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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2018
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from_______________________to_______________________

Commission File No. 033-28976
RIVERSOURCE LIFE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
Minnesota
 
41-0823832
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
1099 Ameriprise Financial Center, Minneapolis, Minnesota
 
55474
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code:  (612) 671-3131
 Former name, former address and former fiscal year, if changed since last report:   Not Applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes x    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer o
Accelerated Filer o
Non-Accelerated Filer x

Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes o No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at November 5, 2018
Common Stock (par value $30 per share)
 
100,000 Shares
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1) (a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.
 
 
 
 
 



RIVERSOURCE LIFE INSURANCE COMPANY

FORM 10-Q
INDEX
Part I. Financial Information
 
Item 1. Financial Statements (Unaudited)
 
Consolidated Balance Sheets — September 30, 2018 and December 31, 2017
Consolidated Statements of Income — Three months and nine months ended September 30, 2018 and 2017
Consolidated Statements of Comprehensive Income — Three months and nine months ended September 30, 2018 and 2017
Consolidated Statements of Shareholder’s Equity — Nine months ended September 30, 2018 and 2017
Consolidated Statements of Cash Flows — Nine months ended September 30, 2018 and 2017
Notes to Consolidated Financial Statements
1. Basis of Presentation
2. Recent Accounting Pronouncements
3. Revenue from Contracts with Customers
4. Variable Interest Entities
5. Investments
6. Financing Receivables
7. Deferred Acquisition Costs and Deferred Sales Inducement Costs
8. Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities
9. Variable Annuity and Insurance Guarantees
10. Short-term Borrowings
11. Fair Values of Assets and Liabilities
12. Regulatory Requirements
13. Offsetting Assets and Liabilities
14. Derivatives and Hedging Activities
15. Shareholder’s Equity
16. Income Taxes
17. Contingencies
Item 2.  Management’s Narrative Analysis
Item 4.  Controls and Procedures
 
 
Part II.  Other Information
Item 1.  Legal Proceedings
Item 1A.  Risk Factors
Item 6.  Exhibits
Signatures


2



RIVERSOURCE LIFE INSURANCE COMPANY

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
September 30,
2018
 
December 31,
2017
(in millions, except share amounts)
Assets
 
 
 
Investments:
 
 
 
Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2018, $20,928; 2017, $20,764)
$
21,472

 
$
22,155

Mortgage loans, at amortized cost (less allowance for loan losses: 2018 and 2017, $16)
2,540

 
2,619

Policy loans
854

 
845

Other investments
848

 
900

Total investments
25,714

 
26,519

Cash and cash equivalents
675

 
1,062

Reinsurance recoverables
3,068

 
2,876

Other receivables
202

 
207

Accrued investment income
214

 
219

Deferred acquisition costs
2,793

 
2,639

Other assets
4,252

 
4,358

Separate account assets
81,688

 
82,560

Total assets
$
118,606

 
$
120,440

 
 
 
 
Liabilities and Shareholder’s Equity
 
 
 
Liabilities:
 
 
 
Policyholder account balances, future policy benefits and claims
$
28,476

 
$
29,178

Short-term borrowings
201

 
200

Other liabilities
4,702

 
4,674

Separate account liabilities
81,688

 
82,560

Total liabilities
115,067

 
116,612

 
 
 
 
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

Retained earnings
1,005

 
903

Accumulated other comprehensive income, net of tax
65

 
456

Total shareholder’s equity
3,539

 
3,828

Total liabilities and shareholder’s equity
$
118,606

 
$
120,440

See Notes to Consolidated Financial Statements.

3



RIVERSOURCE LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
2018
 
2017 (1)
2018
 
2017 (1)
(in millions)
Revenues
 
 
 
 
 
 
 
Premiums
$
101

 
$
99

 
$
296

 
$
304

Net investment income
243

 
261

 
757

 
797

Policy and contract charges
576

 
448

 
1,579

 
1,427

Other revenues
104

 
99

 
313

 
296

Net realized investment gains (losses)
4

 

 
14

 
31

Total revenues
1,028

 
907

 
2,959

 
2,855

Benefits and expenses
 
 
 
 
 
 
 
Benefits, claims, losses and settlement expenses
480

 
236

 
1,134

 
920

Interest credited to fixed accounts
178

 
176

 
499

 
509

Amortization of deferred acquisition costs
11

 
32

 
133

 
142

Other insurance and operating expenses
168

 
176

 
512

 
527

Total benefits and expenses
837

 
620

 
2,278

 
2,098

Pretax income (loss)
191

 
287

 
681

 
757

Income tax provision (benefit)
(8
)
 
34

 
29

 
71

Net income
$
199

 
$
253

 
$
652

 
$
686

 
 
 
 
 
 
 
 
Supplemental Disclosures:
 
 
 
 
 
 
 
Total other-than-temporary impairment losses on securities
$

 
$

 
$

 
$

Portion of loss recognized in other comprehensive income (before taxes)

 

 

 

Net impairment losses recognized in net realized investment gains (losses)
$

 
$

 
$

 
$

(1) Certain prior period amounts have been restated. See Note 1 for more information.
See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
2018
 
2017
 
2018
 
2017
(in millions)
Net income
$
199

 
$
253

 
$
652

 
$
686

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities
(51
)
 
(7
)
 
(392
)
 
29

Net unrealized gains (losses) on derivatives

 
1

 
1

 
3

Other

 

 

 
(1
)
Total other comprehensive income (loss), net of tax
(51
)
 
(6
)
 
(391
)
 
31

Total comprehensive income
$
148

 
$
247

 
$
261

 
$
717

See Notes to Consolidated Financial Statements.

4



RIVERSOURCE LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY (UNAUDITED)
 
Common Shares
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other
Comprehensive Income (Loss)
 
Total
(in millions)
Balances at January 1, 2017
$
3

 
$
2,466

 
$
862

 
$
457

 
$
3,788

Comprehensive income:
 
 
 
 
 
 
 
 
 
Net income

 

 
686

 

 
686

Other comprehensive income (loss), net of tax

 

 

 
31

 
31

Total comprehensive income
 
717

Cash dividends to Ameriprise Financial, Inc.

 

 
(700
)
 

 
(700
)
Balances at September 30, 2017
$
3

 
$
2,466

 
$
848

 
$
488

 
$
3,805

 
 
 
 
 
 
 
 
 
 
Balances at January 1, 2018
$
3

 
$
2,466

 
$
903

 
$
456

 
$
3,828

Comprehensive income:
 
 
 
 
 
 
 
 
 
Net income

 

 
652

 

 
652

Other comprehensive income (loss), net of tax

 

 

 
(391
)
 
(391
)
Total comprehensive income
 
261

Cash dividends to Ameriprise Financial, Inc.

 

 
(550
)
 

 
(550
)
Balances at September 30, 2018
$
3

 
$
2,466

 
$
1,005

 
$
65

 
$
3,539


See Notes to Consolidated Financial Statements.

5



RIVERSOURCE LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 
 
Nine Months Ended
September 30,
 
2018
 
2017
 
(in millions)
 
Cash Flows from Operating Activities
 
 
 
 
Net income
$
652

 
$
686

 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 

 
 

 
Depreciation, amortization and accretion, net
31

 
36

 
Deferred income tax (benefit) expense
(25
)
 
(71
)
 
Contractholder and policyholder charges, non-cash
(274
)
 
(268
)
 
Loss from equity method investments
50

 
44

 
Net realized investment (gains) losses
(14
)
 
(31
)
 
Changes in operating assets and liabilities:
 

 
 

 
Deferred acquisition costs
(59
)
 
(31
)
 
Policyholder account balances, future policy benefits and claims, net
(251
)
 
(118
)
 
Derivatives, net of collateral
327

 
500

 
Reinsurance recoverables
(168
)
 
(235
)
 
Other receivables
8

 
50

 
Accrued investment income
5

 
16

 
Other, net
31

 
(55
)
 
Net cash provided by (used in) operating activities
313

 
523

 
 
 
 
 
 
Cash Flows from Investing Activities
 
 
 
 
Available-for-Sale securities:
 
 
 
 
Proceeds from sales
40

 
209

 
Maturities, sinking fund payments and calls
2,102

 
1,843

 
Purchases
(2,327
)
 
(1,315
)
 
Proceeds from sales, maturities and repayments of mortgage loans
222

 
341

 
Funding of mortgage loans
(143
)
 
(352
)
 
Proceeds from sales and collections of other investments
112

 
126

 
Purchase of other investments
(168
)
 
(154
)
 
Purchase of land, buildings, equipment and software
(6
)
 
(7
)
 
Change in policy loans, net
(9
)
 
(11
)
 
Advance on line of credit to Ameriprise Financial, Inc.
(65
)
 

 
Repayment from Ameriprise Financial, Inc. on line of credit
65

 

 
Other, net
15

 
31

 
Net cash provided by (used in) investing activities
(162
)
 
711

 
See Notes to Consolidated Financial Statements.
 

6



RIVERSOURCE LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)

 
Nine Months Ended
September 30,
2018
 
2017
(in millions)
Cash Flows from Financing Activities
 
 
 
Policyholder account balances:
 
 
 
Deposits and other additions
$
1,511

 
$
1,538

Net transfers from (to) separate accounts
(89
)
 
(120
)
Surrenders and other benefits
(1,406
)
 
(1,413
)
Proceeds from line of credit with Ameriprise Financial, Inc.
10

 
5

Payments on line of credit with Ameriprise Financial, Inc.
(10
)
 
(5
)
Cash received for purchased options with deferred premiums
161

 
43

Cash paid for purchased options with deferred premiums
(165
)
 
(171
)
Cash dividends to Ameriprise Financial, Inc.
(550
)
 
(700
)
Net cash provided by (used in) financing activities
(538
)
 
(823
)
Net increase (decrease) in cash and cash equivalents
(387
)
 
411

Cash and cash equivalents at beginning of period
1,062

 
323

Cash and cash equivalents at end of period
$
675

 
$
734

 
 
 
 
Supplemental Disclosures:
 
 
 
Income taxes paid (received), net
$
93

 
$
243

Interest paid on borrowings
3

 
1

Non-cash investing activity:
 

 
 

Partnership commitments not yet remitted
1

 
9

See Notes to Consolidated Financial Statements.

7



RIVERSOURCE LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of Presentation
RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company subsidiary, RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”). RiverSource Life Insurance Company is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”).
RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products.
RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products.
RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc. (“RTA”). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments.
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 (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.
The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for fair statement of the consolidated financial position and results of operations for the interim periods have been made. Except for the out-of-period correction described below and the prior period adjustments for the retrospective adoption of the new revenue recognition accounting standard, all adjustments made were of a normal recurring nature.
In the first quarter of 2017, the Company recorded a $20 million decrease to income tax provision related to an out-of-period correction for a reversal of a tax reserve.
The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on February 22, 2018 (“2017 10-K”).
The Company evaluated events or transactions that may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions were identified.
On January 1, 2018, the Company retrospectively adopted the new accounting standard for revenue recognition. See Note 2 and Note 3 for further information on the new accounting standard and the Company’s revenue from contracts with customers. The impact to the consolidated statements of income for the three months and nine months ended September 30, 2017 was an increase of $4 million and $12 million, respectively, to policy and contract charges, and a decrease of $4 million and $12 million, respectively, to other revenues.
2. Recent Accounting Pronouncements
Adoption of New Accounting Standards
Revenue from Contracts with Customers
In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting standards for revenue from contracts with customers. The update provides a five step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other standards). The standard also updates the accounting for certain costs associated with obtaining and fulfilling a customer contract and requires disclosure of quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. The standard is effective for interim and annual periods beginning after December 15, 2017. The standard may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The Company adopted the revenue recognition guidance on a retrospective basis on January 1, 2018. The update does not apply to revenue associated with the manufacturing of insurance and annuity products or financial instruments as these revenues are in the scope of other standards. Therefore, the update did not have an impact on these revenues. The Company’s implementation efforts included the identification of revenue within the guidance and the review of the customer contracts to determine the Company’s performance obligation and the associated timing of each performance obligation. The adoption of the standard resulted in the reclassification of certain revenues within total revenues. See Note 3 for new disclosures on revenue from contracts with customers.
Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities
In January 2016, the FASB updated the accounting standards on the recognition and measurement of financial instruments. The update requires entities to carry marketable equity securities, excluding investments in securities that qualify for the equity method of

8



RIVERSOURCE LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

accounting, at fair value with changes in fair value reflected in net income each reporting period. The update affects other aspects of accounting for equity instruments, as well as the accounting for financial liabilities utilizing the fair value option. The update eliminates the requirement to disclose the methods and assumptions used to estimate the fair value of financial assets or liabilities held at cost on the balance sheet and requires entities to use the exit price notion when measuring the fair value of these financial instruments. The standard is effective for interim and annual periods beginning after December 15, 2017. The Company adopted the standard on January 1, 2018 using a modified retrospective approach. The adoption of the standard did not have a material impact on the Company’s consolidated financial condition or results of operations.
Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory
In October 2016, the FASB updated the accounting standards related to the recognition of income tax impacts on intra-entity transfers. The update requires entities to recognize the income tax consequences of intra-entity transfers, other than inventory, upon the transfer of the asset. The update requires the selling entity to recognize a current tax expense or benefit and the purchasing entity to recognize a deferred tax asset or liability when the transfer occurs. The standard is effective for interim and annual periods beginning after December 15, 2017. The Company adopted the standard on January 1, 2018. The adoption of the standard did not have an impact on the Company’s consolidated financial condition or results of operations.
Future Adoption of New Accounting Standards
Financial Services – Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB updated the accounting standard related to long-duration insurance contracts. The guidance revises key elements of the measurement models and disclosure requirements for long-duration insurance contracts issued by insurers and reinsurers.
The guidance establishes a significant new category of benefit features called market risk benefits that protect the contract holder from other-than-nominal capital market risk and expose the insurer to that risk. Insurers will have to measure market risk benefits at fair value. Market risk benefits include variable annuity guaranteed benefits (i.e. guaranteed minimum death, withdrawal, withdrawal for life, accumulation and income benefits). The portion of the change in fair value attributable to a change in the instrument-specific credit risk of market risk benefits in a liability position will be recorded in other comprehensive income (“OCI”).
Significant changes also relate to the measurement of the liability for future policy benefits for nonparticipating traditional long-duration insurance contracts and immediate annuities with a life contingent feature include the following:
Insurers will be required to review and update the cash flow assumptions used to measure the liability for future policy benefits rather than using assumptions locked in at contract inception. The review of assumptions to measure the liability for all future policy benefits will be required annually at the same time each year, or more frequently if suggested by experience. The effect of updating assumptions will be measured on a retrospective catch-up basis and presented separate from the ongoing policyholder benefit expense in the statement of operations in the period the update is made. This new unlocking process will be required for the Company’s term and whole life insurance, disability income, long term care insurance and immediate annuities with a life contingent feature.
The discount rate used to measure the liability for future policy benefits will be standardized. The current requirement to use a discount rate reflecting expected investment yields will change to an upper-medium grade (low credit risk) fixed income corporate instrument yield (generally interpreted as an “A” rating) reflecting the duration characteristics of the liability. Entities will be required to update the discount rate at each reporting date with the effect of discount rate changes reflected in OCI.
The current premium deficiency test is being replaced with a net premium ratio cap of 100%. If the net premium ratio (i.e. the ratio of the present value of total expected benefits and related expenses to the present value of total expected premiums) exceeds 100%, insurers are required to recognize a loss in the statement of operations in the period. Contracts from different issue years will no longer be permitted to be grouped to determine contracts in a loss position.
In addition, the update requires deferred acquisition costs (“DAC”) and deferred sales inducement costs (“DSIC”) relating to all long-duration contracts and most investment contracts to be amortized on a straight-line basis over the expected life of the contract independent of profit emergence. Under the new guidance, interest will not accrue to the deferred balance and DAC and DSIC will not be subject to an impairment test.
The update requires significant additional disclosures, including disaggregated rollforwards of the liability for future policy benefits, policyholder account balances, market risk benefits, DAC and DSIC, as well as qualitative and quantitative information about expected cash flows, estimates and assumptions. The update is effective for interim and annual periods beginning after December 15, 2020. The standard should be applied to the liability for future policy benefits and DAC and DSIC on a modified retrospective basis and applied to market risk benefits on a retrospective basis with the option to apply full retrospective transition if certain criteria are met. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial condition, results of operations and disclosures.

9



RIVERSOURCE LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the FASB updated the accounting standards related to disclosures for fair value measurements. The update eliminates the following disclosures: 1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, 2) the policy of timing of transfers between levels of the fair value hierarchy, and 3) the valuation processes for Level 3 fair value measurements. The new disclosures include changes in unrealized gains and losses for the period included in OCI for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated. The new disclosures are required on a prospective basis; all other provisions should be applied retrospectively. The update is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for the entire standard or only the provisions that eliminate or modify disclosure requirements. The Company is currently evaluating the impact of the standard on its disclosures. The update does not have an impact on the Company’s consolidated financial condition or results of operations.
Intangibles – Goodwill and Other – Internal-Use Software – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
In August 2018, the FASB updated the accounting standards related to customer’s accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. The update requires implementation costs for a CCA to be evaluated for capitalization using the same approach as implementation costs associated with internal-use software. The update also addresses presentation, measurement and impairment of capitalized implementation costs in a CCA that is a service contract. The update requires new disclosures on the nature of hosting arrangements that are service contracts, significant judgements made when applying the guidance and quantitative disclosures, including amounts capitalized, amortized and impaired. The update is effective for interim and annual periods beginning after December 15, 2019, and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial condition, results of operations and disclosures.
Income Statement – Reporting Comprehensive Income – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
In February 2018, the FASB updated the accounting standards related to the presentation of tax effects stranded in OCI. The update allows a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for tax effects stranded in AOCI resulting from the legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). The update is optional and entities may elect not to reclassify the stranded tax effects. The update is effective for fiscal years beginning after December 15, 2018. Entities may elect to record the impacts either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. Early adoption is permitted in any period. The Company does not plan to reclassify the stranded tax effects in OCI. As such, the update will not have an impact on the Company’s consolidated financial condition and results of operations.
Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities
In August 2017, the FASB updated the accounting standards to amend the hedge accounting recognition and presentation requirements. The objectives of the update are to better align the financial reporting of hedging relationships to the economic results of an entity’s risk management activities and simplify the application of the hedge accounting guidance. The update also adds new disclosures and amends existing disclosure requirements. The standard is effective for interim and annual periods beginning after December 15, 2018, and should be applied on a modified retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial condition and results of operations.
Receivables - Nonrefundable Fees and Other Costs - Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB updated the accounting standards to shorten the amortization period for certain purchased callable debt securities held at a premium. Under current guidance, premiums are generally amortized over the contractual life of the security. The amendments require the premium to be amortized to the earliest call date. The update applies to securities with explicit, non-contingent call features that are callable at fixed prices and on preset dates. The standard is effective for interim and annual periods beginning after December 15, 2018, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. The update is not expected to have a material impact on the Company’s consolidated financial condition or results of operations.
Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB updated the accounting standards related to accounting for credit losses on certain types of financial instruments. The update replaces the current incurred loss model for estimating credit losses with a new model that requires an entity to estimate the credit losses expected over the life of the asset. Generally, the initial estimate of the expected credit losses and subsequent changes in the estimate will be reported in current period earnings and recorded through an allowance for credit losses on the balance sheet. The current credit loss model for Available-for-Sale debt securities does not change; however, the credit loss calculation and subsequent recoveries are required to be recorded through an allowance. The standard is effective for interim and annual periods beginning after December 15, 2019. Early adoption will be permitted for interim and annual periods beginning after

10



RIVERSOURCE LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 15, 2018. A modified retrospective cumulative adjustment to retained earnings should be recorded as of the first reporting period in which the guidance is effective for loans, receivables, and other financial instruments subject to the new expected credit loss model. Prospective adoption is required for establishing an allowance related to Available-for-Sale debt securities, certain beneficial interests, and financial assets purchased with a more-than-insignificant amount of credit deterioration since origination. The Company is currently evaluating the impact of the standard on its consolidated financial condition and results of operations.
Leases
In February 2016, the FASB updated the accounting standards for leases. The update was issued to increase transparency and comparability for the accounting of lease transactions. The standard will require most lease transactions for lessees to be recorded on the balance sheet as lease assets and lease liabilities and both quantitative and qualitative disclosures about leasing arrangements. The standard is effective for interim and annual periods beginning after December 15, 2018 with early adoption permitted. Entities may elect to adopt the standard using a modified retrospective approach at either the beginning of the earliest period presented or as of the date of adoption. The Company plans to adopt the standard using a modified retrospective approach as of the date of adoption and is currently evaluating the impact of the standard on its consolidated financial condition and results of operations.
3. Revenue from Contracts with Customers
On January 1, 2018, the Company adopted the new accounting standard for revenue from contracts with customers on a retrospective basis.
The following table presents disaggregated revenue from contracts with customers and a reconciliation to total revenues reported on the Consolidated Statements of Income. Revenues related to manufacturing of insurance and annuity products or financial instruments are not in the scope of this standard and are included in the table below under the heading Revenue from other sources. See Note 2 for additional information on the adoption of the new accounting standard.
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
2018
 
2017
 
2018
 
2017
(in millions)
Policy and contract charges
 
 
 
 
 
 
 
   Affiliated
$
43

 
$
43

 
$
129

 
$
124

   Unaffiliated
4

 
4

 
12

 
12

Total
47

 
47

 
141

 
136

 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
   Administrative fees
 
 
 
 
 
 
 
      Affiliated
11

 
10

 
33

 
31

      Unaffiliated
5

 
6

 
17

 
17

 
16

 
16

 
50

 
48

   Other fees
 
 
 
 
 
 
 
      Affiliated
85

 
82

 
256

 
242

      Unaffiliated
1

 
1

 
3

 
3

 
86

 
83

 
259

 
245

Total
102

 
99

 
309

 
293

Total revenue from contracts with customers
149

 
146

 
450

 
429

Revenue from other sources (1)
879

 
761

 
2,509

 
2,426

Total revenues
$
1,028

 
$
907

 
$
2,959

 
$
2,855

(1) Revenues not included in the scope of the revenue from contracts with customers standard.
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 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

11



RIVERSOURCE LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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. The transfer agent and administration revenue is earned daily based on a fixed rate applied, as a percentage, to assets under management. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.
Other fees
The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, Ameriprise Financial Services, Inc., 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 life products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.
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 $54 million as of both September 30, 2018 and December 31, 2017.
4. Variable Interest Entities
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 variable interest entities (“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 $364 million and $408 million as of September 30, 2018 and December 31, 2017, respectively. The Company had a $57 million and a $97 million liability recorded as of September 30, 2018 and December 31, 2017, respectively, related to original purchase commitments not yet remitted to the VIEs. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the above mentioned funding commitments.
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, commercial mortgage backed securities and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities. The Company’s maximum exposure to loss as a result of its investment in these structured investments is limited to its carrying value. The Company has no obligation to provide financial or other support to the structured investments beyond its investment nor has the Company provided any support to the structured investments. See Note 5 for additional information on these structured investments.

12



RIVERSOURCE LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5. Investments
Available-for-Sale securities distributed by type were as follows:
Description of Securities
 
September 30, 2018
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value