0.89 %       0.65 %      to       1.55 %       18.37 %      to       17.29 % 

2023

      6,203          $1.16       to       $1.14          $7,147          1.44 %       0.65 %      to       1.55 %       14.92 %      to       13.90 % 

2022

      1,744          $1.01       to       $1.00          $1,756                —        0.65 %      to       1.55 %       0.54 %(7)      to       (0.06 %)(7) 

Put VT Sus Fut, Cl IB

 

                            

2024

      2,003          $1.28       to       $1.25          $2,545          —        0.65 %      to       1.55 %       14.14 %      to       13.11 % 

2023

      1,495          $1.12       to       $1.10          $1,671          —        0.65 %      to       1.55 %       27.69 %      to       26.55 % 

2022

      29          $0.88       to       $0.87          $27                —        0.65 %      to       1.55 %       (12.79 %)(7)      to       (13.31 %)(7) 

Put VT Sus Leaders, Cl IA

 

                            

2024

      10,942          $7.74       to       $7.74          $85,174          0.38 %       1.25 %      to       1.25 %       21.79 %      to       21.79 % 

2023

      12,137          $6.35       to       $6.35          $77,572          0.75 %       1.25 %      to       1.25 %       24.85 %      to       24.85 % 

2022

      13,260          $5.09       to       $5.09          $67,887          0.84 %       1.25 %      to       1.25 %       (23.68 %)      to       (23.68 %) 

2021

      14,649          $6.67       to       $6.67          $98,211          0.34 %       1.25 %      to       1.25 %       22.30 %      to       22.30 % 

2020

      15,847          $5.45       to       $5.45          $86,886                0.63 %       1.25 %      to       1.25 %       27.46 %      to       27.46 % 

Put VT Sus Leaders, Cl IB

 

                            

2024

      8,345          $6.38       to       $1.39          $38,596          0.20 %       0.55 %      to       1.55 %       22.34 %      to       21.12 % 

2023

      8,858          $5.22       to       $1.15          $35,481          0.51 %       0.55 %      to       1.55 %       25.42 %      to       24.17 % 

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 % 

Royce Micro-Cap, Invest Cl

 

                            

2024

      1,358          $8.35       to       $7.54          $10,610          —        0.55 %      to       0.95 %       13.04 %      to       12.59 % 

2023

      1,549          $7.38       to       $6.70          $10,731          —        0.55 %      to       0.95 %       18.13 %      to       17.66 % 

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 % 

Temp Global Bond, Cl 2

 

                            

2024

      18,021          $0.77       to       $0.65          $13,063          —        0.55 %      to       1.90 %       (11.86 %)      to       (13.05 %) 

2023

      21,204          $0.87       to       $0.75          $17,502          —        0.55 %      to       1.90 %       2.32 %      to       0.95 % 

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 %) 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     143  

Table of Contents
     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)		  

Third Ave VST Third Ave Value

 

                             

2024

      1,724          $5.74       to       $5.18          $9,341          2.47 %       0.55 %      to       0.95 %       (2.81 %)       to       (3.20 %) 

2023

      1,993          $5.90       to       $5.35          $11,135          2.34 %       0.55 %      to       0.95 %       20.15 %       to       19.67 % 

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 %) 

VanEck VIP Global Gold, Cl S

 

                             

2024

      26,810          $1.30       to       $1.11          $32,803          2.98 %       0.55 %      to       1.90 %       13.78 %       to       12.25 % 

2023

      27,682          $1.14       to       $0.99          $29,906          —        0.55 %      to       1.90 %       9.80 %       to       8.34 % 

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 % 

VP Aggr, Cl 2

 

                             

2024

      291,232          $2.94       to       $2.08          $791,147          —        0.55 %      to       1.90 %       12.57 %       to       11.06 % 

2023

      323,688          $2.61       to       $1.87          $789,147          —        0.55 %      to       1.90 %       16.58 %       to       15.02 % 

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 % 

VP Aggr, Cl 4

 

                             

2024

      151,299          $2.94       to       $2.57          $421,014          —        0.55 %      to       1.45 %       12.59 %       to       11.58 % 

2023

      173,886          $2.61       to       $2.31          $431,464          —        0.55 %      to       1.45 %       16.55 %       to       15.51 % 

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 % 

VP Conserv, Cl 2

 

                             

2024

      296,587          $1.48       to       $1.12          $410,773          —        0.55 %      to       1.90 %       3.85 %       to       2.45 % 

2023

      327,628          $1.43       to       $1.10          $438,602          —        0.55 %      to       1.90 %       7.87 %       to       6.43 % 

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 % 

VP Conserv, Cl 4

 

                             

2024

      186,069          $1.48       to       $1.30          $259,183          —        0.55 %      to       1.45 %       3.91 %       to       2.98 % 

2023

      215,364          $1.43       to       $1.26          $289,935          —        0.55 %      to       1.45 %       7.80 %       to       6.84 % 

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 % 

VP Man Risk, Cl 2

 

                             

2024

      180,267          $1.33       to       $1.20          $231,905          —        0.55 %      to       1.90 %       8.81 %       to       7.35 % 

2023

      195,838          $1.22       to       $1.12          $232,534          —        0.55 %      to       1.90 %       11.64 %       to       10.15 % 

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 % 

VP Man Risk US, Cl 2

 

                             

2024

      256,473          $1.51       to       $1.37          $375,871          —        0.55 %      to       1.90 %       11.09 %       to       9.59 % 

2023

      276,365          $1.36       to       $1.25          $366,203          —        0.55 %      to       1.90 %       13.92 %       to       12.39 % 

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 % 

VP Man Vol Conserv, Cl 2

 

                             

2024

      431,746          $1.24       to       $1.07          $512,434          —        0.55 %      to       1.90 %       3.74 %       to       2.34 % 

2023

      458,306          $1.19       to       $1.04          $526,283          —        0.55 %      to       1.90 %       7.28 %       to       5.84 % 

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 % 

 

144   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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 Conserv Gro, Cl 2

 

                               

2024

      772,013          $1.37       to       $1.21          $1,038,610          —          0.55 %      to       1.90 %       6.22 %       to       4.78 % 

2023

      854,946          $1.29       to       $1.16          $1,086,575          —          0.55 %      to       1.90 %       9.37 %       to       7.91 % 

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 % 

VP Man Vol Gro, Cl 2

 

                               

2024

      6,028,853          $1.68       to       $1.56          $10,374,473          —          0.55 %      to       1.90 %       11.36 %       to       9.86 % 

2023

      6,709,472          $1.51       to       $1.42          $10,404,577          —          0.55 %      to       1.90 %       13.96 %       to       12.44 % 

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 % 

VP Man Vol Mod Gro, Cl 2

 

                               

2024

      6,634,278          $1.53       to       $1.47          $10,776,992          —          0.55 %      to       1.90 %       8.81 %       to       7.34 % 

2023

      7,556,338          $1.41       to       $1.37          $11,297,787          —          0.55 %      to       1.90 %       11.66 %       to       10.16 % 

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 % 

VP Mod, Cl 2

 

                               

2024

      3,167,397          $2.15       to       $1.56          $6,385,038          —          0.55 %      to       1.90 %       8.12 %       to       6.66 % 

2023

      3,490,897          $1.99       to       $1.46          $6,534,930          —          0.55 %      to       1.90 %       12.34 %       to       10.84 % 

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 % 

VP Mod, Cl 4

 

                               

2024

      2,304,588          $2.15       to       $1.89          $4,683,191          —          0.55 %      to       1.45 %       8.11 %       to       7.14 % 

2023

      2,620,111          $1.99       to       $1.76          $4,944,759          —          0.55 %      to       1.45 %       12.32 %       to       11.32 % 

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 % 

VP Mod Aggr, Cl 2

 

                               

2024

      867,014          $2.51       to       $1.79          $2,036,640          —          0.55 %      to       1.90 %       10.39 %       to       8.90 % 

2023

      990,336          $2.28       to       $1.65          $2,117,397          —          0.55 %      to       1.90 %       14.31 %       to       12.78 % 

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 % 

VP Mod Aggr, Cl 4

 

                               

2024

      522,434          $2.52       to       $2.20          $1,243,730          —          0.55 %      to       1.45 %       10.37 %       to       9.37 % 

2023

      603,948          $2.28       to       $2.02          $1,308,145          —          0.55 %      to       1.45 %       14.28 %       to       13.26 % 

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 % 

VP Mod Conserv, Cl 2

 

                               

2024

      579,639          $1.78       to       $1.31          $962,902          —          0.55 %      to       1.90 %       5.82 %       to       4.40 % 

2023

      648,002          $1.68       to       $1.26          $1,021,214          —          0.55 %      to       1.90 %       9.90 %       to       8.43 % 

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 % 

VP Mod Conserv, Cl 4

 

                               

2024

      437,246          $1.78       to       $1.56          $732,042          —          0.55 %      to       1.45 %       5.81 %       to       4.86 % 

2023

      508,546          $1.68       to       $1.49          $807,957          —          0.55 %      to       1.45 %       9.88 %       to       8.90 % 

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 % 

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     145  

Table of Contents
     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 Ptnrs Core Bond, Cl 2

 

                             

2024

      16,420          $1.12       to       $0.95          $18,541          3.47 %       0.60 %      to       1.90 %       1.41 %       to       0.09 % 

2023

      14,110          $1.11       to       $0.95          $15,773          2.55 %       0.60 %      to       1.90 %       5.42 %       to       4.07 % 

2022

      12,423          $1.05       to       $0.91          $13,252          1.45 %       0.60 %      to       1.90 %       (14.11 %)       to       (15.22 %) 

2021

      11,968          $1.22       to       $1.08          $14,907          1.16 %       0.60 %      to       1.90 %       (2.01 %)       to       (3.26 %) 

2020

      11,429          $1.25       to       $1.11          $14,577                1.88 %       0.60 %      to       1.90 %       7.33 %       to       5.94 % 

VP Ptnrs Core Eq, Cl 2

 

                             

2024

      2,989          $3.85       to       $3.29          $13,035          —        0.60 %      to       1.90 %       22.36 %       to       20.77 % 

2023

      3,211          $3.14       to       $2.72          $11,488          —        0.60 %      to       1.90 %       23.69 %       to       22.10 % 

2022

      3,470          $2.54       to       $2.23          $10,090          —        0.60 %      to       1.90 %       (18.05 %)       to       (19.10 %) 

2021

      3,521          $3.10       to       $2.75          $12,507          —        0.60 %      to       1.90 %       28.41 %       to       26.75 % 

2020

      3,800          $2.42       to       $2.17          $10,567                —        0.60 %      to       1.90 %       16.03 %       to       14.53 % 

VP Ptnrs Core Eq, Cl 3

 

                             

2024

      4,592          $4.19       to       $3.62          $18,107          —        0.55 %      to       1.45 %       22.58 %       to       21.48 % 

2023

      5,663          $3.41       to       $2.98          $18,292          —        0.55 %      to       1.45 %       23.87 %       to       22.76 % 

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 % 

VP Ptnrs Intl Core Eq, Cl 2

 

                             

2024

      12,770          $1.62       to       $1.42          $22,017          1.07 %       0.60 %      to       1.90 %       4.95 %       to       3.59 % 

2023

      12,129          $1.55       to       $1.37          $20,031          1.13 %       0.60 %      to       1.90 %       16.65 %       to       15.14 % 

2022

      10,609          $1.33       to       $1.19          $15,090          1.68 %       0.60 %      to       1.90 %       (20.12 %)       to       (21.15 %) 

2021

      8,261          $1.66       to       $1.51          $14,774          1.57 %       0.60 %      to       1.90 %       12.51 %       to       11.05 % 

2020

      5,101          $1.48       to       $1.36          $8,115                0.22 %       0.60 %      to       1.90 %       10.29 %       to       8.88 % 

VP Ptnrs Intl Gro, Cl 2

 

                             

2024

      18,090          $1.56       to       $1.35          $31,174          0.46 %       0.60 %      to       1.90 %       (2.00 %)       to       (3.28 %) 

2023

      19,142          $1.59       to       $1.39          $33,812          0.24 %       0.60 %      to       1.90 %       13.77 %       to       12.31 % 

2022

      20,432          $1.40       to       $1.24          $31,851          —        0.60 %      to       1.90 %       (27.31 %)       to       (28.25 %) 

2021

      20,542          $1.93       to       $1.73          $44,210          —        0.60 %      to       1.90 %       9.67 %       to       8.25 % 

2020

      18,933          $1.76       to       $1.60          $37,314                0.09 %       0.60 %      to       1.90 %       21.57 %       to       20.00 % 

VP Ptnrs Intl Val, Cl 2

 

                             

2024

      17,300          $1.42       to       $1.26          $24,437          2.56 %       0.60 %      to       1.90 %       3.68 %       to       2.33 % 

2023

      17,866          $1.37       to       $1.23          $24,465          1.94 %       0.60 %      to       1.90 %       16.27 %       to       14.77 % 

2022

      18,872          $1.18       to       $1.07          $22,304          2.17 %       0.60 %      to       1.90 %       (12.29 %)       to       (13.41 %) 

2021

      17,333          $1.34       to       $1.24          $23,456          1.93 %       0.60 %      to       1.90 %       10.98 %       to       9.53 % 

2020

      14,868          $1.21       to       $1.13          $18,225                0.74 %       0.60 %      to       1.90 %       (4.71 %)       to       (5.94 %) 

VP Ptnrs Sm Cap Gro, Cl 2

 

                             

2024

      6,895          $2.32       to       $1.98          $19,636          —        0.60 %      to       1.90 %       17.99 %       to       16.46 % 

2023

      5,906          $1.97       to       $1.70          $15,824          —        0.60 %      to       1.90 %       6.30 %       to       4.93 % 

2022

      5,632          $1.85       to       $1.62          $14,256          —        0.60 %      to       1.90 %       (29.55 %)       to       (30.46 %) 

2021

      4,587          $2.63       to       $2.33          $16,540          —        0.60 %      to       1.90 %       7.37 %       to       5.99 % 

2020

      3,948          $2.45       to       $2.20          $13,307                —        0.60 %      to       1.90 %       37.61 %       to       35.83 % 

VP Ptnrs Sm Cap Val, Cl 2

 

                             

2024

      4,412          $2.18       to       $1.87          $11,351          —        0.60 %      to       1.90 %       7.05 %       to       5.67 % 

2023

      4,597          $2.04       to       $1.77          $11,216          —        0.60 %      to       1.90 %       10.42 %       to       9.00 % 

2022

      4,739          $1.85       to       $1.63          $10,581          —        0.60 %      to       1.90 %       (13.68 %)       to       (14.79 %) 

2021

      4,206          $2.14       to       $1.91          $10,987          —        0.60 %      to       1.90 %       23.01 %       to       21.43 % 

2020

      3,231          $1.74       to       $1.57          $6,905                —        0.60 %      to       1.90 %       3.36 %       to       2.03 % 

VP Ptnrs Sm Cap Val, Cl 3

 

                             

2024

      10,814          $4.87       to       $2.41          $44,446          —        0.55 %      to       1.45 %       7.23 %       to       6.27 % 

2023

      12,365          $4.54       to       $2.27          $47,500          —        0.55 %      to       1.45 %       10.65 %       to       9.66 % 

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 % 

 

146   ∎ RIVERSOURCE VARIABLE ACCOUNT  10

Table of Contents
     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

 

                             

2024

      227,809          $1.29       to       $1.24          $304,818          —        0.55 %      to       1.90 %       8.81 %       to       7.34 % 

2023

      244,360          $1.18       to       $1.16          $301,739          —        0.55 %      to       1.90 %       10.61 %       to       9.14 % 

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 % 

VP US Flex Gro, Cl 2

 

                             

2024

      2,318,767          $1.59       to       $1.63          $4,077,644          —        0.55 %      to       1.90 %       16.50 %       to       14.93 % 

2023

      2,426,805          $1.37       to       $1.42          $3,678,128          —        0.55 %      to       1.90 %       16.16 %       to       14.61 % 

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 % 

VP US Flex Mod Gro, Cl 2

 

                             

2024

      1,270,198          $1.44       to       $1.43          $1,959,031          —        0.55 %      to       1.90 %       12.57 %       to       11.05 % 

2023

      1,352,692          $1.28       to       $1.29          $1,861,012          —        0.55 %      to       1.90 %       13.24 %       to       11.73 % 

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 % 

Wanger Acorn

 

                             

2024

      29,224          $6.87       to       $1.24          $157,104          —        0.55 %      to       1.55 %       13.55 %       to       12.41 % 

2023

      32,426          $6.05       to       $1.10          $159,429          —        0.55 %      to       1.55 %       21.07 %       to       19.87 % 

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 % 

Wanger Intl

 

                             

2024

      26,765          $4.07       to       $0.93          $84,296          1.37 %       0.55 %      to       1.55 %       (8.75 %)       to       (9.67 %) 

2023

      30,060          $4.46       to       $1.03          $104,635          0.31 %       0.55 %      to       1.55 %       16.32 %       to       15.16 % 

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 % 

WA Var Global Hi Yd Bond, Cl II

 

                             

2024

      10,347          $1.32       to       $1.13          $12,853          6.10 %       0.55 %      to       1.90 %       6.12 %       to       4.68 % 

2023

      9,036          $1.25       to       $1.08          $10,681          4.99 %       0.55 %      to       1.90 %       9.35 %       to       7.89 % 

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 % 

 

(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 24, 2020.

(6)

New subaccount operations commenced on May 3, 2021.

(7)

New subaccount operations commenced on May 2, 2022.

(8)

New subaccount operations commenced on April 28, 2023.

(9)

New subaccount operations commenced on April 26, 2024.

 

RIVERSOURCE VARIABLE ACCOUNT  10 ∎     147  

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Critical Audit Matters

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

Valuation of market risk benefits

As described in Notes 2 and 12 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to

 

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

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

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

 

/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 20, 2025

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

 

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RiverSource Life Insurance Company

 

 

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)

 

December 31,    2024        2023  
Assets        

Investments:

        

Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2024, $23,127; 2023, $19,871; allowance for credit losses: 2024, $1; 2023, $2)

    $ 22,259        $ 19,374  

Mortgage loans, at amortized cost (allowance for credit losses: 2024, $10; 2023, $10)

      1,797          1,725  

Policy loans

      982          912  

Other investments (allowance for credit losses: 2024, nil; 2023, nil)

      115          165  

Total investments

      25,153          22,176  

Investments of consolidated investment entities, at fair value

      2,387          2,099  

Cash and cash equivalents

      2,483          2,598  

Cash of consolidated investment entities, at fair value

      373          87  

Market risk benefits

      2,182          1,427  

Reinsurance recoverables (allowance for credit losses: 2024, $20; 2023, $27)

      4,046          4,284  

Receivables

      6,042          6,702  

Receivables of consolidated investment entities, at fair value

      31          28  

Accrued investment income

      216          176  

Deferred acquisition costs

      2,661          2,696  

Other assets

      10,482          6,977  

Other assets of consolidated investment entities, at fair value

      2          1  

Separate account assets

      75,576          74,634  

Total assets

    $ 131,634        $ 123,885  
       
Liabilities and Shareholder’s Equity        

Liabilities:

        

Policyholder account balances, future policy benefits and claims

    $ 41,863        $ 37,535  

Market risk benefits

      1,263          1,762  

Short-term borrowings

      201          201  

Long-term debt

      500          500  

Debt of consolidated investment entities, at fair value

      2,429          2,155  

Other liabilities

      8,298          5,896  

Other liabilities of consolidated investment entities, at fair value

      314          45  

Separate account liabilities

      75,576          74,634  

Total liabilities

      130,444          122,728  

Shareholder’s equity:

        

Common stock, $30 par value; 100,000 shares authorized, issued and outstanding

      3          3  

Additional paid-in capital

      2,466          2,466  

Accumulated deficit

      (400 )         (618 ) 

Accumulated other comprehensive income (loss), net of tax

      (879 )         (694 ) 

Total shareholder’s equity

      1,190          1,157  

Total liabilities and shareholder’s equity

    $ 131,634        $ 123,885  

See Notes to Consolidated Financial Statements.

 

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CONSOLIDATED STATEMENTS OF INCOME

(in millions)

 

Years Ended December 31,    2024        2023        2022  
Revenues             

Premiums

    $ 472        $ 448        $ 306  

Net investment income

      1,546          1,304          827  

Policy and contract charges

      2,060          2,020          2,078  

Other revenues

      578          590          644  

Net realized investment gains (losses)

      (81 )         (70 )         (100 ) 

Total revenues

      4,575          4,292          3,755  
            
Benefits and expenses             

Benefits, claims, losses and settlement expenses

      1,299          1,348          236  

Interest credited to fixed accounts

      616          654          665  

Remeasurement (gains) losses of future policy benefit reserves

      (44 )         (20 )         1  

Change in fair value of market risk benefits

      628          798          311  

Amortization of deferred acquisition costs

      234          239          241  

Interest and debt expense

      192          192          108  

Other insurance and operating expenses

      729          697          682  

Total benefits and expenses

      3,654          3,908          2,244  

Pretax income (loss)

      921          384          1,511  

Income tax provision (benefit)

      103          (10 )         209  

Net income

    $ 818        $ 394        $ 1,302  

See Notes to Consolidated Financial Statements.

 

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

 

Years Ended December 31,    2024        2023        2022  

Net income

    $ 818        $  394        $ 1,302  

Other comprehensive income (loss), net of tax:

             

Net unrealized gains (losses) on securities

      (276 )         509          (2,035 ) 

Effect of changes in discount rate assumptions on certain long-duration contracts

      153          (54 )         861  

Effect of changes in instrument-specific credit risk on market risk benefits

      (62 )         (65 )         407  

Total other comprehensive income (loss), net of tax

      (185 )         390          (767 ) 

Total comprehensive income (loss)

    $ 633        $ 784        $ 535  

See Notes to Consolidated Financial Statements.

 

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CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)

 

       

Common

Shares

     

Additional

Paid-In

Capital

     

Retained

Earnings

(Deficit)

     

Accumulated Other
Comprehensive

Income (Loss)

      Total  

Balances at January 1, 2022

      $ 3      $ 2,466      $ (1,114 )     $ (317 )     $ 1,038  

Net income

        —        —        1,302        —        1,302  

Other comprehensive loss, net of tax

        —        —        —        (767 )       (767 ) 

Cash dividends to Ameriprise Financial, Inc.

        —        —        (600 )       —        (600 ) 

Balances at December 31, 2022

        3        2,466        (412 )       (1,084 )       973  

Net income

        —        —        394        —        394  

Other comprehensive income, net of tax

        —        —        —        390        390  

Cash dividends to Ameriprise Financial, Inc.

        —        —        (600 )       —        (600 ) 

Balances at December 31, 2023

        3        2,466        (618 )       (694 )       1,157  

Net income

        —        —        818        —        818  

Other comprehensive loss, net of tax

        —        —        —        (185 )       (185 ) 

Cash dividends to Ameriprise Financial, Inc.

        —        —        (600 )       —        (600 ) 

Balances at December 31, 2024

      $ 3      $ 2,466      $ (400 )     $ (879 )     $ 1,190  

See Notes to Consolidated Financial Statements.

 

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

 

Years Ended December 31,    2024        2023        2022  
Cash Flows from Operating Activities             

Net income

    $ 818        $ 394        $ 1,302  

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

             

Depreciation, amortization and accretion, net

      (195 )         (205 )         (201 ) 

Deferred income tax (benefit) expense

      404          100          154  

Contractholder and policyholder charges, non-cash

      (407 )         (403 )         (395 ) 

Loss from equity method investments

      28          26          48  

Net realized investment (gains) losses

      12          46          (3 ) 

Impairments and provision for loan losses

      (1 )         (20 )         91  

Net losses (gains) of consolidated investment entities

      (13 )         23          17  

Changes in operating assets and liabilities:

             

Deferred acquisition costs

      35          63          62  

Policyholder account balances, future policy benefits and claims, and market risk benefits, net

      4,238          3,474          1,013  

Derivatives, net of collateral

      (1,669 )         (666 )         311  

Reinsurance recoverables

      89          100          84  

Receivables

      291          333          279  

Accrued investment income

      (40 )         (31 )         (21 ) 

Current income tax, net

      (15 )         (323 )         72  

Other operating assets and liabilities of consolidated investment entities

      1          (5 )         2  

Other, net

      92          134          136  

Net cash provided by (used in) operating activities

      3,668          3,040          2,951  
            
Cash Flows from Investing Activities             

Available-for-Sale securities:

             

Proceeds from sales

      1,106          617          1,309  

Maturities, sinking fund payments and calls

      1,775          963          1,563  

Purchases

      (6,039 )         (4,187 )         (5,600 ) 

Proceeds from sales, maturities and repayments of mortgage loans

      123          118          141  

Funding of mortgage loans

      (196 )         (74 )         (124 ) 

Proceeds from sales and collections of other investments

      34          29          24  

Purchase of other investments

      (14 )         (15 )         (46 ) 

Purchase of investments by consolidated investment entities

      (1,125 )         (427 )         (961 ) 

Proceeds from sales, maturities and repayments of investments by consolidated investment entities

      1,117          643          615  

Purchase of equipment and software

      (10 )         (10 )         (13 ) 

Change in policy loans, net

      (70 )         (65 )         (13 ) 

Cash paid for deposit receivable

      (33 )         (39 )         (45 ) 

Cash received for deposit receivable

      592          774          550  

Advance on line of credit to Ameriprise Financial, Inc.

      (450 )         (850 )         (1,034 ) 

Repayment from Ameriprise Financial, Inc. on line of credit

      450          850          1,034  

Cash paid for written options with deferred premiums

      (57 )         (59 )         (619 ) 

Cash received from written options with deferred premiums

      22          43          204  

Other, net

      (1 )         25          21  

Net cash provided by (used in) investing activities

      (2,776 )         (1,664 )         (2,994 ) 
            
Cash Flows from Financing Activities             

Policyholder account balances:

             

Deposits and other additions

      1,470          1,476          1,169  

Net transfers from (to) separate accounts

      (176 )         (132 )         (162 ) 

Surrenders and other benefits

      (1,765 )         (2,102 )         (1,459 ) 

Proceeds from line of credit with Ameriprise Financial, Inc.

      3          —          —  

Payments on line of credit with Ameriprise Financial, Inc.

      (3 )         —          —  

Cash paid for purchased options with deferred premiums

      (148 )         (53 )         (197 ) 

Cash received for purchased options with deferred premiums

      229          251          378  

Borrowings by consolidated investment entities

      1,273          —          341  

Repayments of debt by consolidated investment entities

      (1,004 )         (275 )         (4 ) 

Cash dividends to Ameriprise Financial, Inc.

      (600 )         (600 )         (600 ) 

Net cash provided by (used in) financing activities

      (721 )         (1,435 )         (534 ) 

Net increase (decrease) in cash and cash equivalents

      171          (59 )         (577 ) 

Cash and cash equivalents at beginning of period

      2,685          2,744          3,321  

Cash and cash equivalents at end of period

    $ 2,856        $ 2,685        $ 2,744  

Supplemental Disclosures:

             

Income taxes paid (received), net

    $ (286 )       $ 215        $ (17 ) 

Interest paid excluding consolidated investment entities

      38          28          3  

Interest paid by consolidated investment entities

      176          177          75  

See Notes to Consolidated Financial Statements.

 

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RiverSource Life Insurance Company

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS AND BASIS OF PRESENTATION

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

 

•  

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

 

•  

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

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

The accompanying Consolidated Financial Statements include the accounts of RiverSource Life Insurance Company and companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16.

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

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

The Company’s principal products are variable annuities, structured variable annuities, universal life (“UL”) insurance, including indexed universal life (“IUL”) and variable universal life (“VUL”) insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other benefit riders. Variable annuity contract purchasers can choose to add an optional guaranteed minimum death benefit (“GMDB”) rider to their contract.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

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

 

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

 

•  

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

 

•  

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

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

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

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

Amounts Based on Estimates and Assumptions

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

Investments

Available-for-Sale Securities

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

Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

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

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

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

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

 

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

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

Other Investments

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

Financing Receivables

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

Commercial Loans

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

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

Policy Loans

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

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

Deposit Receivables

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

See Note 7 for additional information on financing receivables.

Allowance for Credit Losses

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

Commercial Loans

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

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

 

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RiverSource Life Insurance Company

 

 

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

Deposit Receivables

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

Nonaccrual Loans

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

Loan Modifications

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

Charge-off and Foreclosure

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

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

Cash and Cash Equivalents

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

Reinsurance

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

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

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

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

 

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RiverSource Life Insurance Company

 

 

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

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

See Note 9 for additional information on reinsurance.

Land, Buildings, Equipment and Software

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

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

Derivative Instruments and Hedging Activities

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

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

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

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

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

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

 

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RiverSource Life Insurance Company

 

 

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

Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include GMDB, guaranteed minimum income benefit (“GMIB”), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

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

Deferred Acquisition Costs

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

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

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

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

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

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

Deferred Sales Inducement Costs

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

 

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RiverSource Life Insurance Company

 

 

Separate Account Assets and Liabilities

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

Policyholder Account Balances, Future Policy Benefits and Claims

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

Non-Traditional Long-Duration Products

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

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

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

See Note 12 for information regarding variable annuity guarantees.

Embedded Derivatives

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

Traditional Long-Duration Products

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

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

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

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

 

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RiverSource Life Insurance Company

 

 

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

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

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

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

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

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

Deferred Profit Liability

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

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

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

Unearned Revenue Liability

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

Income Taxes

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

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

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

 

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

The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 20 for additional information on the Company’s valuation allowance.

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

Revenue Recognition

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

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

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

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

Fees received under marketing support and distribution services arrangements are recognized as revenue when earned.

See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

3. RECENT ACCOUNTING PRONOUNCEMENTS

Adoption of New Accounting Standards

Segment Reporting — Improvements to Reportable Segment Disclosures

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

Future Adoption of New Accounting Standards

Income Taxes — Improvements to Income Tax Disclosures

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

 

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Expenses — Disaggregation of Income Statement Expenses

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

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Policy and contract charges

             

Affiliated (from Columbia Management Investment Distributors, Inc.)

    $ 158        $ 152        $ 164  

Unaffiliated

      16          14          14  

Total

      174          166          178  

Other revenues

             

Administrative fees

             

Affiliated (from Columbia Management Investment Services, Corp.)

      41          39          42  

Unaffiliated

      19          17          18  
       60          56          60  

Other fees

             

Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)

      320          307          334  

Unaffiliated

      5          4          4  
       325          311          338  

Total

      385          367          398  

Total revenue from contracts with customers

      559          533          576  

Revenue from other sources(1)

      4,016          3,759          3,179  

Total revenues

    $ 4,575        $ 4,292        $ 3,755  

 

(1) 

Amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

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

Policy and Contract Charges

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

Other Revenues

Administrative Fees

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

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The

 

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RiverSource Life Insurance Company

 

 

affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $50 million and $49 million as of December 31, 2024 and 2023, respectively.

5. VARIABLE INTEREST ENTITIES

The Company provides asset management services to CLOs which are considered to be VIEs that are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $2 million and $24 million as of December 31, 2024 and 2023, respectively.

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

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.

Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.

The Company’s maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.

A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in Other investments and was $46 million and $70 million as of December 31, 2024 and 2023, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of December 31, 2024 and 2023, respectively. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Fair Value of Assets and Liabilities

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 14 for the definition of the three levels of the fair value hierarchy.

 

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RiverSource Life Insurance Company

 

 

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

 

       December 31, 2024  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Investments:

              

Corporate debt securities

      $  —      $ 50      $  —      $ 50  

Common stocks

        —        2        1        3  

Syndicated loans

        —        2,216        118        2,334  

Total investments

        —        2,268        119        2,387  

Receivables

        —        31        —        31  

Other assets

        —        2        —        2  

Total assets at fair value

      $ —      $ 2,301      $ 119      $ 2,420  

Liabilities

              

Debt(1)

      $ —      $ 2,429      $ —      $ 2,429  

Other liabilities

        —        314        —        314  

Total liabilities at fair value

      $ —      $ 2,743      $ —      $ 2,743  

 

       December 31, 2023  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Investments:

              

Corporate debt securities

      $  —      $ 40      $  —      $ 40  

Common stocks

        —        5        —        5  

Syndicated loans

        —        1,991        63        2,054  

Total investments

        —        2,036        63        2,099  

Receivables

        —        28        —        28  

Other assets

        —        1        —        1  

Total assets at fair value

      $ —      $ 2,065      $ 63      $ 2,128  

Liabilities

              

Debt(1)

      $ —      $ 2,155      $ —      $ 2,155  

Other liabilities

        —        45        —        45  

Total liabilities at fair value

      $ —      $ 2,200      $ —      $ 2,200  

 

(1) 

The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.

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

 

(in millions)    Common
Stocks		      Syndicated
Loans		  

Balance at January 1, 2024

    $  —      $ 63  

Total gains (losses) included in:

      

Net income

      (1 )(1)       (7 )(1) 

Purchases

      —        168  

Sales

      (1 )       —  

Settlements

      —        (5 ) 

Transfers into Level 3

      4        103  

Transfers out of Level 3

      (1 )       (204 ) 

Balance at December 31, 2024

    $ 1      $ 118  

Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2024

    $ —  (1)     $ —  (1) 

 

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RiverSource Life Insurance Company

 

 

(in millions)    Syndicated
Loans		      Other
Assets		  

Balance at January 1, 2023

    $ 125      $ 1  

Total gains (losses) included in:

      

Net income

      (4 )(1)       —  

Purchases

      45        —  

Sales

      (10 )       —  

Settlements

      (16 )       —  

Transfers into Level 3

      122        —  

Transfers out of Level 3

      (199 )       (1 ) 

Balance at December 31, 2023

    $ 63      $  —  

Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023

    $ (1 )(1)     $  —  

 

(in millions)    Common
Stocks		      Syndicated
Loans		      Other
Assets		  

Balance at January 1, 2022

    $  —      $ 64      $ 3  

Total gains (losses) included in:

         

Net income

      —        (11 )(1)       —  

Purchases

      —        69        —  

Sales

      —        (4 )       —  

Settlements

      —        (8 )       —  

Transfers into Level 3

      2        218        1  

Transfers out of Level 3

      (2 )       (203 )       (3 ) 

Balance at December 31, 2022

    $ —      $ 125      $ 1  

Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022

    $ —      $ (10 )(1)     $  —  

 

(1) 

Included in Net investment income.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of December 31, 2024 and 2023 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 14 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other investments.

Receivables

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

Liabilities

Debt

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.

Other Liabilities

Other liabilities consist primarily of securities purchased but not yet settled by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt.

 

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RiverSource Life Insurance Company

 

 

Fair Value Option

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

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

 

     December 31,  
(in millions)    2024        2023  

Syndicated loans

        

Unpaid principal balance

    $ 2,406        $ 2,190  

Excess unpaid principal over fair value

      (72 )         (136 ) 

Fair value

    $ 2,334        $ 2,054  

Fair value of loans more than 90 days past due

    $ 1        $ —  

Fair value of loans in nonaccrual status

      1          13  

Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both

      5          40  

Debt

        

Unpaid principal balance

    $ 2,633        $ 2,362  

Excess unpaid principal over fair value

      (204 )         (207 ) 

Carrying value(1)

    $ 2,429        $ 2,155  

 

(1) 

The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.

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

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

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2024, 2023 and 2022.

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

 

     Carrying Value                 Weighted Average
Interest Rate		  
     December 31,                 December 31,  
(in millions)    2024        2023                  2024        2023  

Debt of consolidated CLOs due 2030-2038

    $ 2,429        $ 2,155               5.9 %         6.6 % 

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

6. INVESTMENTS

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

 

     December 31, 2024  
Description of Securities (in millions)    Amortized
Cost		     

Gross

Unrealized
Gains

     

Gross

Unrealized
Losses

      Allowance
for Credit
Losses		     

Fair

Value

  

Fixed maturities:

               

Corporate debt securities

    $ 13,803      $ 199      $ (709 )     $  —      $ 13,293  

Residential mortgage backed securities

      4,302        15        (278 )       —        4,039  

Commercial mortgage backed securities

      2,211        3        (114 )       —        2,100  

State and municipal obligations

      627        29        (19 )       (1 )       636  

Asset backed securities

      2,176        15        (8 )       —        2,183  

Foreign government bonds and obligations

      7        —        —        —        7  

U.S. government and agency obligations

      1        —        —        —        1  

Total

    $ 23,127      $ 261      $ (1,128 )     $ (1 )     $ 22,259  

 

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RiverSource Life Insurance Company

 

 

     December 31, 2023  
Description of Securities (in millions)    Amortized
Cost		     

Gross

Unrealized
Gains

     

Gross

Unrealized
Losses

      Allowance
for Credit
Losses		     

Fair

Value

  

Fixed maturities:

               

Corporate debt securities

    $ 10,828      $ 405      $ (497 )     $ (1 )     $ 10,735  

Residential mortgage backed securities

      3,886        20        (264 )       —        3,642  

Commercial mortgage backed securities

      2,784        6        (193 )       —        2,597  

State and municipal obligations

      717        61        (19 )       (1 )       758  

Asset backed securities

      1,545        7        (21 )       —        1,531  

Foreign government bonds and obligations

      12        —        —        —        12  

U.S. government and agency obligations

      99        —        —        —        99  

Total

    $ 19,871      $ 499      $ (994 )     $ (2 )     $ 19,374  

As of December 31, 2024 and 2023, accrued interest of $208 million and $168 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.

As of December 31, 2024 and 2023, fixed maturity securities comprised approximately 88% and 87%, respectively, of the Company’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2024 and 2023, $497 million and $265 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.

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

 

     December 31, 2024      December 31, 2023  
Ratings (in millions, except percentages)    Amortized
Cost		     

Fair

Value

     

Percent of

Total Fair

Value

     

Amortized

Cost

     

Fair

Value

     

Percent of

Total Fair

Value

  

AAA

    $ 4,416      $ 4,284        19 %     $ 4,558      $ 4,337        22 % 

AA

      4,455        4,256        19        3,961        3,799        20  

A

      2,689        2,650        12        2,213        2,279        12  

BBB

      11,279        10,786        49        8,813        8,633        44  

Below investment grade

      288        283        1        326        326        2  

Total fixed maturities

    $ 23,127      $ 22,259        100 %     $ 19,871      $ 19,374        100 % 

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

 

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RiverSource Life Insurance Company

 

 

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

 

    December 31, 2024  
(in millions, except number of securities)   Less than 12 months     12 months or more     Total  
Description of Securities  

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

  

Corporate debt securities

     275     $ 5,272     $ (177 )      277     $ 3,975     $ (532 )      552     $ 9,247     $ (709 ) 

Residential mortgage backed securities

     75       1,245       (25 )      189       1,633       (253 )      264       2,878       (278 ) 

Commercial mortgage backed securities

     16       265       (5 )      166       1,589       (109 )      182       1,854       (114 ) 

State and municipal obligations

     20       56       (2 )      44       133       (17 )      64       189       (19 ) 

Asset backed securities

     6       57       (1 )      15       73       (7 )      21       130       (8 ) 

Foreign government bonds and obligations

     —       —       —       2       6       —       2       6       —  

Total

     392     $ 6,895     $ (210 )      693     $ 7,409     $ (918 )      1,085     $ 14,304     $ (1,128 ) 
    December 31, 2023  
(in millions, except number of securities)   Less than 12 months     12 months or more     Total  
Description of Securities  

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

    

Number of

Securities

    

Fair

Value

    

Unrealized

Losses

  

Corporate debt securities

     43     $ 410     $ (8 )      340     $ 4,735     $ (489 )      383     $ 5,145     $ (497 ) 

Residential mortgage backed securities

     30       389       (4 )      204       2,114       (260 )      234       2,503       (264 ) 

Commercial mortgage backed securities

     20       264       (4 )      196       2,062       (189 )      216       2,326       (193 ) 

State and municipal obligations

     5       29       (1 )      47       137       (18 )      52       166       (19 ) 

Asset backed securities

     5       102       —       32       684       (21 )      37       786       (21 ) 

U.S. government and agency obligations

     1       —       —       —       —       —       1       —       —  

Foreign government bonds and obligations

     —       —       —       2       6       —       2       6       —  

Total

     104     $ 1,194     $ (17 )      821     $ 9,738     $ (977 )      925     $ 10,932     $ (994 ) 

As part of the Company’s ongoing monitoring process, management determined that the increase in gross unrealized loss on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2024 is primarily attributable to higher interest rates. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2024 and 2023, approximately 96% and 94%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

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

 

(in millions)      Corporate Debt
Securities		      State and
Municipal
Obligations		      Total  

Balance at January 1, 2022

      $  —      $ 1      $ 1  

Additions for which credit losses were not previously recorded

        20        —        20  

Additional increases (decreases) on securities that had an allowance recorded in a previous period

        —        1        1  

Balance at December 31, 2022

        20        2        22  

Additions for which credit losses were not previously recorded

        1        —        1  

Reductions for securities sold during the period (realized)

        (20 )       (1 )       (21 ) 

Balance at December 31, 2023

        1        1        2  

Reductions for securities sold during the period (realized)

        (1 )       —        (1 ) 

Balance at December 31, 2024

      $ —      $ 1      $ 1  

 

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Table of Contents

RiverSource Life Insurance Company

 

 

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Gross realized investment gains

    $ 34        $ 11        $ 28  

Gross realized investment losses

      (46 )         (57 )         (25 ) 

Credit reversals (losses)

      1          20          (21 ) 

Other impairments

      —          (1 )         (70 ) 

Total

    $ (11 )       $ (27 )       $ (88 ) 

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

See Note 19 for a rollforward of net unrealized investment gains (losses) included in AOCI.

Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:

 

(in millions)    Amortized
Cost		        Fair Value  

Due within one year

    $ 296        $ 294  

Due after one year through five years

      2,362          2,300  

Due after five years through 10 years

      5,507          5,216  

Due after 10 years

      6,273          6,127  
     14,438          13,937  

Residential mortgage backed securities

      4,302          4,039  

Commercial mortgage backed securities

      2,211          2,100  

Asset backed securities

      2,176          2,183  

Total

    $ 23,127        $ 22,259  

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

The following is a summary of Net investment income:

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Fixed maturities

    $ 1,026        $ 830        $ 615  

Mortgage loans

      73          69          73  

Other investments

      473          431          159  
     1,572          1,330          847  

Less: investment expenses

      26          26          20  

Total

    $ 1,546        $ 1,304        $ 827  

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Fixed maturities

    $ (11 )       $ (27 )       $ (88 ) 

Mortgage loans

      (1 )         1          (1 ) 

Other investments

      (69 )         (44 )         (11 ) 

Total

    $ (81 )       $ (70 )       $ (100 ) 

7. FINANCING RECEIVABLES

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

 

 F-24

Table of Contents

RiverSource Life Insurance Company

 

 

Allowance for Credit Losses

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

 

(in millions)    Commercial
Loans		  

Balance at January 1, 2022

    $ 12  

Provisions

      1  

Charge-offs

      (2 ) 

Balance at December 31, 2022

      11  

Provisions

      (1 ) 

Balance at December 31, 2023

      10  

Provisions

      —  

Balance at December 31, 2024

    $ 10  

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

Purchases and Sales

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

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

Credit Quality Information

There were no nonperforming loans as of both December 31, 2024 and 2023. All loans were considered to be performing.

Commercial Loans

Commercial Mortgage Loans

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2024 and 2023. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2024 and 2023.

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

 

       December 31, 2024  
Loan-to-Value Ratio (in millions)      2024      2023      2022      2021      2020      Prior      Total  

> 100%

      $  —      $  —      $  —      $  —      $  —      $ 15      $ 15  

80% - 100%

        —        —        —        —        10        48        58  

60% - 80%

        83        39        13        9        6        121        271  

40% - 60%

        87        22        39        67        37        338        590  

< 40%

        13        7        47        94        46        666        873  

Total

      $ 183      $ 68      $ 99      $ 170      $ 99      $ 1,188      $ 1,807  

 

       December 31, 2023  
Loan-to-Value Ratio (in millions)      2023      2022      2021      2020      2019      Prior      Total  

> 100%

      $  —      $  —      $  —      $  —      $ 2      $ 20      $ 22  

80% - 100%

        —        —        —        2        11        49        62  

60% - 80%

        55        26        6        14        40        102        243  

40% - 60%

        7        46        129        49        65        343        639  

< 40%

        7        31        43        37        71        580        769  

Total

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

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2024, write-offs of commercial mortgage loans were not material.

 

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RiverSource Life Insurance Company

 

 

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:

 

     Loans            Percentage  
     December 31,            December 31,  
(in millions)    2024             2023             2024             2023  

East North Central

    $ 177        $ 180          10 %         10 % 

East South Central

      40          47          2          3  

Middle Atlantic

      118          97          7          6  

Mountain

      149          130          8          8  

New England

      24          21          1          1  

Pacific

      602          595          33          34  

South Atlantic

      477          452          26          26  

West North Central

      117          105          7          6  

West South Central

      103                108                6                6  

Total

    $ 1,807              $ 1,735                100 %               100 % 

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

 

     Loans            Percentage  
     December 31,            December 31,  
(in millions)    2024             2023             2024             2023  

Apartments

    $ 494        $ 454          27 %         26 % 

Hotel

      33          13          2          1  

Industrial

      337          293          19          17  

Mixed use

      58          54          3          3  

Office

      208          230          12          13  

Retail

      533          546          29          32  

Other

      144                145                8                8  

Total

    $ 1,807              $ 1,735                100 %               100 % 

Syndicated Loans

The investment in syndicated loans as of December 31, 2024 and 2023 was $36 million and $57 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2024 and 2023. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2024, write-offs of syndicated loans were not material.

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

 

       December 31, 2024  
Internal Risk Rating (in millions)      2024      2023      2022      2021      2020      Prior      Total  

Risk 5

      $  —      $  —      $  —      $  —      $  —      $  —      $  —  

Risk 4

        —        —        —        —        —        —        —  

Risk 3

        —        —        —        4        —        —        4  

Risk 2

        10        1        —        1        —        5        17  

Risk 1

        11        1        —        2        1        —        15  

Total

      $ 21      $ 2      $ —      $ 7      $ 1      $ 5      $ 36  

 

       December 31, 2023  
Internal Risk Rating (in millions)      2023      2022      2021      2020      2019      Prior      Total  

Risk 5

      $  —      $  —      $  —      $  —      $  —      $  —      $  —  

Risk 4

        —        —        —        —        —        —        —  

Risk 3

        —        —        7        —        1        1        9  

Risk 2

        6        1        9        2        6        —        24  

Risk 1

        6        2        9        1        5        1        24  

Total

      $ 12      $ 3      $ 25      $ 3      $ 12      $ 2      $ 57  

 

 F-26

Table of Contents

RiverSource Life Insurance Company

 

 

Policy Loans

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

Deposit Receivables

Deposit receivables were $5.8 billion and $6.5 billion as of December 31, 2024 and 2023, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2024 and 2023.

Modifications with Borrowers Experiencing Financial Difficulty

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

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

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

 

(in millions)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed
Annuities		     Fixed Indexed
Annuities		     Universal Life
Insurance		     Variable
Universal Life
Insurance		  

Balance at January 1, 2024

   $ 1,481     $ 208     $ 35     $ 5     $ 110     $ 534  

Capitalization of acquisition costs

     24       98       —       —       —       64  

Amortization

     (117 )      (30 )      (7 )      (1 )      (7 )      (45 ) 

Balance at December 31, 2024

   $ 1,388     $ 276     $ 28     $ 4     $ 103     $ 553  
(in millions)   Indexed
Universal Life
Insurance		     Other Life
Insurance		     Life
Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		    

Total,

All Products

  

Balance at January 1, 2024

   $ 223     $ 2     $ 6     $ 17     $ 75     $ 2,696  

Capitalization of acquisition costs

     3       —       5       2       3       199  

Amortization

     (16 )      —       (1 )      (2 )      (8 )      (234 ) 

Balance at December 31, 2024

   $ 210     $ 2     $ 10     $ 17     $ 70     $ 2,661  
(in millions)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed
Annuities		     Fixed Indexed
Annuities		     Universal Life
Insurance		     Variable
Universal Life
Insurance		  

Balance at January 1, 2023

   $ 1,582     $ 149     $ 45     $ 6     $ 118     $ 521  

Capitalization of acquisition costs

     23       83       —       —       —       57  

Amortization

     (124 )      (24 )      (10 )      (1 )      (8 )      (44 ) 

Balance at December 31, 2023

   $ 1,481     $ 208     $ 35     $ 5     $ 110     $ 534  
(in millions)   Indexed
Universal Life
Insurance		     Other Life
Insurance		     Life
Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		    

Total,

All Products

  

Balance at January 1, 2023

   $ 236     $ 3     $ 2     $ 18     $ 79     $ 2,759  

Capitalization of acquisition costs

     4       —       4       1       4       176  

Amortization

     (17 )      (1 )      —       (2 )      (8 )      (239 ) 

Balance at December 31, 2023

   $ 223     $ 2     $ 6     $ 17     $ 75     $ 2,696  

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

 

(in millions)      Variable Annuities      Fixed Annuities      Total,
All Products		  

Balance at January 1, 2024

      $ 134      $ 12      $ 146  

Amortization

        (13 )       (2 )       (15 ) 

Balance at December 31, 2024

      $ 121      $ 10      $ 131  

 

(in millions)      Variable Annuities      Fixed Annuities     

Total,

All Products

  

Balance at January 1, 2023

      $ 149      $ 16      $ 165  

Amortization

        (15 )       (4 )       (19 ) 

Balance at December 31, 2023

      $ 134      $ 12      $ 146  

 

F-27 

Table of Contents

RiverSource Life Insurance Company

 

 

9. REINSURANCE

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

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

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

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

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

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

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

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

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

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Direct premiums

    $ 696        $ 674        $ 530  

Reinsurance ceded

      (224 )         (226 )         (224 ) 

Net premiums

    $ 472        $ 448        $ 306  

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

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

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

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

 

 F-28

Table of Contents

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,        December 31,  
(in millions)    2024        2023  

Policyholder account balances

        

Policyholder account balances

    $ 32,542        $ 27,947  

Future policy benefits

        

Reserve for future policy benefits

      7,418          7,763  

Deferred profit liability

      118          81  

Additional liabilities for insurance guarantees

      1,389          1,321  

Other insurance and annuity liabilities

      192          213  

Total future policy benefits

      9,117          9,378  

Policy claims and other policyholders’ funds

      204          210  

Total policyholder account balances, future policy benefits and claims

    $ 41,863        $ 37,535  

Variable Annuities

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

Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 12 for information regarding the Company’s variable annuity guarantees. See Note 14 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.

Structured Variable Annuities

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

Fixed Annuities

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

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

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

See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

Insurance Liabilities

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

IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.

 

F-29 

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RiverSource Life Insurance Company

 

 

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.

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

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

 

(in millions, except percentages)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed Annuities     Fixed Indexed
Annuities		     Non-Life
Contingent
Payout Annuities		  

Balance at January 1, 2024

   $ 4,173     $ 10,742     $ 5,982     $ 307     $ 444  

Contract deposits

     56       4,005       39       —       101  

Policy charges

     (14 )      (3 )      —       —       —  

Surrenders and other benefits

     (628 )      (383 )      (856 )      (16 )      (110 ) 

Net transfer from (to) separate account liabilities

     (32 )      —       —       —       —  

Variable account index-linked adjustments

     —       1,968       —       —       —  

Interest credited

     125       1       204       14       12  

Balance at December 31, 2024

   $ 3,680     $ 16,330     $ 5,369     $ 305     $ 447  

Weighted-average crediting rate

     3.3 %      1.9 %      3.7 %      2.0 %      N/A  

Cash surrender value(1)

   $ 3,658     $ 15,467     $ 5,365     $ 279       N/A  
(in millions, except percentages)   Universal Life
Insurance		     Variable
Universal Life
Insurance		     Indexed
Universal Life
Insurance		     Other Life
Insurance		    

Total,

All Products

  

Balance at January 1, 2024

   $ 1,474     $ 1,569     $ 2,755     $ 501     $ 27,947  

Contract deposits

     117       333       181       —       4,832  

Policy charges

     (173 )      (93 )      (124 )      —       (407 ) 

Surrenders and other benefits

     (62 )      (80 )      (79 )      (52 )      (2,266 ) 

Net transfer from (to) separate account liabilities

     —       (145 )      —       —       (177 ) 

Variable account index-linked adjustments

     —       —       —       —       1,968  

Interest credited

     49       63       161       16       645  

Balance at December 31, 2024

   $ 1,405     $ 1,647     $ 2,894     $ 465     $ 32,542  

Weighted-average crediting rate

     3.6 %      3.9 %      2.3 %      4.0 %   

Net amount at risk

   $ 8,312     $ 57,473     $ 13,593     $ 130    

Cash surrender value(1)

   $ 1,280     $ 1,092     $ 2,447     $ 298    
(in millions, except percentages)   Variable
Annuities		     Structured
Variable
Annuities		     Fixed Annuities     Fixed Indexed
Annuities		     Non-Life
Contingent
Payout Annuities		  

Balance at January 1, 2023

   $ 4,752     $ 6,410     $ 6,799     $ 312     $ 471  

Contract deposits

     73       3,084       47       —       91  

Policy charges

     (10 )      —       —       —       —  

Surrenders and other benefits

     (759 )      (156 )      (1,086 )      (10 )      (127 ) 

Net transfer from (to) separate account liabilities

     (25 )      —       —       —       —  

Variable account index-linked adjustments

     —       1,403       —       —       —  

Interest credited

     142       1       222       5       9  

Balance at December 31, 2023

   $ 4,173     $ 10,742     $ 5,982     $ 307     $ 444  

Weighted-average crediting rate

     3.3 %      1.8 %      3.6 %      2.0 %      N/A  

Cash surrender value(1)

   $ 4,146     $ 10,129     $ 5,974     $ 278       N/A  

 

 F-30

Table of Contents

RiverSource Life Insurance Company

 

 

(in millions, except percentages)   Universal Life
Insurance		     Variable
Universal Life
Insurance		     Indexed
Universal Life
Insurance		     Other Life
Insurance		    

Total,

All Products

  

Balance at January 1, 2023

   $ 1,544     $ 1,520     $ 2,654     $ 524     $ 24,986  

Contract deposits

     123       272       193       1       3,884  

Policy charges

     (176 )      (94 )      (121 )      —       (401 ) 

Surrenders and other benefits

     (69 )      (78 )      (53 )      (44 )      (2,382 ) 

Net transfer from (to) separate account liabilities

     —       (107 )      —       —       (132 ) 

Variable account index-linked adjustments

     —       —       —       —       1,403  

Interest credited

     52       56       82       20       589  

Balance at December 31, 2023

   $ 1,474     $ 1,569     $ 2,755     $ 501     $ 27,947  

Weighted-average crediting rate

     3.6 %      3.9 %      2.0 %      4.0 %   

Net amount at risk

   $ 8,740     $ 57,291     $ 14,407     $ 141    

Cash surrender value(1)

   $ 1,330     $ 1,065     $ 2,271     $ 326    

 

(1) 

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

Refer to Note 12 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.

 

                    December 31, 2024  
                    Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Fixed accounts of variable annuities

     1 %    –     1.99 %    $ 24     $ 95     $ 65     $ 17     $ —     $ 201  
    2 %    –     2.99 %      112       —       —       —       —       112  
    3 %    –     3.99 %      1,894       7       —       1       —       1,902  
    4 %    –     5.00 %      1,412       —       —       —       —       1,412  
 

 

 

  
    Total     $ 3,442     $ 102     $ 65     $ 18     $ —     $ 3,627  
 

 

 

  

Fixed accounts of structured variable annuities

     1 %    –     1.99 %    $ 2     $ 20     $ 9     $ —     $ —     $ 31  
    2 %    –     2.99 %      13       —       —       —       —       13  
    3 %    –     3.99 %      1       —       —       —       —       1  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ 16     $ 20     $ 9     $ —     $ —     $ 45  
 

 

 

  

Fixed annuities

     1 %    –     1.99 %    $ 85     $ 237     $ 152     $ 89     $ 14     $ 577  
    2 %    –     2.99 %      22       14       2       —       —       38  
    3 %    –     3.99 %      2,410       —       —       —       —       2,410  
    4 %    –     5.00 %      2,331       —       —       —       —       2,331  
 

 

 

  
    Total     $ 4,848     $ 251     $ 154     $ 89     $ 14     $ 5,356  
 

 

 

  

Non-indexed accounts of fixed indexed annuities

     1 %    –     1.99 %    $ —     $ 2     $ 5     $ 14     $ —     $ 21  
    2 %    –     2.99 %      —       —       —       —       —       —  
    3 %    –     3.99 %      —       —       —       —       —       —  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ 2     $ 5     $ 14     $ —     $ 21  
 

 

 

  

Universal life insurance

     1 %    –     1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %    –     2.99 %      50       4       15       —       —       69  
    3 %    –     3.99 %      821       —       4       6       —       831  
    4 %    –     5.00 %      473       4       —       —       —       477  
 

 

 

  
    Total     $ 1,344     $ 8     $ 19     $ 6     $ —     $ 1,377  
 

 

 

  

 

F-31 

Table of Contents

RiverSource Life Insurance Company

 

 

                      December 31, 2024  
                      Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Fixed accounts of variable universal life insurance

     1 %      –       1.99 %    $ —     $ —     $ 4     $ 1     $ 41     $ 46  
    2 %      –       2.99 %      7       14       —       1       12       34  
    3 %      –       3.99 %      108       1       2       12       —       123  
    4 %      –       5.00 %      564       21       —       —       —       585  
 

 

 

  
    Total     $ 679     $ 36     $ 6     $ 14     $ 53     $ 788  
 

 

 

  

Non-indexed accounts of indexed universal life insurance

     1 %      –       1.99 %    $ —     $ —     $ 4     $ 2     $ —     $ 6  
    2 %      –       2.99 %      —       125       —       —       —       125  
    3 %      –       3.99 %      —       —       —       —       —       —  
    4 %      –       5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ 125     $ 4     $ 2     $ —     $ 131  
 

 

 

  

Other life insurance

     1 %      –       1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %      –       2.99 %      —       —       —       —       —       —  
    3 %      –       3.99 %      28       —       —       —       —       28  
    4 %      –       5.00 %      268       —       —       —       —       268  
 

 

 

  
    Total     $ 296     $ —     $ —     $ —     $ —     $ 296  
 

 

 

  

Total

     1 %      –       1.99 %    $ 111     $ 354     $ 239     $ 123     $ 55     $ 882  
    2 %      –       2.99 %      204       157       17       1       12       391  
    3 %      –       3.99 %      5,262       8       6       19       —       5,295  
    4 %      –       5.00 %      5,048       25       —       —       —       5,073  
 

 

 

  
    Total     $ 10,625     $ 544     $ 262     $ 143     $ 67     $ 11,641  
 

 

 

  

Percentage of total account values that reset in:

                  

Next 12 months

           100.0 %      100.0 %      99.9 %      100.0 %      99.8 %      100.0 % 

> 12 months to 24 months

           —       —       —       —       —       —  

> 24 months

           —       —       0.1       —       0.2       —  

Total

           100.0 %      100.0 %      100.0 %      100.0 %      100.0 %      100.0 % 

 

                    December 31, 2023  
                    Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Fixed accounts of variable annuities

     1 %    –     1.99 %    $ 43     $ 131     $ 52     $ 15     $ 2     $ 243  
    2 %    –     2.99 %      137       1       —       —       —       138  
    3 %    –     3.99 %      2,214       —       —       1       —       2,215  
    4 %    –     5.00 %      1,514       —       —       —       —       1,514  
 

 

 

  
    Total     $ 3,908     $ 132     $ 52     $ 16     $ 2     $ 4,110  
 

 

 

  

Fixed accounts of structured variable annuities

     1 %    –     1.99 %    $ 1     $ 18     $ 7     $ 2     $ —     $ 28  
    2 %    –     2.99 %      11       —       —       —       —       11  
    3 %    –     3.99 %      —       —       —       —       —       —  
    4 %    –     5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ 12     $ 18     $ 7     $ 2     $ —     $ 39  
 

 

 

  

Fixed annuities

     1 %    –     1.99 %    $ 107     $ 377     $ 183     $ 93     $ —     $ 760  
    2 %    –     2.99 %      36       14       1       —       —       51  
    3 %    –     3.99 %      2,816       1       —       —       —       2,817  
    4 %    –     5.00 %      2,339       —       —       —       —       2,339  
 

 

 

  
    Total     $ 5,298     $ 392     $ 184     $ 93     $ —     $ 5,967  
 

 

 

  

 

 F-32

Table of Contents

RiverSource Life Insurance Company

 

 

                      December 31, 2023  
                      Account Values with Crediting Rates  
(in millions, except percentages)   Range of
Guaranteed
Minimum
Crediting
Rates		     At
Guaranteed
Minimum		     1-49 bps above
Guaranteed
Minimum		     50-99 bps above
Guaranteed
Minimum		     100-150 bps above
Guaranteed
Minimum		     Greater than
150 bps above
Guaranteed
Minimum		     Total  

Non-indexed accounts of fixed indexed annuities

     1 %      –       1.99 %    $ —     $ 2     $ 7     $ 13     $ —     $ 22  
    2 %      –       2.99 %      —       —       —       —       —       —  
    3 %      –       3.99 %      —       —       —       —       —       —  
    4 %      –       5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ —     $ 2     $ 7     $ 13     $ —     $ 22  
 

 

 

  

Universal life insurance

     1 %      –       1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %      –       2.99 %      51       3       9       —       —       63  
    3 %      –       3.99 %      854       1       4       4       —       863  
    4 %      –       5.00 %      518       1       —       —       —       519  
 

 

 

  
    Total     $ 1,423     $ 5     $ 13     $ 4     $ —     $ 1,445  
 

 

 

  

Fixed accounts of variable universal life insurance

     1 %      –       1.99 %    $ —     $ 2     $ 4     $ —     $ 24     $ 30  
    2 %      –       2.99 %      13       12       —       1       8       34  
    3 %      –       3.99 %      122       2       3       6       —       133  
    4 %      –       5.00 %      607       6       —       —       —       613  
 

 

 

  
    Total     $ 742     $ 22     $ 7     $ 7     $ 32     $ 810  
 

 

 

  

Non-indexed accounts of indexed universal life insurance

     1 %      –       1.99 %    $ —     $ —     $ 2     $ —     $ —     $ 2  
    2 %      –       2.99 %      128       —       —       —       —       128  
    3 %      –       3.99 %      —       —       —       —       —       —  
    4 %      –       5.00 %      —       —       —       —       —       —  
 

 

 

  
    Total     $ 128     $ —     $ 2     $ —     $ —     $ 130  
 

 

 

  

Other life insurance

     1 %      –       1.99 %    $ —     $ —     $ —     $ —     $ —     $ —  
    2 %      –       2.99 %      —       —       —       —       —       —  
    3 %      –       3.99 %      30       —       —       —       —       30  
    4 %      –       5.00 %      295       —       —       —       —       295  
 

 

 

  
    Total     $ 325     $ —     $ —     $ —     $ —     $ 325  
 

 

 

  

Total

     1 %      –       1.99 %    $ 151     $ 530     $ 255     $ 123     $ 26     $ 1,085  
    2 %      –       2.99 %      376       30       10       1       8       425  
    3 %      –       3.99 %      6,036       4       7       11       —       6,058  
    4 %      –       5.00 %      5,273       7       —       —       —       5,280  
 

 

 

  
    Total     $ 11,836     $ 571     $ 272     $ 135     $ 34     $ 12,848  
 

 

 

  

Percentage of total account values that reset in:

                  

Next 12 months

           99.9 %      99.5 %      99.3 %      100.0 %      100.0 %      99.9 % 

> 12 months to 24 months

           0.1       0.5       0.6       —       —       0.1  

> 24 months

           —       —       0.1       —       —       —  

Total

           100.0 %      100.0 %      100.0 %      100.0 %      100.0 %      100.0 % 

 

F-33 

Table of Contents

RiverSource Life Insurance Company

 

 

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

 

(in millions, except percentages)   Life Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		     Long Term
Care Insurance		     Total,
All Products		  

Present Value of Expected Net Premiums:

          

Balance at January 1, 2024

   $ —     $ 703     $ 104     $ 1,146     $ 1,953  

Beginning balance at original discount rate

     —       708       105       1,137       1,950  

Effect of changes in cash flow assumptions

     —       57       (39 )      55       73  

Effect of actual variances from expected experience

     —       (16 )      (13 )      (26 )      (55 ) 

Adjusted beginning of year balance

   $ —     $ 749     $ 53     $ 1,166     $ 1,968  

Issuances

     201       63       9       —       273  

Interest accrual

     1       38       3       55       97  

Net premiums collected

     (202 )      (76 )      (6 )      (149 )      (433 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ —     $ 774     $ 59     $ 1,072     $ 1,905  

Effect of changes in discount rate assumptions

     —       (37 )      (6 )      (15 )      (58 ) 

Balance at December 31, 2024

   $ —     $ 737     $ 53     $ 1,057     $ 1,847  

Present Value of Future Policy Benefits:

          

Balance at January 1, 2024

   $ 1,164     $ 1,325     $ 661     $ 6,561     $ 9,711  

Beginning balance at original discount rate

     1,222       1,291       621       6,507       9,641  

Effect of changes in cash flow assumptions

     (24 )      67       (61 )      58       40  

Effect of actual variances from expected experience

     (8 )      (16 )      (25 )      (48 )      (97 ) 

Adjusted beginning of year balance

   $ 1,190     $ 1,342     $ 535     $ 6,517     $ 9,584  

Issuances

     201       63       9       —       273  

Interest accrual

     56       73       34       323       486  

Benefit payments

     (158 )      (125 )      (43 )      (432 )      (758 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ 1,289     $ 1,353     $ 535     $ 6,408     $ 9,585  

Effect of changes in discount rate assumptions

     (85 )      (31 )      10       (221 )      (327 ) 

Balance at December 31, 2024

   $ 1,204     $ 1,322     $ 545     $ 6,187     $ 9,258  

Adjustment due to reserve flooring

   $ —     $ 7     $ —     $ —     $ 7  

Net liability for future policy benefits

   $ 1,204     $ 592     $ 492     $ 5,130     $ 7,418  

Less: reinsurance recoverable

     759       424       20       2,591       3,794  

Net liability for future policy benefits, after reinsurance recoverable

   $ 445     $ 168     $ 472     $ 2,539     $ 3,624  

Discounted expected future gross premiums

   $ —     $ 1,672     $ 836     $ 1,247     $ 3,755  

Expected future gross premiums

   $ —     $ 2,921     $ 1,196     $ 1,713     $ 5,830  

Expected future benefit payments

   $ 1,846     $ 2,286     $ 899     $ 10,522     $ 15,553  

Weighted average interest accretion rate

     4.5 %      6.0 %      6.3 %      5.0 %   

Weighted average discount rate

     5.4 %      5.6 %      5.6 %      5.7 %   

Weighted average duration of liability (in years)

     6       7       7       8    

 

 F-34

Table of Contents

RiverSource Life Insurance Company

 

 

(in millions, except percentages)   Life Contingent
Payout
Annuities		     Term and
Whole Life
Insurance		     Disability
Income
Insurance		     Long Term
Care Insurance		     Total,
All Products		  

Present Value of Expected Net Premiums:

          

Balance at January 1, 2023

   $ —     $ 686     $ 134     $ 1,207     $ 2,027  

Beginning balance at original discount rate

     —       708       137       1,220       2,065  

Effect of changes in cash flow assumptions

     —       (19 )      (19 )      19       (19 ) 

Effect of actual variances from expected experience

     —       (2 )      (18 )      (3 )      (23 ) 

Adjusted beginning of year balance

   $ —     $ 687     $ 100     $ 1,236     $ 2,023  

Issuances

     177       55       12       —       244  

Interest accrual

     1       36       5       59       101  

Net premiums collected

     (178 )      (70 )      (12 )      (158 )      (418 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ —     $ 708     $ 105     $ 1,137     $ 1,950  

Effect of changes in discount rate assumptions

     —       (5 )      (1 )      9       3  

Balance at December 31, 2023

   $ —     $ 703     $ 104     $ 1,146     $ 1,953  

Present Value of Future Policy Benefits:

          

Balance at January 1, 2023

   $ 1,065     $ 1,319     $ 696     $ 6,439     $ 9,519  

Beginning balance at original discount rate

     1,155       1,313       669       6,569       9,706  

Effect of changes in cash flow assumptions

     —       (18 )      (25 )      9       (34 ) 

Effect of actual variances from expected experience

     (10 )      (1 )      (29 )      5       (35 ) 

Adjusted beginning of year balance

   $ 1,145     $ 1,294     $ 615     $ 6,583     $ 9,637  

Issuances

     177       56       11       —       244  

Interest accrual

     50       73       37       329       489  

Benefit payments

     (150 )      (132 )      (42 )      (405 )      (729 ) 

Derecognition (lapses)

     —       —       —       —       —  

Ending balance at original discount rate

   $ 1,222     $ 1,291     $ 621     $ 6,507     $ 9,641  

Effect of changes in discount rate assumptions

     (58 )      34       40       54       70  

Balance at December 31, 2023

   $ 1,164     $ 1,325     $ 661     $ 6,561     $ 9,711  

Adjustment due to reserve flooring

   $ —     $ 5     $ —     $ —     $ 5  

Net liability for future policy benefits

   $ 1,164     $ 627     $ 557     $ 5,415     $ 7,763  

Less: reinsurance recoverable

     880       440       22       2,738       4,080  

Net liability for future policy benefits, after reinsurance recoverable

   $ 284     $ 187     $ 535     $ 2,677     $ 3,683  

Discounted expected future gross premiums

   $ —     $ 1,764     $ 904     $ 1,325     $ 3,993  

Expected future gross premiums

   $ —     $ 2,938     $ 1,269     $ 1,786     $ 5,993  

Expected future benefit payments

   $ 1,726     $ 2,166     $ 1,068     $ 10,850     $ 15,810  

Weighted average interest accretion rate

     4.2 %      6.2 %      6.1 %      5.0 %   

Weighted average discount rate

     4.9 %      5.1 %      5.1 %      5.1 %   

Weighted average duration of liability (in years)

     7       7       8       8    

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions.

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

 

(in millions, except percentages)   Universal Life
Insurance		     Variable
Universal Life
Insurance		     Other Life
Insurance		     Total,
All Products		  

Balance at January 1, 2024

   $ 1,225     $ 81     $ 15     $ 1,321  

Interest accrual

     37       6       1       44  

Benefit accrual

     133       8       3       144  

Benefit payments

     (69 )      (13 )      (5 )      (87 ) 

Effect of actual variances from expected experience

     (2 )      (1 )      (1 )      (4 ) 

Impact of change in net unrealized (gains) losses on securities

     (23 )      (1 )      (5 )      (29 ) 

Balance at December 31, 2024

   $ 1,301     $ 80     $ 8     $ 1,389  

Weighted average interest accretion rate

     3.0 %      7.0 %      3.9 %   

Weighted average discount rate

     3.2 %      7.1 %      4.0 %   

Weighted average duration of reserves (in years)

     10       8       6    

 

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(in millions, except percentages)   Universal Life
Insurance		     Variable
Universal Life
Insurance		     Other Life
Insurance		     Total,
All Products		  

Balance at January 1, 2023

   $ 1,100     $ 74     $ 12     $ 1,186  

Interest accrual

     35       5       1       41  

Benefit accrual

     128       8       2       138  

Benefit payments

     (50 )      (18 )      (4 )      (72 ) 

Effect of actual variances from expected experience

     (13 )      11       (2 )      (4 ) 

Impact of change in net unrealized (gains) losses on securities

     25       1       6       32  

Balance at December 31, 2023

   $ 1,225     $ 81     $ 15     $ 1,321  

Weighted average interest accretion rate

     3.0 %      6.9 %      4.0 %   

Weighted average discount rate

     3.2 %      7.1 %      4.0 %   

Weighted average duration of reserves (in years)

     10       8       6    

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

 

    Years Ended December 31,  
    2024     2023  
(in millions)   Gross
Premiums		     Interest
Expense		     Gross
Premiums		     Interest
Expense		  

Life contingent payout annuities

   $ 226     $ 55     $ 196     $ 49  

Term and whole life insurance

     172       35       169       37  

Disability income insurance

     119       31       124       32  

Long term care insurance

     179       268       185       270  

Total

   $ 696     $ 389     $ 674     $ 388  

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

 

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

Balance at January 1, 2024

    $ 27        $ 196        $ 266        $ 489  

Deferral of revenue

      —          70          51          121  

Amortization

      (1 )         (17 )         (22 )         (40 ) 

Balance at December 31, 2024

    $ 26        $ 249        $ 295        $ 570  

Balance at January 1, 2023

    $ 27        $ 150        $ 233        $ 410  

Deferral of revenue

      1          59          52          112  

Amortization

      (1 )         (13 )         (19 )         (33 ) 

Balance at December 31, 2023

    $ 27        $ 196        $ 266        $ 489  

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

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

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

 

(in millions)    Variable
Annuities		        Variable
Universal Life		        Total  

Balance at January 1, 2024

    $ 65,839        $ 8,795        $ 74,634  

Premiums and deposits

      933          500          1,433  

Policy charges

      (1,365 )         (307 )         (1,672 ) 

Surrenders and other benefits

      (6,990 )         (412 )         (7,402 ) 

Investment return

      7,293          1,199          8,492  

Net transfer from (to) general account

      27          64          91  

Balance at December 31, 2024

    $ 65,737        $ 9,839        $ 75,576  

Cash surrender value

    $ 64,411        $ 9,220        $ 73,631  

 

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(in millions)    Variable
Annuities		        Variable
Universal Life		        Total  

Balance at January 1, 2023

    $ 63,223        $ 7,653        $ 70,876  

Premiums and deposits

      835          459          1,294  

Policy charges

      (1,343 )         (292 )         (1,635 ) 

Surrenders and other benefits

      (5,378 )         (317 )         (5,695 ) 

Investment return

      8,477          1,250          9,727  

Net transfer from (to) general account

      25          42          67  

Balance at December 31, 2023

    $ 65,839        $ 8,795        $ 74,634  

Cash surrender value

    $ 64,280        $ 8,263        $ 72,543  

12. MARKET RISK BENEFITS

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

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

The Company has the following primary GMDB provisions:

 

•  

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

 

•  

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

 

•  

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

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

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

 

•  

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

 

•  

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

 

•  

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

 

•  

Withdrawals based on performance of the contract.

 

•  

Withdrawals based on the age withdrawals begin.

 

•  

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

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

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

 

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

 

       Years Ended December 31,  
(in millions, except age)      2024      2023      2022  

Balance at beginning of period

      $ 335      $ 1,103      $ 2,901  

Issuances

        24        17        27  

Interest accrual and time decay

        (66 )       (53 )       (237 ) 

Reserve increase from attributed fees collected

        790        788        810  

Reserve release for benefit payments and derecognition

        (11 )       (35 )       (29 ) 

Effect of changes in interest rates and bond markets

        (1,078 )       (367 )       (4,193 ) 

Effect of changes in equity markets and subaccount performance

        (1,228 )       (1,267 )       2,258  

Effect of changes in equity index volatility

        59        (67 )       205  

Actual policyholder behavior different from expected behavior

        71        5        17  

Effect of changes in other future expected assumptions

        106        128        (139 ) 

Effect of changes in the instrument-specific credit risk on market risk benefits

        79        83        (517 ) 

Balance at end of period

      $ (919 )     $ 335      $ 1,103  

Reconciliation of the gross balances in an asset or liability position:

           

Asset position

      $ 2,182      $ 1,427      $ 1,015  

Liability position

        (1,263 )       (1,762 )       (2,118 ) 

Net asset (liability) position

      $ 919      $ (335 )     $ (1,103 ) 

Guaranteed benefit amount in excess of current account balances (net amount at risk):

 

      

Death benefits

      $ 462      $ 913      $ 2,781  

Living benefits

      $ 2,429      $ 2,513      $ 3,364  

Composite (greater of)

      $ 2,829      $ 3,308      $ 5,830  

Weighted average attained age of contractholders

        69        69        68  

Changes in unrealized (gains) losses in net income relating to liabilities held at end of period

      $ (2,111 )     $ (1,551 )     $ (2,044 ) 

Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period

      $ 85      $ 84      $ (505 ) 

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

 

    December 31, 2024  
     Fair Value      Valuation Technique    Significant Inputs and Assumptions    Range     

Weighted

Average

  
    (in millions)                                    
Market risk benefits   $ (919 )     Discounted cash flow    Utilization of guaranteed withdrawals(1)      0.0 %    –     52.8 %       11.9 % 
        Surrender rate(2)      0.4 %    –     75.0 %       3.3 % 
        Market volatility(3)      0.0 %    –     24.6 %       10.3 % 
        Nonperformance risk(4)      65 bps        65  bps 
        Mortality rate(5)      0.0 %    –     41.6 %       1.7 % 
    December 31, 2023  
     Fair Value      Valuation Technique    Significant Inputs and Assumptions    Range     

Weighted

Average

  
    (in millions)                                    
Market risk benefits   $ 335      Discounted cash flow    Utilization of guaranteed withdrawals(1)      0.0 %    –     48.0 %       11.6 % 
        Surrender rate(2)      0.3 %    –     75.0 %       3.7 % 
        Market volatility(3)      0.0 %    –     25.2 %       10.6 % 
        Nonperformance risk(4)      85 bps        85  bps 
        Mortality rate(5)      0.0 %    –     41.6 %       1.6 % 

 

(1) 

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

(2)

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

(3) 

Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

(4) 

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

(5) 

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

 

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Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2024 and 2023, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2024

 

•  

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

 

•  

Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.

Year ended December 31, 2023

 

•  

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

 

•  

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

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

Uncertainty of Fair Value Measurements

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

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

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

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

Determination of Fair Value

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

13. DEBT

Short-Term Borrowings

RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to collateralized borrowings. The Company has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $964 million and $1.1 billion as of December 31, 2024 and 2023, respectively. The amount of the Company’s liability including accrued interest was $201 million as of both December 31, 2024 and 2023. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2024 and 2023. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2024 and 2023 was 4.6% and 5.6%, respectively.

Lines of Credit

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

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

 

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RiverSource Life Insurance Company

 

 

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

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

Long-Term Debt

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

14. FAIR VALUES OF ASSETS AND LIABILITIES

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

 

Level 1

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

 

Level 2

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

 

Level 3

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

 

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

 

       December 31, 2024  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Available-for-Sale securities:

              

Corporate debt securities

      $ —      $ 12,721      $ 572      $ 13,293  

Residential mortgage backed securities

        —        4,039        —        4,039  

Commercial mortgage backed securities

        —        2,100        —        2,100  

State and municipal obligations

        —        636        —        636  

Asset backed securities

        —        1,302        881        2,183  

Foreign government bonds and obligations

        —        7        —        7  

U.S. government and agency obligations

        1        —        —        1  

Total Available-for-Sale securities

        1        20,805        1,453        22,259  

Cash equivalents

        1,215        1,227        —        2,442  

Market risk benefits

        —        —        2,182        2,182 (1) 

Receivables:

              

Fixed deferred indexed annuity ceded embedded derivatives

        —        —        55        55  

Other assets:

              

Interest rate derivative contracts

        —        179        —        179  

Equity derivative contracts

        114        8,829        —        8,943  

Foreign exchange derivative contracts

        2        40        —        42  

Credit derivative contracts

        —        59        —        59  

Total other assets

        116        9,107        —        9,223  

Separate account assets at net asset value (“NAV”)

                                   75,576 (2) 

Total assets at fair value

      $ 1,332      $ 31,139      $ 3,690      $ 111,737  

Liabilities

              

Policyholder account balances, future policy benefits and claims:

              

Fixed deferred indexed annuity embedded derivatives

      $ —      $ —      $ 53      $ 53  

IUL embedded derivatives

        —        —        1,002        1,002  

Structured variable annuity embedded derivatives

        —        —        2,461        2,461  

Total policyholder account balances, future policy benefits and claims

        —        —        3,516        3,516 (3) 

Market risk benefits

        —        —        1,263        1,263 (1) 

Other liabilities:

              

Interest rate derivative contracts

        1        323        —        324  

Equity derivative contracts

        172        5,159        —        5,331  

Foreign exchange derivative contracts

        —        7        —        7  

Total other liabilities

        173        5,489        —        5,662  

Total liabilities at fair value

      $ 173      $ 5,489      $ 4,779      $ 10,441  

 

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       December 31, 2023  
(in millions)      Level 1      Level 2      Level 3      Total  

Assets

              

Available-for-Sale securities:

              

Corporate debt securities

      $ —      $ 10,283      $ 452      $ 10,735  

Residential mortgage backed securities

        —        3,642        —        3,642  

Commercial mortgage backed securities

        —        2,597        —        2,597  

State and municipal obligations

        —        758        —        758  

Asset backed securities

        —        976        555        1,531  

Foreign government bonds and obligations

        —        12        —        12  

U.S. government and agency obligations

        99        —        —        99  

Total Available-for-Sale securities

        99        18,268        1,007        19,374  

Cash equivalents

        558        2,012        —        2,570  

Market risk benefits

        —        —        1,427        1,427 (1) 

Receivables:

              

Fixed deferred indexed annuity ceded embedded derivatives

        —        —        51        51  

Other assets:

              

Interest rate derivative contracts

        1        184        —        185  

Equity derivative contracts

        65        4,945        —        5,010  

Foreign exchange derivative contracts

        1        20        —        21  

Credit derivative contracts

        —        1        —        1  

Total other assets

        67        5,150        —        5,217  

Separate account assets at NAV

                                   74,634 (2) 

Total assets at fair value

      $ 724      $ 25,430      $ 2,485      $ 103,273  

Liabilities

              

Policyholder account balances, future policy benefits and claims:

              

Fixed deferred indexed annuity embedded derivatives

      $ —      $ 3      $ 49      $ 52  

IUL embedded derivatives

        —        —        873        873  

Structured variable annuity embedded derivatives

        —        —        1,011        1,011  

Total policyholder account balances, future policy benefits and claims

        —        3        1,933        1,936 (3) 

Market risk benefits

        —        —        1,762        1,762 (1) 

Other liabilities:

              

Interest rate derivative contracts

        1        304        —        305  

Equity derivative contracts

        95        3,355        —        3,450  

Foreign exchange derivative contracts

        1        3        —        4  

Credit derivative contracts

        —        106        —        106  

Total other liabilities

        97        3,768        —        3,865  

Total liabilities at fair value

      $ 97      $ 3,771      $ 3,695      $ 7,563  

 

(1) 

See Note 12 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

(2) 

Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

(3) 

The Company’s adjustment for nonperformance risk resulted in a $211 million and $195 million cumulative decrease to the embedded derivatives as of December 31, 2024 and 2023, respectively.

 

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

 

    Available-for-Sale Securities           Receivables  
(in millions)   Corporate
Debt
Securities		    

Residential

Mortgage

Backed
Securities

     Asset
Backed
Securities		     Total           Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives		  

Balance at January 1, 2024

   $ 452     $  —     $ 555     $ 1,007       $ 51  

Total gains (losses) included in:

            

Net income

     1       —       —       1 (1)        8  

Other comprehensive income (loss)

     1       —       15       16         —  

Purchases

     227       64       334       625         —  

Settlements

     (109 )      (1 )      —       (110 )        (4 ) 

Transfers out of Level 3

     —       (63 )      (23 )      (86 )        —  

Balance at December 31, 2024

   $ 572     $ —     $ 881     $ 1,453       $ 55  

Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024

   $ 1     $ —     $ —     $ 1 (1)      $  —  

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024

   $ (2 )    $ —     $ 15     $ 13       $ —  

 

     Policyholder Account Balances,
Future Policy Benefits and Claims		  
(in millions)    Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives		      IUL
Embedded
Derivatives		      Structured
Variable
Annuity
Embedded
Derivatives		      Total  

Balance at January 1, 2024

    $ 49      $ 873      $ 1,011      $ 1,933  

Total (gains) losses included in:

            

Net income

      8 (2)       255 (2)       1,670 (3)       1,933  

Issues

      —        23        114        137  

Settlements

      (4 )       (149 )       (334 )       (487 ) 

Balance at December 31, 2024

    $ 53      $ 1,002      $ 2,461      $ 3,516  

Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024

    $  —      $ 255 (2)     $ 1,670 (3)     $ 1,925  

 

    Available-for-Sale Securities           Receivables  
(in millions)   Corporate
Debt
Securities		     Asset
Backed
Securities		     Total           Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives		  

Balance at January 1, 2023

   $ 395     $ 545     $ 940       $ 48  

Total gains (losses) included in:

          

Net income

     —       —       — (1)        6  

Other comprehensive income (loss)

     12       10       22         —  

Purchases

     110       —       110         —  

Settlements

     (65 )      —       (65 )        (3 ) 

Balance at December 31, 2023

   $ 452     $ 555     $ 1,007       $ 51  

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023

   $ 11     $ 10     $ 21       $  —  

 

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     Policyholder Account Balances,
Future Policy Benefits and Claims		  
(in millions)    Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives		      IUL
Embedded
Derivatives		      Structured
Variable
Annuity
Embedded
Derivatives		      Total  

Balance at January 1, 2023

    $ 44      $ 739      $ (137 )(4)     $ 646  

Total (gains) losses included in:

            

Net income

      8 (2)       198 (2)       1,166 (3)       1,372  

Issues

      —        59        104        163  

Settlements

      (3 )       (123 )       (122 )       (248 ) 

Balance at December 31, 2023

    $ 49      $ 873      $ 1,011      $ 1,933  

Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023

    $  —      $ 198 (2)     $ 1,166 (3)     $ 1,364  

 

    Available-for-Sale Securities            Receivables  
(in millions)   Corporate
Debt
Securities		      Commercial
Mortgage
Backed
Securities		      Asset
Backed
Securities		      Total            Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives		  

Balance at January 1, 2022

   $ 496      $ —      $ 291      $ 787        $ 59  

Total gains (losses) included in:

                

Net income

     (1 )       —        —        (1 )(1)         (8 ) 

Other comprehensive income (loss)

     (44 )       —        (25 )       (69 )         —  

Purchases

     29        30        564        623          —  

Settlements

     (85 )       —        (285 )       (370 )         (3 ) 

Transfers out of Level 3

     —        (30 )       —        (30 )         —  

Balance at December 31, 2022

   $ 395      $  —      $ 545      $ 940        $ 48  

Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022

   $ (1 )     $ —      $ —      $ (1 )(1)       $  —  

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022

   $ (42 )     $ —      $ (21 )     $ (63 )       $ —  

 

     Policyholder Account Balances,
Future Policy Benefits and Claims		  
(in millions)    Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives		      IUL
Embedded
Derivatives		      Structured
Variable
Annuity
Embedded
Derivatives		      Total  

Balance at January 1, 2022

    $ 56      $ 905      $ 406      $ 1,367  

Total (gains) losses included in:

            

Net income

      (9 )(2)       (105 )(2)       (633 )(3)       (747 ) 

Issues

      —        51        90        141  

Settlements

      (3 )       (112 )       —        (115 ) 

Balance at December 31, 2022

    $ 44      $ 739      $ (137 )(4)     $ 646  

Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022

    $  —      $ (105 )(2)     $ (633 )(3)     $ (738 ) 

 

(1) 

Included in Net investment income.

(2) 

Included in Interest credited to fixed accounts.

(3) 

Included in Benefits, claims, losses and settlement expenses.

(4) 

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

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

 

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RiverSource Life Insurance Company

 

 

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:

 

    December 31, 2024  
     Fair Value      Valuation Technique    Unobservable Input    Range   Weighted
Average		  
    (in millions)                                 
Corporate debt securities (private placements)   $ 572      Discounted cash flow    Yield/spread to U.S. Treasuries(1)      0.8%     –   1.7%     1.2 % 
Asset backed securities   $ 881      Discounted cash flow    Annual default rate(2)      2.2%     –   4.4%     3.6 % 
        Loss severity      25.0%     25.0 % 
        Constant prepayment rate(2)      0.0%     –   1.0%     0.4 % 
        Yield/spread to U.S. Treasuries(3)      190 bps     –   360 bps     205  bps 
Fixed deferred indexed annuity ceded embedded derivatives   $ 55      Discounted cash flow    Surrender rate(4)      0.0%     –   89.1%     10.6 % 
Fixed deferred indexed annuity embedded derivatives   $ 53      Discounted cash flow    Surrender rate(4)      0.0%     –   89.1%     10.6 % 
        Nonperformance risk(5)      65 bps     65  bps 
IUL embedded derivatives   $ 1,002      Discounted cash flow    Nonperformance risk(5)      65 bps     65  bps 
Structured variable annuity embedded derivatives   $ 2,461      Discounted cash flow    Surrender rate(4)      0.5%     –   75.0%     1.7 % 
        Nonperformance risk(5)      65 bps     65  bps 

 

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

 

(1) 

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

(2) 

The weighted average for both the annual default rate and the constant prepayment rate for asset backed securities are weighted based on the balances of each security.

(3) 

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

(4)

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

(5)

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

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company or fair values estimated based on a transaction near the balance sheet date.

Uncertainty of Fair Value Measurements

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

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

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

 

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Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

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

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in the affiliated asset backed securities is classified as Level 3.

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

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Receivables

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

 

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Other Assets

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2024 and 2023. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

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

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

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

Other Liabilities

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2024 and 2023. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Fair Value on a Nonrecurring Basis

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $27 million and $41 million as of December 31, 2024 and 2023, respectively, and is classified as Level 3 in the fair value hierarchy.

 

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Assets and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:

 

       December 31, 2024  
       Carrying
Value		      Fair Value  
(in millions)    Level 1      Level 2      Level 3      Total  

Financial Assets

                 

Mortgage loans, net

      $ 1,797      $  —      $ —      $ 1,675      $ 1,675  

Policy loans

        982        —        982        —        982  

Other investments

        55        —        36        19        55  

Receivables

        5,834        —        —        4,795        4,795  

Financial Liabilities

                 

Policyholder account balances, future policy benefits and claims

      $ 20,097      $ —      $ —      $ 16,826      $ 16,826  

Short-term borrowings

        201        —        201        —        201  

Long-term debt

        500        —        312        —        312  

Other liabilities

        5        —        —        4        4  

Separate account liabilities — investment contracts

        364        —        364        —        364  

 

       December 31, 2023  
       Carrying
Value		      Fair Value  
(in millions)    Level 1      Level 2      Level 3      Total  

Financial Assets

                 

Mortgage loans, net

      $ 1,725      $  —      $ —      $ 1,599      $ 1,599  

Policy loans

        912        —        912        —        912  

Other investments

        76        —        54        22        76  

Receivables

        6,514        —        —        5,566        5,566  

Financial Liabilities

                 

Policyholder account balances, future policy benefits and claims

      $ 16,641      $ —      $ —      $ 14,243      $ 14,243  

Short-term borrowings

        201        —        201        —        201  

Long-term debt

        500        —        339        —        339  

Other liabilities

        5        —        —        5        5  

Separate account liabilities — investment contracts

        332        —        332        —        332  

Other investments include syndicated loans and the Company’s membership in the FHLB. Receivables include deposit receivables. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 13 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships. Separate account liabilities are related to certain annuity products that are classified as investment contracts.

15. RELATED PARTY TRANSACTIONS

Revenues

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

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

Expenses

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

 

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Income Taxes

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

Investments

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

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

Lines of Credit

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

Long-Term Debt

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

Dividends, Return of Capital, or Distributions

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Dividends paid to Ameriprise Financial

    $ 600        $ 600        $ 600  

Dividend received from RiverSource Life of NY

      50          50          63  

Return of capital received from RTA

      40          75          80  

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

16. REGULATORY REQUIREMENTS

The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

 

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State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce (“MN DOC”), RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $736 million and $582 million as of December 31, 2024 and 2023, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the MN DOC, and are subject to potential disapproval. Statutory capital and surplus was $2.7 billion and $3.1 billion as of December 31, 2024 and 2023, respectively.

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Statutory net gain from operations

    $ 1,097        $ 1,331        $ 1,615  

Statutory net income (loss)

      (91 )         845          1,769  

Government debt securities of $4 million as of both December 31, 2024 and 2023 were on deposit with various states as required by law.

17. OFFSETTING ASSETS AND LIABILITIES

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

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

 

    December 31, 2024  
    Gross
Amounts of
Recognized
Assets		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Assets
Presented in
the Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  
(in millions)   Financial
Instruments(1)		     Cash
Collateral		     Securities
Collateral		  

Derivatives:

              

OTC

   $ 9,111     $  —     $ 9,111     $ (5,555 )    $ (1,550 )    $ (1,970 )    $ 36  

OTC cleared

     10       —       10       (10 )      —       —       —  

Exchange-traded

     102       —       102       (17 )      —       —       85  

Total

   $ 9,223     $ —     $ 9,223     $ (5,582 )    $ (1,550 )    $ (1,970 )    $ 121  

 

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

Derivatives:

              

OTC

   $ 5,170     $  —     $ 5,170     $ (3,694 )    $ (1,101 )    $ (357 )    $ 18  

OTC cleared

     9       —       9       (9 )      —       —       —  

Exchange-traded

     38       —       38       (18 )      —       —       20  

Total

   $ 5,217     $ —     $ 5,217     $ (3,721 )    $ (1,101 )    $ (357 )    $ 38  

 

(1) 

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

 

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

 

    December 31, 2024  
    Gross
Amounts of
Recognized
Liabilities		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Liabilities
Presented in
the Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  
(in millions)  

Financial

Instruments(1)

    

Cash

Collateral

    

Securities

Collateral

  

Derivatives:

              

OTC

   $ 5,622     $  —     $ 5,622     $ (5,555 )    $  —     $ (67 )    $  —  

OTC cleared

     18       —       18       (10 )      —       —       8  

Exchange-traded

     22       —       22       (17 )      —       —       5  

Total

   $ 5,662     $ —     $ 5,662     $ (5,582 )    $ —     $ (67 )    $ 13  

 

    December 31, 2023  
    Gross
Amounts of
Recognized
Liabilities		     Gross Amounts
Offset in the
Consolidated
Balance Sheets		     Amounts of Liabilities
Presented in
the Consolidated
Balance Sheets		     Gross Amounts Not Offset
in the Consolidated Balance Sheets		     Net
Amount		  
(in millions)  

Financial

Instruments(1)

    

Cash

Collateral

    

Securities

Collateral

  

Derivatives:

              

OTC

   $ 3,812     $  —     $ 3,812     $ (3,694 )    $ (34 )    $ (78 )    $ 6  

OTC cleared

     35       —       35       (9 )      —       —       26  

Exchange-traded

     18       —       18       (18 )      —       —       —  

Total

   $ 3,865     $ —     $ 3,865     $ (3,721 )    $ (34 )    $ (78 )    $ 32  

 

(1) 

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

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the Company’s derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.

18. DERIVATIVES AND HEDGING ACTIVITIES

Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations.

Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.

 

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Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

 

       December 31, 2024      December 31, 2023  
       Notional      Gross Fair Value      Notional      Gross Fair Value  
(in millions)    Assets(1)      Liabilities(2)      Assets(1)      Liabilities(2)  

Derivatives not designated as hedging instruments

                                                        

Interest rate contracts

      $ 39,082      $ 179      $ 324      $ 42,516      $ 185      $ 305  

Equity contracts

        108,205        8,943        5,331        81,905        5,010        3,450  

Credit contracts

        2,914        59        —        3,375        1        106  

Foreign exchange contracts

        2,938        42        7        2,952        21        4  

Total non-designated hedges

        153,139        9,223        5,662        130,748        5,217        3,865  

Embedded derivatives

                    

IUL

        N/A        —        1,002        N/A        —        873  

Fixed deferred indexed annuities and deposit receivables

        N/A        55        53        N/A        51        52  

Structured variable annuities (3)

        N/A        —        2,461        N/A        —        1,011  

Total embedded derivatives

        N/A        55        3,516        N/A        51        1,936  

Total derivatives

      $ 153,139      $ 9,278      $ 9,178      $ 130,748      $ 5,268      $ 5,801  

N/A Not applicable.

(1) 

The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.

(2) 

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

(3)

The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position.

See Note 14 for additional information regarding the Company’s fair value measurement of derivative instruments.

As of both December 31, 2024 and 2023, investment securities with a fair value of $1.5 billion were pledged to meet contractual obligations under derivative contracts, of which $84 million and $145 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2024 and 2023, investment securities with a fair value of $2.2 billion and $376 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.0 billion and $314 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2024 and 2023, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2024 and 2023, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

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

 

(in millions)      Benefits,
Claims, Losses
and Settlement
Expenses		      Interest
Credited to
Fixed Accounts		      Change in Fair
Value of
Market Risk
Benefits		  

Year Ended December 31, 2024

           

Interest rate contracts

      $ (10 )     $ —      $ (1,128 ) 

Equity contracts

        1,419        71        (1,021 ) 

Credit contracts

        —        —        124  

Foreign exchange contracts

        —        —        64  

IUL embedded derivatives

        —        (106 )       —  

Fixed deferred indexed annuity and deposit receivables embedded derivatives

        —        16        —  

Structured variable annuity embedded derivatives

        (1,670 )       —        —  

Total gain (loss)

      $ (261 )     $ (19 )     $ (1,961 ) 

 

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(in millions)      Benefits,
Claims, Losses
and Settlement
Expenses		      Interest
Credited to
Fixed Accounts		      Change in Fair
Value of
Market Risk
Benefits		  

Year Ended December 31, 2023

           

Interest rate contracts

      $ (5 )     $ —      $ (422 ) 

Equity contracts

        770        79        (1,239 ) 

Credit contracts

        —        —        7  

Foreign exchange contracts

        —        —        5  

IUL embedded derivatives

        —        (75 )       —  

Fixed deferred indexed annuity and deposit receivables embedded derivatives

        —        (3 )       —  

Structured variable annuity embedded derivatives

        (1,166 )       —        —  

Total gain (loss)

      $ (401 )     $ 1      $ (1,649 ) 

Year Ended December 31, 2022

           

Interest rate contracts

      $ (26 )     $ —      $ (2,874 ) 

Equity contracts

        (164 )       (126 )       899  

Credit contracts

        —        —        279  

Foreign exchange contracts

        —        —        105  

IUL embedded derivatives

        —        217        —  

Fixed deferred indexed annuity and deposit receivables embedded derivatives

        —        4        —  

Structured variable annuity embedded derivatives

        633        —        —  

Total gain (loss)

      $ 443      $ 95      $ (1,591 ) 

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2024:

 

(in millions)     

Premiums

Payable

     

Premiums

Receivable

  

2025

      $ 119      $ 20  

2026

        246        88  

2027

        19        —  

2028

        29        —  

2029

        135        —  

2030-2031

        234        —  

Total

      $ 782      $ 108  

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

Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

 

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Credit Risk

Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 17 for additional information on the Company’s credit exposure related to derivative assets.

Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of December 31, 2024 and 2023, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $67 million and $62 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2024 and 2023 was $67 million and $55 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2024 and 2023 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil and $7 million as of December 31, 2024 and 2023, respectively.

19. SHAREHOLDER’S EQUITY

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

 

       Year Ended December 31, 2024  
(in millions)      Pretax      Income Tax
Benefit
(Expense)		      Net of Tax  

Net unrealized gains (losses) on securities:

           

Net unrealized gains (losses) on securities arising during the period(1)

      $ (383 )     $ 82      $ (301 ) 

Reclassification of net (gains) losses on securities included in net income(2)

        11        (2 )       9  

Impact of benefit reserves and reinsurance recoverables

        20        (4 )       16  

Net unrealized gains (losses) on securities

        (352 )       76        (276 ) 

Effect of changes in discount rate assumptions on certain long-duration contracts

        194        (41 )       153  

Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)

        (79 )       17        (62 ) 

Total other comprehensive income (loss)

      $ (237 )     $ 52      $ (185 ) 

 

       Year Ended December 31, 2023  
(in millions)      Pretax      Income Tax
Benefit
(Expense)		      Net of Tax  

Net unrealized gains (losses) on securities:

           

Net unrealized gains (losses) on securities arising during the period(1)

      $ 652      $ (144 )     $ 508  

Reclassification of net (gains) losses on securities included in net income(2)

        27        (7 )       20  

Impact of benefit reserves and reinsurance recoverables

        (24 )       5        (19 ) 

Net unrealized gains (losses) on securities

        655        (146 )       509  

Effect of changes in discount rate assumptions on certain long-duration contracts

        (69 )       15        (54 ) 

Effect of changes in instrument-specific credit risk on MRBs

        (83 )       18        (65 ) 

Total other comprehensive income (loss)

      $ 503      $ (113 )     $ 390  

 

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       Year Ended December 31, 2022  
(in millions)      Pretax      Income Tax
Benefit
(Expense)		      Net of Tax  

Net unrealized gains (losses) on securities:

           

Net unrealized gains (losses) on securities arising during the period(1)

      $ (2,784 )     $ 595      $ (2,189 ) 

Reclassification of net (gains) losses on securities included in net income(2)

        88        (19 )       69  

Impact of benefit reserves and reinsurance recoverables

        103        (18 )       85  

Net unrealized gains (losses) on securities

        (2,593 )       558        (2,035 ) 

Effect of changes in discount rate assumptions on certain long-duration contracts

        1,095        (234 )       861  

Effect of changes in instrument-specific credit risk on MRBs

        517        (110 )       407  

Total other comprehensive income (loss)

      $ (981 )     $ 214      $ (767 ) 

 

(1) 

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

(2) 

Reclassification amounts are recorded in Net realized investment gains (losses).

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

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

 

(in millions)      Net Unrealized
Gains (Losses)
on Securities		      Effect of
Changes in
Discount Rate
Assumptions		      Effect of
Changes in
Instrument-
Specific Credit
Risk on MRBs		      Other      Total  

Balance at January 1, 2022

      $ 1,044      $ (933 )     $ (427 )     $ (1 )     $ (317 ) 

OCI before reclassifications

        (2,104 )       861        407        —        (836 ) 

Amounts reclassified from AOCI

        69        —        —        —        69  

Total OCI

        (2,035 )       861        407        —        (767 ) 

Balance at December 31, 2022

        (991 )       (72 )       (20 )       (1 )       (1,084 ) 

OCI before reclassifications

        489        (54 )       (65 )       —        370  

Amounts reclassified from AOCI

        20        —        —        —        20  

Total OCI

        509        (54 )       (65 )       —        390  

Balance at December 31, 2023

        (482 )       (126 )       (85 )       (1 )       (694 ) 

OCI before reclassifications

        (285 )       153        (62 )       —        (194 ) 

Amounts reclassified from AOCI

        9        —        —        —        9  

Total OCI

        (276 )       153        (62 )       —        (185 ) 

Balance at December 31, 2024

      $ (758 )     $ 27      $ (147 )     $ (1 )     $ (879 ) 

20. INCOME TAXES

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

 

     Years Ended December 31,  
(in millions)    2024        2023        2022  

Current income tax

             

Federal

    $ (297 )       $ (112 )       $ 57  

State

      (4 )         2          (2 ) 

Total current income tax

      (301 )         (110 )         55  

Deferred income tax

             

Federal

      402          98          150  

State

      2          2          4  

Total deferred income tax

      404          100          154  

Total income tax provision (benefit)

    $ 103        $ (10 )       $ 209  

 

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The principal reasons that the aggregate income tax provision (benefit) is different from that computed by using the U.S. statutory rate of 21% were as follows:

 

     Years Ended December 31,  
      2024        2023        2022  

Tax at U.S. statutory rate

      21.0 %         21.0 %         21.0 % 

Changes in taxes resulting from:

             

Dividends received deduction

      (3.4 )         (8.2 )         (2.3 ) 

Low income housing tax credits

      (2.7 )         (8.0 )         (2.9 ) 

Foreign tax credit, net of addback

      (2.2 )         (7.0 )         (1.7 ) 

Audit adjustments

      (1.0 )         (3.4 )         —  

Unrecognized tax benefits

      —          1.6          —  

Other, net

      (0.5 )         1.5          (0.3 ) 

Income tax provision (benefit)

      11.2 %         (2.5 )%         13.8 % 

The increase in the Company’s effective tax rate for the year ended December 31, 2024 compared to 2023 is primarily due to higher pretax income in the current year and the related impact on tax preferred items, a decrease in foreign tax credits, net of addback, and a decrease in low income housing tax credits, partially offset by a decrease in unrecognized tax benefits and a decrease in state income taxes, net of federal benefit, which is included in Other, net.

The decrease in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily due to lower pretax income.

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2024 and 2023. The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:

 

     December 31,  
(in millions)    2024        2023  

Deferred income tax assets

        

Insurance and annuity benefits including corresponding hedges

    $ 801        $ 1,244  

Investments including net unrealized on Available-for-Sale securities

      177          118  

Net operating loss

      35          28  

Other

      4          2  

Gross deferred income tax assets

      1,017          1,392  

Less: valuation allowance

      32          30  

Total deferred income tax assets

      985          1,362  

Deferred income tax liabilities

        

Deferred acquisition costs

      355          380  

Other

      57          56  

Gross deferred income tax liabilities

      412          436  

Net deferred income tax assets

    $ 573        $ 926  

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $35 million, net of federal benefit, which will expire beginning December 31, 2025. Based on analysis of the Company’s tax position as of December 31, 2024, management believes it is more likely than not that the Company will not realize certain state net operating losses of $30 million and state deferred tax assets of $2 million, both net of federal benefit; therefore, a valuation allowance of $32 million has been established.

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

 

(in millions)    2024        2023        2022  

Balance at January 1

    $ 27        $ 37        $ 37  

Reductions for tax positions related to the current year

      (3 )         (3 )         (1 ) 

Additions for tax positions of prior years

      —          65          1  

Reductions for tax positions of prior years

      —          (71 )         —  

Reductions due to lapse of statutes of limitations

      (2 )         (1 )         —  

Balance at December 31

    $ 22        $ 27        $ 37  

 

 F-56

Table of Contents

RiverSource Life Insurance Company

 

 

If recognized, approximately $17 million, $19 million and $20 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $1 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $2 million, $8 million and nil in interest and penalties for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the Company had a payable of $13 million and $11 million, respectively, related to accrued interest and penalties.

The Company files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. The Internal Revenue Service (“IRS”) is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial or its subsidiaries, including the Company, are currently under examination by various jurisdictions for years ranging from 2017 through 2023.

21. COMMITMENTS AND CONTINGENCIES

Commitments

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

 

(in millions)      2024      2023  

Commercial mortgage loans

      $ 58      $ 15  

Contingencies

The Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.

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

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

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

 

F-57 

Table of Contents

RiverSource Life Insurance Company

 

 

Guaranty Fund Assessments

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

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2024 and 2023, the estimated liability was $11 million and $34 million, respectively. As of December 31, 2024 and 2023, the related premium tax asset was $9 million and $29 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

 

 F-58

Table of Contents

SAI9010_12_D01_(05/25)

Table of Contents
PART C – OTHER INFORMATION
Item 27. Exhibits 
(a)
(i)
 
(ii)
(b)
 
Not applicable.
(c)
 
(d)
(i)
 
(ii)
 
(iii)
 
(iv)
 
(v)
 
(vi)
 
(vii)
 
(viii)
 
(ix)
 
(x)
 
(xi)
 
(xii)
 
(xiii)
 
(xiv)
 
(xv)
 
(xvi)
 
(xvii)
 
(xviii)
 
(xix)
 
(xx)
 
(xxi)
 
(xxii)
 
(xxiii)
 
(xxiv)
 
(xxv)
 
(xxvi)
 
(xxvii)
 
(xxviii)
 
(xxix)
 
(xxx)
 
(xxxi)
 
(xxxii)
 
(xxxiii)
 
(xxxiv)
 
(xxxv)
(e)
 
(f)
(i)
 
(ii)
 
(iii)
(g)
 
Not applicable.
(h)
(i)
 
(ii)
 
(iii)
 
(iv)
 
(v)
 
(vi)
 
(vii)
 
(viii)
 
(ix)
 
(x)
 
(xi)
 
(xii)
 
(xiii)
 
(xiv)
 
(xv)
 
(xvi)
 
(xvii)
 
(xviii)
 
(xix)
 
(xx)
 
(xxi)
 
(xxii)
 
(xxiii)
 
(xxiv)
(i)
 
Not Applicable.
Item 28. Directors and Officers of the Depositor The following are the Officers and Directors who are engaged directly or indirectly in activities relating to the Registrant or the variable annuity contracts offered by the Registrant and the executive officers of the Company: 
Name
Principal Business Address*
Position and Offices
With Depositor
Gumer C. Alvero
 
Chairman of the Board and President
Michael J. Pelzel
 
Senior Vice President – Corporate Tax
Kevin L. Kehn
 
Director, Senior Vice President and Chief Actuary
Shweta Jhanji
 
Senior Vice President and Treasurer
Gene R. Tannuzzo
 
Director
Sherman, Kara D.
 
Director
Stephen R. Wolfrath
 
Director, Vice President – Insurance and Annuities
Product Development and Management
Brian E. Hartert
 
Director, Chief Financial Officer
Paula J. Minella
 
Secretary
Gregg L. Ewing
 
Vice President and Controller
*
The business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474.
Item 29. Persons Controlled by or Under Common Control with the Depositor or the Registrant
The following is the list of subsidiaries of Ameriprise Financial, Inc:
SUBSIDIARIES AND AFFILIATES OF AMERIPRISE FINANCIAL, INC. 
Parent Company /Subsidiary Name
Jurisdiction
Ameriprise Financial, Inc.*
Delaware
Ameriprise Advisor Capital, LLC
Delaware
Ameriprise Advisor Financing 2, LLC
Delaware
Ameriprise Asset Management Holdings Singapore (Pte.) Ltd.
Singapore
Threadneedle Portfolio Services Hong Kong Limited
Hong Kong
Columbia Threadneedle Investments Japan Co., Ltd.
Japan
Columbia Threadneedle Malaysia Sdn Bhd.
Malaysia
Threadneedle Investments Singapore (Pte.) Ltd.
Singapore
Ameriprise Bank, FSB
Federal
Ameriprise Capital Trust I
Delaware
Ameriprise Capital Trust II
Delaware
Ameriprise Capital Trust III
Delaware
Ameriprise Capital Trust IV
Delaware
Ameriprise Captive Insurance Company
Vermont
Parent Company /Subsidiary Name
Jurisdiction
Ameriprise Certificate Company
Delaware
Investors Syndicate Development Corporation
Nevada
Ameriprise Holdings, Inc.
Delaware
Ameriprise Installment Financing, LLC
Delaware
Ameriprise India LLP1
India
Ameriprise India Partner, LLC
Delaware
Ameriprise Trust Company
Minnesota
AMPF Holding, LLC
Michigan
American Enterprise Investment Services Inc.2
Minnesota
Ameriprise Financial Services, LLC2
Delaware
AMPF Property Corporation
Michigan
Investment Professionals, Inc.2
Texas
Columbia Management Investment Advisers, LLC
Minnesota
Advisory Capital Strategies Group Inc.
Minnesota
Columbia Wanger Asset Management, LLC
Delaware
Emerging Global Advisors, LLC
Delaware
GA Legacy, LLC
Delaware
J. & W. Seligman & Co. Incorporated
Delaware
Columbia Management Investment Distributors, Inc.2
Delaware
Seligman Partners, LLC3
Delaware
Lionstone BBP GP, LLC
Delaware
Lionstone BBP Limited Partner, LLC
Delaware
Lionstone CREAD Partners Two, LLC
Delaware
Lionstone CREAD GP, LLC
Delaware
Lionstone LORE Two, LLC
Delaware
Lionstone Partners, LLC
Texas
Cash Flow Asset Management GP, LLC
Texas
Cash Flow Asset Management, L.P.4
Texas
Lionstone Advisory Services, LLC
Texas
Lionstone CFRE II Real Estate Advisory, LLC
Delaware
Lionstone Development Services, LLC
Texas
LPL 1111 Broadway GP, LLC
Texas
LPL 1111 Broadway, L.P.5
Texas
Lionstone Raleigh Development Partners GP, LLC
Delaware
Lionstone RDP Channel House Investors, L.P.
Delaware
Lionstone RDP PCS Phase I Investors, L.P.
Delaware
Lionstone RDP Platform Investors, L.P.
Delaware
Lionstone RDP Tower V Investors GP, LLC
Delaware
Parent Company /Subsidiary Name
Jurisdiction
Lionstone RDP St. Albans Investors GP, LLC
Delaware
Lionstone RDP Co-Investment Fund I GP, LLC
Delaware
Lionstone VA Five, LLC
Delaware
RiverSource CDO Seed Investments, LLC
Minnesota
Columbia Management Investment Services Corp.
Minnesota
Columbia Threadneedle Investments UK International Limited
England &
Wales
Columbia Threadneedle (Europe) Limited
England &
Wales
Columbia Threadneedle AM (Holdings) Limited
Scotland
Astraeus III GP LLP
 
Astraeus III FP LP
 
Columbia Threadneedle Capital (Group) Limited
Cayman
Islands
Columbia Threadneedle Capital (Holdings) Limited
Cayman
Islands
Columbia Threadneedle Capital (UK) Limited
England &
Wales
Columbia Threadneedle Multi-Manager LLP
England &
Wales
Thames River Capital LLP
England &
Wales
Columbia Threadneedle Group (Holdings) Limited
England &
Wales
Columbia Threadneedle Group (Management) Limited
England &
Wales
Columbia Threadneedle Holdings Limited
England &
Wales
Columbia Threadneedle Management Limited
England &
Wales
FCEM Holdings (UK) Limited
England &
Wales
Columbia Threadneedle Netherlands B.V.
Netherlands
F&C Alternative Investments (Holdings) Limited
England &
Wales
Columbia Threadneedle Treasury Limited
England &
Wales
WAM Holdings Ltd
England &
Wales
Columbia Threadneedle Fund Management Limited
England &
Wales
Columbia Threadneedle Managers Limited
England &
Wales
Columbia Threadneedle (Services) Limited
Scotland
Columbia Threadneedle Management (Swiss) GmbH‡
Switzerland
Parent Company /Subsidiary Name
Jurisdiction
Columbia Threadneedle Investment Business Limited
Scotland
Columbia Threadneedle PE Co-Investment GP LLP
Scotland
FCIT PE FP LP6
Scotland
Columbia Threadneedle PE Co-Investment FP LP6
Scotland
Columbia Threadneedle Real Estate Partners LLP7
England &
Wales
CT UK Residential Real Estate FCP-RAIF (Associate)
England &
Wales
REIT Asset Management Limited
England &
Wales
Columbia Threadneedle Real Estate Partners S.à.r.l.
Luxembourg
CT Real Estate Partners GmbH & Co. KG, München
Germany
CT Real Estate Partners Verwaltungsgesellschaft mbH, München (General Partner)
Germany
Columbia Threadneedle Real Estate Partners Asset Management Limited
England &
Wales
Columbia Threadneedle REP Property Management Limited
England &
Wales
Castle Mount Impact Partners GP LLP
 
Castle Mount Impact Partners FP LP
 
F&C Aurora (GP) Limited
Scotland
LPE II (Founding Partner) LP
Scotland
The Aurora Fund (Founder Partner) LP6
Scotland
F&C Climate Opportunity Partners (GP) Limited
Scotland
F&C Climate Opportunity Partners (GP) LP
Scotland
F&C Climate Opportunity Partners (Founder Partner) LP6
Scotland
F&C Equity Partners Holdings Limited
England &
Wales
F&C European Capital Partners (Founder Partner) LP6
Scotland
F&C European Capital Partners II (GP) Limited
Scotland
F&C European Capital Partners II (Founder Partner) LP6
Scotland
F&C European Capital Partners II (GP) LP
Scotland
F&C Group ESOP Trustee Limited
Scotland
F&C Investment Manager Limited
England &
Wales
FP Asset Management Holdings Limited
England &
Wales
Columbia Threadneedle Asset Managers Limited
England &
Wales
Ivory & Sime Limited
Scotland
Columbia Threadneedle (EM) Investments Limited
England &
Wales
Parent Company /Subsidiary Name
Jurisdiction
Pyrford International Limited
England &
Wales
RiverSource Distributors, Inc.2
Delaware
RiverSource Life Insurance Company
Minnesota
Columbia Cent CLO Advisers, LLC
Delaware
RiverSource Life Insurance Co. of New York
New York
RiverSource NY REO, LLC
New York
RiverSource REO 1, LLC
Minnesota
RiverSource Tax Advantaged Investments, Inc.
Delaware
AEXP Affordable Housing Portfolio, LLC8
Delaware
TAM UK International Holdings Limited
England &
Wales
Columbia Threadneedle Investments (ME) Limited
Dubai
CTM Holdings Limited
Malta
TAM Investment Limited
England &
Wales
Threadneedle Asset Management Oversight Limited
England &
Wales
Ameriprise International Holdings GmbH
Switzerland
Threadneedle EMEA Holdings 1, LLC
Minnesota,
USA
Threadneedle Holdings Limited
England &
Wales
TAM UK Holdings Limited
England &
Wales
Threadneedle Asset Management Holdings Limited**
England &
Wales
Columbia Threadneedle Foundation
England &
Wales
TC Financing Limited
England &
Wales
Threadneedle Asset Management Limited
England &
Wales
Threadneedle Investment Services Limited
England &
Wales
Threadneedle Asset Management (Nominees) Limited
England &
Wales
Sackville TIPP Property (GP) Limited
England &
Wales
Threadneedle Asset Management Finance Limited
England &
Wales
TMS Investment Limited
Jersey
Threadneedle International Limited
England &
Wales
Parent Company /Subsidiary Name
Jurisdiction
Threadneedle Investments (Channel Islands) Limited
Jersey
Threadneedle Investments Limited
England &
Wales
Threadneedle Management Services Limited
England &
Wales
Threadneedle Pension Trustees Limited
England &
Wales
Threadneedle Navigator ISA Manager Limited
England &
Wales
Threadneedle Pensions Limited
England &
Wales
Threadneedle Portfolio Services AG
Switzerland
Threadneedle Portfolio Services Limited
England &
Wales
Threadneedle Property Investments Limited
England &
Wales
Sackville (CTESIF) 2&3 GP Sàrl
Luxembourg
Sackville LCW (GP) Limited
England &
Wales
Sackville LCW Sub LP 1 (GP) Limited
England &
Wales
Sackville LCW Nominee 1 Limited
England &
Wales
Sackville LCW Nominee 2 Limited
England &
Wales
Sackville LCW Sub LP 2 (GP) Limited
England &
Wales
Sackville LCW Nominee 3 Limited
England &
Wales
Sackville LCW Nominee 4 Limited
England &
Wales
Sackville Property Atlantic (Jersey GP) Limited
Jersey
Sackville Property Curtis (Jersey GP) Limited
Jersey
Sackville Property Farnborough (Jersey GP) Limited
Jersey
Sackville Property Hayes (Jersey GP) Limited
Jersey
Sackville UKPEC6 Hayes Nominee 1 Limited
Jersey
Sackville UKPEC6 Hayes Nominee 2 Limited
Jersey
Sackville TSP Property (GP) Limited
England &
Wales
Sackville UK Property Select II (GP) Limited
England &
Wales
Sackville UK Property Select II (GP) No. 3 Limited
England &
Wales
Sackville UK Property Select II Nominee (3) Limited
England &
Wales
Parent Company /Subsidiary Name
Jurisdiction
Sackville UK Property Select III (GP) No. 1 Limited
England &
Wales
Sackville UK Property Select III Nominee (1) Limited
England &
Wales
Sackville UK Property Select III Nominee (2) Limited
England &
Wales
Sackville UK Property Select III (GP) No. 2 Limited
England &
Wales
Sackville UK Property Select III Nominee (3) Ltd
England &
Wales
Sackville UK Property Select III Nominee (4) Ltd
England &
Wales
Sackville UK Property Select III (GP) No. 3 Limited
England &
Wales
Sackville UK Property Select III Nominee (5) Ltd
England &
Wales
Sackville UK Property Select III Nominee (6) Ltd
England &
Wales
Sackville UK Property Select III (GP) S.à r.l.
Luxembourg
Sackville UK Property Select IV (GP) S.à.r.l.
Luxembourg
Sackville UK Property Select IV (GP) No. 1 Limited
England
Sackville UK Property Select IV Nominee (1) Limited
England
Sackville UK Property Select IV Nominee (2) Limited
England
Sackville UK Property Select IV Nominee (7) Limited
England
Sackville UK Property Select IV Nominee (8) Limited
England
Sackville UK Property Select IV (GP) No. 2 Limited
England
Sackville UK Property Select IV Nominee (3) Limited
England
Sackville UK Property Select IV Nominee (4) Limited
England
Sackville UK Property Select IV (GP) No. 3 Limited
England
Sackville UK Property Select IV Nominee (5) Limited
England
Sackville UK Property Select IV Nominee (6) Limited
England
Sackville UKPEC1 Leeds (GP) Limited
England &
Wales
Threadneedle Property Execution 1 Limited
England &
Wales
Threadneedle Property Execution 2 Limited
England &
Wales
Threadneedle UK Property Select IV Feeder SA SICAV-RAIF
Luxembourg
Threadneedle Management Luxembourg S.A.
Luxembourg
Unless otherwise indicated all ownership interests are 100%
*
Publicly-traded company (NYSE: AMP)
**
The company has non-voting shares held by third parties
†
Regulated by Luxembourg Authority
‡
FINMA Authorized Representative office of BMO Asset Management Ltd.
1
Owned by: Ameriprise Financial, Inc. 100% profit sharing ratio with capital contribution of 124,078,760 INR (Indian currency=rupees) & 10 INR owned each by Columbia Management Investment Advisers, LLC & Ameriprise India Partner, LLC
2
Registered broker-dealer
3
Managed by members of onshore hedge fund feeders
4
Owned by: Lionstone Partners, LLC (99%) & Cash Flow Asset Management GP, LLC (1%)
5
Owned by: Lionstone Partners, LLC (99.9%) & LPL 1111 Broadway GP, LLC (0.1%)
6
Columbia Threadneedle AM (Holdings) plc owns a percentage of the entity
7
Columbia ThreadneedleTreasury Limited holds 1 unit
8
One-third of this entity is owned by American Express Travel Related Services
Item 30. Indemnification
The amended and restated By-Laws of the depositor provide that the depositor will indemnify, to the fullest extent now or hereafter provided for or permitted by law, each person involved in, or made or threatened to be made a party to, any action, suit, claim or proceeding, whether civil or criminal, including any investigative, administrative, legislative, or other proceeding, and including any action by or in the right of the depositor or any other corporation, or any partnership, joint venture, trust, employee benefit plan, or other enterprise (any such entity, other than the depositor, being hereinafter referred to as an “Enterprise”), and including appeals therein (any such action or process being hereinafter referred to as a “Proceeding”), by reason of the fact that such person, such person’s testator or intestate (i) is or was a director or officer of the depositor, or (ii) is or was serving, at the request of the depositor, as a director, officer, or in any other capacity, or any other Enterprise, against any and all judgments, amounts paid in settlement, and expenses, including attorney’s fees, actually and reasonably incurred as a result of or in connection with any Proceeding, except as provided below.
No indemnification will be made to or on behalf of any such person if a judgment or other final adjudication adverse to such person establishes that such person’s acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that such person personally gained in fact a financial profit or other advantage to which such person was not legally entitled. In addition, no indemnification will be made with respect to any Proceeding initiated by any such person against the depositor, or a director or officer of the depositor, other than to enforce the terms of this indemnification provision, unless such Proceeding was authorized by the Board of Directors of the depositor. Further, no indemnification will be made with respect to any settlement or compromise of any Proceeding unless and until the depositor has consented to such settlement or compromise.
The depositor may, from time to time, with the approval of the Board of Directors, and to the extent authorized, grant rights to indemnification, and to the advancement of expenses, to any employee or agent of the depositor or to any person serving at the request of the depositor as a director or officer, or in any other capacity, of any other Enterprise, to the fullest extent of the provisions with respect to the indemnification and advancement of expenses of directors and officers of the depositor.
Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Act”) may be permitted to directors, officers and controlling persons of the depositor or the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriter
(a) RiverSource Distributors Inc. acts as principal underwriter for:
RiverSource Variable Annuity Account 1
RiverSource Variable Annuity Account
RiverSource Account F
RiverSource Variable Annuity Fund A
RiverSource Variable Annuity Fund B
RiverSource Variable Account 10
RiverSource Account SBS
RiverSource MVA Account
RiverSource Account MGA
RiverSource Account for Smith Barney
RiverSource Variable Life Separate Account
RiverSource Variable Life Account
RiverSource of New York Variable Annuity Account 1
RiverSource of New York Variable Annuity Account 2
RiverSource of New York Account 4
RiverSource of New York Account 7
RiverSource of New York Account 8
(b) As to each director, officer or partner of the principal underwriter: 
Name and Principal
Business Address*
 
Positions and Offices
with Underwriter
Kara D. Sherman
 
Director
Janz, Sara S.
 
Director
Gumer C. Alvero
 
Chairman of the Board and Chief Executive Officer
Shweta Jhanji
 
Senior Vice President and Treasurer
Paula J. Minella
 
Secretary
Jason S. Bartylla
 
Chief Financial Officer
*
The business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474.
(c) RiverSource Distributors Inc., the principal underwriter during Registrant’s last fiscal year, was paid the following commissions: 
NAME OF PRINCIPAL
UNDERWRITER
NET
UNDERWRITING
DISCOUNTS AND
COMMISSIONS
COMPENSATION ON
REDEMPTION
BROKERAGE
COMMISSIONS
COMPENSATION
RiverSource Distributors, Inc.
$439,655,537
None
None
None
Item 32. Location of Accounts and Records
Not applicable
Item 33. Management Services
Not applicable.
Item 34. Fee Representation
The RiverSource Life Insurance Company (the Company) hereby represents that the fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by the Company.
The Company hereby represents that it is relying on the November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it will comply with the provisions of paragraphs (1)-(4) of that letter.
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of 1940, RiverSource Life Insurance Company, on behalf of the Registrant, certifies that it meets all of the requirements of Securities Act Rule 485(b) for effectiveness of this Amendment to its Registration Statement and has caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Minneapolis, and State of Minnesota, on April 25, 2025. 
 
RiverSource Variable Account 10
 
(Registrant)
 
By:
/s/ Gumer C. Alvero
 
 
Gumer C. Alvero
Chairman of the Board and President
As required by the Securities Act of 1933, this Amended Registration Statement has been signed by the Depositor on April 25, 2025. 
 
RiverSource Life Insurance Company
 
(Depositor)
 
By:
/s/ Gumer C. Alvero
 
 
Gumer C. Alvero
Chairman of the Board and President
As required by the Securities Act of 1933, Amendment to this Registration Statement has been signed by the following persons in the capacities indicated on April 25, 2025. 
Signature
Title
/s/ Gumer C. Alvero
Chairman of the Board and President
(Chief Executive Officer)
Gumer C. Alvero
/s/ Michael J. Pelzel
Senior Vice President – Corporate Tax
Michael J. Pelzel
/s/ Stephen P. Blaske
Director, Senior Vice President and Chief Actuary
Stephen P. Blaske
/s/ Shweta Jhanji
Senior Vice President and Treasurer
Shweta Jhanji
/s/ Brian E. Hartert
Chief Financial Officer
(Chief Financial Officer)
Brian E. Hartert
/s/ Gene R. Tannuzzo
Director
Gene R. Tannuzzo
/s/ Gregg L. Ewing
Vice President and Controller
(Principal Accounting Officer)
Gregg L. Ewing
/s/ Stephen R. Wolfrath
Director, Vice President-Insurance and Annuities Product
Development and Management
Stephen R. Wolfrath
/s/ John R. Hutt
Director
John R. Hutt
Signed pursuant to Power of Attorney to sign Amendment to this Registration Statement, dated Sept.25, 2024, filed electronically as Exhibit (p) to RiverSource Variable Account 10’s Post-Effective Amendment 22 to Registration Statement on Form N-4, File No.333-230376, is incorporated herein by reference., is filed electronically herewith, by
 
/s/ Nicole D. Wood
 
 
Nicole D. Wood
Assistant General Counsel and Assistant Secretary
 
 
CONTENTS OF Post-Effective Amendment No. 22
This Registration Statement is comprised of the following papers and documents:
The Cover Page.
PART A.
The prospectus for:
RiverSource RAVA 5 Advantage Variable Annuity
(Offered for contract applications signed on or after April 29, 2019)
PART B.
The combined Statement of Additional Information and Financial Statements for RiverSource Variable Account 10 dated May 1, 2025 is filed electronically herewith.
Part C.
Other Information.
The signatures.
Exhibits.
Exhibit Index 
(k)
Opinion of counsel and consent to its use as to the legality of the securities being registered.
(l)
Consent of Independent Registered Public Accounting Firm
(p)
Power of Attorney