N-VPFS

Annual Financial Information

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND

THE CONTRACT OWNERS OF RIVERSOURCE ACCOUNT SBS

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Account SBS, as indicated in Note 1, as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Account SBS as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Account SBS based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of the RiverSource Account SBS 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, 2025, by correspondence with the investee mutual funds and 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, 2026

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

RiverSource® Symphony Annuity ■ 3

Statement of Assets and Liabilities

December 31, 2025	CB Var Appr, Cl I	CB Var Gro, Cl I	CB Var Lg Cap Val, Cl I	Col VP Bal, Cl 3	Col VP Disciplined Core, Cl 3
Assets
Investments, at fair value	$5,672,771	$1,172,142	$1,016,182	$111,942	$43,886
Dividends receivable	—	—	—	—	—
Receivable for share redemptions	7,770	1,607	1,396	152	59
Total assets	5,680,541	1,173,749	1,017,578	112,094	43,945

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee	6,426	1,329	1,152	127	49
Administrative charge	1,285	266	230	25	10
Contract terminations	59	12	14	—	—
Total liabilities	7,770	1,607	1,396	152	59
Net assets applicable to contracts in accumulation period	5,672,771	1,172,142	1,016,182	111,942	43,886
Total net assets	$5,672,771	$1,172,142	$1,016,182	$111,942	$43,886
Investment shares	91,041	83,427	52,981	2,035	346
Investments, at cost	$3,475,935	$1,571,298	$1,083,209	$31,501	$7,441

December 31, 2025 (continued)	Col VP Govt Money Mkt, Cl 3	Col VP Inter Bond, Cl 3
Assets
Investments, at fair value	$281,327	$11,252
Dividends receivable	25	—
Receivable for share redemptions	383	15
Total assets	281,735	11,267

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee	319	12
Administrative charge	64	3
Contract terminations	—	—
Total liabilities	383	15
Net assets applicable to contracts in accumulation period	281,352	11,252
Total net assets	$281,352	$11,252
Investment shares	281,326	1,305
Investments, at cost	$281,327	$13,487

See accompanying notes to financial statements.

4 ■ RiverSource® Symphony Annuity

Statement of Operations

Year ended December 31, 2025	CB Var Appr, Cl I	CB Var Gro, Cl I	CB Var Lg Cap Val, Cl I	Col VP Bal, Cl 3	Col VP Disciplined Core, Cl 3
Investment income
Dividend income	$28,852	$—	$11,280	$—	$—
Variable account expenses	85,245	17,680	15,428	2,062	605
Investment income (loss) — net	(56,393)	(17,680)	(4,148)	(2,062)	(605)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales	961,759	132,692	203,988	44,042	622
Cost of investments sold	487,009	168,671	208,771	12,363	115
Net realized gain (loss) on sales of investments	474,750	(35,979)	(4,783)	31,679	507
Distributions from capital gains	824,054	179,730	100,527	—	—
Net change in unrealized appreciation (depreciation) of investments	(555,683)	5,240	(3,071)	(12,631)	5,073
Net gain (loss) on investments	743,121	148,991	92,673	19,048	5,580
Net increase (decrease) in net assets resulting from operations	$686,728	$131,311	$88,525	$16,986	$4,975

Year ended December 31, 2025 (continued)	Col VP Govt Money Mkt, Cl 3	Col VP Inter Bond, Cl 3
Investment income
Dividend income	$12,188	$1,421
Variable account expenses	4,836	392
Investment income (loss) — net	7,352	1,029

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales	86,242	44,114
Cost of investments sold	86,242	54,168
Net realized gain (loss) on sales of investments	—	(10,054)
Distributions from capital gains	—	—
Net change in unrealized appreciation (depreciation) of investments	—	11,088
Net gain (loss) on investments	—	1,034
Net increase (decrease) in net assets resulting from operations	$7,352	$2,063

See accompanying notes to financial statements.

RiverSource® Symphony Annuity ■ 5

Statement of Changes in Net Assets

Year ended December 31, 2025	CB Var Appr, Cl I	CB Var Gro, Cl I	CB Var Lg Cap Val, Cl I	Col VP Bal, Cl 3	Col VP Disciplined Core, Cl 3
Operations
Investment income (loss) — net	$(56,393)	$(17,680)	$(4,148)	$(2,062)	$(605)
Net realized gain (loss) on sales of investments	474,750	(35,979)	(4,783)	31,679	507
Distributions from capital gains	824,054	179,730	100,527	—	—
Net change in unrealized appreciation (depreciation) of investments	(555,683)	5,240	(3,071)	(12,631)	5,073
Net increase (decrease) in net assets resulting from operations	686,728	131,311	88,525	16,986	4,975

Contract transactions
Net transfers(1)	198	—	—	103	—
Contract charges	(1,381)	(271)	(284)	(71)	(17)
Contract terminations:
Surrender benefits	(185,203)	(114,741)	(51,201)	(41,909)	—
Death benefits	(690,129)	—	(137,075)	—	—
Increase (decrease) from transactions	(876,515)	(115,012)	(188,560)	(41,877)	(17)
Increase (decrease) in net assets	(189,787)	16,299	(100,035)	(24,891)	4,958
Net assets at beginning of year	5,862,558	1,155,843	1,116,217	136,833	38,928
Net assets at end of year	$5,672,771	$1,172,142	$1,016,182	$111,942	$43,886

Accumulation unit activity
Units outstanding at beginning of year	432,859	403,250	571,133	23,099	5,336
Units purchased	14	—	—	—	—
Units redeemed	(61,512)	(36,923)	(92,164)	(6,271)	(2)
Units outstanding at end of year	371,361	366,327	478,969	16,828	5,334

See accompanying notes to financial statements.

6 ■ RiverSource® Symphony Annuity

Statement of Changes in Net Assets

Year ended December 31, 2024	CB Var Appr, Cl I	CB Var Gro, Cl I	CB Var Lg Cap Val, Cl I	Col VP Bal, Cl 3	Col VP Disciplined Core, Cl 3
Operations
Investment income (loss) — net	$(43,316)	$(15,794)	$(3,139)	$(1,987)	$(546)
Net realized gain (loss) on sales of investments	362,290	(24,574)	5,979	1,368	444
Distributions from capital gains	581,401	307,202	163,544	—	—
Net change in unrealized appreciation (depreciation) of investments	161,669	(148,211)	(95,599)	16,065	7,641
Net increase (decrease) in net assets resulting from operations	1,062,044	118,623	70,785	15,446	7,539

Contract transactions
Net transfers(1)	201	—	—	—	—
Contract charges	(1,615)	(315)	(448)	(68)	(16)
Contract terminations:
Surrender benefits	(291,665)	(52,236)	(52,644)	—	—
Death benefits	(314,875)	(59,667)	(27,871)	—	—
Increase (decrease) from transactions	(607,954)	(112,218)	(80,963)	(68)	(16)
Increase (decrease) in net assets	454,090	6,405	(10,178)	15,378	7,523
Net assets at beginning of year	5,408,468	1,149,438	1,126,395	121,455	31,405
Net assets at end of year	$5,862,558	$1,155,843	$1,116,217	$136,833	$38,928

Accumulation unit activity
Units outstanding at beginning of year	482,475	445,564	613,583	23,111	5,339
Units purchased	17	—	—	—	—
Units redeemed	(49,633)	(42,314)	(42,450)	(12)	(3)
Units outstanding at end of year	432,859	403,250	571,133	23,099	5,336

See accompanying notes to financial statements.

8 ■ RiverSource® Symphony Annuity

Notes to Financial Statements

ORGANIZATION

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

The Account is used as a funding vehicle for RiverSource® Symphony Annuity (Symphony) contracts issued by RiverSource Life.

The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2025, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period. These financial statements represent all divisions in the Account.

Division	Fund
CB Var Appr, Cl I	ClearBridge Variable Appreciation Portfolio – Class I(1)
CB Var Gro, Cl I	ClearBridge Variable Growth Portfolio – Class I
CB Var Lg Cap Val, Cl I	ClearBridge Variable Large Cap Value Portfolio – Class I(2)
Col VP Bal, Cl 3	Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Disciplined Core, Cl 3	Columbia Variable Portfolio – Disciplined Core Fund (Class 3)
Col VP Govt Money Mkt, Cl 3	Columbia Variable Portfolio – Government Money Market Fund (Class 3)
Col VP Inter Bond, Cl 3	Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)

(1)	ClearBridge Variable Appreciation Portfolio – Class I is scheduled to reorganize into LVIP ClearBridge Variable Appreciation Portfolio – Standard Class sometime during the second quarter of 2026.
(2)	ClearBridge Variable Large Cap Value Portfolio – Class I is scheduled to reorganize into LVIP ClearBridge Variable Large Cap Value Portfolio – Standard Class sometime during the second quarter of 2026.

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

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

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

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

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

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 Account have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are therefore not categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2025.

10 ■ RiverSource® Symphony Annuity

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

Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures enables investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. 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.

VARIABLE ACCOUNT EXPENSES

For Symphony contracts, RiverSource Life deducts a daily mortality and expense risk fee equal, on an annual basis, to 1.25% of the average daily net assets of each subaccount.

For Symphony contracts, RiverSource Life also deducts a daily charge equal, on an annual basis, to 0.25% of the average daily net assets of each subaccount as an administrative charge. This charge covers certain administrative and operating expenses of the subaccounts incurred by RiverSource Life such as accounting, legal and data processing fees, and expenses involved in the preparation and distribution of reports and prospectuses.

CONTRACT CHARGES

RiverSource Life deducts a contract administrative charge of $30 per year on the contract anniversary. This charge reimburses RiverSource Life for expenses incurred in establishing and maintaining the annuity records. The charge may be waived based upon the underlying contract value.

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.

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

RiverSource® Symphony Annuity ■ 11

Fee Agreement:	Fees Paid To:
Administrative Services Agreement*	Columbia Wanger Asset Management, LLC

Prior to April 1, 2025, Columbia Wanger Asset Management, LLC (CWAM) furnished investment advisory services to funds in the Columbia Acorn Trust (CAT) and the Columbia

Funds Variable Series Trust (CFVST) (formerly known as Wanger Advisors Trust) under an investment advisory agreement (the Advisory Agreement) and provided administrative

services to such funds under a separate administrative services agreement (the Administration Services Agreement). Effective April 1, 2025, CAT and CFVST, on behalf of these

funds, entered into a new management services agreement (the Management Agreement) that combined the management services fee that was previously paid under the

Advisory Agreement with the administrative services fee that was previously paid under the Administration Services Agreement. Pursuant to a Novation of Management

Agreement effective July 7, 2025, Columbia Management Investment Advisors, LLC (CMIA) replaced CWAM, a wholly owned subsidiary of CMIA as a party to the Management

Agreement.

INVESTMENT TRANSACTIONS

The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2025 were as follows:

Division	Purchases
CB Var Appr, Cl I	$852,905
CB Var Gro, Cl I	179,730
CB Var Lg Cap Val, Cl I	111,807
Col VP Bal, Cl 3	103

Division	Purchases
Col VP Disciplined Core, Cl 3	$—
Col VP Govt Money Mkt, Cl 3	12,203
Col VP Inter Bond, Cl 3	1,480

12 ■ RiverSource® Symphony Annuity

FINANCIAL HIGHLIGHTS

The table below shows certain financial information regarding the division(s).

	At December 31			For the year ended December 31
	Units (000s)	Accumulation unit value	Net assets (000s)	Investment income ratio(1)	Expense ratio(2)	Total return(3)
CB Var Appr, Cl I
2025	371	$15.28	$5,673	0.51 %	1.50 %	12.79 %
2024	433	$13.54	$5,863	0.75 %	1.50 %	20.82 %
2023	482	$11.21	$5,408	0.96 %	1.50 %	17.93 %
2022	508	$9.51	$4,829	1.04 %	1.50 %	(13.75 )%
2021	548	$11.02	$6,038	0.61 %	1.50 %	21.82 %
CB Var Gro, Cl I
2025	366	$3.20	$1,172	— %	1.50 %	11.63 %
2024	403	$2.87	$1,156	0.10 %	1.50 %	11.11 %
2023	446	$2.58	$1,149	0.31 %	1.50 %	22.58 %
2022	463	$2.10	$974	0.45 %	1.50 %	(27.51 )%
2021	511	$2.90	$1,483	0.16 %	1.50 %	8.66 %
CB Var Lg Cap Val, Cl I
2025	479	$2.12	$1,016	1.11 %	1.50 %	8.56 %
2024	571	$1.95	$1,116	1.23 %	1.50 %	6.46 %
2023	614	$1.84	$1,126	1.29 %	1.50 %	13.39 %
2022	795	$1.62	$1,288	1.29 %	1.50 %	(7.82 )%
2021	898	$1.76	$1,578	1.02 %	1.50 %	24.33 %
Col VP Bal, Cl 3
2025	17	$6.65	$112	— %	1.50 %	12.22 %
2024	23	$5.93	$137	— %	1.50 %	12.72 %
2023	23	$5.26	$121	— %	1.50 %	19.43 %
2022	23	$4.40	$102	— %	1.50 %	(17.98 )%
2021	27	$5.37	$144	— %	1.50 %	13.03 %
Col VP Disciplined Core, Cl 3
2025	5	$8.23	$44	— %	1.50 %	12.79 %
2024	5	$7.30	$39	— %	1.50 %	24.01 %
2023	5	$5.88	$31	— %	1.50 %	22.39 %
2022	5	$4.81	$26	— %	1.50 %	(20.04 )%
2021	5	$6.01	$32	— %	1.50 %	30.60 %
Col VP Govt Money Mkt, Cl 3
2025	301	$0.93	$281	3.79 %	1.50 %	2.30 %
2024	390	$0.91	$355	4.75 %	1.50 %	3.30 %
2023	601	$0.88	$530	4.50 %	1.50 %	3.04 %
2022	687	$0.86	$588	1.14 %	1.50 %	(0.34 )%
2021	741	$0.86	$637	0.01 %	1.50 %	(1.47 )%
Col VP Inter Bond, Cl 3
2025	5	$2.40	$11	5.50 %	1.50 %	7.42 %
2024	24	$2.23	$53	4.68 %	1.50 %	0.32 %
2023	24	$2.23	$53	2.30 %	1.50 %	4.62 %
2022	27	$2.13	$57	3.14 %	1.50 %	(18.40 )%
2021	29	$2.61	$77	2.96 %	1.50 %	(1.83 )%

(1)	These amounts represent the dividends, excluding distributions of capital gains, received by the division from the underlying fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude variable account expenses that result in direct reductions in the unit values. The recognition of investment income by the division is affected by the timing of the declaration of dividends by the underlying fund in which the division invests. These ratios are annualized for periods less than one year.
(2)	These ratios represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.
(3)	These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the notated effective date through the end of the reporting period.

RiverSource® Symphony Annuity ■ 13

REPORT OF INDEPENDENT AUDITORS

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion

We have audited the accompanying consolidated financial statements of RiverSource Life Insurance Company and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, 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, 2025, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

F-1

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.


/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 19, 2026

F-2

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


December 31,	2025			2024
Assets
Investments:
Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2025, $26,292; 2024, $23,127; allowance for credit losses: 2025, $1; 2024, $1)	$	26,105		$	22,259
Mortgage loans, at amortized cost (allowance for credit losses: 2025, $10; 2024, $10)		1,927			1,797
Policy loans		1,056			982
Other investments (allowance for credit losses: 2025, nil; 2024, nil)		95			115
Total investments		29,183			25,153
Investments of consolidated investment entities, at fair value		2,618			2,387
Cash and cash equivalents		3,616			2,483
Cash of consolidated investment entities, at fair value		150			373
Market risk benefits		2,274			2,182
Reinsurance recoverables (allowance for credit losses: 2025, $19;2024, $20)		4,213			4,046
Receivables		5,621			6,042
Receivables of consolidated investment entities, at fair value		30			31
Accrued investment income		239			216
Deferred acquisition costs		2,611			2,661
Other assets		14,059			10,482
Other assets of consolidated investment entities, at fair value		—			2
Separate account assets		77,645			75,576
Total assets	$	142,259		$	131,634

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	46,492		$	41,863
Market risk benefits		1,182			1,263
Short-term borrowings		200			201
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,585			2,429
Other liabilities		11,727			8,298
Other liabilities of consolidated investment entities, at fair value		159			314
Separate account liabilities		77,645			75,576
Total liabilities		140,490			130,444
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		(298	)		(400	)
Accumulated other comprehensive income (loss), net of tax		(402	)		(879	)
Total shareholder’s equity		1,769			1,190
Total liabilities and shareholder’s equity	$	142,259		$	131,634

See Notes to Consolidated Financial Statements.

F-3

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF INCOME

(in millions)


Years Ended December 31,	2025			2024			2023
Revenues
Premiums	$	392		$	472		$	448
Net investment income		1,685			1,546			1,304
Policy and contract charges		2,147			2,060			2,020
Other revenues		571			578			590
Net realized investment gains (losses)		(63	)		(81	)		(70	)
Total revenues		4,732			4,575			4,292

Benefits and expenses
Benefits, claims, losses and settlement expenses		1,305			1,299			1,348
Interest credited to fixed accounts		475			616			654
Remeasurement (gains) losses of future policy benefit reserves		10			(44	)		(20	)
Change in fair value of market risk benefits		1,004			628			798
Amortization of deferred acquisition costs		234			234			239
Interest and debt expense		185			192			192
Other insurance and operating expenses		732			729			697
Total benefits and expenses		3,945			3,654			3,908
Pretax income (loss)		787			921			384
Income tax provision (benefit)		85			103			(10	)
Net income	$	702		$	818		$	394

See Notes to Consolidated Financial Statements.

F-4

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


Years Ended December 31,	2025			2024			2023

Net income	$	702		$	818		$	394
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities		528			(276	)		509
Effect of changes in discount rate assumptions on certain long-duration contracts		(72	)		153			(54	)
Effect of changes in instrument-specific credit risk on market risk benefits		20			(62	)		(65	)
Other		1			—			—
Total other comprehensive income (loss), net of tax		477			(185	)		390
Total comprehensive income (loss)	$	1,179		$	633		$	784

See Notes to Consolidated Financial Statements.

F-5

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)


	Common Stock		Additional Paid-In Capital		Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Total
Balances at January 1, 2023	$	3	$	2,466	$	(412	)	$	(1,084	)	$	973
Net income		—		—		394			—			394
Other comprehensive loss, 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 income, 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
Net income		—		—		702			—			702
Other comprehensive loss, net of tax		—		—		—			477			477
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)
Balances at December 31, 2025	$	3	$	2,466	$	(298	)	$	(402	)	$	1,769

See Notes to Consolidated Financial Statements.

F-6

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


Years Ended December 31,	2025			2024			2023
Cash Flows from Operating Activities
Net income	$	702		$	818		$	394
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net		(187	)		(195	)		(205	)
Deferred income tax (benefit) expense		174			404			100
Contractholder and policyholder charges, non-cash		(400	)		(407	)		(403	)
Loss from equity method investments		21			28			26
Net realized investment (gains) losses		6			12			46
Impairments and provision for loan losses		—			(1	)		(20	)
Net losses (gains) of consolidated investment entities		12			(13	)		23
Changes in operating assets and liabilities:
Deferred acquisition costs		50			35			63
Policyholder account balances, future policy benefits and claims, and market risk benefits, net		5,013			4,238			3,474
Derivatives, net of collateral		(370	)		(1,669	)		(666	)
Reinsurance recoverables		(43	)		89			100
Receivables		226			291			333
Accrued investment income		(23	)		(40	)		(31	)
Current income tax, net		(19	)		(15	)		(323	)
Other operating assets and liabilities of consolidated investment entities		6			1			(5	)
Other, net		78			92			134
Net cash provided by (used in) operating activities		5,246			3,668			3,040

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		351			1,106			617
Maturities, sinking fund payments and calls		2,317			1,775			963
Purchases		(5,894	)		(6,039	)		(4,187	)
Proceeds from sales, maturities and repayments of mortgage loans		134			123			118
Funding of mortgage loans		(264	)		(196	)		(74	)
Proceeds from sales and collections of other investments		17			34			29
Purchase of other investments		(18	)		(14	)		(15	)
Purchase of investments by consolidated investment entities		(1,431	)		(1,125	)		(427	)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities		988			1,117			643
Purchase of equipment and software		(11	)		(10	)		(10	)
Change in policy loans, net		(74	)		(70	)		(65	)
Cash paid for deposit receivable		(29	)		(33	)		(39	)
Cash received for deposit receivable		427			592			774
Advance on line of credit to Ameriprise Financial, Inc.		(140	)		(450	)		(850	)
Repayment from Ameriprise Financial, Inc. on line of credit		140			450			850
Cash paid for written options with deferred premiums		(50	)		(57	)		(59	)
Cash received from written options with deferred premiums		20			22			43
Other, net		(35	)		(1	)		25
Net cash provided by (used in) investing activities		(3,552	)		(2,776	)		(1,664	)

Cash Flows from Financing Activities
Policyholder account balances:
Deposits and other additions		1,293			1,470			1,476
Net transfers from (to) separate accounts		(163	)		(176	)		(132	)
Surrenders and other benefits		(1,487	)		(1,765	)		(2,102	)
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		(121	)		(148	)		(53	)
Cash received for purchased options with deferred premiums		96			229			251
Borrowings by consolidated investment entities		1,120			1,273			—
Repayments of debt by consolidated investment entities		(922	)		(1,004	)		(275	)
Cash dividends to Ameriprise Financial, Inc.		(600	)		(600	)		(600	)
Net cash provided by (used in) financing activities		(784	)		(721	)		(1,435	)
Net increase (decrease) in cash and cash equivalents		910			171			(59	)
Cash and cash equivalents at beginning of period		2,856			2,685			2,744
Cash and cash equivalents at end of period	$	3,766		$	2,856		$	2,685

Supplemental Disclosures:
Interest paid excluding consolidated investment entities	$	27		$	38		$	28
Interest paid by consolidated investment entities		160			176			177

See Notes to Consolidated Financial Statements.

F-7

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. Certain reclassifications of prior period amounts have been made to conform with the current presentation.

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.

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

The Company’s principal products are variable annuities, structured variable annuities, universal life (“UL”) insurance, including indexed universal life (“IUL”) and variable universal life (“VUL”) insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other benefit riders. Variable annuity contract purchasers can choose to add an optional guaranteed minimum death benefit (“GMDB”) rider to their contract.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

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

F-8

RiverSource Life Insurance Company

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

•

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

•

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

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

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

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

Amounts Based on Estimates and Assumptions

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

Investments

Available-for-Sale Securities

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

Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

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

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

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

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

F-9

RiverSource Life Insurance Company

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 is inherently subjective as it requires estimates, which may be susceptible to significant change. While the Company may

F-10

RiverSource Life Insurance Company

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 over the period the reinsurance policies are in force. Changes in the net cost of reinsurance are reflected as a component of Policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may

F-11

RiverSource Life Insurance Company

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, 2025 and 2024, land, buildings, equipment and software were $109 million and $113 million, net of accumulated depreciation of $273 million and $258 million as of December 31, 2025 and 2024, respectively. Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $15 million, $14 million and $15 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.

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.

F-12

RiverSource Life Insurance Company

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”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum accumulation benefits (“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.

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

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RiverSource Life Insurance Company

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 liability for future policy benefits 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 and LTC insurance policies and life contingent payout annuity policies as claims are incurred in the future. 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.

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

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RiverSource Life Insurance Company

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.

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

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RiverSource Life Insurance Company

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

Income Taxes — Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company elected retrospective application and adopted the standard on January 1, 2025. 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

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 and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to 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.

Financial Instruments — Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations.

Intangibles — Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software

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RiverSource Life Insurance Company

development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated financial condition and results of operations.

Financial Instruments — Credit Losses: Purchased Loans

In November 2025, the FASB issued ASU 2025-08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated financial condition and results of operations.

Derivatives and Hedging — Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025-09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated financial condition and results of operations.

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table presents disaggregated revenue from contracts with customers and a reconciliation to total revenues reported on the Consolidated Statements of Income:


	Years Ended December 31,
(in millions)	2025		2024		2023
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	155	$	158	$	152
Unaffiliated		16		16		14
Total		171		174		166
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		40		41		39
Unaffiliated		20		19		17
		60		60		56
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”))		330		320		307
Unaffiliated		5		5		4
		335		325		311
Total		395		385		367
Total revenue from contracts with customers		566		559		533
Revenue from other sources⁽¹⁾		4,166		4,016		3,759
Total revenues	$	4,732	$	4,575	$	4,292

⁽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.

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RiverSource Life Insurance Company

Other Revenues

Administrative Fees

The Company earns revenue for providing customer support, contract servicing and administrative services for affiliated and unaffiliated mutual funds that are available as underlying instruments in its variable annuity and variable life insurance products. The transfer agent and administration revenue is earned daily based on a fixed rate applied, as a percentage, to assets under management. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of 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 $53 million and $50 million as of December 31, 2025 and 2024, 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 $6 million and $2 million as of December 31, 2025 and 2024, 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 $29 million and $46 million as

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RiverSource Life Insurance Company

of December 31, 2025 and 2024, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both December 31, 2025 and 2024. 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.

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, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	71	$	—	$	71
Syndicated loans		—		2,458		89		2,547
Total investments		—		2,529		89		2,618
Receivables		—		30		—		30
Total assets at fair value	$	—	$	2,559	$	89	$	2,648
Liabilities
Debt⁽¹⁾	$	—	$	2,585	$	—	$	2,585
Other liabilities		—		159		—		159
Total liabilities at fair value	$	—	$	2,744	$	—	$	2,744


	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

⁽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 $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, 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, 2025	$	1		$	118
Total gains (losses) included in:
Net income		—			(3	)⁽¹⁾
Purchases		—			145
Sales		—			(84	)
Settlements		—			(14	)
Transfers into Level 3		—			186
Transfers out of Level 3		(1	)		(259	)
Balance at December 31, 2025	$	—		$	89
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2025	$	—		$	(1	)⁽¹⁾

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RiverSource Life Insurance Company


(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


(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⁾	$	—

⁽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, 2025 and 2024 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.

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.

Fair Value Option

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

F-20

RiverSource Life Insurance Company

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


	December 31,
(in millions)	2025			2024
Syndicated Loans
Unpaid principal balance	$	2,632		$	2,406
Excess unpaid principal over fair value		(85	)		(72	)
Fair value	$	2,547		$	2,334
Fair value of loans more than 90 days past due	$	1		$	1
Fair value of loans in nonaccrual status	$	1		$	1
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both	$	14		$	5
Debt
Unpaid principal balance	$	2,819		$	2,633
Excess unpaid principal over fair value		(234	)		(204	)
Carrying value⁽¹⁾	$	2,585		$	2,429

⁽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 $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

During 2025, the Company launched one new CLO that issued debt of $406 million.

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

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2025, 2024 and 2023.

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)	2025		2024		2025			2024
Debt of consolidated CLOs due 2030-2038	$	2,585	$	2,429		5.1	%		5.9	%

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.3%. 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, 2025
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	15,751	$	394	$	(463	)	$	—		$	15,682
Residential mortgage backed securities		5,542		53		(178	)		—			5,417
Commercial mortgage backed securities		2,142		13		(51	)		—			2,104
State and municipal obligations		657		36		(15	)		(1	)		677
Asset backed securities		2,198		29		(4	)		—			2,223
Foreign government bonds and obligations		1		—		—			—			1
U.S. government and agency obligations		1		—		—			—			1
Total	$	26,292	$	525	$	(711	)	$	(1	)	$	26,105

F-21

RiverSource Life Insurance Company


	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

As of December 31, 2025 and 2024, accrued interest of $233 million and $208 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, 2025 and 2024, fixed maturity securities comprised approximately 89% and 88%, 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, 2025 and 2024, $577 million and $497 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, 2025							December 31, 2024
Ratings (in millions, except percentages)	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
AAA	$	4,703	$	4,670		18	%	$	4,416	$	4,284		19	%
AA		5,932		5,869		22			4,455		4,256		19
A		4,386		4,412		17			2,689		2,650		12
BBB		10,964		10,866		42			11,279		10,786		49
Below investment grade		307		288		1			288		283		1
Total fixed maturities	$	26,292	$	26,105		100	%	$	23,127	$	22,259		100	%

As of December 31, 2025 and 2024, approximately 57% and 55% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

The Company invests in certain asset backed securities issued by affiliates. The asset backed securities are collateralized by portfolios of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2025, the Company had 2 affiliated issuers with holdings totaling $830 million that were individually between 18% and 29% of the Company’s total shareholder’s equity. As of December 31, 2024, the Company had 2 affiliated issuers with holdings totaling $879 million that were individually between 26% and 48% of the Company’s total shareholder’s equity. As of December 31, 2025, the Company had an additional 30 unaffiliated issuers with holdings totaling $7.0 billion that individually were between 10% and 19% of the Company’s total shareholder’s equity. As of December 31, 2024, the Company had an additional 47 unaffiliated issuers with holdings totaling $8.7 billion that individually were between 10% and 27% of the Company’s total shareholder’s equity. There were no other holdings of any other issuer greater than 10% of the Company’s total shareholder’s equity as of both December 31, 2025 and 2024.

F-22

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, 2025
(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		108	$	1,560	$	(48	)		314	$	5,175	$	(415	)		422	$	6,735	$	(463	)
Residential mortgage backed securities		22		415		(1	)		192		1,675		(177	)		214		2,090		(178	)
Commercial mortgage backed securities		8		113		—			129		1,159		(51	)		137		1,272		(51	)
State and municipal obligations		14		90		(2	)		39		127		(13	)		53		217		(15	)
Asset backed securities		1		10		—			13		54		(4	)		14		64		(4	)
Total		153	$	2,188	$	(51	)		687	$	8,190	$	(660	)		840	$	10,378	$	(711	)

	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	)

As part of the Company’s ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2025 is primarily attributable to interest rate movements. As of December 31, 2025, 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 both December 31, 2025 and 2024, approximately 96% 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, 2023	$	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
Reductions for securities sold during the period (realized)		—			—			—
Balance at December 31, 2025	$	—		$	1		$	1

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)	2025			2024			2023
Gross realized investment gains	$	13		$	34		$	11
Gross realized investment losses		(19	)		(46	)		(57	)
Credit reversals (losses)		—			1			20
Other impairments		—			—			(1	)
Total	$	(6	)	$	(11	)	$	(27	)

F-23

RiverSource Life Insurance Company

Credit reversals for the year ended December 31, 2023 were the result of the sale of a corporate debt security in the communications industry. Other impairments for the year ended December 31, 2023 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, 2025 were as follows:


(in millions)	Amortized Cost		Fair Value
Due within one year	$	176	$	176
Due after one year through five years		3,603		3,526
Due after five years through 10 years		5,955		5,995
Due after 10 years		6,676		6,664
		16,410		16,361
Residential mortgage backed securities		5,542		5,417
Commercial mortgage backed securities		2,142		2,104
Asset backed securities		2,198		2,223
Total	$	26,292	$	26,105

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)	2025		2024		2023
Available-for-Sale securities⁽¹⁾	$	1,196	$	1,007	$	814
Mortgage loans		82		73		69
Other investments and receivables⁽¹⁾		432		492		447
		1,710		1,572		1,330
Less: investment expenses		25		26		26
Total	$	1,685	$	1,546	$	1,304

⁽¹⁾	Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated to conform with current period presentation with remaining amounts included in Other investments and receivables.

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


	Years Ended December 31,
(in millions)	2025			2024			2023
Fixed maturities	$	(6	)	$	(11	)	$	(27	)
Mortgage loans		1			(1	)		1
Other investments		(58	)		(69	)		(44	)
Total	$	(63	)	$	(81	)	$	(70	)

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.

Allowance for Credit Losses

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


(in millions)	Commercial Loans
Balance at January 1, 2023	$	11
Provisions		(1	)
Balance at December 31, 2023		10
Provisions		—
Balance at December 31, 2024		10
Provisions		—
Balance at December 31, 2025	$	10

F-24

RiverSource Life Insurance Company

As of December 31, 2025 and 2024, accrued interest on commercial loans was $18 million and $17 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, 2025, 2024 and 2023, the Company purchased $17 million, $3 million and $1 million, respectively, of syndicated loans, and sold $6 million, $2 million and $1 million, respectively, of syndicated loans.

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

Credit Quality Information

There were no nonperforming loans as of both December 31, 2025 and 2024.

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, 2025 and 2024. 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, 2025 and 2024.

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


	December 31, 2025
Loan-to-Value Ratio (in millions)	2025		2024		2023		2022		2021		Prior		Total
> 100%	$	—	$	—	$	—	$	—	$	—	$	15	$	15
80% - 100%		—		—		—		—		—		53		53
60% - 80%		74		80		18		7		—		98		277
40% - 60%		127		87		38		27		62		328		669
< 40%		39		12		8		63		100		701		923
Total	$	240	$	179	$	64	$	97	$	162	$	1,195	$	1,937


	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

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:


	Loans				Percentage
	December 31, 2025		December 31, 2024		December 31, 2025			December 31, 2024
	(in millions)
East North Central	$	179	$	177		9	%		10	%
East South Central		43		40		2			2
Middle Atlantic		112		118		6			7
Mountain		157		149		8			8
New England		22		24		1			1
Pacific		667		602		34			33
South Atlantic		541		477		28			26
West North Central		108		117		6			7
West South Central		108		103		6			6

Total	$	1,937	$	1,807		100	%		100	%

F-25

RiverSource Life Insurance Company

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


	Loans				Percentage
	December 31, 2025		December 31, 2024		December 31, 2025			December 31, 2024
	(in millions)
Apartments	$	557	$	494		29	%		27	%
Hotel		40		33		2			2
Industrial		384		337		20			19
Mixed use		74		58		4			3
Office		181		208		9			12
Retail		516		533		27			29
Other		185		144		9			8

Total	$	1,937	$	1,807		100	%		100	%

Syndicated Loans

The investment in syndicated loans as of December 31, 2025 and 2024 was $37 million and $36 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, 2025 and 2024. 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.

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


	December 31, 2025
Internal Risk Rating (in millions)	2025		2024		2023		2022		2021		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		4		—		—		—		—		—		4
Risk 2		7		6		1		—		1		2		17
Risk 1		8		7		1		—		—		—		16
Total	$	19	$	13	$	2	$	—	$	1	$	2	$	37


	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

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 $5.4 billion and $5.8 billion as of December 31, 2025 and 2024, 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, 2025 and 2024.

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, 2025	$	1,388		$	276		$	28		$	4		$	103		$	553
Capitalization of acquisition costs		24			88			—			—			—			62
Amortization		(111	)		(39	)		(5	)		(1	)		(7	)		(45	)
Balance at December 31, 2025	$	1,301		$	325		$	23		$	3		$	96		$	570

F-26

RiverSource Life Insurance Company


(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, 2025	$	210		$	2		$	10		$	17		$	70		$	2,661
Capitalization of acquisition costs		2			—			3			2			3			184
Amortization		(15	)		(1	)		—			(2	)		(8	)		(234	)
Balance at December 31, 2025	$	197		$	1		$	13		$	17		$	65		$	2,611

(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

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


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Balance at January 1, 2025	$	121		$	10		$	131
Amortization		(12	)		(2	)		(14	)
Balance at December 31, 2025	$	109		$	8		$	117


(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

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.

F-27

RiverSource Life Insurance Company

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 91% 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, 2025 and 2024, traditional life and UL insurance policies in force were $197.5 billion and $198.1 billion, respectively, of which $142.3 billion and $143.5 billion as of December 31, 2025 and 2024 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)	2025			2024			2023
Direct premiums	$	616		$	696		$	674
Reinsurance ceded		(224	)		(224	)		(226	)
Net premiums	$	392		$	472		$	448

Policy and contract charges are presented on the Consolidated Statements of Income net of $199 million, $188 million and $180 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2025, 2024 and 2023, respectively.

The amount of claims recovered through reinsurance on all contracts was $561 million, $466 million and $438 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Reinsurance recoverables include approximately $2.7 billion and $2.6 billion related to LTC risk ceded to Genworth as of December 31, 2025 and 2024, respectively.

Policyholder account balances, future policy benefits and claims include $333 million and $351 million related to previously assumed reinsurance arrangements as of December 31, 2025 and 2024, respectively.

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)	2025		2024
Policyholder account balances
Policyholder account balances	$	37,005	$	32,542
Future policy benefits
Reserve for future policy benefits		7,601		7,418
Deferred profit liability		130		118
Additional liabilities for insurance guarantees		1,500		1,389
Other insurance and annuity liabilities		78		192
Total future policy benefits		9,309		9,117
Policy claims and other policyholders’ funds		178		204
Total policyholder account balances, future policy benefits and claims	$	46,492	$	41,863

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.

F-28

RiverSource Life Insurance Company

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, subject to either a cap or floor. 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.

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, 2025	$	3,680		$	16,330		$	5,369		$	305		$	447
Contract deposits		57			3,816			35			—			73
Policy charges		(13	)		(4	)		—			—			—
Surrenders and other benefits		(486	)		(846	)		(677	)		(26	)		(99	)
Net transfer from (to) separate account liabilities		(31	)		—			—			—			—
Variable account index-linked adjustments		—			2,206			—			—			—
Interest credited		113			2			191			10			14
Balance at December 31, 2025	$	3,320		$	21,504		$	4,918		$	289		$	435
Weighted-average crediting rate		3.3	%		1.9	%		3.8	%		2.1	%		N/A
Cash surrender value⁽¹⁾	$	3,302		$	20,582		$	4,916		$	272			N/A

F-29

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, 2025	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Contract deposits		138			318			165			—			4,602
Policy charges		(169	)		(91	)		(123	)		—			(400	)
Surrenders and other benefits		(72	)		(102	)		(71	)		(45	)		(2,424	)
Net transfer from (to) separate account liabilities		—			(132	)		—			—			(163	)
Variable account index-linked adjustments		—			—			—			—			2,206
Interest credited		47			65			183			17			642
Balance at December 31, 2025	$	1,349		$	1,705		$	3,048		$	437		$	37,005
Weighted-average crediting rate		3.6	%		3.9	%		3.0	%		4.0	%
Net amount at risk	$	7,944		$	57,269		$	13,040		$	121
Cash surrender value⁽¹⁾	$	1,241		$	1,109		$	2,640		$	274

(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

⁽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.

F-30

RiverSource Life Insurance Company

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, 2025 and 2024 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, 2025
							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	%	$	7	$	62	$	82	$	20	$	—	$	171
		2	%	–	2.99	%		89		8		—		—		—		97
		3	%	–	3.99	%		1,686		—		—		1		—		1,687
		4	%	–	5.00	%		1,321		—		—		—		—		1,321

		Total					$	3,103	$	70	$	82	$	21	$	—	$	3,276

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	—	$	26	$	26	$	1	$	—	$	53
		2	%	–	2.99	%		16		—		—		—		—		16
		3	%	–	3.99	%		1		—		—		—		—		1
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	17	$	26	$	26	$	1	$	—	$	70

Fixed annuities		1	%	–	1.99	%	$	—	$	182	$	143	$	103	$	19	$	447
		2	%	–	2.99	%		13		16		2		—		—		31
		3	%	–	3.99	%		2,116		1		1		—		—		2,118
		4	%	–	5.00	%		2,312		—		—		—		—		2,312

		Total					$	4,441	$	199	$	146	$	103	$	19	$	4,908

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	—	$	2	$	4	$	13	$	—	$	19
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	—	$	2	$	4	$	13	$	—	$	19

Universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		47		6		19		2		1		75
		3	%	–	3.99	%		789		—		4		7		—		800
		4	%	–	5.00	%		442		5		—		—		—		447

		Total					$	1,278	$	11	$	23	$	9	$	1	$	1,322

Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	—	$	—	$	3	$	1	$	48	$	52
		2	%	–	2.99	%		1		16		2		1		14		34
		3	%	–	3.99	%		98		1		3		14		—		116
		4	%	–	5.00	%		524		25		—		—		—		549

		Total					$	623	$	42	$	8	$	16	$	62	$	751

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	2	$	2
		2	%	–	2.99	%		—		—		—		135		—		135
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	—	$	—	$	—	$	135	$	2	$	137

Other life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		24		—		—		—		—		24
		4	%	–	5.00	%		249		—		—		—		—		249

		Total					$	273	$	—	$	—	$	—	$	—	$	273

Total		1	%	–	1.99	%	$	7	$	272	$	258	$	138	$	69	$	744
		2	%	–	2.99	%		166		46		23		138		15		388
		3	%	–	3.99	%		4,714		2		8		22		—		4,746
		4	%	–	5.00	%		4,848		30		—		—		—		4,878

		Total					$	9,735	$	350	$	289	$	298	$	84	$	10,756

F-31

RiverSource Life Insurance Company


		December 31, 2025
		Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates	At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Percentage of total account values that reset in:
Next 12 months			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, 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

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

F-32

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
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	%

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, 2025	$	—		$	737		$	53		$	1,057		$	1,847
Beginning balance at original discount rate		—			774			59			1,072			1,905
Effect of changes in cash flow assumptions		—			58			(19	)		(8	)		31
Effect of actual variances from expected experience		—			(17	)		(12	)		1			(28	)
Adjusted beginning of year balance	$	—		$	815		$	28		$	1,065		$	1,908
Issuances		141			60			9			—			210
Interest accrual		1			39			2			50			92
Net premiums collected		(142	)		(78	)		(2	)		(138	)		(360	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	836		$	37		$	977		$	1,850
Effect of changes in discount rate assumptions		—			(23	)		(4	)		11			(16	)
Balance at December 31, 2025	$	—		$	813		$	33		$	988		$	1,834
Present Value of Future Policy Benefits:
Balance at January 1, 2025	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Beginning balance at original discount rate		1,289			1,353			535			6,408			9,585
Effect of changes in cash flow assumptions		(2	)		27			(30	)		25			20
Effect of actual variances from expected experience		(5	)		(20	)		(25	)		13			(37	)
Adjusted beginning of year balance	$	1,282		$	1,360		$	480		$	6,446		$	9,568
Issuances		141			60			9			—			210
Interest accrual		57			74			30			316			477
Benefit payments		(162	)		(114	)		(41	)		(440	)		(757	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,318		$	1,380		$	478		$	6,322		$	9,498
Effect of changes in discount rate assumptions		(45	)		(2	)		21			(45	)		(71	)
Balance at December 31, 2025	$	1,273		$	1,378		$	499		$	6,277		$	9,427
Adjustment due to reserve flooring	$	—		$	8		$	—		$	—		$	8
Net liability for future policy benefits	$	1,273		$	573		$	466		$	5,289		$	7,601
Less: reinsurance recoverable		703			408			20			2,657			3,788
Net liability for future policy benefits, after reinsurance recoverable	$	570		$	165		$	446		$	2,632		$	3,813

F-33

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
Discounted expected future gross premiums	$	—		$	1,971		$	809		$	1,173		$	3,953
Expected future gross premiums	$	—		$	3,334		$	1,126		$	1,554		$	6,014
Expected future benefit payments	$	1,906		$	2,328		$	789		$	10,218		$	15,241
Weighted average interest accretion rate		4.4	%		6.2	%		6.3	%		5.0	%
Weighted average discount rate		5.0	%		5.3	%		5.2	%		5.3	%
Weighted average duration of liability (in years)		6			7			6			8


(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

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 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates. 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.

F-34

RiverSource Life Insurance Company

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, 2025	$	1,301		$	80		$	8		$	1,389
Interest accrual		40			5			1			46
Benefit accrual		132			10			2			144
Benefit payments		(84	)		(14	)		(4	)		(102	)
Effect of actual variances from expected experience		11			(1	)		2			12
Impact of change in net unrealized (gains) losses on securities		9			—			2			11
Balance at December 31, 2025	$	1,409		$	80		$	11		$	1,500
Weighted average interest accretion rate		2.9	%		6.8	%		3.8	%
Weighted average discount rate		3.1	%		7.1	%		3.9	%
Weighted average duration of reserves (in years)		9			8			7


(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

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


	Years Ended December 31,
	2025				2024
(in millions)	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
Life contingent payout annuities	$	157	$	56	$	226	$	55
Term and whole life insurance		174		35		172		35
Disability income insurance		114		28		119		31
Long term care insurance		171		266		179		268
Total	$	616	$	385	$	696	$	389

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, 2025	$	26		$	249		$	295		$	570
Deferral of revenue		1			79			47			127
Amortization		(1	)		(21	)		(24	)		(46	)
Balance at December 31, 2025	$	26		$	307		$	318		$	651
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

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

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

F-35

RiverSource Life Insurance Company

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


(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2025	$	65,737		$	9,839		$	75,576
Premiums and deposits		996			526			1,522
Policy charges		(1,318	)		(321	)		(1,639	)
Surrenders and other benefits		(7,347	)		(413	)		(7,760	)
Investment return		8,373			1,495			9,868
Net transfer from (to) general account		30			48			78
Balance at December 31, 2025	$	66,471		$	11,174		$	77,645
Cash surrender value	$	65,338		$	10,463		$	75,801



(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

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

F-36

RiverSource Life Insurance Company

anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

The following table summarizes the balances of and changes in market risk benefits:


	Years Ended December 31,
(in millions, except age)	2025			2024			2023
Balance at beginning of period	$	(919	)	$	335		$	1,103
Issuances		23			24			17
Interest accrual and time decay		(116	)		(66	)		(53	)
Reserve increase from attributed fees collected		761			790			788
Reserve release for benefit payments and derecognition		(9	)		(11	)		(35	)
Effect of changes in interest rates and bond markets		(51	)		(1,078	)		(367	)
Effect of changes in equity markets and subaccount performance		(1,006	)		(1,228	)		(1,267	)
Effect of changes in equity index volatility		90			59			(67	)
Actual policyholder behavior different from expected behavior		68			71			5
Effect of changes in future expected assumptions		93			106			128
Effect of changes in the instrument-specific credit risk on market risk benefits		(26	)		79			83
Balance at end of period	$	(1,092	)	$	(919	)	$	335
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	2,274		$	2,182		$	1,427
Liability position		(1,182	)		(1,263	)		(1,762	)
Net asset (liability) position	$	1,092		$	919		$	(335	)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	291		$	462		$	913
Living benefits	$	1,811		$	2,429		$	2,513
Composite (greater of)	$	2,084		$	2,829		$	3,308
Weighted average attained age of contractholders		70			69			69
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period	$	(966	)	$	(2,111	)	$	(1,551	)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period	$	(20	)	$	85		$	84

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, 2025
	Fair Value			Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	(1,092	)	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	52.8	%		12.2	%
					Surrender rate⁽²⁾		0.4	%	–	75.0	%		3.6	%
					Market volatility⁽³⁾		0.0	%	–	24.9	%		11.2	%
					Nonperformance risk⁽⁴⁾		65 bps						65	bps
					Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.8	%

	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	%

⁽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.

F-37

RiverSource Life Insurance Company

⁽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.

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2025 and 2024, 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, 2025

•

Updates to surrender assumptions resulted in a decrease to pretax income of $70 million.

•

Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $14 million.

Year ended December 31, 2024

•

Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.

•

Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 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 $1.1 billion and $964 million as of December 31, 2025 and 2024, respectively. The amount of the Company’s liability including accrued interest was $200 million and $201 million as of December 31, 2025 and 2024, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2025 and 2024. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2025 and 2024 was 4.0% and 4.6%, 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, 2025 and 2024.

F-38

RiverSource Life Insurance Company

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 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, 2025 and 2024.

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, 2025 and 2024.

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, 2025 and 2024 and is recorded in Long-term debt.

14. FAIR VALUES OF ASSETS AND LIABILITIES

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

Level 1

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

Level 2

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

Level 3

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

F-39

RiverSource Life Insurance Company

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


	December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	14,971	$	711	$	15,682
Residential mortgage backed securities		—		5,417		—		5,417
Commercial mortgage backed securities		—		2,104		—		2,104
State and municipal obligations		—		677		—		677
Asset backed securities		—		1,392		831		2,223
Foreign government bonds and obligations		—		1		—		1
U.S. government and agency obligations		1		—		—		1
Total Available-for-Sale securities		1		24,562		1,542		26,105
Cash equivalents		665		2,872		—		3,537
Market risk benefits		—		—		2,274		2,274	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		59		59
Other assets:
Interest rate derivative contracts		1		142		—		143
Equity derivative contracts		218		12,708		—		12,926
Foreign exchange derivative contracts		—		23		—		23
Credit derivative contracts		—		16		—		16
Total other assets		219		12,889		—		13,108
Separate account assets at net asset value (“NAV”)								77,645	⁽²⁾
Total assets at fair value	$	885	$	40,323	$	3,875	$	122,728

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	58	$	58
IUL embedded derivatives		—		—		1,042		1,042
Structured variable annuity embedded derivatives		—		—		3,879		3,879
Total policyholder account balances, future policy benefits and claims		—		—		4,979		4,979	⁽³⁾
Market risk benefits		—		—		1,182		1,182	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		1		218		—		219
Equity derivative contracts		343		7,627		—		7,970
Total other liabilities		344		7,845		—		8,189
Total liabilities at fair value	$	344	$	7,845	$	6,161	$	14,350

F-40

RiverSource Life Insurance Company


	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 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

⁽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 $258 million and $211 million cumulative decrease to the embedded derivatives as of December 31, 2025 and 2024, respectively.

F-41

RiverSource Life Insurance Company

The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:


	Available-for-Sale Securities									Receivables
(in millions)	Corporate Debt Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2025	$	572		$	881		$	1,453		$	55
Total gains (losses) included in:
Net income		2			—			2	⁽¹⁾		9
Other comprehensive income (loss)		18			14			32			—
Purchases		169			—			169			—
Settlements		(50	)		(64	)		(114	)		(5	)
Balance at December 31, 2025	$	711		$	831		$	1,542		$	59
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2025	$	2		$	—		$	2	⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2025	$	18		$	14		$	32		$	—


	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, 2025	$	53		$	1,002		$	2,461		$	3,516
Total (gains) losses included in:
Net income		10	⁽²⁾		204	⁽²⁾		1,758	⁽³⁾		1,972
Issues		—			(20	)		102			82
Settlements		(5	)		(144	)		(442	)		(591	)
Balance at December 31, 2025	$	58		$	1,042		$	3,879		$	4,979
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2025	$	—		$	204	⁽²⁾	$	1,758	⁽³⁾	$	1,962


	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		$	—

F-42

RiverSource Life Insurance Company


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 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		—			—		—			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		$	—


	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

⁽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 presented as a contra liability.

The increase to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $42 million, $14 million and $51 million, net of the reinsurance accrual, for the years ended December 31, 2025, 2024 and 2023, respectively.

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.

F-43

RiverSource Life Insurance Company

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, 2025
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	708	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		0.9%	–	1.6%		1.2	%
Asset backed securities	$	831	flow	Annual default rate⁽²⁾		2.7%	–	6.6%		5.1	%
				Loss severity		25.0%				25.0	%
				Constant prepayment rate⁽²⁾		0.0%	–	1.0%		0.4	%
				Yield/spread to U.S. Treasuries⁽³⁾		185	–	350		201	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	59	Discounted cash flow	Surrender rate⁽⁴⁾		0.5%	–	89.8%		5.1	%
Fixed deferred indexed annuity embedded derivatives	$	58	Discounted cash flow	Surrender rate⁽⁴⁾		0.5%	–	89.8%		5.1	%
				Nonperformance risk⁽⁵⁾		65 bps				65	bps
IUL embedded derivatives	$	1,042	flow	Nonperformance risk⁽⁵⁾		65 bps				65	bps
Structured variable annuity embedded derivatives	$	3,879	Discounted cash flow	Surrender rate⁽⁴⁾		0.5%	–	75.0%		2.0	%
				Nonperformance risk⁽⁵⁾		65 bps				65	bps



	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	–	360		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

⁽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.

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.

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.

F-44

RiverSource Life Insurance Company

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 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.

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, 2025 and 2024. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

F-45

RiverSource Life Insurance Company

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 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 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, 2025 and 2024. 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 $17 million and $27 million as of December 31, 2025 and 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

Assets and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:


	December 31, 2025
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,927	$	—	$	—	$	1,877	$	1,877
Policy loans		1,056		—		1,056		—		1,056
Other investments		56		—		37		19		56
Receivables		5,358		—		—		4,485		4,485
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	23,297	$	—	$	—	$	19,636	$	19,636
Short-term borrowings		200		—		200		—		200
Long-term debt		500		—		329		—		329
Other liabilities		3		—		—		3		3
Separate account liabilities — investment contracts		366		—		366		—		366

F-46

RiverSource Life Insurance Company


	December 31, 2024
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,797	$	—	$	—	$	1,675	$	1,675
Policy loans		982		—		982		—		982
Other investments		55		—		36		19		55
Receivables		5,834		—		—		4,795		4,795
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	20,097	$	—	$	—	$	16,826	$	16,826
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		312		—		312
Other liabilities		5		—		—		4		4
Separate account liabilities — investment contracts		364		—		364		—		364

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, 2025, 2024 and 2023, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the next three 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 $313 million, $352 million and $338 million for the years ended December 31, 2025, 2024 and 2023, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

Income Taxes

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from Ameriprise Financial for federal income taxes was $296 million and $277 million as of December 31, 2025 and 2024, respectively, which is reflected in Other assets.

Investments

The Company has holdings of AA, A and BBB rated asset backed securities issued by Ameriprise Installment Financing, LLC or Ameriprise Advisor Financing 2, LLC, subsidiaries of Ameriprise Financial. The asset backed securities are collateralized by portfolios of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2025 and 2024, the fair value of these asset backed securities was $830 million and $879 million, respectively, and is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $54 million, $44 million and $34 million for the years ending December 31, 2025, 2024 and 2023, 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, 2025 and 2024. See Note 13 for information about additional lines of credit with an affiliate.

F-47

RiverSource Life Insurance Company

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)	2025		2024		2023
Dividends paid to Ameriprise Financial	$	600	$	600	$	600
Dividend received from RiverSource Life of NY		50		50		50
Return of capital received from RTA		—		40		75

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.

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 $275 million and $736 million as of December 31, 2025 and 2024, 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 $2.5 billion and $2.7 billion as of December 31, 2025 and 2024, respectively.

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


	Years Ended December 31,
(in millions)	2025		2024			2023
Statutory net gain from operations	$	1,855	$	1,097		$	1,331
Statutory net income (loss)		1,101		(91	)		845

Government debt securities of $4 million as of both December 31, 2025 and 2024 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.

F-48

RiverSource Life Insurance Company

The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:


	December 31, 2025
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	12,894	$	—	$	12,894	$	(8,023	)	$	(2,484	)	$	(2,296	)	$	91
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		205		—		205		(41	)		—			—			164
Total	$	13,108	$	—	$	13,108	$	(8,073	)	$	(2,484	)	$	(2,296	)	$	255


	December 31, 2024
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	9,111	$	—	$	9,111	$	(5,555	)	$	(1,550	)	$	(1,970	)	$	36
OTC cleared		10		—		10		(10	)		—			—			—
Exchange-traded		102		—		102		(17	)		—			—			85
Total	$	9,223	$	—	$	9,223	$	(5,582	)	$	(1,550	)	$	(1,970	)	$	121

⁽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.

The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:


	December 31, 2025
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets								Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral		Securities Collateral			Net Amount
Derivatives:
OTC	$	8,122	$	—	$	8,122	$	(8,023	)	$	—	$	(99	)	$	—
OTC cleared		19		—		19		(9	)		—		—			10
Exchange-traded		48		—		48		(41	)		—		—			7
Total	$	8,189	$	—	$	8,189	$	(8,073	)	$	—	$	(99	)	$	17


	December 31, 2024
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets								Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral		Securities Collateral			Net Amount
Derivatives:
OTC	$	5,622	$	—	$	5,622	$	(5,555	)	$	—	$	(67	)	$	—
OTC cleared		18		—		18		(10	)		—		—			8
Exchange-traded		22		—		22		(17	)		—		—			5
Total	$	5,662	$	—	$	5,662	$	(5,582	)	$	—	$	(67	)	$	13

⁽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.

F-49

RiverSource Life Insurance Company

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the Company’s derivative instruments.

18. DERIVATIVES AND HEDGING ACTIVITIES

Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations.

Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.

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, 2025						December 31, 2024
	Notional		Gross Fair Value				Notional		Gross Fair Value
(in millions)	Notional		Assets⁽¹⁾		Liabilities⁽²⁾		Notional		Assets⁽¹⁾		Liabilities⁽²⁾
Derivatives not designated as hedging instruments
Interest rate contracts	$	36,007	$	143	$	219	$	39,082	$	179	$	324
Equity contracts		131,028		12,926		7,970		108,205		8,943		5,331
Credit contracts		3,318		16		—		2,914		59		—
Foreign exchange contracts		2,234		23		—		2,938		42		7
Total non-designated hedges		172,587		13,108		8,189		153,139		9,223		5,662
Embedded derivatives
IUL		N/A		—		1,042		N/A		—		1,002
Fixed deferred indexed annuities and deposit receivables		N/A		59		58		N/A		55		53
Structured variable annuities⁽³⁾		N/A		—		3,879		N/A		—		2,461
Total embedded derivatives		N/A		59		4,979		N/A		55		3,516
Total derivatives	$	172,587	$	13,167	$	13,168	$	153,139	$	9,278	$	9,178

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, 2025 included $3.9 billion of individual contracts in a liability position and $1 million of individual contracts in an asset position. 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.

See Note 14 for additional information regarding the Company’s fair value measurement of derivative instruments.

As of December 31, 2025 and 2024, investment securities with a fair value of $1.7 billion and $1.5 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $100 million and $84 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2025 and 2024, investment securities with a fair value of $2.7 billion and $2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.4 billion and $2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2025 and 2024, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both December 31, 2025 and 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

F-50

RiverSource Life Insurance Company

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, 2025
Interest rate contracts	$	2		$	—		$	(198	)
Equity contracts		1,554			100			(842	)
Credit contracts		—			—			(82	)
Foreign exchange contracts		—			—			(29	)
IUL embedded derivatives		—			(60	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			18			—
Structured variable annuity embedded derivatives		(1,758	)		—			—
Total gain (loss)	$	(202	)	$	58		$	(1,151	)

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	)

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	)

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, 2025:


(in millions)	Premiums Payable		Premiums Receivable
2026	$	247	$	88
2027		21		—
2028		31		—
2029		135		—
2030		217		—
2031		16		—
Total	$	667	$	88

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.

F-51

RiverSource Life Insurance Company

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.

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, 2025 and 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $99 million and $67 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2025 and 2024 was $99 million and $67 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of December 31, 2025 and 2024 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 as of both December 31, 2025 and 2024, respectively.

19. SHAREHOLDER’S EQUITY

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


	Year Ended December 31, 2025
(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⁾	$	675		$	(145	)	$	530
Reclassification of net (gains) losses on securities included in net income⁽²⁾		6			(1	)		5
Impact of benefit reserves and reinsurance recoverables		(9	)		2			(7	)
Net unrealized gains (losses) on securities		672			(144	)		528
Effect of changes in discount rate assumptions on certain long-duration contracts		(91	)		19			(72	)
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)		26			(6	)		20
Other		1			—			1
Total other comprehensive income (loss)	$	608		$	(131	)	$	477


	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 MRBs		(79	)		17			(62	)
Total other comprehensive income (loss)	$	(237	)	$	52		$	(185	)

F-52

RiverSource Life Insurance Company


	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

⁽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, 2023	$	(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	)
OCI before reclassifications		523			(72	)		20			1			472
Amounts reclassified from AOCI		5			—			—			—			5
Total OCI		528			(72	)		20			1			477
Balance at December 31, 2025	$	(230	)	$	(45	)	$	(127	)	$	—		$	(402	)

20. INCOME TAXES

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


	Years Ended December 31,
(in millions)	2025			2024			2023
Current income tax
Federal	$	(85	)	$	(297	)	$	(112	)
State		(4	)		(4	)		2
Total current income tax		(89	)		(301	)		(110	)
Deferred income tax
Federal		170			402			98
State		4			2			2
Total deferred income tax		174			404			100
Total income tax provision (benefit)	$	85		$	103		$	(10	)

F-53

RiverSource Life Insurance Company

The principal reasons that the aggregate income tax provision (benefit) is different from that computed by using the U.S. statutory rate of 21% were as follows:


	Years Ended December 31,
	2025						2024						2023
(in millions, except percentages)	Amount			Percentage			Amount			Percentage			Amount			Percentage
U.S. federal statutory tax rate	$	165			21.0	%	$	193			21.0	%	$	81			21.0	%
State and local income taxes, net of federal income tax effect⁽¹⁾		—			—			(2	)		(0.2	)		3			0.9
Tax credits:
Low income housing credit		(20	)		(2.6	)		(25	)		(2.7	)		(31	)		(8.0	)
Foreign tax credit, net of addback		(24	)		(3.0	)		(21	)		(2.2	)		(27	)		(7.0	)
Nontaxable or nondeductible items:
Dividends received deduction		(29	)		(3.7	)		(31	)		(3.4	)		(32	)		(8.2	)
Other		—			—			(1	)		(0.1	)		2			0.4
Changes in unrecognized tax benefits		2			0.2			—			—			6			1.6
Other adjustments:
Audit adjustments		(8	)		(1.0	)		(9	)		(1.0	)		(13	)		(3.4	)
Other		(1	)		(0.1	)		(1	)		(0.2	)		1			0.2
Effective tax rate	$	85			10.8	%	$	103			11.2	%	$	(10	)		(2.5	)%

⁽¹⁾

State taxes in Illinois, Florida, Mississippi, New Hampshire and Hawaii made up the majority (greater than 50 percent) of the tax effect in this category for 2025. State taxes in Florida, Oregon, New Hampshire and Minnesota made up the majority (greater than 50 percent) of the tax effect in this category for 2024. State taxes in Florida made up the majority (greater than 50 percent) of the tax effect in this category for 2023.

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, 2025 and 2024. 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)	2025		2024
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	525	$	801
Investments including net unrealized on Available-for-Sale securities		119		177
Other		44		39
Gross deferred income tax assets		688		1,017
Less: valuation allowance		30		32
Total deferred income tax assets		658		985
Deferred income tax liabilities
Deferred acquisition costs		324		355
Other		77		57
Gross deferred income tax liabilities		401		412
Net deferred income tax assets	$	257	$	573

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $33 million, net of federal benefit, which will expire beginning December 31, 2026. Based on analysis of the Company’s tax position as of December 31, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $28 million and state deferred tax assets of $2 million, both net of federal benefit; therefore, a valuation allowance of $30 million has been established.

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


(in millions)	2025			2024			2023
Balance at January 1	$	22		$	27		$	37
Reductions for tax positions related to the current year		(2	)		(3	)		(3	)
Additions for tax positions of prior years		2			—			65
Reductions for tax positions of prior years		—			—			(71	)
Reductions due to lapse of statutes of limitations		(1	)		(2	)		(1	)
Balance at December 31	$	21		$	22		$	27

If recognized, approximately $18 million, $17 million and $19 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2025, 2024 and 2023, respectively, would affect the effective tax rate.

F-54

RiverSource Life Insurance Company

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 $3 million, $2 million and $8 million in interest and penalties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the Company had a payable of $19 million and $13 million, respectively, related to accrued interest and penalties.

The Company files its federal income tax return as part of the consolidated income tax return of Ameriprise Financial in the U.S. federal jurisdiction. The Company files as a separate entity and as part of unitary or combined returns with Ameriprise Financial, Inc. and other affiliates in various state jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During the second quarter of 2025, the Internal Revenue Service (“IRS”) finalized the audit of Ameriprise Financial’s U.S. income tax returns for tax years 2019 and 2020, except for one issue for 2020, which remains open. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2021 through 2023. 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 2018 through 2023.

The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company’s consolidated financial statements for the year ended December 31, 2025 and, based on current guidance, the Company does not expect to record any material impacts in the future.

Income taxes paid (received) were as follows:


(in millions)	2025			2024			2023
Income taxes paid (received), net	$	(81	)	$	(286	)	$	215
Federal		(81	)		(286	)		215

21. COMMITMENTS AND CONTINGENCIES

Commitments

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


(in millions)	2025		2024
Commercial mortgage loans	$	27	$	58

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 has been subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates are cooperating with the applicable regulators. The Company and its affiliates typically have numerous pending matters that include information requests, exams, inquiries 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; recordkeeping requirements; and transaction monitoring systems and controls.

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

F-55

RiverSource Life Insurance Company

outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

Guaranty Fund Assessments

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

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2025 and 2024, the estimated liability was $13 million and $11 million, respectively. As of December 31, 2025 and 2024, the related premium tax asset was $11 million and $9 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

F-56

Year ended December 31, 2024 (continued)	Col VP Govt Money Mkt, Cl 3	Col VP Inter Bond, Cl 3
Operations
Investment income (loss) — net	$15,438	$1,687
Net realized gain (loss) on sales of investments	—	(194)
Distributions from capital gains	—	—
Net change in unrealized appreciation (depreciation) of investments	—	(1,322)
Net increase (decrease) in net assets resulting from operations	15,438	171

Contract transactions
Net transfers(1)	—	—
Contract charges	(185)	(20)
Contract terminations:
Surrender benefits	(13,327)	—
Death benefits	(176,525)	—
Increase (decrease) from transactions	(190,037)	(20)
Increase (decrease) in net assets	(174,599)	151
Net assets at beginning of year	530,005	52,701
Net assets at end of year	$355,406	$52,852

Accumulation unit activity
Units outstanding at beginning of year	600,558	23,684
Units purchased	—	—
Units redeemed	(210,851)	(8)
Units outstanding at end of year	389,707	23,676