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2023 Annual Report

RiverSource Variable Annuity Account

This wrapper contains financial statements provided for owners of:

•

RiverSource^® Personal Portfolio Plus² Variable Annuity

•

RiverSource^® Personal Portfolio Plus Variable Annuity

•

RiverSource^® Personal Portfolio Variable Annuity

•

RiverSource^® Platinum Variable Annuity

•

RiverSource^® Preferred Variable Annuity

This Annual Report contains financial information for all the subaccounts of RiverSource Variable Annuity Account. Not all subaccounts of RiverSource Variable Annuity Account apply to your specific contract.

ANN9120_12_C01_(05/24)

Issued by: RiverSource Life Insurance Company

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND

THE CONTRACT OWNERS OF RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Variable Annuity Account, as indicated in Note 1, as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Variable Annuity Account as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for each of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Variable Annuity Account based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of the RiverSource Variable Annuity Account 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, 2023 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2024

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



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			1

Statement of Assets and Liabilities


December 31, 2023	AB VPS Bal Hedged Alloc, Cl B		AB VPS Intl Val, Cl B		AB VPS Lg Cap Gro, Cl B		AB VPS Relative Val, Cl B		AB VPS Sus Gbl Thematic, Cl B
Assets
Investments, at fair value^(1),(2)	$	292,627	$	8,499,440	$	2,623,531	$	4,370,634	$	876,475
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		6,048		—		49		—
Receivable for share redemptions		297		18,386		3,556		5,172		1,182
Total assets		292,924		8,523,874		2,627,087		4,375,855		877,657

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		262		10,174		2,496		3,990		890
Administrative charge		35		1,009		314		521		104
Contract terminations		—		7,203		746		661		188
Payable for investments purchased		—		6,048		—		49		—
Total liabilities		297		24,434		3,556		5,221		1,182
Net assets applicable to contracts in accumulation period		290,568		8,470,477		2,621,644		4,369,157		874,336
Net assets applicable to contracts in payment period		—		28,378		—		—		—
Net assets applicable to seed money		2,059		585		1,887		1,477		2,139
Total net assets	$	292,627	$	8,499,440	$	2,623,531	$	4,370,634	$	876,475
⁽¹⁾ Investment shares		33,908		577,800		39,181		151,864		28,228
⁽²⁾ Investments, at cost	$	352,002	$	8,203,704	$	1,862,793	$	3,792,607	$	669,885

December 31, 2023 (continued)	Allspg VT Dis All Cap Gro, Cl 1		Allspg VT Dis All Cap Gro, Cl 2		Allspg VT Index Asset Alloc, Cl 2		Allspg VT Intl Eq, Cl 1		Allspg VT Intl Eq, Cl 2
Assets
Investments, at fair value^(1),(2)	$	339,700	$	16,337,379	$	5,367,334	$	136,324	$	3,157,772
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		389
Receivable for share redemptions		333		38,820		6,125		142		3,817
Total assets		340,033		16,376,199		5,373,459		136,466		3,161,978

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		292		17,151		5,470		126		3,397
Administrative charge		41		1,957		655		16		377
Contract terminations		—		19,712		—		—		43
Payable for investments purchased		—		—		—		—		389
Total liabilities		333		38,820		6,125		142		4,206
Net assets applicable to contracts in accumulation period		339,700		16,336,501		5,365,400		136,324		3,148,644
Net assets applicable to contracts in payment period		—		—		—		—		8,493
Net assets applicable to seed money		—		878		1,934		—		635
Total net assets	$	339,700	$	16,337,379	$	5,367,334	$	136,324	$	3,157,772
⁽¹⁾ Investment shares		13,427		683,858		287,331		72,129		1,611,108
⁽²⁾ Investments, at cost	$	325,312	$	16,990,990	$	4,796,628	$	190,025	$	4,661,737

See accompanying notes to financial statements.



2		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Allspg VT Opp, Cl 1		Allspg VT Opp, Cl 2		Allspg VT Sm Cap Gro, Cl 2		AC VP Disciplined Core Val, Cl I		AC VP Inflation Prot, Cl II
Assets
Investments, at fair value^(1),(2)	$	515,089	$	4,086,978	$	3,022,152	$	170,162	$	12,378,629
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		41		—		4,562
Receivable for share redemptions		552		4,331		3,604		189		27,287
Total assets		515,641		4,091,309		3,025,797		170,351		12,410,478

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		490		3,844		3,134		169		15,111
Administrative charge		62		487		359		20		1,479
Contract terminations		—		—		111		—		10,697
Payable for investments purchased		—		—		41		—		4,562
Total liabilities		552		4,331		3,645		189		31,849
Net assets applicable to contracts in accumulation period		515,089		4,085,548		3,021,292		170,162		12,369,332
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		—		1,430		860		—		9,297
Total net assets	$	515,089	$	4,086,978	$	3,022,152	$	170,162	$	12,378,629
⁽¹⁾ Investment shares		19,842		157,252		384,498		22,185		1,321,092
⁽²⁾ Investments, at cost	$	433,706	$	3,430,880	$	3,490,814	$	180,829	$	13,778,725

December 31, 2023 (continued)	AC VP Intl, Cl II		AC VP Mid Cap Val, Cl II		AC VP Ultra, Cl II		AC VP Val, Cl I		AC VP Val, Cl II
Assets
Investments, at fair value^(1),(2)	$	2,520	$	77,179	$	6,241,735	$	288,021	$	325,148
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		2		102		13,524		320		464
Total assets		2,522		77,281		6,255,259		288,341		325,612

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2		93		7,337		286		426
Administrative charge		—		9		750		34		38
Contract terminations		—		—		5,437		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		2		102		13,524		320		464
Net assets applicable to contracts in accumulation period		—		72,960		6,240,332		288,021		322,045
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		2,520		4,219		1,403		—		3,103
Total net assets	$	2,520	$	77,179	$	6,241,735	$	288,021	$	325,148
⁽¹⁾ Investment shares		239		3,964		253,112		23,628		26,630
⁽²⁾ Investments, at cost	$	2,143	$	66,404	$	4,157,347	$	194,874	$	289,672

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			3

Statement of Assets and Liabilities


December 31, 2023 (continued)	BNY Mellon IP MidCap Stock, Serv		BNY Mellon IP Tech Gro, Serv		BNY Mellon Sus US Eq, Init		BNY Mellon VIF Appr, Serv		CB Var Sm Cap Gro, Cl I
Assets
Investments, at fair value^(1),(2)	$	74,794	$	2,609,069	$	417,715	$	118,843	$	100,174
Dividends receivable		—		—		—		114		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		89		8,884		455		138		129
Total assets		74,883		2,617,953		418,170		119,095		100,303

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		81		3,083		405		124		118
Administrative charge		8		316		50		14		11
Contract terminations		—		5,485		—		—		—
Payable for investments purchased		—		—		—		114		—
Total liabilities		89		8,884		455		252		129
Net assets applicable to contracts in accumulation period		69,148		2,607,635		417,004		111,204		95,564
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		5,646		1,434		711		7,639		4,610
Total net assets	$	74,794	$	2,609,069	$	417,715	$	118,843	$	100,174
⁽¹⁾ Investment shares		4,030		103,658		9,287		3,467		3,663
⁽²⁾ Investments, at cost	$	67,429	$	1,958,070	$	332,007	$	124,799	$	104,051

December 31, 2023 (continued)	Col VP Bal, Cl 3		Col VP Disciplined Core, Cl 3		Col VP Divd Opp, Cl 3		Col VP Emer Mkts, Cl 3		Col VP Govt Money Mkt, Cl 1
Assets
Investments, at fair value^(1),(2)	$	2,356,696	$	13,413,220	$	16,147,034	$	5,548,383	$	90,443
Dividends receivable		—		—		—		—		12
Accounts receivable from RiverSource Life for contract purchase payments		—		175		2,758		1,250		—
Receivable for share redemptions		2,607		16,935		35,223		11,524		89
Total assets		2,359,303		13,430,330		16,185,015		5,561,157		90,544

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,326		14,290		18,696		6,665		78
Administrative charge		281		1,600		1,926		662		11
Contract terminations		—		1,045		14,601		4,197		—
Payable for investments purchased		—		175		2,758		1,250		—
Total liabilities		2,607		17,110		37,981		12,774		89
Net assets applicable to contracts in accumulation period		2,343,887		13,404,125		16,115,573		5,548,099		90,455
Net assets applicable to contracts in payment period		12,540		8,396		31,231		—		—
Net assets applicable to seed money		269		699		230		284		—
Total net assets	$	2,356,696	$	13,413,220	$	16,147,034	$	5,548,383	$	90,455
⁽¹⁾ Investment shares		55,846		152,354		418,751		569,065		90,443
⁽²⁾ Investments, at cost	$	1,052,924	$	3,847,607	$	7,155,333	$	7,742,103	$	90,442

See accompanying notes to financial statements.



4		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Govt Money Mkt, Cl 3		Col VP Hi Yield Bond, Cl 3		Col VP Inc Opp, Cl 1		Col VP Inc Opp, Cl 3		Col VP Inter Bond, Cl 3
Assets
Investments, at fair value^(1),(2)	$	17,344,546	$	2,923,675	$	225,484	$	2,976,056	$	6,555,171
Dividends receivable		2,337		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		7,064		163		—		948		551
Receivable for share redemptions		30,413		11,360		224		5,758		12,815
Total assets		17,384,360		2,935,198		225,708		2,982,762		6,568,537

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		18,813		3,462		197		3,602		6,985
Administrative charge		2,079		351		27		355		787
Contract terminations		9,521		7,547		—		1,801		5,043
Payable for investments purchased		7,064		163		—		948		551
Total liabilities		37,477		11,523		224		6,706		13,366
Net assets applicable to contracts in accumulation period		17,338,225		2,923,312		225,484		2,975,740		6,527,913
Net assets applicable to contracts in payment period		6,586		—		—		—		27,011
Net assets applicable to seed money		2,072		363		—		316		247
Total net assets	$	17,346,883	$	2,923,675	$	225,484	$	2,976,056	$	6,555,171
⁽¹⁾ Investment shares		17,344,546		480,078		35,509		465,009		762,229
⁽²⁾ Investments, at cost	$	17,344,054	$	3,135,119	$	287,640	$	3,586,069	$	7,895,325

December 31, 2023 (continued)	Col VP Lg Cap Gro, Cl 1		Col VP Lg Cap Gro, Cl 3		Col VP Lg Cap Index, Cl 3		Col VP Overseas Core, Cl 3		Col VP Select Lg Cap Val, Cl 3
Assets
Investments, at fair value^(1),(2)	$	236,583	$	718,306	$	5,773,687	$	327,546	$	94,950
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		226		1,634		5,992		375		132
Total assets		236,809		719,940		5,779,679		327,921		95,082

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		198		863		5,302		336		121
Administrative charge		28		85		690		39		11
Contract terminations		—		686		—		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		226		1,634		5,992		375		132
Net assets applicable to contracts in accumulation period		236,583		716,298		5,770,932		325,349		92,057
Net assets applicable to contracts in payment period		—		—		1,188		—		—
Net assets applicable to seed money		—		2,008		1,567		2,197		2,893
Total net assets	$	236,583	$	718,306	$	5,773,687	$	327,546	$	94,950
⁽¹⁾ Investment shares		6,346		19,583		145,177		24,628		2,497
⁽²⁾ Investments, at cost	$	50,126	$	175,205	$	1,329,955	$	316,983	$	45,945

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			5

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Select Mid Cap Gro, Cl 3		Col VP Select Mid Cap Val, Cl 3		Col VP Select Sm Cap Val, Cl 3		Col VP Sm Cap Val, Cl 2		Col VP Sm Co Gro, Cl 1
Assets
Investments, at fair value^(1),(2)	$	1,631,170	$	30,812	$	647,075	$	814,620	$	18,598
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		2,048		39		715		2,009		18
Total assets		1,633,218		30,851		647,790		816,629		18,616

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,722		36		637		970		16
Administrative charge		194		3		78		97		2
Contract terminations		132		—		—		942		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		2,048		39		715		2,009		18
Net assets applicable to contracts in accumulation period		1,627,865		27,099		646,620		813,659		18,598
Net assets applicable to contracts in payment period		2,456		—		—		—		—
Net assets applicable to seed money		849		3,713		455		961		—
Total net assets	$	1,631,170	$	30,812	$	647,075	$	814,620	$	18,598
⁽¹⁾ Investment shares		36,549		850		19,054		63,592		1,596
⁽²⁾ Investments, at cost	$	552,754	$	11,625	$	265,198	$	853,772	$	20,244

December 31, 2023 (continued)	Col VP US Govt Mtge, Cl 1		Col VP US Govt Mtge, Cl 3		CS Commodity Return, Cl 1		CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP Prin Blue Chip Gro, Cl 1
Assets
Investments, at fair value^(1),(2)	$	129,262	$	4,007,576	$	14,369	$	1,249,187	$	1,030,941
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		11		—		746		—
Receivable for share redemptions		127		5,793		19		4,039		2,953
Total assets		129,389		4,013,380		14,388		1,253,972		1,033,894

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		112		4,302		18		1,506		1,175
Administrative charge		15		480		1		149		124
Contract terminations		—		1,011		—		2,384		1,654
Payable for investments purchased		—		11		—		746		—
Total liabilities		127		5,804		19		4,785		2,953
Net assets applicable to contracts in accumulation period		129,262		4,007,434		11,802		1,230,380		1,030,476
Net assets applicable to contracts in payment period		—		—		—		18,413		—
Net assets applicable to seed money		—		142		2,567		394		465
Total net assets	$	129,262	$	4,007,576	$	14,369	$	1,249,187	$	1,030,941
⁽¹⁾ Investment shares		14,475		448,777		813		279,460		17,471
⁽²⁾ Investments, at cost	$	149,445	$	4,581,570	$	27,386	$	1,721,476	$	433,543

See accompanying notes to financial statements.



6		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3		EV VT Floating-Rate Inc, Init Cl		Fid VIP Bal, Serv Cl		Fid VIP Bal, Serv Cl 2		Fid VIP Contrafund, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	27,745	$	574,225	$	255,546	$	137,167	$	2,986,502
Dividends receivable		—		4,006		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		680		—		—		—
Receivable for share redemptions		35		757		253		163		3,019
Total assets		27,780		579,668		255,799		137,330		2,989,521

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		32		689		223		147		2,663
Administrative charge		3		68		30		16		356
Contract terminations		—		—		—		—		—
Payable for investments purchased		—		4,686		—		—		—
Total liabilities		35		5,443		253		163		3,019
Net assets applicable to contracts in accumulation period		22,951		558,034		255,546		136,784		2,986,502
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		4,794		16,191		—		383		—
Total net assets	$	27,745	$	574,225	$	255,546	$	137,167	$	2,986,502
⁽¹⁾ Investment shares		610		66,384		11,563		6,368		61,832
⁽²⁾ Investments, at cost	$	11,219	$	603,069	$	189,112	$	105,111	$	1,974,334

December 31, 2023 (continued)	Fid VIP Contrafund, Serv Cl 2		Fid VIP Dyn Appr, Serv Cl 2		Fid VIP Gro & Inc, Serv Cl		Fid VIP Gro & Inc, Serv Cl 2		Fid VIP Gro, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	34,780,708	$	822,069	$	1,123,873	$	57,238	$	36,092
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		65,853		888		1,356		66		34
Total assets		34,846,561		822,957		1,125,229		57,304		36,126

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		38,393		790		1,192		59		30
Administrative charge		4,164		98		134		7		4
Contract terminations		23,296		—		30		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		65,853		888		1,356		66		34
Net assets applicable to contracts in accumulation period		34,780,097		821,135		1,123,710		56,673		36,092
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		611		934		163		565		—
Total net assets	$	34,780,708	$	822,069	$	1,123,873	$	57,238	$	36,092
⁽¹⁾ Investment shares		742,701		51,444		42,108		2,191		391
⁽²⁾ Investments, at cost	$	24,634,369	$	624,846	$	778,358	$	36,685	$	24,707

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			7

Statement of Assets and Liabilities


December 31, 2023 (continued)	Fid VIP Gro, Serv Cl 2		Fid VIP Hi Inc, Serv Cl		Fid VIP Hi Inc, Serv Cl 2		Fid VIP Invest Gr, Serv Cl 2		Fid VIP Mid Cap, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	2,058,474	$	626,913	$	260,218	$	5,897,334	$	4,626,227
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		785		—
Receivable for share redemptions		2,372		641		292		8,571		5,932
Total assets		2,060,846		627,554		260,510		5,906,690		4,632,159

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,011		566		261		7,238		4,222
Administrative charge		247		75		31		705		552
Contract terminations		114		—		—		628		1,158
Payable for investments purchased		—		—		—		785		—
Total liabilities		2,372		641		292		9,356		5,932
Net assets applicable to contracts in accumulation period		2,052,054		626,913		259,879		5,897,101		4,626,227
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		6,420		—		339		233		—
Total net assets	$	2,058,474	$	626,913	$	260,218	$	5,897,334	$	4,626,227
⁽¹⁾ Investment shares		22,892		137,481		59,410		545,040		128,828
⁽²⁾ Investments, at cost	$	1,550,954	$	743,420	$	316,483	$	6,770,039	$	4,028,637

December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl 2		Fid VIP Overseas, Serv Cl		Fid VIP Overseas, Serv Cl 2		Frank Global Real Est, Cl 2		Frank Inc, Cl 2
Assets
Investments, at fair value^(1),(2)	$	11,589,085	$	36,587	$	3,184,900	$	1,555,335	$	4,009,017
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		16,766		44		8,892		1,773		4,690
Total assets		11,605,851		36,631		3,193,792		1,557,108		4,013,707

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		11,743		40		3,779		1,470		4,204
Administrative charge		1,382		4		382		183		477
Contract terminations		3,641		—		4,731		120		9
Payable for investments purchased		—		—		—		—		—
Total liabilities		16,766		44		8,892		1,773		4,690
Net assets applicable to contracts in accumulation period		11,588,567		36,587		3,184,462		1,554,952		3,968,930
Net assets applicable to contracts in payment period		—		—		—		—		39,530
Net assets applicable to seed money		518		—		438		383		557
Total net assets	$	11,589,085	$	36,587	$	3,184,900	$	1,555,335	$	4,009,017
⁽¹⁾ Investment shares		334,076		1,425		124,849		123,931		282,325
⁽²⁾ Investments, at cost	$	10,515,337	$	27,917	$	2,430,052	$	1,877,732	$	4,121,862

See accompanying notes to financial statements.



8		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Frank Mutual Shares, Cl 2		Frank Rising Divd, Cl 2		Frank Sm Cap Val, Cl 2		Frank Sm Mid Cap Gro, Cl 2		GS VIT Intl Eq Insights, Inst
Assets
Investments, at fair value^(1),(2)	$	17,443,443	$	202,436	$	2,935,941	$	5,467,004	$	16,658
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		19,703		292		3,243		5,623		19
Total assets		17,463,146		202,728		2,939,184		5,472,627		16,677

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		16,647		260		2,810		4,968		17
Administrative charge		2,084		24		350		655		2
Contract terminations		972		8		83		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		19,703		292		3,243		5,623		19
Net assets applicable to contracts in accumulation period		17,442,519		174,874		2,935,341		5,464,897		16,558
Net assets applicable to contracts in payment period		—		22,737		—		—		—
Net assets applicable to seed money		924		4,825		600		2,107		100
Total net assets	$	17,443,443	$	202,436	$	2,935,941	$	5,467,004	$	16,658
⁽¹⁾ Investment shares		1,137,863		7,517		221,247		410,436		1,882
⁽²⁾ Investments, at cost	$	18,331,399	$	178,244	$	3,204,544	$	6,516,942	$	16,742

December 31, 2023 (continued)	GS VIT Mid Cap Val, Inst		GS VIT Strategic Gro, Inst		GS VIT U.S. Eq Insights, Inst		Invesco VI Am Fran, Ser I		Invesco VI Am Fran, Ser II
Assets
Investments, at fair value^(1),(2)	$	9,639,226	$	161,852	$	1,613,718	$	2,627,653	$	676,738
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		20,269		198		1,718		2,779		1,399
Total assets		9,659,495		162,050		1,615,436		2,630,432		678,137

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		11,021		179		1,526		2,465		787
Administrative charge		1,153		19		192		314		81
Contract terminations		8,095		—		—		—		531
Payable for investments purchased		—		—		—		—		—
Total liabilities		20,269		198		1,718		2,779		1,399
Net assets applicable to contracts in accumulation period		9,625,963		161,637		1,609,604		2,596,809		670,544
Net assets applicable to contracts in payment period		12,656		—		—		30,336		—
Net assets applicable to seed money		607		215		4,114		508		6,194
Total net assets	$	9,639,226	$	161,852	$	1,613,718	$	2,627,653	$	676,738
⁽¹⁾ Investment shares		602,075		12,907		82,628		44,567		12,718
⁽²⁾ Investments, at cost	$	9,225,956	$	156,258	$	1,348,035	$	2,345,922	$	618,422

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			9

Statement of Assets and Liabilities


December 31, 2023 (continued)	Invesco VI American Value, Ser II		Invesco VI Cap Appr, Ser I		Invesco VI Cap Appr, Ser II		Invesco VI Comstock, Ser II		Invesco VI Core Eq, Ser I
Assets
Investments, at fair value^(1),(2)	$	5,479,064	$	868,658	$	8,555,266	$	22,698,319	$	4,927,234
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		4,343		—
Receivable for share redemptions		6,966		969		15,125		45,272		5,372
Total assets		5,486,030		869,627		8,570,391		22,747,934		4,932,606

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,632		865		9,829		26,891		4,782
Administrative charge		653		104		1,027		2,708		590
Contract terminations		681		—		4,269		15,673		—
Payable for investments purchased		—		—		—		4,343		—
Total liabilities		6,966		969		15,125		49,615		5,372
Net assets applicable to contracts in accumulation period		5,478,808		868,658		8,554,369		22,625,025		4,926,955
Net assets applicable to contracts in payment period		—		—		—		72,726		—
Net assets applicable to seed money		256		—		897		568		279
Total net assets	$	5,479,064	$	868,658	$	8,555,266	$	22,698,319	$	4,927,234
⁽¹⁾ Investment shares		399,058		18,455		191,650		1,159,260		168,222
⁽²⁾ Investments, at cost	$	6,514,636	$	832,818	$	8,344,333	$	17,759,176	$	4,748,778

December 31, 2023 (continued)	Invesco VI Core Eq, Ser II		Invesco VI Dis Mid Cap Gro, Ser I		Invesco VI Dis Mid Cap Gro, Ser II		Invesco VI EQV Intl Eq, Ser I		Invesco VI EQV Intl Eq, Ser II
Assets
Investments, at fair value^(1),(2)	$	45,396	$	60,403	$	370,033	$	546,153	$	535,420
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		43		68		409		606		1,111
Total assets		45,439		60,471		370,442		546,759		536,531

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		38		61		361		541		632
Administrative charge		5		7		43		65		64
Contract terminations		—		—		5		—		415
Payable for investments purchased		—		—		—		—		—
Total liabilities		43		68		409		606		1,111
Net assets applicable to contracts in accumulation period		42,663		60,003		364,919		546,153		534,327
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		2,733		400		5,114		—		1,093
Total net assets	$	45,396	$	60,403	$	370,033	$	546,153	$	535,420
⁽¹⁾ Investment shares		1,559		962		6,851		16,021		15,997
⁽²⁾ Investments, at cost	$	43,239	$	70,870	$	458,775	$	427,182	$	490,911

See accompanying notes to financial statements.



10		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Invesco VI Global, Ser I		Invesco VI Global, Ser II		Invesco VI Gbl Strat Inc, Ser I		Invesco VI Gbl Strat Inc, Ser II		Invesco VI Gro & Inc, Ser II
Assets
Investments, at fair value^(1),(2)	$	987	$	1,855,636	$	59,467	$	11,318,238	$	417,929
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		1,899		—
Receivable for share redemptions		1		1,993		67		23,414		477
Total assets		988		1,857,629		59,534		11,343,551		418,406

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1		1,772		60		12,712		427
Administrative charge		—		221		7		1,352		50
Contract terminations		—		—		—		9,350		—
Payable for investments purchased		—		—		—		1,899		—
Total liabilities		1		1,993		67		25,313		477
Net assets applicable to contracts in accumulation period		987		1,852,841		59,467		11,302,402		417,312
Net assets applicable to contracts in payment period		—		—		—		15,688		—
Net assets applicable to seed money		—		2,795		—		148		617
Total net assets	$	987	$	1,855,636	$	59,467	$	11,318,238	$	417,929
⁽¹⁾ Investment shares		27		52,271		13,862		2,560,687		22,148
⁽²⁾ Investments, at cost	$	896	$	1,731,565	$	72,186	$	12,987,110	$	411,621

December 31, 2023 (continued)	Invesco VI Hlth, Ser II		Invesco VI Main St, Ser I		Invesco VI Mn St Mid Cap, Ser II		Invesco VI Mn St Sm Cap, Ser II		Janus Henderson VIT Bal, Inst
Assets
Investments, at fair value^(1),(2)	$	43,988	$	26,598	$	615,053	$	1,909,527	$	1,134,644
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		5		—		—
Receivable for share redemptions		51		30		1,000		1,969		1,266
Total assets		44,039		26,628		616,058		1,911,496		1,135,910

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		46		27		756		1,742		1,130
Administrative charge		5		3		73		227		136
Contract terminations		—		—		171		—		—
Payable for investments purchased		—		—		5		—		—
Total liabilities		51		30		1,005		1,969		1,266
Net assets applicable to contracts in accumulation period		40,031		26,598		613,724		1,877,676		1,134,644
Net assets applicable to contracts in payment period		—		—		—		30,369		—
Net assets applicable to seed money		3,957		—		1,329		1,482		—
Total net assets	$	43,988	$	26,598	$	615,053	$	1,909,527	$	1,134,644
⁽¹⁾ Investment shares		1,850		1,460		65,501		72,606		25,058
⁽²⁾ Investments, at cost	$	42,927	$	30,486	$	684,171	$	1,509,645	$	722,504

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			11

Statement of Assets and Liabilities


December 31, 2023 (continued)	Janus Henderson VIT Enter, Serv		Janus Henderson VIT Gbl Res, Inst		Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Res, Serv
Assets
Investments, at fair value^(1),(2)	$	683,781	$	883,606	$	155,975	$	154,468	$	1,529,235
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		767		983		191		185		2,813
Total assets		684,548		884,589		156,166		154,653		1,532,048

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		686		878		172		167		1,712
Administrative charge		81		105		19		18		183
Contract terminations		—		—		—		—		918
Payable for investments purchased		—		—		—		—		—
Total liabilities		767		983		191		185		2,813
Net assets applicable to contracts in accumulation period		683,505		883,606		155,788		154,468		1,527,378
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		276		—		187		—		1,857
Total net assets	$	683,781	$	883,606	$	155,975	$	154,468	$	1,529,235
⁽¹⁾ Investment shares		10,001		14,462		9,712		3,854		35,514
⁽²⁾ Investments, at cost	$	520,937	$	585,242	$	94,042	$	129,193	$	1,118,598

December 31, 2023 (continued)	Lazard Retire Intl Eq, Serv		LVIP Baron Gro Opp, Serv Cl		LVIP JPM US Eq, Std Cl		MFS Inv Trust, Init Cl		MFS Inv Trust, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	34,463	$	57,024	$	224,479	$	831,211	$	702,901
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		40		66		261		918		712
Total assets		34,503		57,090		224,740		832,129		703,613

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		36		59		234		819		628
Administrative charge		4		7		27		99		84
Contract terminations		—		—		—		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		40		66		261		918		712
Net assets applicable to contracts in accumulation period		34,367		56,702		224,327		830,090		702,069
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		96		322		152		1,121		832
Total net assets	$	34,463	$	57,024	$	224,479	$	831,211	$	702,901
⁽¹⁾ Investment shares		3,791		792		5,966		23,096		19,924
⁽²⁾ Investments, at cost	$	39,138	$	28,338	$	194,941	$	600,599	$	502,975

See accompanying notes to financial statements.



12		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl		MFS New Dis, Init Cl		MFS New Dis, Serv Cl		MFS Research, Init Cl		MFS Total Return, Init Cl
Assets
Investments, at fair value^(1),(2)	$	1,737,525	$	302,425	$	1,427,560	$	263,753	$	30,292
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		3,087		362		1,556		302		28
Total assets		1,740,612		302,787		1,429,116		264,055		30,320

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,556		326		1,386		271		24
Administrative charge		208		36		170		31		4
Contract terminations		1,323		—		—		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		3,087		362		1,556		302		28
Net assets applicable to contracts in accumulation period		1,711,147		302,238		1,425,676		260,740		30,292
Net assets applicable to contracts in payment period		24,026		—		168		—		—
Net assets applicable to seed money		2,352		187		1,716		3,013		—
Total net assets	$	1,737,525	$	302,425	$	1,427,560	$	263,753	$	30,292
⁽¹⁾ Investment shares		78,621		23,371		141,343		8,250		1,302
⁽²⁾ Investments, at cost	$	1,549,437	$	383,341	$	2,022,442	$	205,852	$	27,416

December 31, 2023 (continued)	MFS Total Return, Serv Cl		MFS Utilities, Init Cl		MFS Utilities, Serv Cl		MS VIF Dis, Cl II		MS VIF Global Real Est, Cl II
Assets
Investments, at fair value^(1),(2)	$	12,155,670	$	2,122,403	$	855,859	$	45,434	$	126,584
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		56		—		—		—		—
Receivable for share redemptions		13,078		2,406		937		57		369
Total assets		12,168,804		2,124,809		856,796		45,491		126,953

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		11,628		2,153		835		52		151
Administrative charge		1,450		253		102		5		15
Contract terminations		—		—		—		—		203
Payable for investments purchased		56		—		—		—		—
Total liabilities		13,134		2,406		937		57		369
Net assets applicable to contracts in accumulation period		12,154,860		2,104,799		839,202		41,230		126,023
Net assets applicable to contracts in payment period		—		17,186		15,147		—		—
Net assets applicable to seed money		810		418		1,510		4,204		561
Total net assets	$	12,155,670	$	2,122,403	$	855,859	$	45,434	$	126,584
⁽¹⁾ Investment shares		535,964		65,811		27,136		11,218		16,788
⁽²⁾ Investments, at cost	$	11,391,039	$	1,851,712	$	759,644	$	102,953	$	145,269

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			13

Statement of Assets and Liabilities


December 31, 2023 (continued)	MS VIF US Real Est, Cl I		MS VIF US Real Est, Cl II		PIMCO VIT All Asset, Advisor Cl		Put VT Div Inc, Cl IA		Put VT Div Inc, Cl IB
Assets
Investments, at fair value^(1),(2)	$	169,570	$	393,960	$	615,073	$	394,047	$	136,324
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		288		—		—
Receivable for share redemptions		185		897		823		439		152
Total assets		169,755		394,857		616,184		394,486		136,476

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		165		503		750		392		136
Administrative charge		20		47		73		47		16
Contract terminations		—		347		—		—		—
Payable for investments purchased		—		—		288		—		—
Total liabilities		185		897		1,111		439		152
Net assets applicable to contracts in accumulation period		168,840		393,209		614,596		387,985		136,324
Net assets applicable to contracts in payment period		—		—		—		6,062		—
Net assets applicable to seed money		730		751		477		—		—
Total net assets	$	169,570	$	393,960	$	615,073	$	394,047	$	136,324
⁽¹⁾ Investment shares		11,662		27,283		66,856		85,292		29,317
⁽²⁾ Investments, at cost	$	179,495	$	420,223	$	705,066	$	583,495	$	204,024

December 31, 2023 (continued)	Put VT Emerg Mkts Eq, Cl IB		Put VT Focused Intl Eq, Cl IA		Put VT Global Hlth Care, Cl IB		Put VT Hi Yield, Cl IA		Put VT Hi Yield, Cl IB
Assets
Investments, at fair value^(1),(2)	$	198,454	$	375,014	$	722,775	$	344,393	$	80,908
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		211		417		792		384		90
Total assets		198,665		375,431		723,567		344,777		80,998

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		187		372		702		343		80
Administrative charge		24		45		86		41		10
Contract terminations		—		—		4		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		211		417		792		384		90
Net assets applicable to contracts in accumulation period		198,347		375,014		720,338		344,393		80,908
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		107		—		2,437		—		—
Total net assets	$	198,454	$	375,014	$	722,775	$	344,393	$	80,908
⁽¹⁾ Investment shares		11,764		25,845		44,561		61,389		14,578
⁽²⁾ Investments, at cost	$	194,814	$	388,715	$	637,918	$	429,922	$	97,416

See accompanying notes to financial statements.



14		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Put VT Inc, Cl IB		Put VT Intl Eq, Cl IB		Put VT Intl Val, Cl IB		Put VT Lg Cap Gro, Cl IA		Put VT Lg Cap Gro, Cl IB
Assets
Investments, at fair value^(1),(2)	$	24,414	$	3,206,025	$	256	$	504,948	$	1,034,862
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		26		3,427		—		561		1,152
Total assets		24,440		3,209,452		256		505,509		1,036,014

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		23		3,045		—		501		1,029
Administrative charge		3		382		—		60		123
Contract terminations		—		—		—		—		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		26		3,427		—		561		1,152
Net assets applicable to contracts in accumulation period		23,959		3,204,662		—		500,775		1,034,862
Net assets applicable to contracts in payment period		—		399		—		4,173		—
Net assets applicable to seed money		455		964		256		—		—
Total net assets	$	24,414	$	3,206,025	$	256	$	504,948	$	1,034,862
⁽¹⁾ Investment shares		2,945		209,956		22		35,965		76,770
⁽²⁾ Investments, at cost	$	32,483	$	2,897,111	$	204	$	339,901	$	716,025

December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IA		Put VT Lg Cap Val, Cl IB		Put VT Research, Cl IB		Put VT Sm Cap Val, Cl IB		Put VT Sus Leaders, Cl IA
Assets
Investments, at fair value^(1),(2)	$	2,531,141	$	2,775,529	$	46,112	$	605,255	$	2,596,448
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		2,811		3,717		48		1,163		2,886
Total assets		2,533,952		2,779,246		46,160		606,418		2,599,334

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,510		2,533		43		687		2,577
Administrative charge		301		330		5		72		309
Contract terminations		—		854		—		404		—
Payable for investments purchased		—		—		—		—		—
Total liabilities		2,811		3,717		48		1,163		2,886
Net assets applicable to contracts in accumulation period		2,524,407		2,773,009		43,715		602,489		2,596,448
Net assets applicable to contracts in payment period		6,734		1,644		—		—		—
Net assets applicable to seed money		—		876		2,397		2,766		—
Total net assets	$	2,531,141	$	2,775,529	$	46,112	$	605,255	$	2,596,448
⁽¹⁾ Investment shares		86,564		96,306		1,329		52,953		62,762
⁽²⁾ Investments, at cost	$	2,079,825	$	2,320,437	$	24,230	$	650,663	$	1,896,716

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			15

Statement of Assets and Liabilities


December 31, 2023 (continued)	Put VT Sus Leaders, Cl IB		Royce Micro-Cap, Invest Cl		Royce Sm-Cap, Invest Cl		Temp Dev Mkts, Cl 2		Temp Foreign, Cl 2
Assets
Investments, at fair value^(1),(2)	$	2,826,232	$	319,423	$	303,233	$	222,684	$	2,501,280
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		2,974		414		347		230		2,809
Total assets		2,829,206		319,837		303,580		222,914		2,504,089

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,630		342		311		203		2,400
Administrative charge		336		38		36		27		300
Contract terminations		8		34		—		—		109
Payable for investments purchased		—		—		—		—		—
Total liabilities		2,974		414		347		230		2,809
Net assets applicable to contracts in accumulation period		2,821,692		319,304		303,004		222,583		2,501,175
Net assets applicable to contracts in payment period		620		—		—		—		—
Net assets applicable to seed money		3,920		119		229		101		105
Total net assets	$	2,826,232	$	319,423	$	303,233	$	222,684	$	2,501,280
⁽¹⁾ Investment shares		71,369		34,833		31,620		27,058		175,652
⁽²⁾ Investments, at cost	$	2,092,257	$	324,964	$	271,948	$	254,745	$	2,373,869

December 31, 2023 (continued)	Temp Global Bond, Cl 2		Temp Gro, Cl 2		Third Ave VST Third Ave Value		VP Aggr, Cl 2		VP Aggr, Cl 4
Assets
Investments, at fair value^(1),(2)	$	6,127,340	$	267,438	$	232,340	$	8,542,855	$	62,759,140
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		35		—		—		—		—
Receivable for share redemptions		15,785		327		270		9,162		74,610
Total assets		6,143,160		267,765		232,610		8,552,017		62,833,750

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,485		291		242		8,104		66,770
Administrative charge		735		32		28		1,058		7,491
Contract terminations		7,565		4		—		—		349
Payable for investments purchased		35		—		—		—		—
Total liabilities		15,820		327		270		9,162		74,610
Net assets applicable to contracts in accumulation period		6,109,913		265,832		232,093		8,542,563		62,759,106
Net assets applicable to contracts in payment period		17,216		—		—		—		—
Net assets applicable to seed money		211		1,606		247		292		34
Total net assets	$	6,127,340	$	267,438	$	232,340	$	8,542,855	$	62,759,140
⁽¹⁾ Investment shares		477,207		22,305		9,985		303,908		2,229,454
⁽²⁾ Investments, at cost	$	7,311,961	$	267,332	$	174,067	$	4,287,887	$	26,258,268

See accompanying notes to financial statements.



16		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Conserv, Cl 2		VP Conserv, Cl 4		VP Man Risk, Cl 2		VP Man Risk US, Cl 2		VP Man Vol Conserv, Cl 2
Assets
Investments, at fair value^(1),(2)	$	12,556,772	$	38,160,614	$	290,128	$	26,559	$	10,634,985
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		13,813		63,024		299		25		16,422
Total assets		12,570,585		38,223,638		290,427		26,584		10,651,407

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		12,309		40,036		264		22		12,017
Administrative charge		1,504		4,587		35		3		1,275
Contract terminations		—		18,401		—		—		3,130
Payable for investments purchased		—		—		—		—		—
Total liabilities		13,813		63,024		299		25		16,422
Net assets applicable to contracts in accumulation period		12,556,585		38,160,551		289,684		26,038		10,634,767
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		187		63		444		521		218
Total net assets	$	12,556,772	$	38,160,614	$	290,128	$	26,559	$	10,634,985
⁽¹⁾ Investment shares		816,435		2,482,799		22,953		1,884		834,116
⁽²⁾ Investments, at cost	$	11,314,467	$	31,462,475	$	254,017	$	20,241	$	9,649,018

December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2		VP Man Vol Gro, Cl 2		VP Man Vol Mod Gro, Cl 2		VP Mod, Cl 2		VP Mod, Cl 4
Assets
Investments, at fair value^(1),(2)	$	27,721,281	$	85,008,223	$	161,004,079	$	191,308,639	$	605,340,529
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		41,794		105,384		237,977		236,661		936,643
Total assets		27,763,075		85,113,607		161,242,056		191,545,300		606,277,172

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		30,671		88,444		176,439		175,746		637,188
Administrative charge		3,331		10,133		19,290		22,860		72,532
Contract terminations		7,792		6,807		42,248		38,055		226,923
Payable for investments purchased		—		—		—		—		—
Total liabilities		41,794		105,384		237,977		236,661		936,643
Net assets applicable to contracts in accumulation period		27,721,190		85,008,147		161,004,033		191,302,407		605,308,645
Net assets applicable to contracts in payment period		—		—		—		6,134		31,766
Net assets applicable to seed money		91		76		46		98		118
Total net assets	$	27,721,281	$	85,008,223	$	161,004,079	$	191,308,639	$	605,340,529
⁽¹⁾ Investment shares		1,964,655		4,942,339		9,409,940		8,922,978		28,194,715
⁽²⁾ Investments, at cost	$	22,500,170	$	58,120,676	$	116,365,494	$	113,395,541	$	321,369,331

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			17

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Mod Aggr, Cl 2		VP Mod Aggr, Cl 4		VP Mod Conserv, Cl 2		VP Mod Conserv, Cl 4		VP Ptnrs Core Eq, Cl 3
Assets
Investments, at fair value^(1),(2)	$	33,939,071	$	143,921,641	$	23,826,093	$	60,596,250	$	696,858
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		—
Receivable for share redemptions		63,317		185,553		25,863		81,224		1,409
Total assets		34,002,388		144,107,194		23,851,956		60,677,474		698,267

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		32,540		159,839		23,017		65,197		820
Administrative charge		4,037		17,285		2,846		7,249		84
Contract terminations		26,740		8,429		—		8,778		505
Payable for investments purchased		—		—		—		—		—
Total liabilities		63,317		185,553		25,863		81,224		1,409
Net assets applicable to contracts in accumulation period		33,938,891		143,921,588		23,825,870		60,596,181		696,385
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		180		53		223		69		473
Total net assets	$	33,939,071	$	143,921,641	$	23,826,093	$	60,596,250	$	696,858
⁽¹⁾ Investment shares		1,382,447		5,852,852		1,316,359		3,342,319		19,024
⁽²⁾ Investments, at cost	$	16,963,718	$	64,366,413	$	16,493,146	$	38,435,877	$	234,213

December 31, 2023 (continued)	VP Ptnrs Sm Cap Val, Cl 3		VP US Flex Conserv Gro, Cl 2		VP US Flex Gro, Cl 2		VP US Flex Mod Gro, Cl 2		Wanger Acorn
Assets
Investments, at fair value^(1),(2)	$	8,767,533	$	353,972	$	3,655,721	$	2,138,699	$	5,089,149
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		53
Receivable for share redemptions		18,602		353		3,278		1,968		11,528
Total assets		8,786,135		354,325		3,658,999		2,140,667		5,100,730

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		10,479		311		2,844		1,713		6,093
Administrative charge		1,048		42		434		255		608
Contract terminations		7,075		—		—		—		4,827
Payable for investments purchased		—		—		—		—		53
Total liabilities		18,602		353		3,278		1,968		11,581
Net assets applicable to contracts in accumulation period		8,767,272		353,519		3,655,304		2,138,256		5,088,449
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		261		453		417		443		700
Total net assets	$	8,767,533	$	353,972	$	3,655,721	$	2,138,699	$	5,089,149
⁽¹⁾ Investment shares		245,109		26,655		224,691		144,702		381,782
⁽²⁾ Investments, at cost	$	4,783,086	$	302,248	$	2,960,077	$	1,821,170	$	7,156,479

See accompanying notes to financial statements.



18		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Wanger Intl
Assets
Investments, at fair value^(1),(2)	$	4,634,499
Dividends receivable		—
Accounts receivable from RiverSource Life for contract purchase payments		—
Receivable for share redemptions		11,596
Total assets		4,646,095

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,558
Administrative charge		557
Contract terminations		5,481
Payable for investments purchased		—
Total liabilities		11,596
Net assets applicable to contracts in accumulation period		4,634,043
Net assets applicable to contracts in payment period		—
Net assets applicable to seed money		456
Total net assets	$	4,634,499
⁽¹⁾ Investment shares		227,404
⁽²⁾ Investments, at cost	$	5,466,642

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			19

Statement of Operations


Year ended December 31, 2023	AB VPS Bal Hedged Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Investment income
Dividend income	$	2,498		$	57,924		$	—		$	54,052		$	252
Variable account expenses		3,544			143,535			33,180			55,002			12,270
Investment income (loss) — net		(1,046	)		(85,611	)		(33,180	)		(950	)		(12,018	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		38,512			2,141,372			320,214			444,502			99,176
Cost of investments sold		46,525			2,160,828			248,037			394,630			81,978
Net realized gain (loss) on sales of investments		(8,013	)		(19,456	)		72,177			49,872			17,198
Distributions from capital gains		14,312			—			183,975			341,426			54,390
Net change in unrealized appreciation (depreciation) of investments		25,256			1,204,261			464,929			22,514			52,267
Net gain (loss) on investments		31,555			1,184,805			721,081			413,812			123,855
Net increase (decrease) in net assets resulting from operations	$	30,509		$	1,099,194		$	687,901		$	412,862		$	111,837

Year ended December 31, 2023 (continued)	Allspg VT Dis All Cap Gro, Cl 1			Allspg VT Dis All Cap Gro, Cl 2			Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 1			Allspg VT Intl Eq, Cl 2
Investment income
Dividend income	$	—		$	—		$	53,405		$	2,291		$	48,091
Variable account expenses		4,470			230,827			78,057			1,742			49,907
Investment income (loss) — net		(4,470	)		(230,827	)		(24,652	)		549			(1,816	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		104,009			2,930,967			999,181			10,353			789,922
Cost of investments sold		108,762			3,311,935			926,944			17,175			1,247,851
Net realized gain (loss) on sales of investments		(4,753	)		(380,968	)		72,237			(6,822	)		(457,929	)
Distributions from capital gains		37,800			1,624,589			172,913			—			—
Net change in unrealized appreciation (depreciation) of investments		70,133			3,230,366			553,301			23,992			887,761
Net gain (loss) on investments		103,180			4,473,987			798,451			17,170			429,832
Net increase (decrease) in net assets resulting from operations	$	98,710		$	4,243,160		$	773,799		$	17,719		$	428,016

Year ended December 31, 2023 (continued)	Allspg VT Opp, Cl 1			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			AC VP Disciplined Core Val, Cl I			AC VP Inflation Prot, Cl II
Investment income
Dividend income	$	—		$	—		$	—		$	2,658		$	420,485
Variable account expenses		6,583			53,939			44,840			2,426			214,355
Investment income (loss) — net		(6,583	)		(53,939	)		(44,840	)		232			206,130

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		53,860			910,159			368,565			30,325			1,878,559
Cost of investments sold		50,720			825,260			445,766			34,517			2,114,404
Net realized gain (loss) on sales of investments		3,140			84,899			(77,201	)		(4,192	)		(235,845	)
Distributions from capital gains		42,479			337,628			—			—			—
Net change in unrealized appreciation (depreciation) of investments		70,356			518,384			198,686			15,223			225,170
Net gain (loss) on investments		115,975			940,911			121,485			11,031			(10,675	)
Net increase (decrease) in net assets resulting from operations	$	109,392		$	886,972		$	76,645		$	11,263		$	195,455

See accompanying notes to financial statements.



20		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	AC VP Intl, Cl II			AC VP Mid Cap Val, Cl II			AC VP Ultra, Cl II			AC VP Val, Cl I			AC VP Val, Cl II
Investment income
Dividend income	$	386		$	1,608		$	—		$	6,713		$	6,898
Variable account expenses		215			1,240			100,435			3,962			5,532
Investment income (loss) — net		171			368			(100,435	)		2,751			1,366

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		30,336			1,249			1,720,285			30,099			7,823
Cost of investments sold		28,974			1,115			1,323,491			20,733			6,839
Net realized gain (loss) on sales of investments		1,362			134			396,794			9,366			984
Distributions from capital gains		—			8,159			481,859			22,081			23,824
Net change in unrealized appreciation (depreciation) of investments		1,765			(5,502	)		1,329,498			(14,152	)		(4,600	)
Net gain (loss) on investments		3,127			2,791			2,208,151			17,295			20,208
Net increase (decrease) in net assets resulting from operations	$	3,298		$	3,159		$	2,107,716		$	20,046		$	21,574

Year ended December 31, 2023 (continued)	BNY Mellon IP MidCap Stock, Serv			BNY Mellon IP Tech Gro, Serv			BNY Mellon Sus US Eq, Init			BNY Mellon VIF Appr, Serv			CB Var Sm Cap Gro, Cl I
Investment income
Dividend income	$	362		$	—		$	2,781		$	529		$	—
Variable account expenses		1,027			41,516			5,272			1,603			1,598
Investment income (loss) — net		(665	)		(41,516	)		(2,491	)		(1,074	)		(1,598	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,138			904,725			16,937			1,130			7,727
Cost of investments sold		2,098			833,867			14,484			1,277			6,762
Net realized gain (loss) on sales of investments		40			70,858			2,453			(147	)		965
Distributions from capital gains		2,125			—			44,658			9,356			—
Net change in unrealized appreciation (depreciation) of investments		9,024			1,106,131			32,180			10,775			7,008
Net gain (loss) on investments		11,189			1,176,989			79,291			19,984			7,973
Net increase (decrease) in net assets resulting from operations	$	10,524		$	1,135,473		$	76,800		$	18,910		$	6,375

Year ended December 31, 2023 (continued)	Col VP Bal, Cl 3			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3			Col VP Emer Mkts, Cl 3			Col VP Govt Money Mkt, Cl 1
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	4,139
Variable account expenses		31,543			200,781			258,706			92,033			1,113
Investment income (loss) — net		(31,543	)		(200,781	)		(258,706	)		(92,033	)		3,026

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		275,318			2,817,579			2,464,737			926,946			4,370
Cost of investments sold		128,969			877,847			1,127,056			1,362,068			4,370
Net realized gain (loss) on sales of investments		146,349			1,939,732			1,337,681			(435,122	)		—
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		290,661			954,425			(587,266	)		946,346			—
Net gain (loss) on investments		437,010			2,894,157			750,415			511,224			—
Net increase (decrease) in net assets resulting from operations	$	405,467		$	2,693,376		$	491,709		$	419,191		$	3,026

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			21

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 1			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 3
Investment income
Dividend income	$	824,860		$	157,199		$	12,040		$	153,583		$	145,354
Variable account expenses		277,895			47,677			2,857			51,419			98,879
Investment income (loss) — net		546,965			109,522			9,183			102,164			46,475

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,832,022			468,171			22,542			669,286			1,004,616
Cost of investments sold		3,831,959			527,685			30,903			850,923			1,255,724
Net realized gain (loss) on sales of investments		63			(59,514	)		(8,361	)		(181,637	)		(251,108	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(63	)		232,647			20,440			355,865			502,002
Net gain (loss) on investments		—			173,133			12,079			174,228			250,894
Net increase (decrease) in net assets resulting from operations	$	546,965		$	282,655		$	21,262		$	276,392		$	297,369

Year ended December 31, 2023 (continued)	Col VP Lg Cap Gro, Cl 1			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 3			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 3
Investment income
Dividend income	$	—		$	—		$	—		$	5,729		$	—
Variable account expenses		3,852			10,709			71,044			4,538			1,807
Investment income (loss) — net		(3,852	)		(10,709	)		(71,044	)		1,191			(1,807	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		215,463			63,961			784,838			25,565			28,740
Cost of investments sold		46,544			20,415			201,560			26,216			12,074
Net realized gain (loss) on sales of investments		168,919			43,546			583,278			(651	)		16,666
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(44,221	)		182,211			668,930			40,013			(12,101	)
Net gain (loss) on investments		124,698			225,757			1,252,208			39,362			4,565
Net increase (decrease) in net assets resulting from operations	$	120,846		$	215,048		$	1,181,164		$	40,553		$	2,758

Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 3			Col VP Sm Cap Val, Cl 2			Col VP Sm Co Gro, Cl 1
Investment income
Dividend income	$	—		$	—		$	—		$	3,244		$	—
Variable account expenses		23,222			479			9,143			12,478			212
Investment income (loss) — net		(23,222	)		(479	)		(9,143	)		(9,234	)		(212	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		214,618			5,154			93,108			141,302			274
Cost of investments sold		80,730			2,105			39,668			159,928			331
Net realized gain (loss) on sales of investments		133,888			3,049			53,440			(18,626	)		(57	)
Distributions from capital gains		—			—			—			55,252			—
Net change in unrealized appreciation (depreciation) of investments		215,758			(202	)		23,071			115,497			4,003
Net gain (loss) on investments		349,646			2,847			76,511			152,123			3,946
Net increase (decrease) in net assets resulting from operations	$	326,424		$	2,368		$	67,368		$	142,889		$	3,734

See accompanying notes to financial statements.



22		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP US Govt Mtge, Cl 1			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP Prin Blue Chip Gro, Cl 1
Investment income
Dividend income	$	3,631		$	110,824		$	3,343		$	114,175		$	—
Variable account expenses		1,605			64,143			266			21,640			15,657
Investment income (loss) — net		2,026			46,681			3,077			92,535			(15,657	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		8,010			1,152,629			1,560			234,356			225,236
Cost of investments sold		10,096			1,371,766			2,986			328,330			112,639
Net realized gain (loss) on sales of investments		(2,086	)		(219,137	)		(1,426	)		(93,974	)		112,597
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		5,158			322,780			(3,462	)		27,490			215,264
Net gain (loss) on investments		3,072			103,643			(4,888	)		(66,484	)		327,861
Net increase (decrease) in net assets resulting from operations	$	5,098		$	150,324		$	(1,811	)	$	26,051		$	312,204

Year ended December 31, 2023 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3			EV VT Floating-Rate Inc, Init Cl			Fid VIP Bal, Serv Cl			Fid VIP Bal, Serv Cl 2			Fid VIP Contrafund, Serv Cl
Investment income
Dividend income	$	—		$	48,702		$	3,868		$	2,036		$	10,653
Variable account expenses		419			9,914			2,934			2,025			35,162
Investment income (loss) — net		(419	)		38,788			934			11			(24,509	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		894			120,670			3,203			16,523			280,814
Cost of investments sold		326			128,550			2,540			13,341			201,635
Net realized gain (loss) on sales of investments		568			(7,880	)		663			3,182			79,179
Distributions from capital gains		—			—			8,324			5,020			97,499
Net change in unrealized appreciation (depreciation) of investments		1,945			22,563			32,507			15,366			600,301
Net gain (loss) on investments		2,513			14,683			41,494			23,568			776,979
Net increase (decrease) in net assets resulting from operations	$	2,094		$	53,471		$	42,428		$	23,579		$	752,470

Year ended December 31, 2023 (continued)	Fid VIP Contrafund, Serv Cl 2			Fid VIP Dyn Appr, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro, Serv Cl
Investment income
Dividend income	$	82,832		$	797		$	16,785		$	798		$	12
Variable account expenses		529,755			10,028			15,611			770			374
Investment income (loss) — net		(446,923	)		(9,231	)		1,174			28			(362	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,496,907			30,285			46,381			2,739			400
Cost of investments sold		5,810,019			25,272			33,089			1,847			298
Net realized gain (loss) on sales of investments		1,686,888			5,013			13,292			892			102
Distributions from capital gains		1,209,429			34,415			40,247			2,096			1,509
Net change in unrealized appreciation (depreciation) of investments		6,769,496			145,417			109,033			5,179			7,989
Net gain (loss) on investments		9,665,813			184,845			162,572			8,167			9,600
Net increase (decrease) in net assets resulting from operations	$	9,218,890		$	175,614		$	163,746		$	8,195		$	9,238

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			23

Statement of Operations


Year ended December 31, 2023 (continued)	Fid VIP Gro, Serv Cl 2			Fid VIP Hi Inc, Serv Cl			Fid VIP Hi Inc, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2			Fid VIP Mid Cap, Serv Cl
Investment income
Dividend income	$	68		$	34,230		$	14,333		$	145,563		$	22,524
Variable account expenses		24,925			7,888			3,695			101,314			58,896
Investment income (loss) — net		(24,857	)		26,342			10,638			44,249			(36,372	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		257,296			38,045			29,593			960,439			690,702
Cost of investments sold		196,405			45,886			36,600			1,130,003			634,107
Net realized gain (loss) on sales of investments		60,891			(7,841	)		(7,007	)		(169,564	)		56,595
Distributions from capital gains		91,451			—			—			—			122,565
Net change in unrealized appreciation (depreciation) of investments		400,593			34,139			17,974			366,335			436,792
Net gain (loss) on investments		552,935			26,298			10,967			196,771			615,952
Net increase (decrease) in net assets resulting from operations	$	528,078		$	52,640		$	21,605		$	241,020		$	579,580

Year ended December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 2
Investment income
Dividend income	$	42,388		$	327		$	24,201		$	43,758		$	208,861
Variable account expenses		161,466			651			50,934			20,455			59,091
Investment income (loss) — net		(119,078	)		(324	)		(26,733	)		23,303			149,770

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,595,179			12,642			702,575			184,227			455,465
Cost of investments sold		1,526,169			11,090			576,795			246,932			486,809
Net realized gain (loss) on sales of investments		69,010			1,552			125,780			(62,705	)		(31,344	)
Distributions from capital gains		317,752			92			8,109			—			253,206
Net change in unrealized appreciation (depreciation) of investments		1,146,891			4,726			428,612			175,425			(108,126	)
Net gain (loss) on investments		1,533,653			6,370			562,501			112,720			113,736
Net increase (decrease) in net assets resulting from operations	$	1,414,575		$	6,046		$	535,768		$	136,023		$	263,506

Year ended December 31, 2023 (continued)	Frank Mutual Shares, Cl 2			Frank Rising Divd, Cl 2			Frank Sm Cap Val, Cl 2			Frank Sm Mid Cap Gro, Cl 2			GS VIT Intl Eq Insights, Inst
Investment income
Dividend income	$	317,781		$	1,758		$	14,782		$	—		$	430
Variable account expenses		229,883			4,313			38,437			66,809			233
Investment income (loss) — net		87,898			(2,555	)		(23,655	)		(66,809	)		197

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,043,524			148,931			370,167			608,676			1,134
Cost of investments sold		2,198,156			130,942			434,252			828,698			1,157
Net realized gain (loss) on sales of investments		(154,632	)		17,989			(64,085	)		(220,022	)		(23	)
Distributions from capital gains		1,462,654			20,180			160,246			—			—
Net change in unrealized appreciation (depreciation) of investments		528,964			(11,972	)		229,761			1,432,653			2,323
Net gain (loss) on investments		1,836,986			26,197			325,922			1,212,631			2,300
Net increase (decrease) in net assets resulting from operations	$	1,924,884		$	23,642		$	302,267		$	1,145,822		$	2,497

See accompanying notes to financial statements.



24		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	GS VIT Mid Cap Val, Inst			GS VIT Strategic Gro, Inst			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Investment income
Dividend income	$	93,988		$	—		$	10,288		$	—		$	—
Variable account expenses		147,612			2,192			20,445			32,126			9,992
Investment income (loss) — net		(53,624	)		(2,192	)		(10,157	)		(32,126	)		(9,992	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,204,053			3,863			149,941			297,996			80,007
Cost of investments sold		1,212,485			3,950			138,962			303,206			85,283
Net realized gain (loss) on sales of investments		(8,432	)		(87	)		10,979			(5,210	)		(5,276	)
Distributions from capital gains		231,490			6,176			—			53,057			14,877
Net change in unrealized appreciation (depreciation) of investments		711,814			42,617			303,826			764,345			196,968
Net gain (loss) on investments		934,872			48,706			314,805			812,192			206,569
Net increase (decrease) in net assets resulting from operations	$	881,248		$	46,514		$	304,648		$	780,066		$	196,577

Year ended December 31, 2023 (continued)	Invesco VI American Value, Ser II			Invesco VI Cap Appr, Ser I			Invesco VI Cap Appr, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I
Investment income
Dividend income	$	19,574		$	—		$	—		$	345,613		$	34,819
Variable account expenses		76,750			11,229			134,591			368,520			66,651
Investment income (loss) — net		(57,176	)		(11,229	)		(134,591	)		(22,907	)		(31,832	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		961,859			97,756			1,997,965			3,548,156			763,575
Cost of investments sold		1,104,931			108,296			2,229,897			2,618,102			791,317
Net realized gain (loss) on sales of investments		(143,072	)		(10,540	)		(231,932	)		930,054			(27,742	)
Distributions from capital gains		1,090,183			—			—			2,489,010			112,362
Net change in unrealized appreciation (depreciation) of investments		(211,770	)		251,476			2,754,406			(1,197,421	)		891,516
Net gain (loss) on investments		735,341			240,936			2,522,474			2,221,643			976,136
Net increase (decrease) in net assets resulting from operations	$	678,165		$	229,707		$	2,387,883		$	2,198,736		$	944,304

Year ended December 31, 2023 (continued)	Invesco VI Core Eq, Ser II			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI EQV Intl Eq, Ser I			Invesco VI EQV Intl Eq, Ser II
Investment income
Dividend income	$	203		$	—		$	—		$	1,016		$	—
Variable account expenses		496			1,671			5,898			7,339			8,564
Investment income (loss) — net		(293	)		(1,671	)		(5,898	)		(6,323	)		(8,564	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		634			80,350			189,767			40,581			120,434
Cost of investments sold		645			105,069			243,560			34,290			119,733
Net realized gain (loss) on sales of investments		(11	)		(24,719	)		(53,793	)		6,291			701
Distributions from capital gains		1,009			—			—			380			390
Net change in unrealized appreciation (depreciation) of investments		7,358			33,056			109,994			79,140			88,271
Net gain (loss) on investments		8,356			8,337			56,201			85,811			89,362
Net increase (decrease) in net assets resulting from operations	$	8,063		$	6,666		$	50,303		$	79,488		$	80,798

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			25

Statement of Operations


Year ended December 31, 2023 (continued)	Invesco VI Global, Ser I			Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser I			Invesco VI Gbl Strat Inc, Ser II			Invesco VI Gro & Inc, Ser II
Investment income
Dividend income	$	2		$	—		$	—		$	—		$	5,171
Variable account expenses		12			23,738			826			180,021			5,628
Investment income (loss) — net		(10	)		(23,738	)		(826	)		(180,021	)		(457	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		74			227,447			5,568			1,794,853			15,227
Cost of investments sold		65			213,819			7,108			2,170,258			14,422
Net realized gain (loss) on sales of investments		9			13,628			(1,540	)		(375,405	)		805
Distributions from capital gains		104			205,446			—			—			50,576
Net change in unrealized appreciation (depreciation) of investments		155			294,958			6,520			1,316,216			(9,961	)
Net gain (loss) on investments		268			514,032			4,980			940,811			41,420
Net increase (decrease) in net assets resulting from operations	$	258		$	490,294		$	4,154		$	760,790		$	40,963

Year ended December 31, 2023 (continued)	Invesco VI Hlth, Ser II			Invesco VI Main St, Ser I			Invesco VI Mn St Mid Cap, Ser II			Invesco VI Mn St Sm Cap, Ser II			Janus Henderson VIT Bal, Inst
Investment income
Dividend income	$	—		$	209		$	233		$	16,692		$	23,170
Variable account expenses		632			342			10,332			24,997			16,478
Investment income (loss) — net		(632	)		(133	)		(10,099	)		(8,305	)		6,692

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,395			401			116,998			381,020			351,894
Cost of investments sold		1,500			476			141,913			343,594			237,483
Net realized gain (loss) on sales of investments		(105	)		(75	)		(24,915	)		37,426			114,411
Distributions from capital gains		—			1,698			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,271			3,226			106,552			255,585			33,110
Net gain (loss) on investments		1,166			4,849			81,637			293,011			147,521
Net increase (decrease) in net assets resulting from operations	$	534		$	4,716		$	71,538		$	284,706		$	154,213

Year ended December 31, 2023 (continued)	Janus Henderson VIT Enter, Serv			Janus Henderson VIT Gbl Res, Inst			Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv
Investment income
Dividend income	$	595		$	7,519		$	—		$	2,252		$	879
Variable account expenses		9,490			11,406			2,213			2,411			22,582
Investment income (loss) — net		(8,895	)		(3,887	)		(2,213	)		(159	)		(21,703	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		77,168			50,021			38,998			35,458			381,160
Cost of investments sold		63,015			36,170			30,197			29,689			338,247
Net realized gain (loss) on sales of investments		14,153			13,851			8,801			5,769			42,913
Distributions from capital gains		50,296			22,788			—			—			—
Net change in unrealized appreciation (depreciation) of investments		42,453			147,597			53,237			9,052			467,067
Net gain (loss) on investments		106,902			184,236			62,038			14,821			509,980
Net increase (decrease) in net assets resulting from operations	$	98,007		$	180,349		$	59,825		$	14,662		$	488,277

See accompanying notes to financial statements.



26		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	Lazard Retire Intl Eq, Serv			LVIP Baron Gro Opp, Serv Cl			LVIP JPM US Eq, Std Cl⁽¹⁾			MFS Inv Trust, Init Cl			MFS Inv Trust, Serv Cl
Investment income
Dividend income	$	432		$	—		$	1,664		$	6,179		$	3,088
Variable account expenses		600			793			2,081			12,932			8,347
Investment income (loss) — net		(168	)		(793	)		(417	)		(6,753	)		(5,259	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		16,647			1,947			11,209			342,312			20,963
Cost of investments sold		19,127			1,014			10,450			259,907			15,720
Net realized gain (loss) on sales of investments		(2,480	)		933			759			82,405			5,243
Distributions from capital gains		—			847			970			47,555			37,626
Net change in unrealized appreciation (depreciation) of investments		8,371			7,016			29,538			18,616			66,332
Net gain (loss) on investments		5,891			8,796			31,267			148,576			109,201
Net increase (decrease) in net assets resulting from operations	$	5,723		$	8,003		$	30,850		$	141,823		$	103,942

⁽¹⁾ For the period April 28, 2023 (commencement of operations) to December 31, 2023.

Year ended December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Init Cl			MFS New Dis, Serv Cl			MFS Research, Init Cl			MFS Total Return, Init Cl
Investment income
Dividend income	$	809		$	—		$	—		$	1,190		$	594
Variable account expenses		20,765			4,658			19,670			3,448			336
Investment income (loss) — net		(19,956	)		(4,658	)		(19,670	)		(2,258	)		258

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		181,810			63,484			153,610			93,857			1,333
Cost of investments sold		176,435			84,811			242,514			78,848			1,247
Net realized gain (loss) on sales of investments		5,375			(21,327	)		(88,904	)		15,009			86
Distributions from capital gains		87,434			—			—			12,577			1,236
Net change in unrealized appreciation (depreciation) of investments		249,172			64,443			272,426			21,949			987
Net gain (loss) on investments		341,981			43,116			183,522			49,535			2,309
Net increase (decrease) in net assets resulting from operations	$	322,025		$	38,458		$	163,852		$	47,277		$	2,567

Year ended December 31, 2023 (continued)	MFS Total Return, Serv Cl			MFS Utilities, Init Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II
Investment income
Dividend income	$	215,373		$	83,448		$	29,264		$	—		$	2,339
Variable account expenses		161,334			33,594			12,527			677			2,036
Investment income (loss) — net		54,039			49,854			16,737			(677	)		303

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,381,576			433,141			142,815			5,901			28,754
Cost of investments sold		1,363,219			396,788			132,442			15,141			34,695
Net realized gain (loss) on sales of investments		18,357			36,353			10,373			(9,240	)		(5,941	)
Distributions from capital gains		514,048			129,124			49,086			—			—
Net change in unrealized appreciation (depreciation) of investments		410,709			(326,594	)		(113,299	)		24,274			16,215
Net gain (loss) on investments		943,114			(161,117	)		(53,840	)		15,034			10,274
Net increase (decrease) in net assets resulting from operations	$	997,153		$	(111,263	)	$	(37,103	)	$	14,357		$	10,577

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			27

Statement of Operations


Year ended December 31, 2023 (continued)	MS VIF US Real Est, Cl I			MS VIF US Real Est, Cl II			PIMCO VIT All Asset, Advisor Cl			Put VT Div Inc, Cl IA			Put VT Div Inc, Cl IB
Investment income
Dividend income	$	3,637		$	7,745		$	17,133		$	26,969		$	8,804
Variable account expenses		2,232			6,990			10,223			5,684			1,993
Investment income (loss) — net		1,405			755			6,910			21,285			6,811

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		13,176			109,078			75,399			61,399			23,318
Cost of investments sold		15,171			126,006			89,981			94,581			36,536
Net realized gain (loss) on sales of investments		(1,995	)		(16,928	)		(14,582	)		(33,182	)		(13,218	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		20,130			63,183			44,429			25,102			10,472
Net gain (loss) on investments		18,135			46,255			29,847			(8,080	)		(2,746	)
Net increase (decrease) in net assets resulting from operations	$	19,540		$	47,010		$	36,757		$	13,205		$	4,065

Year ended December 31, 2023 (continued)	Put VT Emerg Mkts Eq, Cl IB			Put VT Focused Intl Eq, Cl IA			Put VT Global Hlth Care, Cl IB			Put VT Hi Yield, Cl IA			Put VT Hi Yield, Cl IB
Investment income
Dividend income	$	984		$	3,490		$	2,204		$	19,954		$	4,559
Variable account expenses		2,637			5,196			9,791			4,883			1,171
Investment income (loss) — net		(1,653	)		(1,706	)		(7,587	)		15,071			3,388

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		21,638			37,127			113,101			47,102			15,927
Cost of investments sold		21,406			42,760			106,528			62,343			20,417
Net realized gain (loss) on sales of investments		232			(5,633	)		6,573			(15,241	)		(4,490	)
Distributions from capital gains		—			—			58,325			—			—
Net change in unrealized appreciation (depreciation) of investments		19,928			65,907			(6,688	)		35,544			9,274
Net gain (loss) on investments		20,160			60,274			58,210			20,303			4,784
Net increase (decrease) in net assets resulting from operations	$	18,507		$	58,568		$	50,623		$	35,374		$	8,172

Year ended December 31, 2023 (continued)	Put VT Inc, Cl IB			Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB			Put VT Lg Cap Gro, Cl IA			Put VT Lg Cap Gro, Cl IB
Investment income
Dividend income	$	1,439		$	1,207		$	4		$	—		$	—
Variable account expenses		339			43,898			3			6,393			12,908
Investment income (loss) — net		1,100			(42,691	)		1			(6,393	)		(12,908	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,490			520,898			70			40,679			70,077
Cost of investments sold		3,460			509,792			57			32,076			56,588
Net realized gain (loss) on sales of investments		(970	)		11,106			13			8,603			13,489
Distributions from capital gains		—			—			—			5,965			12,627
Net change in unrealized appreciation (depreciation) of investments		606			530,526			24			149,268			304,917
Net gain (loss) on investments		(364	)		541,632			37			163,836			331,033
Net increase (decrease) in net assets resulting from operations	$	736		$	498,941		$	38		$	157,443		$	318,125

See accompanying notes to financial statements.



28		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IA			Put VT Lg Cap Val, Cl IB			Put VT Research, Cl IB			Put VT Sm Cap Val, Cl IB			Put VT Sus Leaders, Cl IA
Investment income
Dividend income	$	55,157		$	53,243		$	342		$	849		$	17,751
Variable account expenses		34,275			34,197			585			8,764			33,400
Investment income (loss) — net		20,882			19,046			(243	)		(7,915	)		(15,649	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		250,780			226,032			12,917			62,960			170,794
Cost of investments sold		225,184			203,113			7,855			76,070			140,426
Net realized gain (loss) on sales of investments		25,596			22,919			5,062			(13,110	)		30,368
Distributions from capital gains		138,983			149,250			—			65,385			72,670
Net change in unrealized appreciation (depreciation) of investments		139,983			160,533			5,611			67,763			439,323
Net gain (loss) on investments		304,562			332,702			10,673			120,038			542,361
Net increase (decrease) in net assets resulting from operations	$	325,444		$	351,748		$	10,430		$	112,123		$	526,712

Year ended December 31, 2023 (continued)	Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Royce Sm-Cap, Invest Cl			Temp Dev Mkts, Cl 2			Temp Foreign, Cl 2
Investment income
Dividend income	$	13,782		$	—		$	2,339		$	4,918		$	80,553
Variable account expenses		35,085			4,572			3,843			2,981			33,761
Investment income (loss) — net		(21,303	)		(4,572	)		(1,504	)		1,937			46,792

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		252,099			54,465			11,802			35,018			358,639
Cost of investments sold		208,422			63,420			11,393			40,400			362,455
Net realized gain (loss) on sales of investments		43,677			(8,955	)		409			(5,382	)		(3,816	)
Distributions from capital gains		84,476			—			24,287			178			—
Net change in unrealized appreciation (depreciation) of investments		470,000			60,330			36,467			28,647			389,944
Net gain (loss) on investments		598,153			51,375			61,163			23,443			386,128
Net increase (decrease) in net assets resulting from operations	$	576,850		$	46,803		$	59,659		$	25,380		$	432,920

Year ended December 31, 2023 (continued)	Temp Global Bond, Cl 2			Temp Gro, Cl 2			Third Ave VST Third Ave Value			VP Aggr, Cl 2			VP Aggr, Cl 4
Investment income
Dividend income	$	—		$	8,334		$	5,088		$	—		$	—
Variable account expenses		102,452			3,847			3,204			128,373			926,974
Investment income (loss) — net		(102,452	)		4,487			1,884			(128,373	)		(926,974	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		893,896			19,982			14,209			3,291,960			10,449,270
Cost of investments sold		1,121,475			21,966			10,239			1,867,127			4,918,276
Net realized gain (loss) on sales of investments		(227,579	)		(1,984	)		3,970			1,424,833			5,530,994
Distributions from capital gains		—			—			14,154			—			—
Net change in unrealized appreciation (depreciation) of investments		394,543			41,751			18,232			128,206			4,363,627
Net gain (loss) on investments		166,964			39,767			36,356			1,553,039			9,894,621
Net increase (decrease) in net assets resulting from operations	$	64,512		$	44,254		$	38,240		$	1,424,666		$	8,967,647

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			29

Statement of Operations


Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		182,509			590,547			3,982			311			168,025
Investment income (loss) — net		(182,509	)		(590,547	)		(3,982	)		(311	)		(168,025	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,388,775			8,659,216			59,776			3,126			1,910,705
Cost of investments sold		3,199,443			7,462,593			55,618			2,573			1,800,901
Net realized gain (loss) on sales of investments		189,332			1,196,623			4,158			553			109,804
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		882,254			2,015,725			30,073			3,001			706,903
Net gain (loss) on investments		1,071,586			3,212,348			34,231			3,554			816,707
Net increase (decrease) in net assets resulting from operations	$	889,077		$	2,621,801		$	30,249		$	3,243		$	648,682

Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		441,794			1,224,811			2,483,487			2,517,332			9,007,018
Investment income (loss) — net		(441,794	)		(1,224,811	)		(2,483,487	)		(2,517,332	)		(9,007,018	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,874,438			11,443,515			24,940,787			30,325,314			101,626,299
Cost of investments sold		5,089,689			8,427,039			19,230,859			19,094,965			56,960,494
Net realized gain (loss) on sales of investments		784,749			3,016,476			5,709,928			11,230,349			44,665,805
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,928,415			8,421,502			13,004,207			12,171,646			29,486,148
Net gain (loss) on investments		2,713,164			11,437,978			18,714,135			23,401,995			74,151,953
Net increase (decrease) in net assets resulting from operations	$	2,271,370		$	10,213,167		$	16,230,648		$	20,884,663		$	65,144,935

Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Eq, Cl 3
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		464,447			2,273,770			343,086			944,790			11,336
Investment income (loss) — net		(464,447	)		(2,273,770	)		(343,086	)		(944,790	)		(11,336	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,258,747			30,390,352			5,316,581			12,159,675			156,036
Cost of investments sold		3,865,095			14,670,747			4,172,682			8,208,688			59,199
Net realized gain (loss) on sales of investments		3,393,652			15,719,605			1,143,899			3,950,987			96,837
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,404,105			4,761,201			1,323,070			2,239,807			54,787
Net gain (loss) on investments		4,797,757			20,480,806			2,466,969			6,190,794			151,624
Net increase (decrease) in net assets resulting from operations	$	4,333,310		$	18,207,036		$	2,123,883		$	5,246,004		$	140,288

See accompanying notes to financial statements.



30		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		139,315			5,273			37,949			23,712			81,571
Investment income (loss) — net		(139,315	)		(5,273	)		(37,949	)		(23,712	)		(81,571	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,362,534			127,794			864,488			265,947			920,262
Cost of investments sold		782,737			113,485			763,493			246,393			1,429,659
Net realized gain (loss) on sales of investments		579,797			14,309			100,995			19,554			(509,397	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		365,695			25,316			438,965			244,745			1,499,506
Net gain (loss) on investments		945,492			39,625			539,960			264,299			990,109
Net increase (decrease) in net assets resulting from operations	$	806,177		$	34,352		$	502,011		$	240,587		$	908,538


Year ended December 31, 2023 (continued)	Wanger Intl
Investment income
Dividend income	$	14,128
Variable account expenses		72,566
Investment income (loss) — net		(58,438	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		955,818
Cost of investments sold		1,228,733
Net realized gain (loss) on sales of investments		(272,915	)
Distributions from capital gains		—
Net change in unrealized appreciation (depreciation) of investments		989,988
Net gain (loss) on investments		717,073
Net increase (decrease) in net assets resulting from operations	$	658,635

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			31

Statement of Changes in Net Assets


Year ended December 31, 2023	AB VPS Bal Hedged Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Operations
Investment income (loss) — net	$	(1,046	)	$	(85,611	)	$	(33,180	)	$	(950	)	$	(12,018	)
Net realized gain (loss) on sales of investments		(8,013	)		(19,456	)		72,177			49,872			17,198
Distributions from capital gains		14,312			—			183,975			341,426			54,390
Net change in unrealized appreciation (depreciation) of investments		25,256			1,204,261			464,929			22,514			52,267
Net increase (decrease) in net assets resulting from operations		30,509			1,099,194			687,901			412,862			111,837

Contract transactions
Contract purchase payments		75			5,133			850			480			107
Net transfers⁽¹⁾		(10,363	)		(585,932	)		29,509			(31,414	)		(6,720	)
Adjustments to net assets allocated to contracts in payment period		—			(1,783	)		—			—			—
Contract charges		(1,012	)		(44,573	)		(3,756	)		(8,591	)		(1,805	)
Contract terminations:
Surrender benefits		(6,957	)		(704,806	)		(67,716	)		(228,688	)		(35,449	)
Death benefits		(3,885	)		(327,165	)		(198,406	)		(96,538	)		(41,581	)
Increase (decrease) from transactions		(22,142	)		(1,659,126	)		(239,519	)		(364,751	)		(85,448	)
Net assets at beginning of year		284,260			9,059,372			2,175,149			4,322,523			850,086
Net assets at end of year	$	292,627		$	8,499,440		$	2,623,531		$	4,370,634		$	876,475

Accumulation unit activity
Units outstanding at beginning of year		162,207			7,982,373			824,545			1,342,967			600,454
Units purchased		6,761			4,081			9,951			5,803			630
Units redeemed		(19,604	)		(1,357,683	)		(91,186	)		(111,038	)		(59,887	)
Units outstanding at end of year		149,364			6,628,771			743,310			1,237,732			541,197

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

See accompanying notes to financial statements.



32		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Allspg VT Dis All Cap Gro, Cl 1			Allspg VT Dis All Cap Gro, Cl 2			Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 1			Allspg VT Intl Eq, Cl 2
Operations
Investment income (loss) — net	$	(4,470	)	$	(230,827	)	$	(24,652	)	$	549		$	(1,816	)
Net realized gain (loss) on sales of investments		(4,753	)		(380,968	)		72,237			(6,822	)		(457,929	)
Distributions from capital gains		37,800			1,624,589			172,913			—			—
Net change in unrealized appreciation (depreciation) of investments		70,133			3,230,366			553,301			23,992			887,761
Net increase (decrease) in net assets resulting from operations		98,710			4,243,160			773,799			17,719			428,016

Contract transactions
Contract purchase payments		—			25,193			9,376			—			8,092
Net transfers⁽¹⁾		643			(683,075	)		7,489			—			(164,785	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(1,003	)
Contract charges		(466	)		(51,339	)		(3,013	)		(266	)		(11,488	)
Contract terminations:
Surrender benefits		(56,396	)		(1,125,169	)		(257,758	)		(2,745	)		(373,106	)
Death benefits		(42,677	)		(720,174	)		(612,588	)		(5,600	)		(151,352	)
Increase (decrease) from transactions		(98,896	)		(2,554,564	)		(856,494	)		(8,611	)		(693,642	)
Net assets at beginning of year		339,886			14,648,783			5,450,029			127,216			3,423,398
Net assets at end of year	$	339,700		$	16,337,379		$	5,367,334		$	136,324		$	3,157,772

Accumulation unit activity
Units outstanding at beginning of year		110,687			3,105,065			2,146,971			70,718			1,891,020
Units purchased		190			3,974			33,233			—			3,981
Units redeemed		(26,506	)		(466,027	)		(344,976	)		(4,287	)		(363,600	)
Units outstanding at end of year		84,371			2,643,012			1,835,228			66,431			1,531,401

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			33

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Allspg VT Opp, Cl 1			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			AC VP Disciplined Core Val, Cl I			AC VP Inflation Prot, Cl II
Operations
Investment income (loss) — net	$	(6,583	)	$	(53,939	)	$	(44,840	)	$	232		$	206,130
Net realized gain (loss) on sales of investments		3,140			84,899			(77,201	)		(4,192	)		(235,845	)
Distributions from capital gains		42,479			337,628			—			—			—
Net change in unrealized appreciation (depreciation) of investments		70,356			518,384			198,686			15,223			225,170
Net increase (decrease) in net assets resulting from operations		109,392			886,972			76,645			11,263			195,455

Contract transactions
Contract purchase payments		—			15,458			847			2,124			9,938
Net transfers⁽¹⁾		421			(97,365	)		128,221			—			964,901
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(717	)		(12,241	)		(9,061	)		(117	)		(62,661	)
Contract terminations:
Surrender benefits		(23,162	)		(600,707	)		(244,682	)		(9,393	)		(952,661	)
Death benefits		(23,219	)		(138,681	)		(54,404	)		(18,698	)		(610,137	)
Increase (decrease) from transactions		(46,677	)		(833,536	)		(179,079	)		(26,084	)		(650,620	)
Net assets at beginning of year		452,374			4,033,542			3,124,586			184,983			12,833,794
Net assets at end of year	$	515,089		$	4,086,978		$	3,022,152		$	170,162		$	12,378,629

Accumulation unit activity
Units outstanding at beginning of year		152,369			1,399,463			1,666,524			51,861			10,012,284
Units purchased		125			6,527			71,266			571			749,185
Units redeemed		(13,688	)		(270,099	)		(170,859	)		(7,901	)		(1,268,919	)
Units outstanding at end of year		138,806			1,135,891			1,566,931			44,531			9,492,550

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

See accompanying notes to financial statements.



34		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	AC VP Intl, Cl II			AC VP Mid Cap Val, Cl II			AC VP Ultra, Cl II			AC VP Val, Cl I			AC VP Val, Cl II
Operations
Investment income (loss) — net	$	171		$	368		$	(100,435	)	$	2,751		$	1,366
Net realized gain (loss) on sales of investments		1,362			134			396,794			9,366			984
Distributions from capital gains		—			8,159			481,859			22,081			23,824
Net change in unrealized appreciation (depreciation) of investments		1,765			(5,502	)		1,329,498			(14,152	)		(4,600	)
Net increase (decrease) in net assets resulting from operations		3,298			3,159			2,107,716			20,046			21,574

Contract transactions
Contract purchase payments		100			—			6,792			3,497			75
Net transfers⁽¹⁾		(16	)		(5	)		(790,100	)		—			2,069
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(121	)		—			(25,756	)		(190	)		(32	)
Contract terminations:
Surrender benefits		(29,982	)		—			(468,007	)		(15,308	)		(1,782	)
Death benefits		—			—			(227,214	)		(11,024	)		—
Increase (decrease) from transactions		(30,019	)		(5	)		(1,504,285	)		(23,025	)		330
Net assets at beginning of year		29,241			74,025			5,638,304			291,000			303,244
Net assets at end of year	$	2,520		$	77,179		$	6,241,735		$	288,021		$	325,148

Accumulation unit activity
Units outstanding at beginning of year		14,511			26,754			1,559,583			57,159			105,291
Units purchased		—			—			1,537			662			719
Units redeemed		(14,511	)		—			(336,582	)		(5,232	)		(579	)
Units outstanding at end of year		—			26,754			1,224,538			52,589			105,431

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			35

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	BNY Mellon IP MidCap Stock, Serv			BNY Mellon IP Tech Gro, Serv			BNY Mellon Sus US Eq, Init			BNY Mellon VIF Appr, Serv			CB Var Sm Cap Gro, Cl I
Operations
Investment income (loss) — net	$	(665	)	$	(41,516	)	$	(2,491	)	$	(1,074	)	$	(1,598	)
Net realized gain (loss) on sales of investments		40			70,858			2,453			(147	)		965
Distributions from capital gains		2,125			—			44,658			9,356			—
Net change in unrealized appreciation (depreciation) of investments		9,024			1,106,131			32,180			10,775			7,008
Net increase (decrease) in net assets resulting from operations		10,524			1,135,473			76,800			18,910			6,375

Contract transactions
Contract purchase payments		—			1,487			18			—			125
Net transfers⁽¹⁾		949			(498,028	)		(3,975	)		(5	)		848
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		—			(11,591	)		(397	)		(10	)		(106	)
Contract terminations:
Surrender benefits		—			(191,402	)		(5,310	)		—			(6,018	)
Death benefits		—			(123,973	)		—			—			—
Increase (decrease) from transactions		949			(823,507	)		(9,664	)		(15	)		(5,151	)
Net assets at beginning of year		63,321			2,297,103			350,579			99,948			98,950
Net assets at end of year	$	74,794		$	2,609,069		$	417,715		$	118,843		$	100,174

Accumulation unit activity
Units outstanding at beginning of year		20,390			685,008			170,329			27,700			31,612
Units purchased		361			348			313			—			273
Units redeemed		—			(187,710	)		(4,493	)		(2	)		(1,950	)
Units outstanding at end of year		20,751			497,646			166,149			27,698			29,935

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

See accompanying notes to financial statements.



36		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Bal, Cl 3			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3			Col VP Emer Mkts, Cl 3			Col VP Govt Money Mkt, Cl 1
Operations
Investment income (loss) — net	$	(31,543	)	$	(200,781	)	$	(258,706	)	$	(92,033	)	$	3,026
Net realized gain (loss) on sales of investments		146,349			1,939,732			1,337,681			(435,122	)		—
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		290,661			954,425			(587,266	)		946,346			—
Net increase (decrease) in net assets resulting from operations		405,467			2,693,376			491,709			419,191			3,026

Contract transactions
Contract purchase payments		3,055			25,977			14,236			3,741			300
Net transfers⁽¹⁾		(3,620	)		(297,276	)		905,658			143,496			(1,196	)
Adjustments to net assets allocated to contracts in payment period		74			2,926			(2,922	)		—			—
Contract charges		(3,119	)		(47,922	)		(70,014	)		(27,652	)		(63	)
Contract terminations:
Surrender benefits		(209,469	)		(1,356,098	)		(1,388,525	)		(461,123	)		(2,023	)
Death benefits		(25,870	)		(711,304	)		(635,751	)		(209,354	)		—
Increase (decrease) from transactions		(238,949	)		(2,383,697	)		(1,177,318	)		(550,892	)		(2,982	)
Net assets at beginning of year		2,190,178			13,103,541			16,832,643			5,680,084			90,411
Net assets at end of year	$	2,356,696		$	13,413,220		$	16,147,034		$	5,548,383		$	90,455

Accumulation unit activity
Units outstanding at beginning of year		705,129			4,862,425			4,702,423			2,507,293			92,303
Units purchased		712			30,408			304,861			69,636			301
Units redeemed		(69,057	)		(858,089	)		(633,565	)		(298,262	)		(3,318	)
Units outstanding at end of year		636,784			4,034,744			4,373,719			2,278,667			89,286

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			37

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 1			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 3
Operations
Investment income (loss) — net	$	546,965		$	109,522		$	9,183		$	102,164		$	46,475
Net realized gain (loss) on sales of investments		63			(59,514	)		(8,361	)		(181,637	)		(251,108	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(63	)		232,647			20,440			355,865			502,002
Net increase (decrease) in net assets resulting from operations		546,965			282,655			21,262			276,392			297,369

Contract transactions
Contract purchase payments		50,245			5,747			—			2,511			4,782
Net transfers⁽¹⁾		175,699			89,673			(151	)		12,927			151,808
Adjustments to net assets allocated to contracts in payment period		(1,991	)		—			—			—			(3,130	)
Contract charges		(59,313	)		(12,893	)		(36	)		(17,695	)		(30,732	)
Contract terminations:
Surrender benefits		(2,089,637	)		(217,767	)		(19,246	)		(361,489	)		(610,823	)
Death benefits		(855,007	)		(131,251	)		—			(137,815	)		(156,948	)
Increase (decrease) from transactions		(2,780,004	)		(266,491	)		(19,433	)		(501,561	)		(645,043	)
Net assets at beginning of year		19,579,922			2,907,511			223,655			3,201,225			6,902,845
Net assets at end of year	$	17,346,883		$	2,923,675		$	225,484		$	2,976,056		$	6,555,171

Accumulation unit activity
Units outstanding at beginning of year		20,809,527			1,280,085			205,504			1,551,734			4,622,524
Units purchased		434,851			45,542			—			19,369			157,254
Units redeemed		(3,354,113	)		(158,012	)		(17,484	)		(256,815	)		(584,502	)
Units outstanding at end of year		17,890,265			1,167,615			188,020			1,314,288			4,195,276

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

See accompanying notes to financial statements.



38		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Lg Cap Gro, Cl 1			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 3			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 3
Operations
Investment income (loss) — net	$	(3,852	)	$	(10,709	)	$	(71,044	)	$	1,191		$	(1,807	)
Net realized gain (loss) on sales of investments		168,919			43,546			583,278			(651	)		16,666
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(44,221	)		182,211			668,930			40,013			(12,101	)
Net increase (decrease) in net assets resulting from operations		120,846			215,048			1,181,164			40,553			2,758

Contract transactions
Contract purchase payments		—			—			—			5,168			—
Net transfers⁽¹⁾		2,812			(13,024	)		(32,685	)		(98	)		15
Adjustments to net assets allocated to contracts in payment period		—			—			(4,768	)		—			—
Contract charges		(19	)		(898	)		(8,223	)		(231	)		(13	)
Contract terminations:
Surrender benefits		(7,762	)		(35,832	)		(269,057	)		(8,833	)		(26,916	)
Death benefits		(203,830	)		—			(392,377	)		(12,058	)		—
Increase (decrease) from transactions		(208,799	)		(49,754	)		(707,110	)		(16,052	)		(26,914	)
Net assets at beginning of year		324,536			553,012			5,299,633			303,045			119,106
Net assets at end of year	$	236,583		$	718,306		$	5,773,687		$	327,546		$	94,950

Accumulation unit activity
Units outstanding at beginning of year		106,801			196,717			1,639,654			157,910			35,376
Units purchased		754			481			1,835			2,273			—
Units redeemed		(52,694	)		(23,905	)		(207,616	)		(9,553	)		(8,486	)
Units outstanding at end of year		54,861			173,293			1,433,873			150,630			26,890

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			39

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 3			Col VP Sm Cap Val, Cl 2			Col VP Sm Co Gro, Cl 1
Operations
Investment income (loss) — net	$	(23,222	)	$	(479	)	$	(9,143	)	$	(9,234	)	$	(212	)
Net realized gain (loss) on sales of investments		133,888			3,049			53,440			(18,626	)		(57	)
Distributions from capital gains		—			—			—			55,252			—
Net change in unrealized appreciation (depreciation) of investments		215,758			(202	)		23,071			115,497			4,003
Net increase (decrease) in net assets resulting from operations		326,424			2,368			67,368			142,889			3,734

Contract transactions
Contract purchase payments		7,553			—			—			75			—
Net transfers⁽¹⁾		(15,800	)		76			1,440			(6,129	)		1
Adjustments to net assets allocated to contracts in payment period		1,199			—			—			—			—
Contract charges		(3,886	)		(94	)		(1,293	)		(4,804	)		(8	)
Contract terminations:
Surrender benefits		(106,609	)		(4,577	)		(51,634	)		(54,748	)		(54	)
Death benefits		(48,552	)		—			(29,664	)		(10,969	)		—
Increase (decrease) from transactions		(166,095	)		(4,595	)		(81,151	)		(76,575	)		(61	)
Net assets at beginning of year		1,470,841			33,039			660,858			748,306			14,925
Net assets at end of year	$	1,631,170		$	30,812		$	647,075		$	814,620		$	18,598

Accumulation unit activity
Units outstanding at beginning of year		426,491			13,292			206,629			249,548			2,856
Units purchased		1,856			32			511			1,129			—
Units redeemed		(45,137	)		(2,131	)		(25,023	)		(24,418	)		(10	)
Units outstanding at end of year		383,210			11,193			182,117			226,259			2,846

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

See accompanying notes to financial statements.



40		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP US Govt Mtge, Cl 1			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP Prin Blue Chip Gro, Cl 1
Operations
Investment income (loss) — net	$	2,026		$	46,681		$	3,077		$	92,535		$	(15,657	)
Net realized gain (loss) on sales of investments		(2,086	)		(219,137	)		(1,426	)		(93,974	)		112,597
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		5,158			322,780			(3,462	)		27,490			215,264
Net increase (decrease) in net assets resulting from operations		5,098			150,324			(1,811	)		26,051			312,204

Contract transactions
Contract purchase payments		—			12,297			—			—			—
Net transfers⁽¹⁾		693			(98,420	)		(8	)		75,430			(111,187	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			(961	)		—
Contract charges		(45	)		(11,823	)		(2	)		(11,271	)		(6,523	)
Contract terminations:
Surrender benefits		(6,360	)		(495,740	)		(1,303	)		(149,751	)		(76,892	)
Death benefits		—			(279,616	)		—			(17,926	)		(13,271	)
Increase (decrease) from transactions		(5,712	)		(873,302	)		(1,313	)		(104,479	)		(207,873	)
Net assets at beginning of year		129,876			4,730,554			17,493			1,327,615			926,610
Net assets at end of year	$	129,262		$	4,007,576		$	14,369		$	1,249,187		$	1,030,941

Accumulation unit activity
Units outstanding at beginning of year		136,074			4,308,733			25,063			1,053,588			502,522
Units purchased		734			131,336			—			78,962			—
Units redeemed		(7,070	)		(942,652	)		(2,416	)		(165,231	)		(95,960	)
Units outstanding at end of year		129,738			3,497,417			22,647			967,319			406,562

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			41

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3			EV VT Floating-Rate Inc, Init Cl			Fid VIP Bal, Serv Cl			Fid VIP Bal, Serv Cl 2			Fid VIP Contrafund, Serv Cl
Operations
Investment income (loss) — net	$	(419	)	$	38,788		$	934		$	11		$	(24,509	)
Net realized gain (loss) on sales of investments		568			(7,880	)		663			3,182			79,179
Distributions from capital gains		—			—			8,324			5,020			97,499
Net change in unrealized appreciation (depreciation) of investments		1,945			22,563			32,507			15,366			600,301
Net increase (decrease) in net assets resulting from operations		2,094			53,471			42,428			23,579			752,470

Contract transactions
Contract purchase payments		—			2,200			—			—			600
Net transfers⁽¹⁾		(6	)		(9,114	)		60			2,454			(1,409	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		—			(4,192	)		(127	)		(112	)		(4,489	)
Contract terminations:
Surrender benefits		(468	)		(61,352	)		(153	)		(3,130	)		(151,046	)
Death benefits		—			(29,184	)		—			(11,224	)		(94,445	)
Increase (decrease) from transactions		(474	)		(101,642	)		(220	)		(12,012	)		(250,789	)
Net assets at beginning of year		26,125			622,396			213,338			125,600			2,484,821
Net assets at end of year	$	27,745		$	574,225		$	255,546		$	137,167		$	2,986,502

Accumulation unit activity
Units outstanding at beginning of year		5,688			492,527			74,102			43,691			622,740
Units purchased		—			8			19			790			125
Units redeemed		(112	)		(80,701	)		(90	)		(4,428	)		(54,445	)
Units outstanding at end of year		5,576			411,834			74,031			40,053			568,420

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

See accompanying notes to financial statements.



42		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Contrafund, Serv Cl 2			Fid VIP Dyn Appr, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro, Serv Cl
Operations
Investment income (loss) — net	$	(446,923	)	$	(9,231	)	$	1,174		$	28		$	(362	)
Net realized gain (loss) on sales of investments		1,686,888			5,013			13,292			892			102
Distributions from capital gains		1,209,429			34,415			40,247			2,096			1,509
Net change in unrealized appreciation (depreciation) of investments		6,769,496			145,417			109,033			5,179			7,989
Net increase (decrease) in net assets resulting from operations		9,218,890			175,614			163,746			8,195			9,238

Contract transactions
Contract purchase payments		30,658			—			1,541			—			—
Net transfers⁽¹⁾		(2,822,567	)		50,641			(2,838	)		41			250
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(132,575	)		(960	)		(1,505	)		(25	)		(27	)
Contract terminations:
Surrender benefits		(2,584,322	)		(19,583	)		(18,963	)		—			—
Death benefits		(1,106,457	)		—			(7,486	)		(1,942	)		—
Increase (decrease) from transactions		(6,615,263	)		30,098			(29,251	)		(1,926	)		223
Net assets at beginning of year		32,177,081			616,357			989,378			50,969			26,631
Net assets at end of year	$	34,780,708		$	822,069		$	1,123,873		$	57,238		$	36,092

Accumulation unit activity
Units outstanding at beginning of year		7,453,515			142,650			335,164			15,408			7,933
Units purchased		6,702			10,962			671			—			67
Units redeemed		(1,346,040	)		(4,172	)		(9,978	)		(601	)		(7	)
Units outstanding at end of year		6,114,177			149,440			325,857			14,807			7,993

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			43

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Gro, Serv Cl 2			Fid VIP Hi Inc, Serv Cl			Fid VIP Hi Inc, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2			Fid VIP Mid Cap, Serv Cl
Operations
Investment income (loss) — net	$	(24,857	)	$	26,342		$	10,638		$	44,249		$	(36,372	)
Net realized gain (loss) on sales of investments		60,891			(7,841	)		(7,007	)		(169,564	)		56,595
Distributions from capital gains		91,451			—			—			—			122,565
Net change in unrealized appreciation (depreciation) of investments		400,593			34,139			17,974			366,335			436,792
Net increase (decrease) in net assets resulting from operations		528,078			52,640			21,605			241,020			579,580

Contract transactions
Contract purchase payments		582			—			—			28,688			1,776
Net transfers⁽¹⁾		173,873			4,134			(36	)		327,277			(19,167	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(6,114	)		(1,072	)		(522	)		(31,129	)		(5,450	)
Contract terminations:
Surrender benefits		(181,163	)		(25,567	)		(25,339	)		(487,357	)		(304,721	)
Death benefits		(33,212	)		(2,867	)		—			(309,270	)		(293,444	)
Increase (decrease) from transactions		(46,034	)		(25,372	)		(25,897	)		(471,791	)		(621,006	)
Net assets at beginning of year		1,576,430			599,645			264,510			6,128,105			4,667,653
Net assets at end of year	$	2,058,474		$	626,913		$	260,218		$	5,897,334		$	4,626,227

Accumulation unit activity
Units outstanding at beginning of year		357,695			337,317			124,063			4,748,996			699,947
Units purchased		30,535			2,151			—			286,448			1,184
Units redeemed		(44,135	)		(16,044	)		(11,827	)		(654,417	)		(88,242	)
Units outstanding at end of year		344,095			323,424			112,236			4,381,027			612,889

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

See accompanying notes to financial statements.



44		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 2
Operations
Investment income (loss) — net	$	(119,078	)	$	(324	)	$	(26,733	)	$	23,303		$	149,770
Net realized gain (loss) on sales of investments		69,010			1,552			125,780			(62,705	)		(31,344	)
Distributions from capital gains		317,752			92			8,109			—			253,206
Net change in unrealized appreciation (depreciation) of investments		1,146,891			4,726			428,612			175,425			(108,126	)
Net increase (decrease) in net assets resulting from operations		1,414,575			6,046			535,768			136,023			263,506

Contract transactions
Contract purchase payments		16,152			47			338			15			—
Net transfers⁽¹⁾		118,948			(10,772	)		(129,838	)		52,361			200,453
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(4,548	)
Contract charges		(32,159	)		(145	)		(17,885	)		(2,217	)		(3,832	)
Contract terminations:
Surrender benefits		(953,106	)		(1,026	)		(275,992	)		(143,939	)		(272,581	)
Death benefits		(364,167	)		—			(92,765	)		(9,403	)		(111,712	)
Increase (decrease) from transactions		(1,214,332	)		(11,896	)		(516,142	)		(103,183	)		(192,220	)
Net assets at beginning of year		11,388,842			42,437			3,165,274			1,522,495			3,937,731
Net assets at end of year	$	11,589,085		$	36,587		$	3,184,900		$	1,555,335		$	4,009,017

Accumulation unit activity
Units outstanding at beginning of year		2,325,546			28,124			1,554,956			601,891			1,367,880
Units purchased		35,915			26			190			21,468			62,731
Units redeemed		(274,841	)		(7,048	)		(227,309	)		(62,697	)		(135,843	)
Units outstanding at end of year		2,086,620			21,102			1,327,837			560,662			1,294,768

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			45

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Frank Mutual Shares, Cl 2			Frank Rising Divd, Cl 2			Frank Sm Cap Val, Cl 2			Frank Sm Mid Cap Gro, Cl 2			GS VIT Intl Eq Insights, Inst
Operations
Investment income (loss) — net	$	87,898		$	(2,555	)	$	(23,655	)	$	(66,809	)	$	197
Net realized gain (loss) on sales of investments		(154,632	)		17,989			(64,085	)		(220,022	)		(23	)
Distributions from capital gains		1,462,654			20,180			160,246			—			—
Net change in unrealized appreciation (depreciation) of investments		528,964			(11,972	)		229,761			1,432,653			2,323
Net increase (decrease) in net assets resulting from operations		1,924,884			23,642			302,267			1,145,822			2,497

Contract transactions
Contract purchase payments		39,961			—			2,537			2,084			—
Net transfers⁽¹⁾		(93,059	)		(165	)		5,308			(124,077	)		(1	)
Adjustments to net assets allocated to contracts in payment period		—			(1,946	)		—			—			—
Contract charges		(41,626	)		(593	)		(6,196	)		(7,445	)		(13	)
Contract terminations:
Surrender benefits		(1,159,370	)		(141,827	)		(243,364	)		(230,129	)		(887	)
Death benefits		(411,018	)		—			(49,143	)		(133,999	)		—
Increase (decrease) from transactions		(1,665,112	)		(144,531	)		(290,858	)		(493,566	)		(901	)
Net assets at beginning of year		17,183,671			323,325			2,924,532			4,814,748			15,062
Net assets at end of year	$	17,443,443		$	202,436		$	2,935,941		$	5,467,004		$	16,658

Accumulation unit activity
Units outstanding at beginning of year		6,023,472			85,206			651,864			2,120,534			12,503
Units purchased		37,618			—			7,851			9,096			—
Units redeemed		(606,534	)		(40,151	)		(74,196	)		(218,766	)		(815	)
Units outstanding at end of year		5,454,556			45,055			585,519			1,910,864			11,688

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

See accompanying notes to financial statements.



46		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	GS VIT Mid Cap Val, Inst			GS VIT Strategic Gro, Inst			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Operations
Investment income (loss) — net	$	(53,624	)	$	(2,192	)	$	(10,157	)	$	(32,126	)	$	(9,992	)
Net realized gain (loss) on sales of investments		(8,432	)		(87	)		10,979			(5,210	)		(5,276	)
Distributions from capital gains		231,490			6,176			—			53,057			14,877
Net change in unrealized appreciation (depreciation) of investments		711,814			42,617			303,826			764,345			196,968
Net increase (decrease) in net assets resulting from operations		881,248			46,514			304,648			780,066			196,577

Contract transactions
Contract purchase payments		4,106			30			—			235			200
Net transfers⁽¹⁾		354,535			—			(69,953	)		9,788			(18,488	)
Adjustments to net assets allocated to contracts in payment period		(1,766	)		—			—			(2,663	)		—
Contract charges		(34,997	)		(268	)		(1,483	)		(2,277	)		(3,646	)
Contract terminations:
Surrender benefits		(699,634	)		(1,411	)		(54,026	)		(125,697	)		(45,178	)
Death benefits		(249,180	)		—			(2,990	)		(117,832	)		—
Increase (decrease) from transactions		(626,936	)		(1,649	)		(128,452	)		(238,446	)		(67,112	)
Net assets at beginning of year		9,384,914			116,987			1,437,522			2,086,033			547,273
Net assets at end of year	$	9,639,226		$	161,852		$	1,613,718		$	2,627,653		$	676,738

Accumulation unit activity
Units outstanding at beginning of year		1,864,421			43,449			530,523			810,575			226,135
Units purchased		84,964			9			595			7,672			85
Units redeemed		(201,070	)		(420	)		(42,934	)		(84,329	)		(24,429	)
Units outstanding at end of year		1,748,315			43,038			488,184			733,918			201,791

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			47

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI American Value, Ser II			Invesco VI Cap Appr, Ser I			Invesco VI Cap Appr, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I
Operations
Investment income (loss) — net	$	(57,176	)	$	(11,229	)	$	(134,591	)	$	(22,907	)	$	(31,832	)
Net realized gain (loss) on sales of investments		(143,072	)		(10,540	)		(231,932	)		930,054			(27,742	)
Distributions from capital gains		1,090,183			—			—			2,489,010			112,362
Net change in unrealized appreciation (depreciation) of investments		(211,770	)		251,476			2,754,406			(1,197,421	)		891,516
Net increase (decrease) in net assets resulting from operations		678,165			229,707			2,387,883			2,198,736			944,304

Contract transactions
Contract purchase payments		15,159			4,037			4,976			13,755			6,442
Net transfers⁽¹⁾		(48,600	)		(661	)		(685,170	)		461,059			30,532
Adjustments to net assets allocated to contracts in payment period		—			—			—			(7,761	)		—
Contract charges		(21,805	)		(492	)		(35,267	)		(103,407	)		(4,586	)
Contract terminations:
Surrender benefits		(478,811	)		(48,425	)		(630,636	)		(1,723,869	)		(311,646	)
Death benefits		(164,619	)		(37,106	)		(296,036	)		(902,746	)		(363,647	)
Increase (decrease) from transactions		(698,676	)		(82,647	)		(1,642,133	)		(2,262,969	)		(642,905	)
Net assets at beginning of year		5,499,575			721,598			7,809,516			22,762,552			4,625,835
Net assets at end of year	$	5,479,064		$	868,658		$	8,555,266		$	22,698,319		$	4,927,234

Accumulation unit activity
Units outstanding at beginning of year		5,407,181			178,506			2,608,688			6,421,844			1,773,358
Units purchased		55,718			857			4,341			141,162			14,799
Units redeemed		(722,689	)		(18,394	)		(465,790	)		(754,869	)		(240,626	)
Units outstanding at end of year		4,740,210			160,969			2,147,239			5,808,137			1,547,531

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

See accompanying notes to financial statements.



48		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Core Eq, Ser II			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI EQV Intl Eq, Ser I			Invesco VI EQV Intl Eq, Ser II
Operations
Investment income (loss) — net	$	(293	)	$	(1,671	)	$	(5,898	)	$	(6,323	)	$	(8,564	)
Net realized gain (loss) on sales of investments		(11	)		(24,719	)		(53,793	)		6,291			701
Distributions from capital gains		1,009			—			—			380			390
Net change in unrealized appreciation (depreciation) of investments		7,358			33,056			109,994			79,140			88,271
Net increase (decrease) in net assets resulting from operations		8,063			6,666			50,303			79,488			80,798

Contract transactions
Contract purchase payments		—			44			450			5,052			—
Net transfers⁽¹⁾		306			162			(94,802	)		(245	)		(24,305	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(164	)		(84	)		(2,188	)		(207	)		(4,788	)
Contract terminations:
Surrender benefits		—			(1,453	)		(83,083	)		(12,421	)		(49,339	)
Death benefits		—			(77,153	)		—			(20,771	)		(11,130	)
Increase (decrease) from transactions		142			(78,484	)		(179,623	)		(28,592	)		(89,562	)
Net assets at beginning of year		37,191			132,221			499,353			495,257			544,184
Net assets at end of year	$	45,396		$	60,403		$	370,033		$	546,153		$	535,420

Accumulation unit activity
Units outstanding at beginning of year		15,136			109,899			415,631			193,686			458,761
Units purchased		125			167			2,903			1,820			—
Units redeemed		(65	)		(65,223	)		(143,614	)		(12,183	)		(70,074	)
Units outstanding at end of year		15,196			44,843			274,920			183,323			388,687

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			49

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Global, Ser I			Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser I			Invesco VI Gbl Strat Inc, Ser II			Invesco VI Gro & Inc, Ser II
Operations
Investment income (loss) — net	$	(10	)	$	(23,738	)	$	(826	)	$	(180,021	)	$	(457	)
Net realized gain (loss) on sales of investments		9			13,628			(1,540	)		(375,405	)		805
Distributions from capital gains		104			205,446			—			—			50,576
Net change in unrealized appreciation (depreciation) of investments		155			294,958			6,520			1,316,216			(9,961	)
Net increase (decrease) in net assets resulting from operations		258			490,294			4,154			760,790			40,963

Contract transactions
Contract purchase payments		—			—			2,310			31,718			100
Net transfers⁽¹⁾		(2	)		(11,485	)		—			75,029			1,436
Adjustments to net assets allocated to contracts in payment period		—			—			—			(1,921	)		—
Contract charges		(6	)		(3,386	)		(25	)		(53,937	)		(1,442	)
Contract terminations:
Surrender benefits		(54	)		(159,160	)		(2,770	)		(953,550	)		(7,519	)
Death benefits		—			(23,021	)		(2,041	)		(381,358	)		—
Increase (decrease) from transactions		(62	)		(197,052	)		(2,526	)		(1,284,019	)		(7,425	)
Net assets at beginning of year		791			1,562,394			57,839			11,841,467			384,391
Net assets at end of year	$	987		$	1,855,636		$	59,467		$	11,318,238		$	417,929

Accumulation unit activity
Units outstanding at beginning of year		188			488,131			30,027			7,935,918			103,823
Units purchased		—			1,089			1,164			104,490			444
Units redeemed		(11	)		(52,739	)		(2,438	)		(950,212	)		(2,432	)
Units outstanding at end of year		177			436,481			28,753			7,090,196			101,835

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

See accompanying notes to financial statements.



50		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Hlth, Ser II			Invesco VI Main St, Ser I			Invesco VI Mn St Mid Cap, Ser II			Invesco VI Mn St Sm Cap, Ser II			Janus Henderson VIT Bal, Inst
Operations
Investment income (loss) — net	$	(632	)	$	(133	)	$	(10,099	)	$	(8,305	)	$	6,692
Net realized gain (loss) on sales of investments		(105	)		(75	)		(24,915	)		37,426			114,411
Distributions from capital gains		—			1,698			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,271			3,226			106,552			255,585			33,110
Net increase (decrease) in net assets resulting from operations		534			4,716			71,538			284,706			154,213

Contract transactions
Contract purchase payments		—			—			168			13,029			2,361
Net transfers⁽¹⁾		(2	)		—			13,163			(118,813	)		696
Adjustments to net assets allocated to contracts in payment period		—			—			—			(2,068	)		—
Contract charges		(61	)		(6	)		(3,219	)		(6,473	)		(696	)
Contract terminations:
Surrender benefits		(696	)		(52	)		(50,068	)		(183,118	)		(104,376	)
Death benefits		—			—			(38,363	)		(35,187	)		(230,867	)
Increase (decrease) from transactions		(759	)		(58	)		(78,319	)		(332,630	)		(332,882	)
Net assets at beginning of year		44,213			21,940			621,834			1,957,451			1,313,313
Net assets at end of year	$	43,988		$	26,598		$	615,053		$	1,909,527		$	1,134,644

Accumulation unit activity
Units outstanding at beginning of year		15,817			7,840			262,041			437,568			252,641
Units purchased		—			—			7,542			4,380			543
Units redeemed		(312	)		(18	)		(38,042	)		(79,344	)		(61,393	)
Units outstanding at end of year		15,505			7,822			231,541			362,604			191,791

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			51

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Janus Henderson VIT Enter, Serv			Janus Henderson VIT Gbl Res, Inst			Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv
Operations
Investment income (loss) — net	$	(8,895	)	$	(3,887	)	$	(2,213	)	$	(159	)	$	(21,703	)
Net realized gain (loss) on sales of investments		14,153			13,851			8,801			5,769			42,913
Distributions from capital gains		50,296			22,788			—			—			—
Net change in unrealized appreciation (depreciation) of investments		42,453			147,597			53,237			9,052			467,067
Net increase (decrease) in net assets resulting from operations		98,007			180,349			59,825			14,662			488,277

Contract transactions
Contract purchase payments		475			5,294			64			62			752
Net transfers⁽¹⁾		275			—			(160	)		1,130			(97,212	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(1,074	)		(376	)		(201	)		(132	)		(6,355	)
Contract terminations:
Surrender benefits		(65,853	)		(23,336	)		(25,585	)		(21,661	)		(149,222	)
Death benefits		(732	)		(15,915	)		(10,840	)		(9,430	)		(73,612	)
Increase (decrease) from transactions		(66,909	)		(34,333	)		(36,722	)		(30,031	)		(325,649	)
Net assets at beginning of year		652,683			737,590			132,872			169,837			1,366,607
Net assets at end of year	$	683,781		$	883,606		$	155,975		$	154,468		$	1,529,235

Accumulation unit activity
Units outstanding at beginning of year		306,164			252,645			68,685			116,117			667,357
Units purchased		202			1,604			6			1,103			8,908
Units redeemed		(29,432	)		(12,162	)		(15,535	)		(19,762	)		(142,276	)
Units outstanding at end of year		276,934			242,087			53,156			97,458			533,989

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

See accompanying notes to financial statements.



52		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Lazard Retire Intl Eq, Serv			LVIP Baron Gro Opp, Serv Cl			LVIP JPM US Eq, Std Cl⁽²⁾			MFS Inv Trust, Init Cl			MFS Inv Trust, Serv Cl
Operations
Investment income (loss) — net	$	(168	)	$	(793	)	$	(417	)	$	(6,753	)	$	(5,259	)
Net realized gain (loss) on sales of investments		(2,480	)		933			759			82,405			5,243
Distributions from capital gains		—			847			970			47,555			37,626
Net change in unrealized appreciation (depreciation) of investments		8,371			7,016			29,538			18,616			66,332
Net increase (decrease) in net assets resulting from operations		5,723			8,003			30,850			141,823			103,942

Contract transactions
Contract purchase payments		6			—			1,660			—			600
Net transfers⁽¹⁾		(2	)		(2	)		201,097			(5,960	)		707
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(93	)		(88	)		(259	)		(666	)		(61	)
Contract terminations:
Surrender benefits		(15,953	)		(1,065	)		(8,869	)		(82,179	)		(2,293	)
Death benefits		—			—			—			(218,275	)		(10,311	)
Increase (decrease) from transactions		(16,042	)		(1,155	)		193,629			(307,080	)		(11,358	)
Net assets at beginning of year		44,782			50,176			—			996,468			610,317
Net assets at end of year	$	34,463		$	57,024		$	224,479		$	831,211		$	702,901

Accumulation unit activity
Units outstanding at beginning of year		33,761			8,673			—			338,761			214,451
Units purchased		4			—			37,606			6,504			457
Units redeemed		(11,219	)		(211	)		(1,588	)		(106,088	)		(3,566	)
Units outstanding at end of year		22,546			8,462			36,018			239,177			211,342

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

⁽²⁾	For the period April 28, 2023 (commencement of operations) to December 31, 2023.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			53

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Init Cl			MFS New Dis, Serv Cl			MFS Research, Init Cl			MFS Total Return, Init Cl
Operations
Investment income (loss) — net	$	(19,956	)	$	(4,658	)	$	(19,670	)	$	(2,258	)	$	258
Net realized gain (loss) on sales of investments		5,375			(21,327	)		(88,904	)		15,009			86
Distributions from capital gains		87,434			—			—			12,577			1,236
Net change in unrealized appreciation (depreciation) of investments		249,172			64,443			272,426			21,949			987
Net increase (decrease) in net assets resulting from operations		322,025			38,458			163,852			47,277			2,567

Contract transactions
Contract purchase payments		—			35			—			167			—
Net transfers⁽¹⁾		60,262			2,605			5,719			10,277			(66	)
Adjustments to net assets allocated to contracts in payment period		(1,991	)		—			(1,095	)		—			—
Contract charges		(2,455	)		(715	)		(4,618	)		(415	)		(49	)
Contract terminations:
Surrender benefits		(42,364	)		(31,921	)		(90,062	)		(7,102	)		(882	)
Death benefits		(100,975	)		(26,142	)		(36,918	)		(78,712	)		—
Increase (decrease) from transactions		(87,523	)		(56,138	)		(126,974	)		(75,785	)		(997	)
Net assets at beginning of year		1,503,023			320,105			1,390,682			292,261			28,722
Net assets at end of year	$	1,737,525		$	302,425		$	1,427,560		$	263,753		$	30,292

Accumulation unit activity
Units outstanding at beginning of year		704,347			97,517			420,974			94,344			9,443
Units purchased		28,189			880			1,704			2,910			—
Units redeemed		(65,686	)		(15,602	)		(40,872	)		(26,316	)		(320	)
Units outstanding at end of year		666,850			82,795			381,806			70,938			9,123

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

See accompanying notes to financial statements.



54		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MFS Total Return, Serv Cl			MFS Utilities, Init Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II
Operations
Investment income (loss) — net	$	54,039		$	49,854		$	16,737		$	(677	)	$	303
Net realized gain (loss) on sales of investments		18,357			36,353			10,373			(9,240	)		(5,941	)
Distributions from capital gains		514,048			129,124			49,086			—			—
Net change in unrealized appreciation (depreciation) of investments		410,709			(326,594	)		(113,299	)		24,274			16,215
Net increase (decrease) in net assets resulting from operations		997,153			(111,263	)		(37,103	)		14,357			10,577

Contract transactions
Contract purchase payments		41,440			102			150			—			75
Net transfers⁽¹⁾		84,205			(209,693	)		(71,908	)		—			(4,250	)
Adjustments to net assets allocated to contracts in payment period		—			(2,242	)		(4,361	)		—			—
Contract charges		(38,468	)		(2,867	)		(1,468	)		(7	)		(878	)
Contract terminations:
Surrender benefits		(948,635	)		(124,115	)		(40,013	)		(5,212	)		(11,520	)
Death benefits		(228,565	)		(39,878	)		(4,947	)		—			(2,189	)
Increase (decrease) from transactions		(1,090,023	)		(378,693	)		(122,547	)		(5,219	)		(18,762	)
Net assets at beginning of year		12,248,540			2,612,359			1,015,509			36,296			134,769
Net assets at end of year	$	12,155,670		$	2,122,403		$	855,859		$	45,434		$	126,584

Accumulation unit activity
Units outstanding at beginning of year		4,718,627			659,830			175,776			15,908			165,566
Units purchased		57,171			3,550			1,457			—			6,839
Units redeemed		(490,994	)		(94,636	)		(23,120	)		(2,064	)		(30,422	)
Units outstanding at end of year		4,284,804			568,744			154,113			13,844			141,983

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			55

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MS VIF US Real Est, Cl I			MS VIF US Real Est, Cl II			PIMCO VIT All Asset, Advisor Cl			Put VT Div Inc, Cl IA			Put VT Div Inc, Cl IB
Operations
Investment income (loss) — net	$	1,405		$	755		$	6,910		$	21,285		$	6,811
Net realized gain (loss) on sales of investments		(1,995	)		(16,928	)		(14,582	)		(33,182	)		(13,218	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		20,130			63,183			44,429			25,102			10,472
Net increase (decrease) in net assets resulting from operations		19,540			47,010			36,757			13,205			4,065

Contract transactions
Contract purchase payments		—			—			19,314			396			66
Net transfers⁽¹⁾		3,002			(695	)		14,971			439			—
Adjustments to net assets allocated to contracts in payment period		—			—			—			(1,323	)		—
Contract charges		(572	)		(1,627	)		(4,315	)		(165	)		(131	)
Contract terminations:
Surrender benefits		(7,911	)		(29,492	)		(53,655	)		(45,119	)		(13,217	)
Death benefits		(2,542	)		(47,915	)		(6,664	)		(9,094	)		(7,986	)
Increase (decrease) from transactions		(8,023	)		(79,729	)		(30,349	)		(54,866	)		(21,268	)
Net assets at beginning of year		158,053			426,679			608,665			435,708			153,527
Net assets at end of year	$	169,570		$	393,960		$	615,073		$	394,047		$	136,324

Accumulation unit activity
Units outstanding at beginning of year		50,966			187,734			411,930			175,542			83,245
Units purchased		988			3,701			25,187			343			36
Units redeemed		(3,332	)		(36,800	)		(44,991	)		(22,383	)		(11,758	)
Units outstanding at end of year		48,622			154,635			392,126			153,502			71,523

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

See accompanying notes to financial statements.



56		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Emerg Mkts Eq, Cl IB			Put VT Focused Intl Eq, Cl IA			Put VT Global Hlth Care, Cl IB			Put VT Hi Yield, Cl IA			Put VT Hi Yield, Cl IB
Operations
Investment income (loss) — net	$	(1,653	)	$	(1,706	)	$	(7,587	)	$	15,071		$	3,388
Net realized gain (loss) on sales of investments		232			(5,633	)		6,573			(15,241	)		(4,490	)
Distributions from capital gains		—			—			58,325			—			—
Net change in unrealized appreciation (depreciation) of investments		19,928			65,907			(6,688	)		35,544			9,274
Net increase (decrease) in net assets resulting from operations		18,507			58,568			50,623			35,374			8,172

Contract transactions
Contract purchase payments		31			—			150			180			2,143
Net transfers⁽¹⁾		5,195			(2,152	)		(5,092	)		114			—
Adjustments to net assets allocated to contracts in payment period		—			58			—			—			—
Contract charges		(221	)		(165	)		(2,599	)		(123	)		(59	)
Contract terminations:
Surrender benefits		(8,116	)		(25,808	)		(45,250	)		(36,381	)		(7,318	)
Death benefits		(10,684	)		(1,620	)		(42,458	)		(5,611	)		(7,499	)
Increase (decrease) from transactions		(13,795	)		(29,687	)		(95,249	)		(41,821	)		(12,733	)
Net assets at beginning of year		193,742			346,133			767,401			350,840			85,469
Net assets at end of year	$	198,454		$	375,014		$	722,775		$	344,393		$	80,908

Accumulation unit activity
Units outstanding at beginning of year		181,441			154,693			172,099			104,561			35,403
Units purchased		4,686			—			288			84			850
Units redeemed		(15,843	)		(12,540	)		(22,379	)		(11,947	)		(5,940	)
Units outstanding at end of year		170,284			142,153			150,008			92,698			30,313

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			57

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Inc, Cl IB			Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB		Put VT Lg Cap Gro, Cl IA			Put VT Lg Cap Gro, Cl IB
Operations
Investment income (loss) — net	$	1,100		$	(42,691	)	$	1	$	(6,393	)	$	(12,908	)
Net realized gain (loss) on sales of investments		(970	)		11,106			13		8,603			13,489
Distributions from capital gains		—			—			—		5,965			12,627
Net change in unrealized appreciation (depreciation) of investments		606			530,526			24		149,268			304,917
Net increase (decrease) in net assets resulting from operations		736			498,941			38		157,443			318,125

Contract transactions
Contract purchase payments		—			1,972			—		—			3,929
Net transfers⁽¹⁾		258			(70,604	)		—		(1,745	)		2,100
Adjustments to net assets allocated to contracts in payment period		—			(1,172	)		—		1,127			—
Contract charges		(35	)		(6,939	)		—		(162	)		(405	)
Contract terminations:
Surrender benefits		(2,147	)		(320,073	)		—		(30,647	)		(39,097	)
Death benefits		—			(64,400	)		—		(1,116	)		(19,544	)
Increase (decrease) from transactions		(1,924	)		(461,216	)		—		(32,543	)		(53,017	)
Net assets at beginning of year		25,602			3,168,300			218		380,048			769,754
Net assets at end of year	$	24,414		$	3,206,025		$	256	$	504,948		$	1,034,862

Accumulation unit activity
Units outstanding at beginning of year		15,261			2,269,261			—		185,835			384,040
Units purchased		141			3,635			—		—			2,436
Units redeemed		(1,316	)		(297,212	)		—		(13,618	)		(24,099	)
Units outstanding at end of year		14,086			1,975,684			—		172,217			362,377

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

See accompanying notes to financial statements.



58		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IA			Put VT Lg Cap Val, Cl IB			Put VT Research, Cl IB			Put VT Sm Cap Val, Cl IB			Put VT Sus Leaders, Cl IA
Operations
Investment income (loss) — net	$	20,882		$	19,046		$	(243	)	$	(7,915	)	$	(15,649	)
Net realized gain (loss) on sales of investments		25,596			22,919			5,062			(13,110	)		30,368
Distributions from capital gains		138,983			149,250			—			65,385			72,670
Net change in unrealized appreciation (depreciation) of investments		139,983			160,533			5,611			67,763			439,323
Net increase (decrease) in net assets resulting from operations		325,444			351,748			10,430			112,123			526,712

Contract transactions
Contract purchase payments		1,273			1,374			125			100			744
Net transfers⁽¹⁾		(4,972	)		(24,862	)		1,277			2,646			(1,727	)
Adjustments to net assets allocated to contracts in payment period		3,959			(4,831	)		—			—			(33	)
Contract charges		(1,120	)		(5,819	)		(203	)		(692	)		(1,042	)
Contract terminations:
Surrender benefits		(181,957	)		(134,424	)		(10,372	)		(42,268	)		(84,348	)
Death benefits		(27,120	)		(10,154	)		—			—			(48,838	)
Increase (decrease) from transactions		(209,937	)		(178,716	)		(9,173	)		(40,214	)		(135,244	)
Net assets at beginning of year		2,415,634			2,602,497			44,855			533,346			2,204,980
Net assets at end of year	$	2,531,141		$	2,775,529		$	46,112		$	605,255		$	2,596,448

Accumulation unit activity
Units outstanding at beginning of year		1,460,926			1,584,469			11,849			215,674			304,529
Units purchased		729			4,623			569			1,969			93
Units redeemed		(125,060	)		(106,375	)		(3,100	)		(16,359	)		(16,977	)
Units outstanding at end of year		1,336,595			1,482,717			9,318			201,284			287,645

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			59

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Royce Sm-Cap, Invest Cl			Temp Dev Mkts, Cl 2			Temp Foreign, Cl 2
Operations
Investment income (loss) — net	$	(21,303	)	$	(4,572	)	$	(1,504	)	$	1,937		$	46,792
Net realized gain (loss) on sales of investments		43,677			(8,955	)		409			(5,382	)		(3,816	)
Distributions from capital gains		84,476			—			24,287			178			—
Net change in unrealized appreciation (depreciation) of investments		470,000			60,330			36,467			28,647			389,944
Net increase (decrease) in net assets resulting from operations		576,850			46,803			59,659			25,380			432,920

Contract transactions
Contract purchase payments		810			1,629			1,651			240			2,346
Net transfers⁽¹⁾		(274	)		839			(168	)		—			(66,027	)
Adjustments to net assets allocated to contracts in payment period		(2,750	)		—			—			—			—
Contract charges		(2,516	)		(807	)		(564	)		(413	)		(7,081	)
Contract terminations:
Surrender benefits		(96,760	)		(49,301	)		(8,261	)		(23,275	)		(178,032	)
Death benefits		(114,914	)		—			—			(8,348	)		(70,098	)
Increase (decrease) from transactions		(216,404	)		(47,640	)		(7,342	)		(31,796	)		(318,892	)
Net assets at beginning of year		2,465,786			320,260			250,916			229,100			2,387,252
Net assets at end of year	$	2,826,232		$	319,423		$	303,233		$	222,684		$	2,501,280

Accumulation unit activity
Units outstanding at beginning of year		649,812			69,604			46,784			93,977			1,570,374
Units purchased		449			522			309			88			1,586
Units redeemed		(51,234	)		(11,566	)		(1,550	)		(11,960	)		(192,589	)
Units outstanding at end of year		599,027			58,560			45,543			82,105			1,379,371

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

See accompanying notes to financial statements.



60		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Temp Global Bond, Cl 2			Temp Gro, Cl 2			Third Ave VST Third Ave Value			VP Aggr, Cl 2			VP Aggr, Cl 4
Operations
Investment income (loss) — net	$	(102,452	)	$	4,487		$	1,884		$	(128,373	)	$	(926,974	)
Net realized gain (loss) on sales of investments		(227,579	)		(1,984	)		3,970			1,424,833			5,530,994
Distributions from capital gains		—			—			14,154			—			—
Net change in unrealized appreciation (depreciation) of investments		394,543			41,751			18,232			128,206			4,363,627
Net increase (decrease) in net assets resulting from operations		64,512			44,254			38,240			1,424,666			8,967,647

Contract transactions
Contract purchase payments		3,152			—			213			—			88,586
Net transfers⁽¹⁾		359,583			(2,409	)		(110	)		(965,148	)		(2,894,581	)
Adjustments to net assets allocated to contracts in payment period		(1,033	)		—			—			—			—
Contract charges		(32,062	)		(356	)		(381	)		(122,901	)		(430,470	)
Contract terminations:
Surrender benefits		(477,601	)		(12,989	)		(10,475	)		(2,019,281	)		(4,907,208	)
Death benefits		(268,010	)		—			—			—			(913,280	)
Increase (decrease) from transactions		(415,971	)		(15,754	)		(10,753	)		(3,107,330	)		(9,056,953	)
Net assets at beginning of year		6,478,799			238,938			204,853			10,225,519			62,848,446
Net assets at end of year	$	6,127,340		$	267,438		$	232,340		$	8,542,855		$	62,759,140

Accumulation unit activity
Units outstanding at beginning of year		4,102,341			165,716			58,264			5,040,343			31,593,159
Units purchased		241,248			51			56			26,166			125,722
Units redeemed		(511,393	)		(9,760	)		(2,768	)		(1,427,505	)		(4,363,546	)
Units outstanding at end of year		3,832,196			156,007			55,552			3,639,004			27,355,335

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			61

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2
Operations
Investment income (loss) — net	$	(182,509	)	$	(590,547	)	$	(3,982	)	$	(311	)	$	(168,025	)
Net realized gain (loss) on sales of investments		189,332			1,196,623			4,158			553			109,804
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		882,254			2,015,725			30,073			3,001			706,903
Net increase (decrease) in net assets resulting from operations		889,077			2,621,801			30,249			3,243			648,682

Contract transactions
Contract purchase payments		231,341			246,224			—			—			—
Net transfers⁽¹⁾		245,731			(607,977	)		(2	)		(6	)		598,661
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(190,898	)		(493,083	)		(6,397	)		(434	)		(107,189	)
Contract terminations:
Surrender benefits		(2,626,511	)		(5,168,502	)		(49,395	)		(2,375	)		(1,272,094	)
Death benefits		(292,538	)		(1,455,339	)		—			—			(306,283	)
Increase (decrease) from transactions		(2,632,875	)		(7,478,677	)		(55,794	)		(2,815	)		(1,086,905	)
Net assets at beginning of year		14,300,570			43,017,490			315,673			26,131			11,073,208
Net assets at end of year	$	12,556,772		$	38,160,614		$	290,128		$	26,559		$	10,634,985

Accumulation unit activity
Units outstanding at beginning of year		12,028,143			36,585,087			300,340			22,246			10,960,960
Units purchased		436,867			478,050			—			—			630,267
Units redeemed		(2,596,362	)		(6,707,454	)		(51,430	)		(2,308	)		(1,703,830	)
Units outstanding at end of year		9,868,648			30,355,683			248,910			19,938			9,887,397

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

See accompanying notes to financial statements.



62		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4
Operations
Investment income (loss) — net	$	(441,794	)	$	(1,224,811	)	$	(2,483,487	)	$	(2,517,332	)	$	(9,007,018	)
Net realized gain (loss) on sales of investments		784,749			3,016,476			5,709,928			11,230,349			44,665,805
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,928,415			8,421,502			13,004,207			12,171,646			29,486,148
Net increase (decrease) in net assets resulting from operations		2,271,370			10,213,167			16,230,648			20,884,663			65,144,935

Contract transactions
Contract purchase payments		25,610			49,583			14,496			354,504			731,370
Net transfers⁽¹⁾		(610,329	)		121,070			1,139,293			1,879,959			7,795,433
Adjustments to net assets allocated to contracts in payment period		—			—			—			(4,514	)		(4,157	)
Contract charges		(297,526	)		(917,638	)		(1,606,461	)		(2,989,884	)		(7,182,777	)
Contract terminations:
Surrender benefits		(3,518,709	)		(8,003,806	)		(16,059,279	)		(20,621,951	)		(67,754,750	)
Death benefits		(690,047	)		(880,581	)		(4,494,592	)		(2,868,587	)		(17,156,716	)
Increase (decrease) from transactions		(5,091,001	)		(9,631,372	)		(21,006,543	)		(24,250,473	)		(83,571,597	)
Net assets at beginning of year		30,540,912			84,426,428			165,779,974			194,674,449			623,767,191
Net assets at end of year	$	27,721,281		$	85,008,223		$	161,004,079		$	191,308,639		$	605,340,529

Accumulation unit activity
Units outstanding at beginning of year		28,273,236			69,477,081			143,791,125			121,162,951			396,064,237
Units purchased		322,579			321,388			1,139,066			1,297,484			5,282,397
Units redeemed		(4,875,499	)		(7,865,483	)		(18,681,502	)		(15,718,943	)		(56,275,346	)
Units outstanding at end of year		23,720,316			61,932,986			126,248,689			106,741,492			345,071,288

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			63

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Eq, Cl 3
Operations
Investment income (loss) — net	$	(464,447	)	$	(2,273,770	)	$	(343,086	)	$	(944,790	)	$	(11,336	)
Net realized gain (loss) on sales of investments		3,393,652			15,719,605			1,143,899			3,950,987			96,837
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,404,105			4,761,201			1,323,070			2,239,807			54,787
Net increase (decrease) in net assets resulting from operations		4,333,310			18,207,036			2,123,883			5,246,004			140,288

Contract transactions
Contract purchase payments		179,803			201,984			—			30,816			—
Net transfers⁽¹⁾		(1,701,910	)		(5,416,676	)		303,008			(333,703	)		(45,584	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(276,991	)		(1,033,770	)		(398,172	)		(700,806	)		(6,109	)
Contract terminations:
Surrender benefits		(3,247,600	)		(16,271,869	)		(4,378,642	)		(6,938,389	)		(62,497	)
Death benefits		(739,624	)		(4,188,527	)		(128,775	)		(2,566,625	)		(13,234	)
Increase (decrease) from transactions		(5,786,322	)		(26,708,858	)		(4,602,581	)		(10,508,707	)		(127,424	)
Net assets at beginning of year		35,392,083			152,423,463			26,304,791			65,858,953			683,994
Net assets at end of year	$	33,939,071		$	143,921,641		$	23,826,093		$	60,596,250		$	696,858

Accumulation unit activity
Units outstanding at beginning of year		19,679,654			86,560,638			19,163,176			48,642,608			333,708
Units purchased		366,811			361,324			209,372			496,207			—
Units redeemed		(3,377,275	)		(14,620,268	)		(3,489,086	)		(8,051,423	)		(56,627	)
Units outstanding at end of year		16,669,190			72,301,694			15,883,462			41,087,392			277,081

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

See accompanying notes to financial statements.



64		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn
Operations
Investment income (loss) — net	$	(139,315	)	$	(5,273	)	$	(37,949	)	$	(23,712	)	$	(81,571	)
Net realized gain (loss) on sales of investments		579,797			14,309			100,995			19,554			(509,397	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		365,695			25,316			438,965			244,745			1,499,506
Net increase (decrease) in net assets resulting from operations		806,177			34,352			502,011			240,587			908,538

Contract transactions
Contract purchase payments		18,121			—			—			—			3,475
Net transfers⁽¹⁾		545,106			(57,184	)		1,549			342,120			13,640
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(41,267	)		(9,440	)		(54,611	)		(42,667	)		(23,799	)
Contract terminations:
Surrender benefits		(715,641	)		(55,897	)		(461,007	)		(173,257	)		(420,372	)
Death benefits		(309,257	)		—			—			—			(182,748	)
Increase (decrease) from transactions		(502,938	)		(122,521	)		(514,069	)		126,196			(609,804	)
Net assets at beginning of year		8,464,294			442,141			3,667,779			1,771,916			4,790,415
Net assets at end of year	$	8,767,533		$	353,972		$	3,655,721		$	2,138,699		$	5,089,149

Accumulation unit activity
Units outstanding at beginning of year		3,047,082			400,545			2,821,029			1,468,678			1,597,329
Units purchased		216,649			—			91,247			275,216			16,362
Units redeemed		(374,380	)		(109,270	)		(475,347	)		(172,030	)		(197,191	)
Units outstanding at end of year		2,889,351			291,275			2,436,929			1,571,864			1,416,500

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			65

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Wanger Intl
Operations
Investment income (loss) — net	$	(58,438	)
Net realized gain (loss) on sales of investments		(272,915	)
Distributions from capital gains		—
Net change in unrealized appreciation (depreciation) of investments		989,988
Net increase (decrease) in net assets resulting from operations		658,635

Contract transactions
Contract purchase payments		5,057
Net transfers⁽¹⁾		1,913
Adjustments to net assets allocated to contracts in payment period		—
Contract charges		(20,668	)
Contract terminations:
Surrender benefits		(350,391	)
Death benefits		(184,309	)
Increase (decrease) from transactions		(548,398	)
Net assets at beginning of year		4,524,262
Net assets at end of year	$	4,634,499

Accumulation unit activity
Units outstanding at beginning of year		1,750,556
Units purchased		12,546
Units redeemed		(203,100	)
Units outstanding at end of year		1,560,002

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

See accompanying notes to financial statements.



66		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022	AB VPS Bal Hedged Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Operations
Investment income (loss) — net	$	6,250		$	234,325		$	(34,030	)	$	(9,060	)	$	(13,324	)
Net realized gain (loss) on sales of investments		(7,153	)		(77,430	)		82,648			97,432			24,972
Distributions from capital gains		33,643			—			328,204			708,649			101,420
Net change in unrealized appreciation or depreciation of investments		(105,122	)		(1,866,018	)		(1,363,135	)		(1,065,296	)		(476,632	)
Net increase (decrease) in net assets resulting from operations		(72,382	)		(1,709,123	)		(986,313	)		(268,275	)		(363,564	)

Contract transactions
Contract purchase payments		75			36,367			623			1,259			144
Net transfers⁽¹⁾		102,493			142,672			(67,041	)		3,906			(28,099	)
Adjustments to net assets allocated to contracts in payment period		—			(1,719	)		—			—			—
Contract charges		(1,133	)		(48,532	)		(4,067	)		(8,506	)		(2,589	)
Contract terminations:
Surrender benefits		(31,457	)		(931,177	)		(116,507	)		(146,179	)		(25,081	)
Death benefits		(7,097	)		(375,364	)		(50,296	)		(111,169	)		(9,192	)
Increase (decrease) from transactions		62,881			(1,177,753	)		(237,288	)		(260,689	)		(64,817	)
Net assets at beginning of year		293,761			11,946,248			3,398,750			4,851,487			1,278,467
Net assets at end of year	$	284,260		$	9,059,372		$	2,175,149		$	4,322,523		$	850,086

Accumulation unit activity
Units outstanding at beginning of year		134,545			8,927,250			892,761			1,428,040			615,617
Units purchased		49,854			245,110			9,665			18,011			24,525
Units redeemed		(22,192	)		(1,189,987	)		(77,881	)		(103,084	)		(39,688	)
Units outstanding at end of year		162,207			7,982,373			824,545			1,342,967			600,454

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			67

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Allspg VT Dis All Cap Gro, Cl 1			Allspg VT Dis All Cap Gro, Cl 2			Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 1			Allspg VT Intl Eq, Cl 2
Operations
Investment income (loss) — net	$	(5,240	)	$	(248,276	)	$	(46,446	)	$	3,758		$	75,846
Net realized gain (loss) on sales of investments		7,499			86,497			80,439			(4,914	)		(321,559	)
Distributions from capital gains		99,993			3,973,161			695,822			—			—
Net change in unrealized appreciation or depreciation of investments		(349,305	)		(12,861,170	)		(2,007,050	)		(18,164	)		(294,282	)
Net increase (decrease) in net assets resulting from operations		(247,053	)		(9,049,788	)		(1,277,235	)		(19,320	)		(539,995	)

Contract transactions
Contract purchase payments		—			7,004			—			7			5,784
Net transfers⁽¹⁾		677			1,591,409			(128,285	)		—			16,007
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(915	)
Contract charges		(604	)		(50,161	)		(3,701	)		(266	)		(11,077	)
Contract terminations:
Surrender benefits		(59,607	)		(1,173,729	)		(188,312	)		(2,507	)		(223,023	)
Death benefits		(33,244	)		(525,816	)		(161,594	)		(4,319	)		(73,794	)
Increase (decrease) from transactions		(92,778	)		(151,293	)		(481,892	)		(7,085	)		(287,018	)
Net assets at beginning of year		679,717			23,849,864			7,209,156			153,621			4,250,411
Net assets at end of year	$	339,886		$	14,648,783		$	5,450,029		$	127,216		$	3,423,398

Accumulation unit activity
Units outstanding at beginning of year		137,505			3,109,723			2,327,163			74,597			2,041,419
Units purchased		186			319,730			2,806			4			50,320
Units redeemed		(27,004	)		(324,388	)		(182,998	)		(3,883	)		(200,719	)
Units outstanding at end of year		110,687			3,105,065			2,146,971			70,718			1,891,020

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

See accompanying notes to financial statements.



68		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Allspg VT Opp, Cl 1			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			AC VP Disciplined Core Val, Cl I			AC VP Inflation Prot, Cl II
Operations
Investment income (loss) — net	$	(6,339	)	$	(59,246	)	$	(50,632	)	$	722		$	470,145
Net realized gain (loss) on sales of investments		9,564			85,569			(5,578	)		2,930			(30,114	)
Distributions from capital gains		93,646			860,610			608,927			48,781			82,776
Net change in unrealized appreciation or depreciation of investments		(224,487	)		(2,078,215	)		(2,255,183	)		(83,631	)		(2,876,240	)
Net increase (decrease) in net assets resulting from operations		(127,616	)		(1,191,282	)		(1,702,466	)		(31,198	)		(2,353,433	)

Contract transactions
Contract purchase payments		711			7,939			3,735			24			52,298
Net transfers⁽¹⁾		332			(14,907	)		262,838			—			(662,614	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(628	)		(13,674	)		(9,520	)		(146	)		(72,577	)
Contract terminations:
Surrender benefits		(3,518	)		(264,256	)		(155,057	)		(9,160	)		(1,568,042	)
Death benefits		(24,486	)		(64,333	)		(39,934	)		(14,353	)		(562,806	)
Increase (decrease) from transactions		(27,589	)		(349,231	)		62,062			(23,635	)		(2,813,741	)
Net assets at beginning of year		607,579			5,574,055			4,764,990			239,816			18,000,968
Net assets at end of year	$	452,374		$	4,033,542		$	3,124,586		$	184,983		$	12,833,794

Accumulation unit activity
Units outstanding at beginning of year		160,158			1,511,650			1,641,029			57,852			12,003,676
Units purchased		354			5,855			112,361			7			37,519
Units redeemed		(8,143	)		(118,042	)		(86,866	)		(5,998	)		(2,028,911	)
Units outstanding at end of year		152,369			1,399,463			1,666,524			51,861			10,012,284

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			69

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	AC VP Intl, Cl II			AC VP Mid Cap Val, Cl II			AC VP Ultra, Cl II			AC VP Val, Cl I			AC VP Val, Cl II
Operations
Investment income (loss) — net	$	(160	)	$	324		$	(105,391	)	$	2,031		$	448
Net realized gain (loss) on sales of investments		(2	)		1,328			307,857			4,615			4,245
Distributions from capital gains		4,751			10,173			721,451			23,310			24,217
Net change in unrealized appreciation or depreciation of investments		(15,027	)		(14,235	)		(3,710,335	)		(32,422	)		(33,560	)
Net increase (decrease) in net assets resulting from operations		(10,438	)		(2,410	)		(2,786,418	)		(2,466	)		(4,650	)

Contract transactions
Contract purchase payments		—			150			40,373			24			—
Net transfers⁽¹⁾		(11	)		375			840,595			—			(7,229	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(108	)		(3	)		(27,695	)		(198	)		(33	)
Contract terminations:
Surrender benefits		—			(5,029	)		(643,940	)		(6,759	)		(830	)
Death benefits		—			—			(114,294	)		(756	)		—
Increase (decrease) from transactions		(119	)		(4,507	)		95,039			(7,689	)		(8,092	)
Net assets at beginning of year		39,798			80,942			8,329,683			301,155			315,986
Net assets at end of year	$	29,241		$	74,025		$	5,638,304		$	291,000		$	303,244

Accumulation unit activity
Units outstanding at beginning of year		14,570			28,463			1,531,222			58,648			107,977
Units purchased		—			135			213,437			5			—
Units redeemed		(59	)		(1,844	)		(185,076	)		(1,494	)		(2,686	)
Units outstanding at end of year		14,511			26,754			1,559,583			57,159			105,291

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

See accompanying notes to financial statements.



70		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	BNY Mellon IP MidCap Stock, Serv			BNY Mellon IP Tech Gro, Serv			BNY Mellon Sus US Eq, Init			BNY Mellon VIF Appr, Serv			CB Var Sm Cap Gro, Cl I
Operations
Investment income (loss) — net	$	(722	)	$	(41,723	)	$	(3,329	)	$	(1,084	)	$	(1,688	)
Net realized gain (loss) on sales of investments		706			29,914			16,597			2,063			826
Distributions from capital gains		16,773			272,430			27,066			30,966			2,094
Net change in unrealized appreciation or depreciation of investments		(28,780	)		(2,030,111	)		(156,741	)		(57,164	)		(42,956	)
Net increase (decrease) in net assets resulting from operations		(12,023	)		(1,769,490	)		(116,407	)		(25,219	)		(41,724	)

Contract transactions
Contract purchase payments		—			8,968			—			200			—
Net transfers⁽¹⁾		(2,678	)		918,241			5,511			(4	)		3,791
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(1	)		(10,114	)		(416	)		(14	)		(130	)
Contract terminations:
Surrender benefits		(1,975	)		(233,731	)		(3,513	)		(5,418	)		(3,191	)
Death benefits		—			(92,249	)		(40,056	)		(3,794	)		—
Increase (decrease) from transactions		(4,654	)		591,115			(38,474	)		(9,030	)		470
Net assets at beginning of year		79,998			3,475,478			505,460			134,197			140,204
Net assets at end of year	$	63,321		$	2,297,103		$	350,579		$	99,948		$	98,950

Accumulation unit activity
Units outstanding at beginning of year		21,843			544,950			187,937			30,124			31,340
Units purchased		—			216,859			3,043			—			1,256
Units redeemed		(1,453	)		(76,801	)		(20,651	)		(2,424	)		(984	)
Units outstanding at end of year		20,390			685,008			170,329			27,700			31,612

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			71

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Bal, Cl 3			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3			Col VP Emer Mkts, Cl 3			Col VP Govt Money Mkt, Cl 1
Operations
Investment income (loss) — net	$	(40,224	)	$	(219,954	)	$	(299,666	)	$	(99,901	)	$	(256	)
Net realized gain (loss) on sales of investments		356,835			1,574,234			3,403,454			(183,041	)		—
Distributions from capital gains		—			—			—			1,859,908			—
Net change in unrealized appreciation or depreciation of investments		(924,192	)		(4,848,463	)		(3,676,191	)		(4,264,796	)		—
Net increase (decrease) in net assets resulting from operations		(607,581	)		(3,494,183	)		(572,403	)		(2,687,830	)		(256	)

Contract transactions
Contract purchase payments		1,026			58,215			51,618			19,804			300
Net transfers⁽¹⁾		6,675			(279,106	)		(2,901,304	)		1,642,597			(57	)
Adjustments to net assets allocated to contracts in payment period		(2,039	)		(720	)		(2,862	)		—			—
Contract charges		(7,325	)		(54,473	)		(81,925	)		(28,338	)		(122	)
Contract terminations:
Surrender benefits		(74,837	)		(1,142,427	)		(1,656,648	)		(578,678	)		(43,483	)
Death benefits		(530,583	)		(445,251	)		(602,854	)		(244,244	)		(3,902	)
Increase (decrease) from transactions		(607,083	)		(1,863,762	)		(5,193,975	)		811,141			(47,264	)
Net assets at beginning of year		3,404,842			18,461,486			22,599,021			7,556,773			137,931
Net assets at end of year	$	2,190,178		$	13,103,541		$	16,832,643		$	5,680,084		$	90,411

Accumulation unit activity
Units outstanding at beginning of year		973,742			5,462,223			6,151,420			2,202,603			140,687
Units purchased		2,358			20,690			31,296			632,205			307
Units redeemed		(270,971	)		(620,488	)		(1,480,293	)		(327,515	)		(48,691	)
Units outstanding at end of year		705,129			4,862,425			4,702,423			2,507,293			92,303

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

See accompanying notes to financial statements.



72		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 1			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 3
Operations
Investment income (loss) — net	$	(83,645	)	$	110,555		$	9,758		$	125,094		$	122,618
Net realized gain (loss) on sales of investments		74			(57,576	)		(2,970	)		(225,257	)		(171,350	)
Distributions from capital gains		—			22,607			8,470			128,464			5,127
Net change in unrealized appreciation or depreciation of investments		(73	)		(535,883	)		(43,943	)		(540,102	)		(1,597,160	)
Net increase (decrease) in net assets resulting from operations		(83,644	)		(460,297	)		(28,685	)		(511,801	)		(1,640,765	)

Contract transactions
Contract purchase payments		137,811			4,390			—			25,052			3,570
Net transfers⁽¹⁾		(11,927	)		(103,487	)		57			(207,740	)		150,261
Adjustments to net assets allocated to contracts in payment period		(2,065	)		—			—			—			(3,305	)
Contract charges		(68,081	)		(14,973	)		(33	)		(21,738	)		(35,471	)
Contract terminations:
Surrender benefits		(2,161,755	)		(339,461	)		(5,686	)		(568,050	)		(520,275	)
Death benefits		(712,468	)		(140,125	)		—			(203,920	)		(430,890	)
Increase (decrease) from transactions		(2,818,485	)		(593,656	)		(5,662	)		(976,396	)		(836,110	)
Net assets at beginning of year		22,482,051			3,961,464			258,002			4,689,422			9,379,720
Net assets at end of year	$	19,579,922		$	2,907,511		$	223,655		$	3,201,225		$	6,902,845

Accumulation unit activity
Units outstanding at beginning of year		23,910,440			1,535,733			210,688			2,005,551			5,136,804
Units purchased		996,298			6,801			53			12,041			104,716
Units redeemed		(4,097,211	)		(262,449	)		(5,237	)		(465,858	)		(618,996	)
Units outstanding at end of year		20,809,527			1,280,085			205,504			1,551,734			4,622,524

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			73

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Lg Cap Gro, Cl 1			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 3			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 3
Operations
Investment income (loss) — net	$	(4,555	)	$	(10,745	)	$	(84,626	)	$	(2,014	)	$	(2,233	)
Net realized gain (loss) on sales of investments		14,289			36,938			1,393,961			(906	)		10,238
Distributions from capital gains		—			—			—			23,628			—
Net change in unrealized appreciation or depreciation of investments		(167,053	)		(305,025	)		(2,871,916	)		(81,231	)		(13,345	)
Net increase (decrease) in net assets resulting from operations		(157,319	)		(278,832	)		(1,562,581	)		(60,523	)		(5,340	)

Contract transactions
Contract purchase payments		—			2,002			24,261			126			—
Net transfers⁽¹⁾		554			10,522			(41,861	)		236			(1	)
Adjustments to net assets allocated to contracts in payment period		—			—			(4,855	)		—			—
Contract charges		(26	)		(782	)		(11,642	)		(252	)		—
Contract terminations:
Surrender benefits		(14,432	)		(21,246	)		(818,142	)		(9,183	)		(15,637	)
Death benefits		—			(34,543	)		(867,820	)		(6,758	)		—
Increase (decrease) from transactions		(13,904	)		(44,047	)		(1,720,059	)		(15,831	)		(15,638	)
Net assets at beginning of year		495,759			875,891			8,582,273			379,399			140,084
Net assets at end of year	$	324,536		$	553,012		$	5,299,633		$	303,045		$	119,106

Accumulation unit activity
Units outstanding at beginning of year		110,552			222,699			2,077,653			165,275			40,282
Units purchased		140			3,740			11,856			175			—
Units redeemed		(3,891	)		(29,722	)		(449,855	)		(7,540	)		(4,906	)
Units outstanding at end of year		106,801			196,717			1,639,654			157,910			35,376

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

See accompanying notes to financial statements.



74		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 3			Col VP Sm Cap Val, Cl 2			Col VP Sm Co Gro, Cl 1
Operations
Investment income (loss) — net	$	(24,372	)	$	(592	)	$	(9,701	)	$	(9,918	)	$	(211	)
Net realized gain (loss) on sales of investments		136,098			3,602			22,729			9,046			101
Distributions from capital gains		—			—			—			324,430			6,624
Net change in unrealized appreciation or depreciation of investments		(827,546	)		(7,518	)		(142,327	)		(427,215	)		(15,520	)
Net increase (decrease) in net assets resulting from operations		(715,820	)		(4,508	)		(129,299	)		(103,657	)		(9,006	)

Contract transactions
Contract purchase payments		509			—			4			—			—
Net transfers⁽¹⁾		99,502			(1,115	)		(10,793	)		(37,248	)		—
Adjustments to net assets allocated to contracts in payment period		(319	)		—			—			—			—
Contract charges		(4,128	)		(124	)		(1,209	)		(5,568	)		(7	)
Contract terminations:
Surrender benefits		(112,582	)		(4,136	)		(15,623	)		(60,871	)		(873	)
Death benefits		(59,175	)		—			(1,687	)		(84,319	)		—
Increase (decrease) from transactions		(76,193	)		(5,375	)		(29,308	)		(188,006	)		(880	)
Net assets at beginning of year		2,262,854			42,922			819,465			1,039,969			24,811
Net assets at end of year	$	1,470,841		$	33,039		$	660,858		$	748,306		$	14,925

Accumulation unit activity
Units outstanding at beginning of year		444,922			15,631			214,944			311,469			3,010
Units purchased		27,505			—			196			515			—
Units redeemed		(45,936	)		(2,339	)		(8,511	)		(62,436	)		(154	)
Units outstanding at end of year		426,491			13,292			206,629			249,548			2,856

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			75

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP US Govt Mtge, Cl 1			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP Prin Blue Chip Gro, Cl 1
Operations
Investment income (loss) — net	$	1,292		$	24,745		$	2,833		$	43,611		$	(17,387	)
Net realized gain (loss) on sales of investments		(314	)		(71,016	)		(2,785	)		(77,958	)		106,671
Distributions from capital gains		—			—			—			28,762			—
Net change in unrealized appreciation or depreciation of investments		(24,300	)		(867,899	)		2,405			(324,917	)		(500,821	)
Net increase (decrease) in net assets resulting from operations		(23,322	)		(914,170	)		2,453			(330,502	)		(411,537	)

Contract transactions
Contract purchase payments		—			1,183			125			2,543			—
Net transfers⁽¹⁾		366			95,912			(9	)		(12,644	)		79,690
Adjustments to net assets allocated to contracts in payment period		—			—			—			(1,098	)		—
Contract charges		(45	)		(13,842	)		(2	)		(13,148	)		(6,806	)
Contract terminations:
Surrender benefits		(861	)		(364,740	)		(389	)		(112,079	)		(68,604	)
Death benefits		—			(145,958	)		(3,045	)		(122,240	)		(90,752	)
Increase (decrease) from transactions		(540	)		(427,445	)		(3,320	)		(258,666	)		(86,472	)
Net assets at beginning of year		153,738			6,072,169			18,360			1,916,783			1,424,619
Net assets at end of year	$	129,876		$	4,730,554		$	17,493		$	1,327,615		$	926,610

Accumulation unit activity
Units outstanding at beginning of year		136,595			4,710,394			30,916			1,236,561			547,465
Units purchased		359			125,518			—			30,268			55,850
Units redeemed		(880	)		(527,179	)		(5,853	)		(213,241	)		(100,793	)
Units outstanding at end of year		136,074			4,308,733			25,063			1,053,588			502,522

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

See accompanying notes to financial statements.



76		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP Vty Sycamore Estb Val, Cl 3			EV VT Floating-Rate Inc, Init Cl			Fid VIP Bal, Serv Cl			Fid VIP Bal, Serv Cl 2			Fid VIP Contrafund, Serv Cl
Operations
Investment income (loss) — net	$	(417	)	$	20,870		$	(113	)	$	(541	)	$	(24,001	)
Net realized gain (loss) on sales of investments		575			(11,044	)		601			1,116			48,532
Distributions from capital gains		—			—			13,644			8,350			134,127
Net change in unrealized appreciation or depreciation of investments		(1,385	)		(44,569	)		(64,315	)		(39,529	)		(1,128,826	)
Net increase (decrease) in net assets resulting from operations		(1,227	)		(34,743	)		(50,183	)		(30,604	)		(970,168	)

Contract transactions
Contract purchase payments		—			533			—			—			608
Net transfers⁽¹⁾		(4	)		(41,042	)		60			2,606			(6,217	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		—			(4,959	)		(134	)		(113	)		(4,153	)
Contract terminations:
Surrender benefits		(500	)		(58,215	)		(12	)		(4,100	)		(84,497	)
Death benefits		—			(77,421	)		—			—			(46,817	)
Increase (decrease) from transactions		(504	)		(181,104	)		(86	)		(1,607	)		(141,076	)
Net assets at beginning of year		27,856			838,243			263,607			157,811			3,596,065
Net assets at end of year	$	26,125		$	622,396		$	213,338		$	125,600		$	2,484,821

Accumulation unit activity
Units outstanding at beginning of year		5,811			638,112			74,132			44,226			654,614
Units purchased		—			8,570			19			837			135
Units redeemed		(123	)		(154,155	)		(49	)		(1,372	)		(32,009	)
Units outstanding at end of year		5,688			492,527			74,102			43,691			622,740

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			77

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Contrafund, Serv Cl 2			Fid VIP Dyn Appr, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro, Serv Cl
Operations
Investment income (loss) — net	$	(467,844	)	$	(8,445	)	$	959		$	(204	)	$	(197	)
Net realized gain (loss) on sales of investments		1,277,622			7,742			19,127			2,089			85
Distributions from capital gains		1,792,841			87,725			20,377			1,104			2,179
Net change in unrealized appreciation or depreciation of investments		(15,558,759	)		(265,308	)		(109,845	)		(9,413	)		(11,105	)
Net increase (decrease) in net assets resulting from operations		(12,956,140	)		(178,286	)		(69,382	)		(6,424	)		(9,038	)

Contract transactions
Contract purchase payments		89,690			—			30			100			—
Net transfers⁽¹⁾		1,607,224			760			(13,215	)		(15	)		251
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(138,536	)		(995	)		(1,702	)		(280	)		(27	)
Contract terminations:
Surrender benefits		(2,730,929	)		(25,700	)		(31,956	)		(18,319	)		—
Death benefits		(1,601,178	)		—			(3,300	)		—			—
Increase (decrease) from transactions		(2,773,729	)		(25,935	)		(50,143	)		(18,514	)		224
Net assets at beginning of year		47,906,950			820,578			1,108,903			75,907			35,445
Net assets at end of year	$	32,177,081		$	616,357		$	989,378		$	50,969		$	26,631

Accumulation unit activity
Units outstanding at beginning of year		8,010,338			147,978			351,402			21,750			7,876
Units purchased		411,457			177			24			—			64
Units redeemed		(968,280	)		(5,505	)		(16,262	)		(6,342	)		(7	)
Units outstanding at end of year		7,453,515			142,650			335,164			15,408			7,933

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

See accompanying notes to financial statements.



78		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Gro, Serv Cl 2			Fid VIP Hi Inc, Serv Cl			Fid VIP Hi Inc, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2			Fid VIP Mid Cap, Serv Cl
Operations
Investment income (loss) — net	$	(17,982	)	$	23,780		$	10,408		$	19,589		$	(44,677	)
Net realized gain (loss) on sales of investments		57,037			(3,221	)		(1,549	)		(202,656	)		36,201
Distributions from capital gains		144,232			—			—			410,899			328,771
Net change in unrealized appreciation or depreciation of investments		(775,052	)		(108,757	)		(47,357	)		(1,408,522	)		(1,261,999	)
Net increase (decrease) in net assets resulting from operations		(591,765	)		(88,198	)		(38,498	)		(1,180,690	)		(941,704	)

Contract transactions
Contract purchase payments		—			—			—			46,226			727
Net transfers⁽¹⁾		(24,790	)		(2,616	)		8,438			(138,680	)		(9,487	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(6,608	)		(1,116	)		(519	)		(37,378	)		(5,650	)
Contract terminations:
Surrender benefits		(125,462	)		(7,835	)		(2,881	)		(814,114	)		(237,576	)
Death benefits		(96,130	)		—			(2,109	)		(316,078	)		(61,142	)
Increase (decrease) from transactions		(252,990	)		(11,567	)		2,929			(1,260,024	)		(313,128	)
Net assets at beginning of year		2,421,185			699,410			300,079			8,568,819			5,922,485
Net assets at end of year	$	1,576,430		$	599,645		$	264,510		$	6,128,105		$	4,667,653

Accumulation unit activity
Units outstanding at beginning of year		403,079			343,317			122,666			5,665,949			746,595
Units purchased		3,243			—			3,879			43,455			1,180
Units redeemed		(48,627	)		(6,000	)		(2,482	)		(960,408	)		(47,828	)
Units outstanding at end of year		357,695			337,317			124,063			4,748,996			699,947

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			79

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 2
Operations
Investment income (loss) — net	$	(142,895	)	$	(272	)	$	(27,378	)	$	16,971		$	142,522
Net realized gain (loss) on sales of investments		100,952			998			123,829			(41,754	)		22,870
Distributions from capital gains		838,019			481			32,110			121,551			83,177
Net change in unrealized appreciation or depreciation of investments		(3,185,154	)		(18,407	)		(1,283,967	)		(681,400	)		(556,335	)
Net increase (decrease) in net assets resulting from operations		(2,389,078	)		(17,200	)		(1,155,406	)		(584,632	)		(307,766	)

Contract transactions
Contract purchase payments		14,596			48			13,771			2,305			—
Net transfers⁽¹⁾		(260,414	)		239			346,442			94,399			35,051
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(4,614	)
Contract charges		(34,229	)		(141	)		(19,614	)		(4,068	)		(4,028	)
Contract terminations:
Surrender benefits		(637,442	)		(1,626	)		(409,334	)		(246,375	)		(243,063	)
Death benefits		(364,103	)		(6,083	)		(188,636	)		(10,081	)		(189,355	)
Increase (decrease) from transactions		(1,281,592	)		(7,563	)		(257,371	)		(163,820	)		(406,009	)
Net assets at beginning of year		15,059,512			67,200			4,578,051			2,270,947			4,651,506
Net assets at end of year	$	11,388,842		$	42,437		$	3,165,274		$	1,522,495		$	3,937,731

Accumulation unit activity
Units outstanding at beginning of year		2,578,036			33,720			1,665,637			671,186			1,515,710
Units purchased		6,130			179			172,925			38,843			15,320
Units redeemed		(258,620	)		(5,775	)		(283,606	)		(108,138	)		(163,150	)
Units outstanding at end of year		2,325,546			28,124			1,554,956			601,891			1,367,880

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

See accompanying notes to financial statements.



80		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Frank Mutual Shares, Cl 2			Frank Rising Divd, Cl 2			Frank Sm Cap Val, Cl 2			Frank Sm Mid Cap Gro, Cl 2			GS VIT Intl Eq Insights, Inst
Operations
Investment income (loss) — net	$	91,212		$	(3,318	)	$	(11,400	)	$	(69,011	)	$	223
Net realized gain (loss) on sales of investments		39,340			1,712			(60,822	)		(116,309	)		(916	)
Distributions from capital gains		2,050,055			41,679			613,220			1,400,288			—
Net change in unrealized appreciation or depreciation of investments		(3,942,272	)		(85,652	)		(987,898	)		(3,801,443	)		(3,365	)
Net increase (decrease) in net assets resulting from operations		(1,761,665	)		(45,579	)		(446,900	)		(2,586,475	)		(4,058	)

Contract transactions
Contract purchase payments		7,214			—			2,531			2,315			—
Net transfers⁽¹⁾		(136,765	)		(1,967	)		(231,927	)		192,718			—
Adjustments to net assets allocated to contracts in payment period		—			(1,800	)		—			—			—
Contract charges		(49,348	)		(560	)		(8,536	)		(8,163	)		(14	)
Contract terminations:
Surrender benefits		(835,718	)		(576	)		(304,338	)		(328,200	)		(5,906	)
Death benefits		(950,296	)		—			(6,197	)		(56,749	)		—
Increase (decrease) from transactions		(1,964,913	)		(4,903	)		(548,467	)		(198,079	)		(5,920	)
Net assets at beginning of year		20,910,249			373,807			3,919,899			7,599,302			25,040
Net assets at end of year	$	17,183,671		$	323,325		$	2,924,532		$	4,814,748		$	15,062

Accumulation unit activity
Units outstanding at beginning of year		6,695,790			86,084			779,105			2,207,573			18,696
Units purchased		47,239			—			3,077			80,342			—
Units redeemed		(719,557	)		(878	)		(130,318	)		(167,381	)		(6,193	)
Units outstanding at end of year		6,023,472			85,206			651,864			2,120,534			12,503

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			81

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	GS VIT Mid Cap Val, Inst			GS VIT Strategic Gro, Inst			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Operations
Investment income (loss) — net	$	(97,418	)	$	(2,195	)	$	(8,673	)	$	(33,081	)	$	(10,303	)
Net realized gain (loss) on sales of investments		316,153			(1,211	)		25,398			44,273			195
Distributions from capital gains		1,456,294			23,077			8,138			657,225			179,707
Net change in unrealized appreciation or depreciation of investments		(3,067,068	)		(83,518	)		(425,138	)		(1,715,524	)		(442,180	)
Net increase (decrease) in net assets resulting from operations		(1,392,039	)		(63,847	)		(400,275	)		(1,047,107	)		(272,581	)

Contract transactions
Contract purchase payments		31,845			30			—			351			1,913
Net transfers⁽¹⁾		(769,213	)		2			(2,993	)		(98,078	)		(12,378	)
Adjustments to net assets allocated to contracts in payment period		(1,719	)		—			—			(2,643	)		—
Contract charges		(39,715	)		(270	)		(2,101	)		(2,606	)		(3,466	)
Contract terminations:
Surrender benefits		(917,322	)		(1,624	)		(113,202	)		(86,736	)		(3,690	)
Death benefits		(310,741	)		(9,242	)		(85,482	)		(84,943	)		—
Increase (decrease) from transactions		(2,006,865	)		(11,104	)		(203,778	)		(274,655	)		(17,621	)
Net assets at beginning of year		12,783,818			191,938			2,041,575			3,407,795			837,475
Net assets at end of year	$	9,384,914		$	116,987		$	1,437,522		$	2,086,033		$	547,273

Accumulation unit activity
Units outstanding at beginning of year		2,279,715			47,483			596,452			900,791			234,341
Units purchased		6,622			8			1,054			7,947			7,980
Units redeemed		(421,916	)		(4,042	)		(66,983	)		(98,163	)		(16,186	)
Units outstanding at end of year		1,864,421			43,449			530,523			810,575			226,135

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

See accompanying notes to financial statements.



82		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI American Value, Ser II			Invesco VI Cap Appr, Ser I			Invesco VI Cap Appr, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I
Operations
Investment income (loss) — net	$	(58,249	)	$	(11,673	)	$	(144,510	)	$	(90,961	)	$	(23,181	)
Net realized gain (loss) on sales of investments		(19,951	)		9,102			210,986			2,691,067			33,975
Distributions from capital gains		1,057,763			291,367			3,223,196			750,320			798,885
Net change in unrealized appreciation or depreciation of investments		(1,274,212	)		(634,168	)		(7,037,140	)		(3,511,395	)		(2,165,577	)
Net increase (decrease) in net assets resulting from operations		(294,649	)		(345,372	)		(3,747,468	)		(160,969	)		(1,355,898	)

Contract transactions
Contract purchase payments		29,355			162			45,862			87,827			789
Net transfers⁽¹⁾		(369,560	)		963			901,282			(4,688,601	)		(61,022	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			(7,838	)		—
Contract charges		(25,860	)		(540	)		(37,341	)		(119,450	)		(4,668	)
Contract terminations:
Surrender benefits		(546,920	)		(27,215	)		(867,785	)		(2,306,930	)		(262,436	)
Death benefits		(136,168	)		(14,680	)		(320,794	)		(873,432	)		(140,516	)
Increase (decrease) from transactions		(1,049,153	)		(41,310	)		(278,776	)		(7,908,424	)		(467,853	)
Net assets at beginning of year		6,843,377			1,108,280			11,835,760			30,831,945			6,449,586
Net assets at end of year	$	5,499,575		$	721,598		$	7,809,516		$	22,762,552		$	4,625,835

Accumulation unit activity
Units outstanding at beginning of year		6,442,721			187,127			2,685,348			8,645,788			1,944,872
Units purchased		65,374			261			292,044			26,763			921
Units redeemed		(1,100,914	)		(8,882	)		(368,704	)		(2,250,707	)		(172,435	)
Units outstanding at end of year		5,407,181			178,506			2,608,688			6,421,844			1,773,358

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			83

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Core Eq, Ser II			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI EQV Intl Eq, Ser I			Invesco VI EQV Intl Eq, Ser II
Operations
Investment income (loss) — net	$	(260	)	$	(2,039	)	$	(7,702	)	$	1,597		$	(1,292	)
Net realized gain (loss) on sales of investments		146			(380	)		(1,860	)		7,006			2,263
Distributions from capital gains		6,364			40,547			168,932			56,751			68,231
Net change in unrealized appreciation or depreciation of investments		(17,693	)		(100,631	)		(396,697	)		(190,253	)		(220,860	)
Net increase (decrease) in net assets resulting from operations		(11,443	)		(62,503	)		(237,327	)		(124,899	)		(151,658	)

Contract transactions
Contract purchase payments		75			42			1,198			126			125
Net transfers⁽¹⁾		(4,275	)		330			10,137			567			38,361
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(157	)		(85	)		(2,999	)		(223	)		(5,372	)
Contract terminations:
Surrender benefits		—			(1,114	)		(10,552	)		(15,536	)		(49,704	)
Death benefits		—			—			—			(10,704	)		(61,610	)
Increase (decrease) from transactions		(4,357	)		(827	)		(2,216	)		(25,770	)		(78,200	)
Net assets at beginning of year		52,991			195,551			738,896			645,926			774,042
Net assets at end of year	$	37,191		$	132,221		$	499,353		$	495,257		$	544,184

Accumulation unit activity
Units outstanding at beginning of year		17,172			110,614			417,602			203,506			522,724
Units purchased		90			259			8,516			268			31,603
Units redeemed		(2,126	)		(974	)		(10,487	)		(10,088	)		(95,566	)
Units outstanding at end of year		15,136			109,899			415,631			193,686			458,761

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

See accompanying notes to financial statements.



84		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Global, Ser I			Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser I			Invesco VI Gbl Strat Inc, Ser II			Invesco VI Gro & Inc, Ser II
Operations
Investment income (loss) — net	$	(12	)	$	(23,923	)	$	(853	)	$	(202,954	)	$	(767	)
Net realized gain (loss) on sales of investments		—			29,953			(1,289	)		(567,145	)		9,222
Distributions from capital gains		165			308,017			—			—			37,376
Net change in unrealized appreciation or depreciation of investments		(565	)		(1,121,391	)		(6,620	)		(1,241,788	)		(79,308	)
Net increase (decrease) in net assets resulting from operations		(412	)		(807,344	)		(8,762	)		(2,011,887	)		(33,477	)

Contract transactions
Contract purchase payments		—			—			210			61,658			—
Net transfers⁽¹⁾		—			37,278			—			(118,044	)		(6,069	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			(1,843	)		—
Contract charges		(5	)		(3,579	)		(25	)		(62,426	)		(2,330	)
Contract terminations:
Surrender benefits		(66	)		(101,122	)		(3,268	)		(1,298,701	)		(42,599	)
Death benefits		—			(65,418	)		(92	)		(530,737	)		—
Increase (decrease) from transactions		(71	)		(132,841	)		(3,175	)		(1,950,093	)		(50,998	)
Net assets at beginning of year		1,274			2,502,579			69,776			15,803,447			468,866
Net assets at end of year	$	791		$	1,562,394		$	57,839		$	11,841,467		$	384,391

Accumulation unit activity
Units outstanding at beginning of year		204			521,185			31,626			9,231,293			118,541
Units purchased		—			11,221			107			72,220			16
Units redeemed		(16	)		(44,275	)		(1,706	)		(1,367,595	)		(14,734	)
Units outstanding at end of year		188			488,131			30,027			7,935,918			103,823

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			85

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Hlth, Ser II			Invesco VI Main St, Ser I			Invesco VI Mn St Mid Cap, Ser II			Invesco VI Mn St Sm Cap, Ser II			Janus Henderson VIT Bal, Inst
Operations
Investment income (loss) — net	$	(652	)	$	(109	)	$	(11,681	)	$	(22,939	)	$	(2,256	)
Net realized gain (loss) on sales of investments		103			7,840			(13,208	)		71,858			46,543
Distributions from capital gains		6,564			9,072			151,123			247,398			44,177
Net change in unrealized appreciation or depreciation of investments		(13,836	)		(25,737	)		(264,842	)		(743,290	)		(379,437	)
Net increase (decrease) in net assets resulting from operations		(7,821	)		(8,934	)		(138,608	)		(446,973	)		(290,973	)

Contract transactions
Contract purchase payments		—			—			7,971			2,744			210
Net transfers⁽¹⁾		2			(1,675	)		(29,263	)		17,882			(26,178	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			(2,159	)		—
Contract charges		(61	)		(6	)		(3,998	)		(7,521	)		(776	)
Contract terminations:
Surrender benefits		(846	)		(68	)		(121,109	)		(208,954	)		(38,502	)
Death benefits		—			(33,152	)		(15,663	)		(55,770	)		(39,555	)
Increase (decrease) from transactions		(905	)		(34,901	)		(162,062	)		(253,778	)		(104,801	)
Net assets at beginning of year		52,939			65,775			922,504			2,658,202			1,709,087
Net assets at end of year	$	44,213		$	21,940		$	621,834		$	1,957,451		$	1,313,313

Accumulation unit activity
Units outstanding at beginning of year		16,176			18,508			326,523			486,014			271,033
Units purchased		—			—			3,285			4,796			38
Units redeemed		(359	)		(10,668	)		(67,767	)		(53,242	)		(18,430	)
Units outstanding at end of year		15,817			7,840			262,041			437,568			252,641

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

See accompanying notes to financial statements.



86		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Janus Henderson VIT Enter, Serv			Janus Henderson VIT Gbl Res, Inst			Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv
Operations
Investment income (loss) — net	$	(9,231	)	$	(2,713	)	$	(2,527	)	$	314		$	(24,217	)
Net realized gain (loss) on sales of investments		9,837			13,623			2,610			1,743			19,394
Distributions from capital gains		122,423			86,962			31,087			—			295,603
Net change in unrealized appreciation or depreciation of investments		(263,745	)		(292,509	)		(120,023	)		(23,094	)		(927,765	)
Net increase (decrease) in net assets resulting from operations		(140,716	)		(194,637	)		(88,853	)		(21,037	)		(636,985	)

Contract transactions
Contract purchase payments		218			126			55			104			755
Net transfers⁽¹⁾		252			(2,855	)		101			(4,641	)		120,570
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(1,027	)		(392	)		(252	)		(163	)		(6,606	)
Contract terminations:
Surrender benefits		(18,438	)		(15,549	)		(5,424	)		(7,487	)		(85,698	)
Death benefits		(8,070	)		(9,773	)		(8,716	)		(5,918	)		(67,752	)
Increase (decrease) from transactions		(27,065	)		(28,443	)		(14,236	)		(18,105	)		(38,731	)
Net assets at beginning of year		820,464			960,670			235,961			208,979			2,042,323
Net assets at end of year	$	652,683		$	737,590		$	132,872		$	169,837		$	1,366,607

Accumulation unit activity
Units outstanding at beginning of year		319,576			261,499			75,646			128,567			686,609
Units purchased		207			41			70			67			44,950
Units redeemed		(13,619	)		(8,895	)		(7,031	)		(12,517	)		(64,202	)
Units outstanding at end of year		306,164			252,645			68,685			116,117			667,357

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			87

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Lazard Retire Intl Eq, Serv			LVIP Baron Gro Opp, Serv Cl			MFS Inv Trust, Init Cl			MFS Inv Trust, Serv Cl			MFS Mass Inv Gro Stock, Serv Cl
Operations
Investment income (loss) — net	$	1,001		$	(806	)	$	(7,858	)	$	(5,320	)	$	(21,388	)
Net realized gain (loss) on sales of investments		(136	)		11,781			51,023			18,906			10,055
Distributions from capital gains		5,132			4,010			136,571			74,719			227,052
Net change in unrealized appreciation or depreciation of investments		(14,515	)		(35,945	)		(402,849	)		(205,356	)		(623,395	)
Net increase (decrease) in net assets resulting from operations		(8,518	)		(20,960	)		(223,113	)		(117,051	)		(407,676	)

Contract transactions
Contract purchase payments		24			—			446			71,011			—
Net transfers⁽¹⁾		2,496			(2	)		(33,649	)		(3,209	)		(15,666	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(1,858	)
Contract charges		(79	)		(107	)		(1,567	)		(47	)		(3,085	)
Contract terminations:
Surrender benefits		—			(18,413	)		(31,290	)		(36,214	)		(59,746	)
Death benefits		—			(616	)		(20,489	)		—			(13,979	)
Increase (decrease) from transactions		2,441			(19,138	)		(86,549	)		31,541			(94,334	)
Net assets at beginning of year		50,859			90,274			1,306,130			695,827			2,005,033
Net assets at end of year	$	44,782		$	50,176		$	996,468		$	610,317		$	1,503,023

Accumulation unit activity
Units outstanding at beginning of year		32,055			11,285			365,272			200,759			747,532
Units purchased		1,766			—			9,664			26,754			7,342
Units redeemed		(60	)		(2,612	)		(36,175	)		(13,062	)		(50,527	)
Units outstanding at end of year		33,761			8,673			338,761			214,451			704,347

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

See accompanying notes to financial statements.



88		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MFS New Dis, Init Cl			MFS New Dis, Serv Cl			MFS Research, Init Cl			MFS Total Return, Init Cl			MFS Total Return, Serv Cl
Operations
Investment income (loss) — net	$	(5,542	)	$	(20,573	)	$	(2,909	)	$	166		$	15,448
Net realized gain (loss) on sales of investments		(11,328	)		(17,954	)		3,349			317			157,185
Distributions from capital gains		114,231			547,069			39,747			2,564			1,133,627
Net change in unrealized appreciation or depreciation of investments		(250,427	)		(1,137,328	)		(107,159	)		(6,640	)		(2,915,848	)
Net increase (decrease) in net assets resulting from operations		(153,066	)		(628,786	)		(66,972	)		(3,593	)		(1,609,588	)

Contract transactions
Contract purchase payments		153			—			179			—			2,262
Net transfers⁽¹⁾		9,331			28,175			(152	)		(626	)		(55,387	)
Adjustments to net assets allocated to contracts in payment period		—			(1,195	)		—			—			—
Contract charges		(739	)		(4,561	)		(415	)		(53	)		(41,767	)
Contract terminations:
Surrender benefits		(15,147	)		(36,624	)		(8,133	)		(1,056	)		(507,023	)
Death benefits		(20,573	)		(667	)		—			—			(419,762	)
Increase (decrease) from transactions		(26,975	)		(14,872	)		(8,521	)		(1,735	)		(1,021,677	)
Net assets at beginning of year		500,146			2,034,340			367,754			34,050			14,879,805
Net assets at end of year	$	320,105		$	1,390,682		$	292,261		$	28,722		$	12,248,540

Accumulation unit activity
Units outstanding at beginning of year		104,982			423,549			96,954			10,004			5,095,276
Units purchased		2,709			8,270			53			—			6,904
Units redeemed		(10,174	)		(10,845	)		(2,663	)		(561	)		(383,553	)
Units outstanding at end of year		97,517			420,974			94,344			9,443			4,718,627

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			89

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MFS Utilities, Init Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II			MS VIF US Real Est, Cl I
Operations
Investment income (loss) — net	$	26,089		$	7,609		$	(880	)	$	4,177		$	(1,277	)
Net realized gain (loss) on sales of investments		67,892			36,763			(4,555	)		(1,883	)		21,027
Distributions from capital gains		98,469			38,135			25,463			5,978			41,780
Net change in unrealized appreciation or depreciation of investments		(203,452	)		(97,382	)		(86,776	)		(59,353	)		(166,391	)
Net increase (decrease) in net assets resulting from operations		(11,002	)		(14,875	)		(66,748	)		(51,081	)		(104,861	)

Contract transactions
Contract purchase payments		167			—			75			—			—
Net transfers⁽¹⁾		248,086			44,982			(1	)		11,142			(144,208	)
Adjustments to net assets allocated to contracts in payment period		(2,225	)		(4,610	)		—			—			—
Contract charges		(3,181	)		(1,837	)		(11	)		(985	)		(728	)
Contract terminations:
Surrender benefits		(80,647	)		(59,558	)		(3,161	)		(8,895	)		(12,569	)
Death benefits		(121,960	)		(23,513	)		—			(11,828	)		(1,927	)
Increase (decrease) from transactions		40,240			(44,536	)		(3,098	)		(10,566	)		(159,432	)
Net assets at beginning of year		2,583,121			1,074,920			106,142			196,416			422,346
Net assets at end of year	$	2,612,359		$	1,015,509		$	36,296		$	134,769		$	158,053

Accumulation unit activity
Units outstanding at beginning of year		656,139			185,708			17,066			174,690			96,219
Units purchased		51,508			12,852			—			14,497			227
Units redeemed		(47,817	)		(22,784	)		(1,158	)		(23,621	)		(45,480	)
Units outstanding at end of year		659,830			175,776			15,908			165,566			50,966

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

See accompanying notes to financial statements.



90		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MS VIF US Real Est, Cl II			PIMCO VIT All Asset, Advisor Cl			Put VT Div Inc, Cl IA			Put VT Div Inc, Cl IB			Put VT Emerg Mkts Eq, Cl IB
Operations
Investment income (loss) — net	$	(3,976	)	$	40,753		$	25,250		$	8,896		$	(2,986	)
Net realized gain (loss) on sales of investments		30,399			(12,588	)		(11,738	)		(8,082	)		(49	)
Distributions from capital gains		101,669			55,379			9,532			3,527			25,969
Net change in unrealized appreciation or depreciation of investments		(290,593	)		(188,958	)		(38,567	)		(10,371	)		(105,951	)
Net increase (decrease) in net assets resulting from operations		(162,501	)		(105,414	)		(15,523	)		(6,030	)		(83,017	)

Contract transactions
Contract purchase payments		—			—			396			66			148
Net transfers⁽¹⁾		34,443			(20,310	)		(626	)		—			9,141
Adjustments to net assets allocated to contracts in payment period		—			—			(1,420	)		—			—
Contract charges		(2,063	)		(4,984	)		(180	)		(141	)		(241	)
Contract terminations:
Surrender benefits		(73,380	)		(52,786	)		(8,942	)		(14,797	)		(5,648	)
Death benefits		(43,423	)		(57,833	)		(9,008	)		—			(12,394	)
Increase (decrease) from transactions		(84,423	)		(135,913	)		(19,780	)		(14,872	)		(8,994	)
Net assets at beginning of year		673,603			849,992			471,011			174,429			285,753
Net assets at end of year	$	426,679		$	608,665		$	435,708		$	153,527		$	193,742

Accumulation unit activity
Units outstanding at beginning of year		211,617			498,149			182,827			91,072			190,974
Units purchased		17,334			1,632			159			35			9,048
Units redeemed		(41,217	)		(87,851	)		(7,444	)		(7,862	)		(18,581	)
Units outstanding at end of year		187,734			411,930			175,542			83,245			181,441

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			91

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Put VT Focused Intl Eq, Cl IA			Put VT Global Hlth Care, Cl IB			Put VT Hi Yield, Cl IA			Put VT Hi Yield, Cl IB			Put VT Inc, Cl IB
Operations
Investment income (loss) — net	$	2,553		$	(7,786	)	$	14,711		$	3,653		$	1,219
Net realized gain (loss) on sales of investments		(1,846	)		32,646			(4,227	)		(2,447	)		(447	)
Distributions from capital gains		146,626			74,920			711			188			—
Net change in unrealized appreciation or depreciation of investments		(230,607	)		(159,463	)		(62,527	)		(14,757	)		(5,427	)
Net increase (decrease) in net assets resulting from operations		(83,274	)		(59,683	)		(51,332	)		(13,363	)		(4,655	)

Contract transactions
Contract purchase payments		—			—			180			30			—
Net transfers⁽¹⁾		—			(4,005	)		(200	)		—			58
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(161	)		(2,572	)		(135	)		(72	)		(38	)
Contract terminations:
Surrender benefits		(3,854	)		(21,395	)		(10,032	)		(8,825	)		(1,361	)
Death benefits		(11,992	)		(209,311	)		(554	)		—			—
Increase (decrease) from transactions		(16,007	)		(237,283	)		(10,741	)		(8,867	)		(1,341	)
Net assets at beginning of year		445,414			1,064,367			412,913			107,699			31,598
Net assets at end of year	$	346,133		$	767,401		$	350,840		$	85,469		$	25,602

Accumulation unit activity
Units outstanding at beginning of year		160,981			226,928			107,550			38,883			15,937
Units purchased		—			2,750			52			12			34
Units redeemed		(6,288	)		(57,579	)		(3,041	)		(3,492	)		(710	)
Units outstanding at end of year		154,693			172,099			104,561			35,403			15,261

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

See accompanying notes to financial statements.



92		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB			Put VT Lg Cap Gro, Cl IA			Put VT Lg Cap Gro, Cl IB			Put VT Lg Cap Val, Cl IA
Operations
Investment income (loss) — net	$	6,889		$	—		$	(6,088	)	$	(12,391	)	$	6,986
Net realized gain (loss) on sales of investments		(158	)		—			5,930			13,710			42,456
Distributions from capital gains		362,189			8			76,730			157,417			207,104
Net change in unrealized appreciation or depreciation of investments		(1,003,157	)		(28	)		(253,279	)		(521,907	)		(369,879	)
Net increase (decrease) in net assets resulting from operations		(634,237	)		(20	)		(176,707	)		(363,171	)		(113,333	)

Contract transactions
Contract purchase payments		2,973			—			—			18			180
Net transfers⁽¹⁾		2,935			—			—			100			(89,460	)
Adjustments to net assets allocated to contracts in payment period		(1,134	)		—			(442	)		—			(729	)
Contract charges		(6,756	)		—			(168	)		(432	)		(1,176	)
Contract terminations:
Surrender benefits		(225,373	)		—			(5,133	)		(18,403	)		(68,477	)
Death benefits		(18,627	)		—			(14,535	)		(25,372	)		(36,939	)
Increase (decrease) from transactions		(245,982	)		—			(20,278	)		(44,089	)		(196,601	)
Net assets at beginning of year		4,048,519			238			577,033			1,177,014			2,725,568
Net assets at end of year	$	3,168,300		$	218		$	380,048		$	769,754		$	2,415,634

Accumulation unit activity
Units outstanding at beginning of year		2,434,969			—			193,605			402,444			1,578,521
Units purchased		30,467			—			—			253			109
Units redeemed		(196,175	)		—			(7,770	)		(18,657	)		(117,704	)
Units outstanding at end of year		2,269,261			—			185,835			384,040			1,460,926

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			93

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Put VT Lg Cap Val, Cl IB			Put VT Research, Cl IB			Put VT Sm Cap Val, Cl IB			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB
Operations
Investment income (loss) — net	$	4,825		$	(363	)	$	(8,694	)	$	(13,841	)	$	(20,998	)
Net realized gain (loss) on sales of investments		31,133			6,640			(7,475	)		52,752			60,825
Distributions from capital gains		217,224			3,745			85,497			356,671			430,667
Net change in unrealized appreciation or depreciation of investments		(364,874	)		(21,708	)		(164,942	)		(1,121,535	)		(1,296,147	)
Net increase (decrease) in net assets resulting from operations		(111,692	)		(11,686	)		(95,614	)		(725,953	)		(825,653	)

Contract transactions
Contract purchase payments		328			985			100			744			810
Net transfers⁽¹⁾		104,914			(604	)		(7,773	)		(67,302	)		(23,255	)
Adjustments to net assets allocated to contracts in payment period		(4,853	)		—			—			—			(2,840	)
Contract charges		(5,235	)		(223	)		(849	)		(1,125	)		(2,679	)
Contract terminations:
Surrender benefits		(84,597	)		(8,744	)		(50,417	)		(60,738	)		(110,211	)
Death benefits		(43,709	)		(5,726	)		(11,894	)		(53,000	)		(81,632	)
Increase (decrease) from transactions		(33,152	)		(14,312	)		(70,833	)		(181,421	)		(219,807	)
Net assets at beginning of year		2,747,341			70,853			699,793			3,112,354			3,511,246
Net assets at end of year	$	2,602,497		$	44,855		$	533,346		$	2,204,980		$	2,465,786

Accumulation unit activity
Units outstanding at beginning of year		1,596,100			15,156			240,843			327,576			703,348
Units purchased		85,570			265			55			97			4,623
Units redeemed		(97,201	)		(3,572	)		(25,224	)		(23,144	)		(58,159	)
Units outstanding at end of year		1,584,469			11,849			215,674			304,529			649,812

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

See accompanying notes to financial statements.



94		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Royce Micro-Cap, Invest Cl			Royce Sm-Cap, Invest Cl			Temp Dev Mkts, Cl 2			Temp Foreign, Cl 2			Temp Global Bond, Cl 2
Operations
Investment income (loss) — net	$	(5,165	)	$	(2,753	)	$	3,198		$	42,061		$	(119,428	)
Net realized gain (loss) on sales of investments		5,356			(1,125	)		(862	)		(13,359	)		(433,409	)
Distributions from capital gains		104,650			4,516			18,258			—			—
Net change in unrealized appreciation or depreciation of investments		(210,158	)		(33,680	)		(89,322	)		(267,328	)		52,909
Net increase (decrease) in net assets resulting from operations		(105,317	)		(33,042	)		(68,728	)		(238,626	)		(499,928	)

Contract transactions
Contract purchase payments		—			115			833			1,439			24,662
Net transfers⁽¹⁾		5,250			1			—			14,602			(519,086	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(1,109	)
Contract charges		(871	)		(594	)		(405	)		(7,402	)		(37,893	)
Contract terminations:
Surrender benefits		(24,146	)		(21,758	)		(2,376	)		(102,042	)		(780,447	)
Death benefits		—			—			—			(46,663	)		(333,375	)
Increase (decrease) from transactions		(19,767	)		(22,236	)		(1,948	)		(140,066	)		(1,647,248	)
Net assets at beginning of year		445,344			306,194			299,776			2,765,944			8,625,975
Net assets at end of year	$	320,260		$	250,916		$	229,100		$	2,387,252		$	6,478,799

Accumulation unit activity
Units outstanding at beginning of year		73,523			51,099			94,665			1,653,360			5,108,666
Units purchased		1,778			22			342			16,580			15,356
Units redeemed		(5,697	)		(4,337	)		(1,030	)		(99,566	)		(1,021,681	)
Units outstanding at end of year		69,604			46,784			93,977			1,570,374			4,102,341

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			95

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Temp Gro, Cl 2			Third Ave VST Third Ave Value			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 2
Operations
Investment income (loss) — net	$	(3,467	)	$	(21	)	$	(157,157	)	$	(1,029,785	)	$	(223,293	)
Net realized gain (loss) on sales of investments		(5,519	)		2,609			992,368			5,437,405			267,987
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(28,741	)		23,548			(3,595,920	)		(20,725,847	)		(3,089,373	)
Net increase (decrease) in net assets resulting from operations		(37,727	)		26,136			(2,760,709	)		(16,318,227	)		(3,044,679	)

Contract transactions
Contract purchase payments		225			185			—			4,800			66,442
Net transfers⁽¹⁾		4			(619	)		(1,111,066	)		(2,025,380	)		2,417,931
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(386	)		(457	)		(148,068	)		(459,744	)		(194,310	)
Contract terminations:
Surrender benefits		(10,090	)		(20,179	)		(726,396	)		(4,996,167	)		(3,468,092	)
Death benefits		(14,928	)		—			—			(260,600	)		(437,306	)
Increase (decrease) from transactions		(25,175	)		(21,070	)		(1,985,530	)		(7,737,091	)		(1,615,335	)
Net assets at beginning of year		301,840			199,787			14,971,758			86,903,764			18,960,584
Net assets at end of year	$	238,938		$	204,853		$	10,225,519		$	62,848,446		$	14,300,570

Accumulation unit activity
Units outstanding at beginning of year		184,082			64,938			5,958,433			35,238,569			13,302,342
Units purchased		981			57			80,590			137,609			2,081,329
Units redeemed		(19,347	)		(6,731	)		(998,680	)		(3,783,019	)		(3,355,528	)
Units outstanding at end of year		165,716			58,264			5,040,343			31,593,159			12,028,143

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

See accompanying notes to financial statements.



96		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2
Operations
Investment income (loss) — net	$	(730,700	)	$	(4,634	)	$	(346	)	$	(187,892	)	$	(524,383	)
Net realized gain (loss) on sales of investments		3,045,401			4,082			464			149,324			1,100,595
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(12,177,208	)		(79,800	)		(6,305	)		(2,252,180	)		(8,071,393	)
Net increase (decrease) in net assets resulting from operations		(9,862,507	)		(80,352	)		(6,187	)		(2,290,748	)		(7,495,181	)

Contract transactions
Contract purchase payments		101,904			—			—			100			—
Net transfers⁽¹⁾		3,645,723			(2	)		(1	)		1,336,857			1,156,494
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(555,080	)		(6,793	)		(438	)		(111,688	)		(320,562	)
Contract terminations:
Surrender benefits		(7,186,490	)		(18,975	)		(1,957	)		(932,942	)		(3,161,120	)
Death benefits		(5,738,781	)		(36,959	)		—			(466,735	)		(2,105,325	)
Increase (decrease) from transactions		(9,732,724	)		(62,729	)		(2,396	)		(174,408	)		(4,430,513	)
Net assets at beginning of year		62,612,721			458,754			34,714			13,538,364			42,466,606
Net assets at end of year	$	43,017,490		$	315,673		$	26,131		$	11,073,208		$	30,540,912

Accumulation unit activity
Units outstanding at beginning of year		44,394,452			355,751			24,211			11,095,408			32,135,236
Units purchased		4,057,861			—			—			1,265,649			998,236
Units redeemed		(11,867,226	)		(55,411	)		(1,965	)		(1,400,097	)		(4,860,236	)
Units outstanding at end of year		36,585,087			300,340			22,246			10,960,960			28,273,236

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			97

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 2
Operations
Investment income (loss) — net	$	(1,390,704	)	$	(2,873,897	)	$	(2,807,808	)	$	(10,400,950	)	$	(568,372	)
Net realized gain (loss) on sales of investments		3,684,421			6,476,137			10,209,415			49,625,468			4,901,429
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(26,184,055	)		(47,452,926	)		(52,235,979	)		(188,212,108	)		(14,172,033	)
Net increase (decrease) in net assets resulting from operations		(23,890,338	)		(43,850,686	)		(44,834,372	)		(148,987,590	)		(9,838,976	)

Contract transactions
Contract purchase payments		47,379			141,667			109,621			685,064			7,971
Net transfers⁽¹⁾		(429,265	)		(1,657,880	)		3,819,916			2,442,070			(4,132,040	)
Adjustments to net assets allocated to contracts in payment period		—			—			(4,762	)		(15,745	)		—
Contract charges		(1,002,727	)		(1,751,468	)		(3,070,706	)		(7,793,846	)		(345,351	)
Contract terminations:
Surrender benefits		(8,044,034	)		(17,272,790	)		(18,482,202	)		(71,335,542	)		(5,667,683	)
Death benefits		(2,319,530	)		(2,975,446	)		(2,170,395	)		(17,052,011	)		(322,341	)
Increase (decrease) from transactions		(11,748,177	)		(23,515,917	)		(19,798,528	)		(93,070,010	)		(10,459,444	)
Net assets at beginning of year		120,064,943			233,146,577			259,307,349			865,824,791			55,690,503
Net assets at end of year	$	84,426,428		$	165,779,974		$	194,674,449		$	623,767,191		$	35,392,083

Accumulation unit activity
Units outstanding at beginning of year		78,466,530			162,991,077			132,829,827			452,164,768			25,188,434
Units purchased		159,513			472,980			2,549,700			3,896,606			2,644
Units redeemed		(9,148,962	)		(19,672,932	)		(14,216,576	)		(59,997,137	)		(5,511,424	)
Units outstanding at end of year		69,477,081			143,791,125			121,162,951			396,064,237			19,679,654

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

See accompanying notes to financial statements.



98		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Sm Cap Val, Cl 3
Operations
Investment income (loss) — net	$	(2,665,501	)	$	(418,368	)	$	(1,127,471	)	$	(12,862	)	$	(157,911	)
Net realized gain (loss) on sales of investments		16,579,338			1,283,262			4,263,283			99,724			1,005,937
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(54,075,224	)		(7,026,829	)		(18,508,215	)		(264,397	)		(2,450,809	)
Net increase (decrease) in net assets resulting from operations		(40,161,387	)		(6,161,935	)		(15,372,403	)		(177,535	)		(1,602,783	)

Contract transactions
Contract purchase payments		312,568			—			79,634			—			44,988
Net transfers⁽¹⁾		(7,414,843	)		(140,059	)		388,368			(5,887	)		(548,585	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(1,250,869	)		(430,505	)		(778,751	)		(6,797	)		(46,735	)
Contract terminations:
Surrender benefits		(15,912,846	)		(2,307,617	)		(7,411,198	)		(59,669	)		(985,619	)
Death benefits		(4,000,065	)		(1,035,069	)		(2,065,095	)		(57,898	)		(331,987	)
Increase (decrease) from transactions		(28,266,055	)		(3,913,250	)		(9,787,042	)		(130,251	)		(1,867,938	)
Net assets at beginning of year		220,850,905			36,379,976			91,018,398			991,780			11,935,015
Net assets at end of year	$	152,423,463		$	26,304,791		$	65,858,953		$	683,994		$	8,464,294

Accumulation unit activity
Units outstanding at beginning of year		101,714,539			21,919,815			55,536,118			393,196			3,667,969
Units purchased		172,241			10,688			627,348			1,026			15,939
Units redeemed		(15,326,142	)		(2,767,327	)		(7,520,858	)		(60,514	)		(636,826	)
Units outstanding at end of year		86,560,638			19,163,176			48,642,608			333,708			3,047,082

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			99

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl
Operations
Investment income (loss) — net	$	(5,460	)	$	(41,165	)	$	(23,542	)	$	(87,810	)	$	(34,178	)
Net realized gain (loss) on sales of investments		6,493			128,226			38,388			(478,783	)		(177,153	)
Distributions from capital gains		—			—			—			1,945,179			885,729
Net change in unrealized appreciation or depreciation of investments		(85,737	)		(865,053	)		(489,765	)		(3,787,419	)		(2,937,887	)
Net increase (decrease) in net assets resulting from operations		(84,704	)		(777,992	)		(474,919	)		(2,408,833	)		(2,263,489	)

Contract transactions
Contract purchase payments		—			—			4			20,561			34,789
Net transfers⁽¹⁾		90,547			962,863			(358,972	)		1,193,344			1,129,095
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(7,931	)		(62,093	)		(32,739	)		(24,821	)		(22,581	)
Contract terminations:
Surrender benefits		(43,926	)		(203,218	)		(166,135	)		(529,270	)		(493,534	)
Death benefits		—			—			(36,228	)		(193,673	)		(179,069	)
Increase (decrease) from transactions		38,690			697,552			(594,070	)		466,141			468,700
Net assets at beginning of year		488,155			3,748,219			2,840,905			6,733,107			6,319,051
Net assets at end of year	$	442,141		$	3,667,779		$	1,771,916		$	4,790,415		$	4,524,262

Accumulation unit activity
Units outstanding at beginning of year		363,186			2,316,153			1,916,148			1,470,531			1,594,876
Units purchased		81,916			746,645			20,164			348,209			394,805
Units redeemed		(44,557	)		(241,769	)		(467,634	)		(221,411	)		(239,125	)
Units outstanding at end of year		400,545			2,821,029			1,468,678			1,597,329			1,750,556

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

See accompanying notes to financial statements.



100		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

Notes to Financial Statements

1. ORGANIZATION

RiverSource Variable Annuity Account (the Account) was established under Indiana 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 Indiana Department of Insurance.

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

Evergreen Essential Variable Annuity (EG Essential)

Evergreen New Solutions Variable Annuity (EG New Solutions)

Evergreen New Solutions Select Variable Annuity (EG New Solutions Select)

Evergreen Pathways Variable Annuity (EG Pathways)

Evergreen Pathways Select Variable Annuity (EG Pathways Select)

Evergreen Privilege Variable Annuity (EG Privilege)

RiverSource^® AccessChoice Select Variable Annuity (AccessChoice Select)

RiverSource^® Builder Select Variable Annuity (Builder Select)

RiverSource^® Endeavor Select Variable Annuity (Endeavor Select)

RiverSource^® FlexChoice Variable Annuity (FlexChoice)

RiverSource^® FlexChoice Select Variable Annuity (FlexChoice Select)

RiverSource^® Galaxy Premier Variable Annuity (Galaxy)

RiverSource^® Innovations Variable Annuity (Innovations)

RiverSource^® Innovations Select Variable Annuity (Innovations Select)

RiverSource^® Innovations Classic Variable Annuity (Innovations Classic)

RiverSource^® Innovations Classic Select Variable Annuity (Innovations Classic Select)

RiverSource^® New Solutions Variable Annuity (New Solutions)

RiverSource^® Personal Portfolio Variable Annuity (Personal Portfolio)*

RiverSource^® Personal Portfolio Plus Variable Annuity (Personal Portfolio Plus)*

RiverSource^® Personal Portfolio Plus²Variable Annuity (Personal Portfolio Plus²)*

RiverSource^® Pinnacle Variable Annuity (Pinnacle)

RiverSource^® Platinum Variable Annuity (Platinum)*

RiverSource^® Preferred Variable Annuity (Preferred)*

RiverSource^® Signature Variable Annuity (Signature)

RiverSource^® Signature Select Variable Annuity (Signature Select)

RiverSource^® Signature One Variable Annuity (Signature One)

RiverSource^® Signature One Select Variable Annuity (Signature One Select)

Wells Fargo Advantage Variable Annuity (Wells Advantage)

Wells Fargo Advantage Select Variable Annuity (Wells Advantage Select)

Wells Fargo Advantage Builder Variable Annuity (Wells Builder)

Wells Fargo Advantage Choice Variable Annuity (Wells Choice)

Wells Fargo Advantage Choice Select Variable Annuity (Wells Choice Select)

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

The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2023, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period except as noted below.


Division		Fund
AB VPS Bal Hedged Alloc, Cl B		AB VPS Balanced Hedged Allocation Portfolio (Class B)
AB VPS Intl Val, Cl B		AB VPS International Value Portfolio (Class B)
AB VPS Lg Cap Gro, Cl B		AB VPS Large Cap Growth Portfolio (Class B)



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			101


Division		Fund
AB VPS Relative Val, Cl B		AB VPS Relative Value Portfolio (Class B) (previously AB VPS Growth and Income Portfolio (Class B))
AB VPS Sus Gbl Thematic, Cl B		AB VPS Sustainable Global Thematic Portfolio (Class B)
Allspg VT Dis All Cap Gro, Cl 1		Allspring VT Discovery All Cap Growth Fund – Class 1 (previously Allspring VT Omega Growth Fund – Class 1)
Allspg VT Dis All Cap Gro, Cl 2		Allspring VT Discovery All Cap Growth Fund – Class 2 (previously Allspring VT Omega Growth Fund – Class 2)
Allspg VT Index Asset Alloc, Cl 2		Allspring VT Index Asset Allocation Fund – Class 2
Allspg VT Intl Eq, Cl 1		Allspring VT International Equity Fund – Class 1⁽¹⁾
Allspg VT Intl Eq, Cl 2		Allspring VT International Equity Fund – Class 2⁽²⁾
Allspg VT Opp, Cl 1		Allspring VT Opportunity Fund – Class 1
Allspg VT Opp, Cl 2		Allspring VT Opportunity Fund – Class 2
Allspg VT Sm Cap Gro, Cl 2		Allspring VT Small Cap Growth Fund – Class 2
AC VP Disciplined Core Val, Cl I		American Century VP Disciplined Core Value, Class I⁽³⁾
AC VP Inflation Prot, Cl II		American Century VP Inflation Protection, Class II⁽⁴⁾
AC VP Intl, Cl II		American Century VP International, Class II⁽⁵⁾
AC VP Mid Cap Val, Cl II		American Century VP Mid Cap Value, Class II⁽⁶⁾
AC VP Ultra, Cl II		American Century VP Ultra^®, Class II⁽⁷⁾
AC VP Val, Cl I		American Century VP Value, Class I⁽⁸⁾
AC VP Val, Cl II		American Century VP Value, Class II⁽⁹⁾
BNY Mellon IP MidCap Stock, Serv		BNY Mellon Investment Portfolios, MidCap Stock Portfolio – Service Shares
BNY Mellon IP Tech Gro, Serv		BNY Mellon Investment Portfolios, Technology Growth Portfolio – Service Shares
BNY Mellon Sus US Eq, Init		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Initial Shares
BNY Mellon VIF Appr, Serv		BNY Mellon Variable Investment Fund, Appreciation Portfolio – Service Shares
CB Var Sm Cap Gro, Cl I		ClearBridge Variable Small Cap Growth Portfolio – Class I
Col VP Bal, Cl 3		Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Disciplined Core, Cl 3		Columbia Variable Portfolio – Disciplined Core Fund (Class 3)
Col VP Divd Opp, Cl 3		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 3)
Col VP Emer Mkts, Cl 3		Columbia Variable Portfolio – Emerging Markets Fund (Class 3)
Col VP Govt Money Mkt, Cl 1		Columbia Variable Portfolio – Government Money Market Fund (Class 1)
Col VP Govt Money Mkt, Cl 3		Columbia Variable Portfolio – Government Money Market Fund (Class 3)
Col VP Hi Yield Bond, Cl 3		Columbia Variable Portfolio – High Yield Bond Fund (Class 3)
Col VP Inc Opp, Cl 1		Columbia Variable Portfolio – Income Opportunities Fund (Class 1)
Col VP Inc Opp, Cl 3		Columbia Variable Portfolio – Income Opportunities Fund (Class 3)
Col VP Inter Bond, Cl 3		Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)
Col VP Lg Cap Gro, Cl 1		Columbia Variable Portfolio – Large Cap Growth Fund (Class 1)
Col VP Lg Cap Gro, Cl 3		Columbia Variable Portfolio – Large Cap Growth Fund (Class 3)
Col VP Lg Cap Index, Cl 3		Columbia Variable Portfolio – Large Cap Index Fund (Class 3)
Col VP Overseas Core, Cl 3		Columbia Variable Portfolio – Overseas Core Fund (Class 3)
Col VP Select Lg Cap Val, Cl 3		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 3)
Col VP Select Mid Cap Gro, Cl 3		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3)
Col VP Select Mid Cap Val, Cl 3		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 3)
Col VP Select Sm Cap Val, Cl 3		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3)
Col VP Sm Cap Val, Cl 2		Columbia Variable Portfolio – Small Cap Value Fund (Class 2)
Col VP Sm Co Gro, Cl 1		Columbia Variable Portfolio – Small Company Growth Fund (Class 1)
Col VP US Govt Mtge, Cl 1		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 1)
Col VP US Govt Mtge, Cl 3		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 3)
CS Commodity Return, Cl 1		Credit Suisse Trust – Commodity Return Strategy Portfolio, Class 1
CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 3)
CTIVP Prin Blue Chip Gro, Cl 1		CTIVP^® – Principal Blue Chip Growth Fund (Class 1)
CTIVP Vty Sycamore Estb Val, Cl 3		CTIVP^® – Victory Sycamore Established Value Fund (Class 3)
EV VT Floating-Rate Inc, Init Cl		Eaton Vance VT Floating-Rate Income Fund – Initial Class
Fid VIP Bal, Serv Cl		Fidelity^® VIP Balanced Portfolio Service Class
Fid VIP Bal, Serv Cl 2		Fidelity^® VIP Balanced Portfolio Service Class 2
Fid VIP Contrafund, Serv Cl		Fidelity^® VIP Contrafund^SM Portfolio Service Class
Fid VIP Contrafund, Serv Cl 2		Fidelity^® VIP Contrafund^SM Portfolio Service Class 2
Fid VIP Dyn Appr, Serv Cl 2		Fidelity^® VIP Dynamic Capital Appreciation Portfolio Service Class 2
Fid VIP Gro & Inc, Serv Cl		Fidelity^® VIP Growth & Income Portfolio Service Class
Fid VIP Gro & Inc, Serv Cl 2		Fidelity^® VIP Growth & Income Portfolio Service Class 2



102		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


Division		Fund
Fid VIP Gro, Serv Cl		Fidelity^® VIP Growth Portfolio Service Class
Fid VIP Gro, Serv Cl 2		Fidelity^® VIP Growth Portfolio Service Class 2
Fid VIP Hi Inc, Serv Cl		Fidelity^® VIP High Income Portfolio Service Class
Fid VIP Hi Inc, Serv Cl 2		Fidelity^® VIP High Income Portfolio Service Class 2
Fid VIP Invest Gr, Serv Cl 2		Fidelity^® VIP Investment Grade Bond Portfolio Service Class 2
Fid VIP Mid Cap, Serv Cl		Fidelity^® VIP Mid Cap Portfolio Service Class
Fid VIP Mid Cap, Serv Cl 2		Fidelity^® VIP Mid Cap Portfolio Service Class 2
Fid VIP Overseas, Serv Cl		Fidelity^® VIP Overseas Portfolio Service Class
Fid VIP Overseas, Serv Cl 2		Fidelity^® VIP Overseas Portfolio Service Class 2
Frank Global Real Est, Cl 2		Franklin Global Real Estate VIP Fund – Class 2
Frank Inc, Cl 2		Franklin Income VIP Fund – Class 2
Frank Mutual Shares, Cl 2		Franklin Mutual Shares VIP Fund – Class 2
Frank Rising Divd, Cl 2		Franklin Rising Dividends VIP Fund – Class 2
Frank Sm Cap Val, Cl 2		Franklin Small Cap Value VIP Fund – Class 2
Frank Sm Mid Cap Gro, Cl 2		Franklin Small-Mid Cap Growth VIP Fund – Class 2
GS VIT Intl Eq Insights, Inst		Goldman Sachs VIT International Equity Insights Fund – Institutional Shares
GS VIT Mid Cap Val, Inst		Goldman Sachs VIT Mid Cap Value Fund – Institutional Shares
GS VIT Strategic Gro, Inst		Goldman Sachs VIT Strategic Growth Fund – Institutional Shares
GS VIT U.S. Eq Insights, Inst		Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares
Invesco VI Am Fran, Ser I		Invesco V.I. American Franchise Fund, Series I Shares
Invesco VI Am Fran, Ser II		Invesco V.I. American Franchise Fund, Series II Shares
Invesco VI American Value, Ser II		Invesco V.I. American Value Fund, Series II Shares
Invesco VI Cap Appr, Ser I		Invesco V.I. Capital Appreciation Fund, Series I Shares
Invesco VI Cap Appr, Ser II		Invesco V.I. Capital Appreciation Fund, Series II Shares
Invesco VI Comstock, Ser II		Invesco V.I. Comstock Fund, Series II Shares
Invesco VI Core Eq, Ser I		Invesco V.I. Core Equity Fund, Series I Shares
Invesco VI Core Eq, Ser II		Invesco V.I. Core Equity Fund, Series II Shares
Invesco VI Dis Mid Cap Gro, Ser I		Invesco V.I. Discovery Mid Cap Growth Fund, Series I Shares
Invesco VI Dis Mid Cap Gro, Ser II		Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares
Invesco VI EQV Intl Eq, Ser I		Invesco V.I. EQV International Equity Fund, Series I Shares
Invesco VI EQV Intl Eq, Ser II		Invesco V.I. EQV International Equity Fund, Series II Shares
Invesco VI Global, Ser I		Invesco V.I. Global Fund, Series I Shares
Invesco VI Global, Ser II		Invesco V.I. Global Fund, Series II Shares
Invesco VI Gbl Strat Inc, Ser I		Invesco V.I. Global Strategic Income Fund, Series I Shares
Invesco VI Gbl Strat Inc, Ser II		Invesco V.I. Global Strategic Income Fund, Series II Shares
Invesco VI Gro & Inc, Ser II		Invesco V.I. Growth and Income Fund, Series II Shares
Invesco VI Hlth, Ser II		Invesco V.I. Health Care Fund, Series II Shares
Invesco VI Main St, Ser I		Invesco V.I. Main Street Fund^®, Series I Shares
Invesco VI Mn St Mid Cap, Ser II		Invesco V.I. Main Street Mid Cap Fund^®, Series II Shares
Invesco VI Mn St Sm Cap, Ser II		Invesco V.I. Main Street Small Cap Fund^®, Series II Shares
Janus Henderson VIT Bal, Inst		Janus Henderson VIT Balanced Portfolio: Institutional Shares
Janus Henderson VIT Enter, Serv		Janus Henderson VIT Enterprise Portfolio: Service Shares
Janus Henderson VIT Gbl Res, Inst		Janus Henderson VIT Global Research Portfolio: Institutional Shares
Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Global Technology and Innovation Portfolio: Service Shares
Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Overseas Portfolio: Service Shares
Janus Henderson VIT Res, Serv		Janus Henderson VIT Research Portfolio: Service Shares
Lazard Retire Intl Eq, Serv		Lazard Retirement International Equity Portfolio – Service Shares
LVIP Baron Gro Opp, Serv Cl		LVIP Baron Growth Opportunities Fund – Service Class
LVIP JPM US Eq, Std Cl		LVIP JPMorgan U.S. Equity Fund – Standard Class^(10),(11)
MFS Inv Trust, Init Cl		MFS^® Investors Trust Series – Initial Class
MFS Inv Trust, Serv Cl		MFS^® Investors Trust Series – Service Class
MFS Mass Inv Gro Stock, Serv Cl		MFS^® Massachusetts Investors Growth Stock Portfolio – Service Class
MFS New Dis, Init Cl		MFS^® New Discovery Series – Initial Class
MFS New Dis, Serv Cl		MFS^® New Discovery Series – Service Class
MFS Research, Init Cl		MFS^® Research Series – Initial Class
MFS Total Return, Init Cl		MFS^® Total Return Series – Initial Class
MFS Total Return, Serv Cl		MFS^® Total Return Series – Service Class
MFS Utilities, Init Cl		MFS^® Utilities Series – Initial Class
MFS Utilities, Serv Cl		MFS^® Utilities Series – Service Class



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			103


Division		Fund
MS VIF Dis, Cl II		Morgan Stanley VIF Discovery Portfolio, Class II Shares
MS VIF Global Real Est, Cl II		Morgan Stanley VIF Global Real Estate Portfolio, Class II Shares
MS VIF US Real Est, Cl I		Morgan Stanley VIF U.S. Real Estate Portfolio, Class I Shares
MS VIF US Real Est, Cl II		Morgan Stanley VIF U.S. Real Estate Portfolio, Class II Shares
PIMCO VIT All Asset, Advisor Cl		PIMCO VIT All Asset Portfolio, Advisor Class
Put VT Div Inc, Cl IA		Putnam VT Diversified Income Fund – Class IA Shares
Put VT Div Inc, Cl IB		Putnam VT Diversified Income Fund – Class IB Shares
Put VT Emerg Mkts Eq, Cl IB		Putnam VT Emerging Markets Equity Fund – Class IB Shares
Put VT Focused Intl Eq, Cl IA		Putnam VT Focused International Equity Fund – Class IA Shares
Put VT Global Hlth Care, Cl IB		Putnam VT Global Health Care Fund – Class IB Shares
Put VT Hi Yield, Cl IA		Putnam VT High Yield Fund – Class IA Shares
Put VT Hi Yield, Cl IB		Putnam VT High Yield Fund – Class IB Shares
Put VT Inc, Cl IB		Putnam VT Income Fund – Class IB Shares
Put VT Intl Eq, Cl IB		Putnam VT International Equity Fund – Class IB Shares
Put VT Intl Val, Cl IB		Putnam VT International Value Fund – Class IB Shares
Put VT Lg Cap Gro, Cl IA		Putnam VT Large Cap Growth Fund – Class IA Shares (previously Putnam VT Growth Opportunities Fund – Class IA Shares)
Put VT Lg Cap Gro, Cl IB		Putnam VT Large Cap Growth Fund – Class IB Shares (previously Putnam VT Growth Opportunities Fund – Class IB Shares)
Put VT Lg Cap Val, Cl IA		Putnam VT Large Cap Value Fund – Class IA Shares
Put VT Lg Cap Val, Cl IB		Putnam VT Large Cap Value Fund – Class IB Shares
Put VT Research, Cl IB		Putnam VT Research Fund – Class IB Shares
Put VT Sm Cap Val, Cl IB		Putnam VT Small Cap Value Fund – Class IB Shares
Put VT Sus Leaders, Cl IA		Putnam VT Sustainable Leaders Fund – Class IA Shares
Put VT Sus Leaders, Cl IB		Putnam VT Sustainable Leaders Fund – Class IB Shares
Royce Micro-Cap, Invest Cl		Royce Capital Fund – Micro-Cap Portfolio, Investment Class
Royce Sm-Cap, Invest Cl		Royce Capital Fund – Small-Cap Portfolio, Investment Class
Temp Dev Mkts, Cl 2		Templeton Developing Markets VIP Fund – Class 2
Temp Foreign, Cl 2		Templeton Foreign VIP Fund – Class 2
Temp Global Bond, Cl 2		Templeton Global Bond VIP Fund – Class 2
Temp Gro, Cl 2		Templeton Growth VIP Fund – Class 2
Third Ave VST Third Ave Value		Third Avenue VST Third Avenue Value Portfolio
VP Aggr, Cl 2		Variable Portfolio – Aggressive Portfolio (Class 2)
VP Aggr, Cl 4		Variable Portfolio – Aggressive Portfolio (Class 4)
VP Conserv, Cl 2		Variable Portfolio – Conservative Portfolio (Class 2)
VP Conserv, Cl 4		Variable Portfolio – Conservative Portfolio (Class 4)
VP Man Risk, Cl 2		Variable Portfolio – Managed Risk Fund (Class 2)
VP Man Risk US, Cl 2		Variable Portfolio – Managed Risk U.S. Fund (Class 2)
VP Man Vol Conserv, Cl 2		Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
VP Man Vol Conserv Gro, Cl 2		Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
VP Man Vol Gro, Cl 2		Variable Portfolio – Managed Volatility Growth Fund (Class 2)
VP Man Vol Mod Gro, Cl 2		Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
VP Mod, Cl 2		Variable Portfolio – Moderate Portfolio (Class 2)
VP Mod, Cl 4		Variable Portfolio – Moderate Portfolio (Class 4)
VP Mod Aggr, Cl 2		Variable Portfolio – Moderately Aggressive Portfolio (Class 2)
VP Mod Aggr, Cl 4		Variable Portfolio – Moderately Aggressive Portfolio (Class 4)
VP Mod Conserv, Cl 2		Variable Portfolio – Moderately Conservative Portfolio (Class 2)
VP Mod Conserv, Cl 4		Variable Portfolio – Moderately Conservative Portfolio (Class 4)
VP Ptnrs Core Eq, Cl 3		Variable Portfolio – Partners Core Equity Fund (Class 3)
VP Ptnrs Sm Cap Val, Cl 3		Variable Portfolio – Partners Small Cap Value Fund (Class 3)
VP US Flex Conserv Gro, Cl 2		Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
VP US Flex Gro, Cl 2		Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
VP US Flex Mod Gro, Cl 2		Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
Wanger Acorn		Wanger Acorn
Wanger Intl		Wanger International

⁽¹⁾

Allspring VT International Equity Fund – Class 1 is scheduled to liquidate sometime during the second quarter of 2024.

⁽²⁾

Allspring VT International Equity Fund – Class 2 is scheduled to liquidate sometime during the second quarter of 2024.

⁽³⁾

American Century VP Disciplined Core Value, Class I is scheduled to reorganize into LVIP American Century Disciplined Core Value Fund, Standard Class II sometime during the second quarter of 2024.



104		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

⁽⁴⁾

American Century VP Inflation Protection, Class II is scheduled to reorganize into LVIP American Century Inflation Protection Fund, Service Class sometime during the second quarter of 2024.

⁽⁵⁾

American Century VP International, Class II is scheduled to reorganize into LVIP American Century International Fund, Service Class sometime during the second quarter of 2024.

⁽⁶⁾

American Century VP Mid Cap Value, Class II is scheduled to reorganize into LVIP American Century Mid Cap Value Fund, Service Class sometime during the second quarter of 2024.

⁽⁷⁾

American Century VP Ultra^®, Class II is scheduled to reorganize into LVIP American Century Ultra^® Fund, Service Class sometime during the second quarter of 2024.

⁽⁸⁾

American Century VP Value, Class I is scheduled to reorganize into LVIP American Century Value Fund, Standard Class II sometime during the second quarter of 2024.

⁽⁹⁾

American Century VP Value, Class II is scheduled to reorganize into LVIP American Century Value Fund, Service Class sometime during the second quarter of 2024.

⁽¹⁰⁾

JPMorgan Insurance Trust U.S. Equity Portfolio – Class 1 Shares merged into LVIP JPMorgan U.S. Equity Fund – Standard Class on April 28, 2023.

⁽¹¹⁾

For the period April 28, 2023 (commencement of operations) to December 31, 2023.

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

RiverSource Life serves as issuer of the contracts.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

Investment transactions are accounted for on the 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 Accounts have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are therefore not categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2023.

Variable Payout

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

Federal Income Taxes

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

Subsequent Events

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



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			105

Use of Estimates

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

3. VARIABLE ACCOUNT EXPENSES

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


Product	Mortality and expense risk fee	Administrative charge
EG Essential	0.85% to 1.70% (depending on the contract and death benefit option selected)	0.15%
EG New Solutions	0.85% to 1.70% (depending on the contract and death benefit option selected)	0.15%
EG New Solutions Select	1.00% to 1.75% (depending on the contract and death benefit option selected)	0.15%
EG Pathways	1.25% to 1.65% (depending on the contract and death benefit option selected)	0.15%
EG Pathways Select	1.55% to 2.05% (depending on the contract and death benefit option selected)	0.15%
EG Privilege	1.25% to 1.65% (depending on the contract and death benefit option selected)	0.15%
AccessChoice Select	1.55% to 2.05% (depending on the contract and death benefit option selected)	0.15%
Builder Select	1.25% to 1.95% (depending on the contract and death benefit option selected)	0.15%
Endeavor Select	0.90% to 1.75% (depending on the contract and death benefit option selected)	0.15%
FlexChoice	1.25% to 1.65% (depending on the contract and death benefit option selected)	0.15%
FlexChoice Select	1.55% to 2.10% (depending on the contract and death benefit option selected)	0.15%
Galaxy	1.00% to 1.10% (depending on the contract and death benefit option selected)	0.15%
Innovations	0.85% to 1.70% (depending on the contract and death benefit option selected)	0.15%
Innovations Select	0.85% to 1.85% (depending on the contract and death benefit option selected)	0.15%
Innovations Classic	0.85% to 1.70% (depending on the contract and death benefit option selected)	0.15%
Innovations Classic Select	0.90% to 1.75% (depending on the contract and death benefit option selected)	0.15%
New Solutions	0.85% to 1.20% (depending on the contract and death benefit option selected)	0.15%
Personal Portfolio	1.25%	0.15%
Personal Portfolio Plus	1.25%	0.15%
Personal Portfolio Plus²	1.25%	0.15%
Pinnacle	1.00% to 1.10% (depending on the contract and death benefit option selected)	0.15%
Platinum	1.25%	0.15%
Preferred	1.25%	0.15%
Signature	1.25%	0.15%
Signature Select	1.30% to 1.75% (depending on the contract and death benefit option selected)	0.15%



106		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


Product	Mortality and expense risk fee	Administrative charge
Signature One	1.35% to 1.45% (depending on the contract and death benefit option selected)	0.15%
Signature One Select	1.30% to 2.05% (depending on the contract and death benefit option selected)	0.15%
Wells Advantage	1.05% to 1.50% (depending on the contract and death benefit option selected)	0.15%
Wells Advantage Select	0.90% to 1.75% (depending on the contract and death benefit option selected)	0.15%
Wells Builder	1.10% to 1.55% (depending on the contract and death benefit option selected)	0.15%
Wells Choice	1.25% to 1.65% (depending on the contract and death benefit option selected)	0.15%
Wells Choice Select	1.55% to 2.05% (depending on the contract and death benefit option selected)	0.15%

4. CONTRACT CHARGES

RiverSource Life deducts a contract administrative charge of $50 per year on the contract anniversary depending upon the product selected. This charge reimburses RiverSource Life for expenses incurred in establishing and maintaining the annuity records. Certain products may waive this charge based upon the underlying contract value.

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

5. WITHDRAWAL CHARGES

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

6. RELATED PARTY TRANSACTIONS

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

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


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

7. INVESTMENT TRANSACTIONS

The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2023 were as follows:


Division	Purchases
AB VPS Bal Hedged Alloc, Cl B	$	29,636
AB VPS Intl Val, Cl B		396,635
AB VPS Lg Cap Gro, Cl B		231,490
AB VPS Relative Val, Cl B		420,227
AB VPS Sus Gbl Thematic, Cl B		56,100
Allspg VT Dis All Cap Gro, Cl 1		38,443
Allspg VT Dis All Cap Gro, Cl 2		1,770,165
Allspg VT Index Asset Alloc, Cl 2		290,948
Allspg VT Intl Eq, Cl 1		2,291
Allspg VT Intl Eq, Cl 2		94,464
Allspg VT Opp, Cl 1		43,079
Allspg VT Opp, Cl 2		360,312


Division	Purchases
Allspg VT Sm Cap Gro, Cl 2	$	144,646
AC VP Disciplined Core Val, Cl I		4,473
AC VP Inflation Prot, Cl II		1,434,069
AC VP Intl, Cl II		488
AC VP Mid Cap Val, Cl II		9,771
AC VP Ultra, Cl II		597,424
AC VP Val, Cl I		31,906
AC VP Val, Cl II		33,343
BNY Mellon IP MidCap Stock, Serv		4,547
BNY Mellon IP Tech Gro, Serv		39,702
BNY Mellon Sus US Eq, Init		49,440
BNY Mellon VIF Appr, Serv		9,397



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			107


Division	Purchases
CB Var Sm Cap Gro, Cl I	$	978
Col VP Bal, Cl 3		4,826
Col VP Disciplined Core, Cl 3		233,101
Col VP Divd Opp, Cl 3		1,028,713
Col VP Emer Mkts, Cl 3		284,021
Col VP Govt Money Mkt, Cl 1		4,411
Col VP Govt Money Mkt, Cl 3		1,598,550
Col VP Hi Yield Bond, Cl 3		311,202
Col VP Inc Opp, Cl 1		12,292
Col VP Inc Opp, Cl 3		269,889
Col VP Inter Bond, Cl 3		406,048
Col VP Lg Cap Gro, Cl 1		2,812
Col VP Lg Cap Gro, Cl 3		3,498
Col VP Lg Cap Index, Cl 3		6,684
Col VP Overseas Core, Cl 3		10,704
Col VP Select Lg Cap Val, Cl 3		19
Col VP Select Mid Cap Gro, Cl 3		25,301
Col VP Select Mid Cap Val, Cl 3		80
Col VP Select Sm Cap Val, Cl 3		2,814
Col VP Sm Cap Val, Cl 2		110,745
Col VP Sm Co Gro, Cl 1		1
Col VP US Govt Mtge, Cl 1		4,324
Col VP US Govt Mtge, Cl 3		326,008
CS Commodity Return, Cl 1		3,324
CTIVP BR Gl Infl Prot Sec, Cl 3		222,412
CTIVP Prin Blue Chip Gro, Cl 1		1,706
CTIVP Vty Sycamore Estb Val, Cl 3		1
EV VT Floating-Rate Inc, Init Cl		57,816
Fid VIP Bal, Serv Cl		12,241
Fid VIP Bal, Serv Cl 2		9,542
Fid VIP Contrafund, Serv Cl		103,015
Fid VIP Contrafund, Serv Cl 2		1,644,150
Fid VIP Dyn Appr, Serv Cl 2		85,567
Fid VIP Gro & Inc, Serv Cl		58,551
Fid VIP Gro & Inc, Serv Cl 2		2,937
Fid VIP Gro, Serv Cl		1,770
Fid VIP Gro, Serv Cl 2		277,856
Fid VIP Hi Inc, Serv Cl		39,015
Fid VIP Hi Inc, Serv Cl 2		14,334
Fid VIP Invest Gr, Serv Cl 2		532,897
Fid VIP Mid Cap, Serv Cl		155,889
Fid VIP Mid Cap, Serv Cl 2		579,521
Fid VIP Overseas, Serv Cl		514
Fid VIP Overseas, Serv Cl 2		167,809
Frank Global Real Est, Cl 2		104,347
Frank Inc, Cl 2		666,221
Frank Mutual Shares, Cl 2		1,928,964
Frank Rising Divd, Cl 2		22,025
Frank Sm Cap Val, Cl 2		215,900
Frank Sm Mid Cap Gro, Cl 2		48,301
GS VIT Intl Eq Insights, Inst		430
GS VIT Mid Cap Val, Inst		754,983
GS VIT Strategic Gro, Inst		6,198
GS VIT U.S. Eq Insights, Inst		11,332
Invesco VI Am Fran, Ser I		80,481
Invesco VI Am Fran, Ser II		17,780
Invesco VI American Value, Ser II		1,296,190
Invesco VI Cap Appr, Ser I		3,880
Invesco VI Cap Appr, Ser II		221,241


Division	Purchases
Invesco VI Comstock, Ser II	$	3,751,290
Invesco VI Core Eq, Ser I		201,200
Invesco VI Core Eq, Ser II		1,492
Invesco VI Dis Mid Cap Gro, Ser I		195
Invesco VI Dis Mid Cap Gro, Ser II		4,246
Invesco VI EQV Intl Eq, Ser I		6,046
Invesco VI EQV Intl Eq, Ser II		22,698
Invesco VI Global, Ser I		106
Invesco VI Global, Ser II		212,103
Invesco VI Gbl Strat Inc, Ser I		2,216
Invesco VI Gbl Strat Inc, Ser II		330,813
Invesco VI Gro & Inc, Ser II		57,921
Invesco VI Hlth, Ser II		4
Invesco VI Main St, Ser I		1,908
Invesco VI Mn St Mid Cap, Ser II		28,580
Invesco VI Mn St Sm Cap, Ser II		40,085
Janus Henderson VIT Bal, Inst		25,704
Janus Henderson VIT Enter, Serv		51,660
Janus Henderson VIT Gbl Res, Inst		34,589
Janus Hend VIT Gbl Tech Innov, Srv		63
Janus Henderson VIT Overseas, Serv		5,268
Janus Henderson VIT Res, Serv		33,808
Lazard Retire Intl Eq, Serv		437
LVIP Baron Gro Opp, Serv Cl		846
LVIP JPM US Eq, Std Cl		205,391
MFS Inv Trust, Init Cl		76,034
MFS Inv Trust, Serv Cl		41,972
MFS Mass Inv Gro Stock, Serv Cl		161,765
MFS New Dis, Init Cl		2,688
MFS New Dis, Serv Cl		6,966
MFS Research, Init Cl		28,391
MFS Total Return, Init Cl		1,830
MFS Total Return, Serv Cl		859,640
MFS Utilities, Init Cl		233,426
MFS Utilities, Serv Cl		86,091
MS VIF Dis, Cl II		5
MS VIF Global Real Est, Cl II		10,295
MS VIF US Real Est, Cl I		6,558
MS VIF US Real Est, Cl II		30,104
PIMCO VIT All Asset, Advisor Cl		51,960
Put VT Div Inc, Cl IA		27,818
Put VT Div Inc, Cl IB		8,861
Put VT Emerg Mkts Eq, Cl IB		6,190
Put VT Focused Intl Eq, Cl IA		5,734
Put VT Global Hlth Care, Cl IB		68,590
Put VT Hi Yield, Cl IA		20,352
Put VT Hi Yield, Cl IB		6,582
Put VT Inc, Cl IB		1,666
Put VT Intl Eq, Cl IB		16,991
Put VT Intl Val, Cl IB		71
Put VT Lg Cap Gro, Cl IA		7,708
Put VT Lg Cap Gro, Cl IB		16,779
Put VT Lg Cap Val, Cl IA		200,708
Put VT Lg Cap Val, Cl IB		215,612
Put VT Research, Cl IB		3,501
Put VT Sm Cap Val, Cl IB		80,216
Put VT Sus Leaders, Cl IA		92,571
Put VT Sus Leaders, Cl IB		98,868
Royce Micro-Cap, Invest Cl		2,253



108		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


Division	Purchases
Royce Sm-Cap, Invest Cl	$	27,243
Temp Dev Mkts, Cl 2		5,337
Temp Foreign, Cl 2		86,539
Temp Global Bond, Cl 2		375,473
Temp Gro, Cl 2		8,715
Third Ave VST Third Ave Value		19,494
VP Aggr, Cl 2		56,257
VP Aggr, Cl 4		465,343
VP Conserv, Cl 2		573,391
VP Conserv, Cl 4		589,992
VP Man Risk, Cl 2		—
VP Man Risk US, Cl 2		—
VP Man Vol Conserv, Cl 2		655,775
VP Man Vol Conserv Gro, Cl 2		341,643
VP Man Vol Gro, Cl 2		587,332


Division	Purchases
VP Man Vol Mod Gro, Cl 2	$	1,450,757
VP Mod, Cl 2		3,557,509
VP Mod, Cl 4		9,047,684
VP Mod Aggr, Cl 2		1,007,978
VP Mod Aggr, Cl 4		1,407,724
VP Mod Conserv, Cl 2		370,914
VP Mod Conserv, Cl 4		706,178
VP Ptnrs Core Eq, Cl 3		17,276
VP Ptnrs Sm Cap Val, Cl 3		720,281
VP US Flex Conserv Gro, Cl 2		—
VP US Flex Gro, Cl 2		312,470
VP US Flex Mod Gro, Cl 2		368,431
Wanger Acorn		228,887
Wanger Intl		348,982

8. FINANCIAL HIGHLIGHTS

The table below shows certain financial information regarding the divisions.


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
AB VPS Bal Hedged Alloc, Cl B
2023		149		$2.03	to	$1.69		$293		0.91	%		1.00	%	to	2.20	%		11.54	%	to	10.21	%
2022		162		$1.82	to	$1.53		$284		3.35	%		1.00	%	to	2.20	%		(19.97	%)	to	(20.93	%)
2021		135		$2.28	to	$1.94		$294		0.26	%		1.00	%	to	2.20	%		12.23	%	to	10.91	%
2020		136		$2.03	to	$1.75		$265		2.19	%		1.00	%	to	2.20	%		8.17	%	to	6.88	%
2019		159		$1.87	to	$1.64		$288		2.23	%		1.00	%	to	2.20	%		17.02	%	to	15.63	%
AB VPS Intl Val, Cl B
2023		6,629		$1.24	to	$1.04		$8,499		0.67	%		1.00	%	to	2.25	%		13.69	%	to	12.28	%
2022		7,982		$1.09	to	$0.93		$9,059		4.11	%		1.00	%	to	2.25	%		(14.65	%)	to	(15.71	%)
2021		8,927		$1.28	to	$1.10		$11,946		1.66	%		1.00	%	to	2.25	%		9.75	%	to	8.39	%
2020		9,957		$1.16	to	$1.01		$12,212		1.58	%		1.00	%	to	2.25	%		1.20	%	to	(0.06	%)
2019		9,839		$1.15	to	$1.01		$12,003		0.77	%		1.00	%	to	2.25	%		15.62	%	to	14.18	%
AB VPS Lg Cap Gro, Cl B
2023		743		$3.43	to	$6.56		$2,624		—			1.00	%	to	1.85	%		33.45	%	to	32.33	%
2022		825		$2.57	to	$4.96		$2,175		—			1.00	%	to	1.85	%		(29.40	%)	to	(29.99	%)
2021		893		$3.64	to	$7.09		$3,399		—			1.00	%	to	1.85	%		27.37	%	to	26.30	%
2020		1,047		$2.86	to	$5.61		$3,111		—			1.00	%	to	1.85	%		33.80	%	to	32.67	%
2019		1,267		$2.14	to	$4.23		$2,801		—			1.00	%	to	1.85	%		33.03	%	to	31.90	%
AB VPS Relative Val, Cl B
2023		1,238		$3.64	to	$3.33		$4,371		1.28	%		1.00	%	to	2.25	%		10.61	%	to	9.24	%
2022		1,343		$3.29	to	$3.05		$4,323		1.09	%		1.00	%	to	2.25	%		(5.37	%)	to	(6.54	%)
2021		1,428		$3.48	to	$3.27		$4,851		0.63	%		1.00	%	to	2.25	%		26.57	%	to	24.99	%
2020		1,731		$2.75	to	$2.61		$4,648		1.31	%		1.00	%	to	2.25	%		1.45	%	to	0.19	%
2019		1,948		$2.71	to	$2.61		$5,165		1.02	%		1.00	%	to	2.25	%		22.38	%	to	20.86	%
AB VPS Sus Gbl Thematic, Cl B
2023		541		$1.21	to	$2.33		$876		0.03	%		1.00	%	to	2.25	%		14.55	%	to	13.14	%
2022		600		$1.05	to	$2.06		$850		—			1.00	%	to	2.25	%		(27.89	%)	to	(28.79	%)
2021		616		$1.46	to	$2.90		$1,278		—			1.00	%	to	2.25	%		21.35	%	to	19.84	%
2020		707		$1.20	to	$2.42		$1,197		0.47	%		1.00	%	to	2.25	%		37.70	%	to	35.98	%
2019		851		$0.88	to	$1.78		$1,005		0.16	%		1.00	%	to	2.25	%		28.49	%	to	26.90	%
Allspg VT Dis All Cap Gro, Cl 1
2023		84		$4.25	to	$3.91		$340		—			1.00	%	to	1.35	%		32.17	%	to	31.71	%
2022		111		$3.21	to	$2.97		$340		—			1.00	%	to	1.35	%		(37.67	%)	to	(37.89	%)
2021		138		$5.15	to	$4.78		$680		—			1.00	%	to	1.35	%		14.12	%	to	13.72	%
2020		225		$4.52	to	$4.20		$969		—			1.00	%	to	1.35	%		41.98	%	to	41.49	%
2019		248		$3.18	to	$2.97		$752		—			1.00	%	to	1.35	%		36.03	%	to	35.55	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			109


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Allspg VT Dis All Cap Gro, Cl 2
2023		2,643		$7.62	to	$4.48		$16,337		—			1.00	%	to	2.20	%		31.85	%	to	30.28	%
2022		3,105		$5.78	to	$3.44		$14,649		—			1.00	%	to	2.20	%		(37.82	%)	to	(38.57	%)
2021		3,110		$9.30	to	$5.60		$23,850		—			1.00	%	to	2.20	%		13.83	%	to	12.47	%
2020		3,403		$8.17	to	$4.98		$22,973		—			1.00	%	to	2.20	%		41.76	%	to	40.07	%
2019		4,076		$5.76	to	$3.55		$19,489		—			1.00	%	to	2.20	%		35.68	%	to	34.06	%
Allspg VT Index Asset Alloc, Cl 2
2023		1,835		$2.87	to	$2.65		$5,367		0.97	%		1.05	%	to	2.20	%		15.48	%	to	14.16	%
2022		2,147		$2.48	to	$2.32		$5,450		0.63	%		1.05	%	to	2.20	%		(17.89	%)	to	(18.83	%)
2021		2,327		$3.03	to	$2.86		$7,209		0.59	%		1.05	%	to	2.20	%		14.78	%	to	13.47	%
2020		2,480		$2.64	to	$2.52		$6,719		0.82	%		1.05	%	to	2.20	%		15.37	%	to	14.07	%
2019		2,576		$2.29	to	$2.21		$6,063		1.09	%		1.05	%	to	2.20	%		18.90	%	to	17.54	%
Allspg VT Intl Eq, Cl 1
2023		66		$2.19	to	$2.04		$136		1.74	%		1.00	%	to	1.35	%		14.66	%	to	14.26	%
2022		71		$1.91	to	$1.78		$127		4.16	%		1.00	%	to	1.35	%		(12.36	%)	to	(12.67	%)
2021		75		$2.18	to	$2.04		$154		1.41	%		1.00	%	to	1.35	%		6.32	%	to	5.95	%
2020		45		$2.05	to	$1.93		$87		2.97	%		1.00	%	to	1.35	%		3.85	%	to	3.48	%
2019		55		$1.97	to	$1.86		$104		4.28	%		1.00	%	to	1.35	%		14.35	%	to	13.95	%
Allspg VT Intl Eq, Cl 2
2023		1,531		$2.40	to	$1.54		$3,158		1.45	%		1.00	%	to	2.20	%		14.42	%	to	13.05	%
2022		1,891		$2.10	to	$1.36		$3,423		3.61	%		1.00	%	to	2.20	%		(12.76	%)	to	(13.80	%)
2021		2,041		$2.41	to	$1.58		$4,250		1.06	%		1.00	%	to	2.20	%		5.81	%	to	4.55	%
2020		2,301		$2.28	to	$1.51		$4,551		2.62	%		1.00	%	to	2.20	%		3.89	%	to	2.64	%
2019		2,426		$2.19	to	$1.47		$4,668		3.66	%		1.00	%	to	2.20	%		14.34	%	to	12.97	%
Allspg VT Opp, Cl 1
2023		139		$3.87	to	$3.70		$515		—			1.00	%	to	1.35	%		25.57	%	to	25.14	%
2022		152		$3.08	to	$2.96		$452		—			1.00	%	to	1.35	%		(21.40	%)	to	(21.67	%)
2021		160		$3.92	to	$3.78		$608		0.25	%		1.00	%	to	1.35	%		23.82	%	to	23.39	%
2020		190		$3.16	to	$3.06		$586		0.70	%		1.00	%	to	1.35	%		20.12	%	to	19.70	%
2019		193		$2.63	to	$2.56		$495		0.53	%		1.00	%	to	1.35	%		30.50	%	to	30.04	%
Allspg VT Opp, Cl 2
2023		1,136		$3.75	to	$3.23		$4,087		—			1.00	%	to	2.20	%		25.24	%	to	23.76	%
2022		1,399		$2.99	to	$2.61		$4,034		—			1.00	%	to	2.20	%		(21.59	%)	to	(22.53	%)
2021		1,512		$3.82	to	$3.37		$5,574		0.04	%		1.00	%	to	2.20	%		23.54	%	to	22.07	%
2020		1,742		$3.09	to	$2.76		$5,217		0.43	%		1.00	%	to	2.20	%		19.80	%	to	18.38	%
2019		1,934		$2.58	to	$2.33		$4,853		0.28	%		1.00	%	to	2.20	%		30.16	%	to	28.60	%
Allspg VT Sm Cap Gro, Cl 2
2023		1,567		$3.29	to	$3.43		$3,022		—			1.00	%	to	2.20	%		3.07	%	to	1.85	%
2022		1,667		$3.19	to	$3.37		$3,125		—			1.00	%	to	2.20	%		(35.07	%)	to	(35.85	%)
2021		1,641		$4.92	to	$5.25		$4,765		—			1.00	%	to	2.20	%		6.57	%	to	5.30	%
2020		1,834		$4.61	to	$4.98		$5,022		—			1.00	%	to	2.20	%		56.22	%	to	54.35	%
2019		2,143		$2.95	to	$3.23		$3,828		—			1.00	%	to	2.20	%		23.59	%	to	22.11	%
AC VP Disciplined Core Val, Cl I
2023		45		$3.83	to	$3.83		$170		1.54	%		1.40	%	to	1.40	%		7.15	%	to	7.15	%
2022		52		$3.57	to	$3.57		$185		1.76	%		1.40	%	to	1.40	%		(13.95	%)	to	(13.95	%)
2021		58		$4.15	to	$4.15		$240		1.07	%		1.40	%	to	1.40	%		21.93	%	to	21.93	%
2020		66		$3.40	to	$3.40		$223		1.93	%		1.40	%	to	1.40	%		10.25	%	to	10.25	%
2019		75		$3.09	to	$3.09		$231		2.01	%		1.40	%	to	1.40	%		22.23	%	to	22.23	%
AC VP Inflation Prot, Cl II
2023		9,493		$1.41	to	$1.18		$12,379		3.31	%		1.05	%	to	2.20	%		2.32	%	to	1.15	%
2022		10,012		$1.38	to	$1.17		$12,834		4.91	%		1.05	%	to	2.20	%		(13.98	%)	to	(14.96	%)
2021		12,004		$1.60	to	$1.37		$18,001		3.14	%		1.05	%	to	2.20	%		5.16	%	to	3.96	%
2020		12,277		$1.53	to	$1.32		$17,608		1.34	%		1.05	%	to	2.20	%		8.41	%	to	7.17	%
2019		13,733		$1.41	to	$1.23		$18,292		2.30	%		1.05	%	to	2.20	%		7.76	%	to	6.53	%



110		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
AC VP Intl, Cl II
2023		—		$1.70	to	$1.94		$3		3.15	%		1.05	%	to	2.20	%		11.25	%	to	9.98	%
2022		15		$1.52	to	$1.76		$29		1.31	%		1.05	%	to	2.20	%		(25.64	%)	to	(26.50	%)
2021		15		$2.05	to	$2.40		$40		0.01	%		1.05	%	to	2.20	%		7.47	%	to	6.24	%
2020		16		$1.91	to	$2.26		$41		0.38	%		1.05	%	to	2.20	%		24.33	%	to	22.93	%
2019		16		$1.53	to	$1.84		$33		0.74	%		1.05	%	to	2.20	%		26.81	%	to	25.34	%
AC VP Mid Cap Val, Cl II
2023		27		$3.72	to	$3.12		$77		2.18	%		1.00	%	to	2.25	%		4.97	%	to	3.67	%
2022		27		$3.54	to	$3.01		$74		2.10	%		1.00	%	to	2.25	%		(2.36	%)	to	(3.58	%)
2021		28		$3.63	to	$3.12		$81		1.02	%		1.00	%	to	2.25	%		21.79	%	to	20.29	%
2020		30		$2.98	to	$2.59		$71		1.69	%		1.00	%	to	2.25	%		0.10	%	to	(1.14	%)
2019		44		$2.98	to	$2.62		$103		1.83	%		1.00	%	to	2.25	%		27.71	%	to	26.13	%
AC VP Ultra, Cl II
2023		1,225		$6.32	to	$5.30		$6,242		—			1.00	%	to	2.25	%		41.85	%	to	40.09	%
2022		1,560		$4.45	to	$3.78		$5,638		—			1.00	%	to	2.25	%		(33.13	%)	to	(33.96	%)
2021		1,531		$6.66	to	$5.73		$8,330		—			1.00	%	to	2.25	%		21.77	%	to	20.26	%
2020		1,798		$5.47	to	$4.76		$8,073		—			1.00	%	to	2.25	%		48.07	%	to	46.23	%
2019		2,659		$3.69	to	$3.26		$8,109		—			1.00	%	to	2.25	%		33.12	%	to	31.47	%
AC VP Val, Cl I
2023		53		$5.48	to	$5.48		$288		2.38	%		1.40	%	to	1.40	%		7.59	%	to	7.59	%
2022		57		$5.09	to	$5.09		$291		2.10	%		1.40	%	to	1.40	%		(0.85	%)	to	(0.85	%)
2021		59		$5.14	to	$5.14		$301		1.75	%		1.40	%	to	1.40	%		22.78	%	to	22.78	%
2020		61		$4.19	to	$4.19		$254		2.26	%		1.40	%	to	1.40	%		(0.43	%)	to	(0.43	%)
2019		72		$4.20	to	$4.20		$302		2.11	%		1.40	%	to	1.40	%		25.27	%	to	25.27	%
AC VP Val, Cl II
2023		105		$3.44	to	$2.88		$325		2.25	%		1.00	%	to	2.25	%		7.94	%	to	6.60	%
2022		105		$3.18	to	$2.70		$303		1.94	%		1.00	%	to	2.25	%		(0.69	%)	to	(1.91	%)
2021		108		$3.21	to	$2.76		$316		1.58	%		1.00	%	to	2.25	%		23.05	%	to	21.52	%
2020		56		$2.61	to	$2.27		$138		2.21	%		1.00	%	to	2.25	%		(0.17	%)	to	(1.42	%)
2019		54		$2.61	to	$2.30		$136		1.94	%		1.00	%	to	2.25	%		25.66	%	to	24.11	%
BNY Mellon IP MidCap Stock, Serv
2023		21		$2.74	to	$2.90		$75		0.53	%		1.05	%	to	2.20	%		16.76	%	to	15.43	%
2022		20		$2.35	to	$2.52		$63		0.44	%		1.05	%	to	2.20	%		(15.17	%)	to	(16.15	%)
2021		22		$2.77	to	$3.00		$80		0.45	%		1.05	%	to	2.20	%		24.25	%	to	22.83	%
2020		24		$2.23	to	$2.44		$69		0.52	%		1.05	%	to	2.20	%		6.72	%	to	5.50	%
2019		23		$2.09	to	$2.31		$64		0.39	%		1.05	%	to	2.20	%		18.60	%	to	17.24	%
BNY Mellon IP Tech Gro, Serv
2023		498		$5.31	to	$4.72		$2,609		—			1.05	%	to	2.20	%		57.35	%	to	55.56	%
2022		685		$3.37	to	$3.04		$2,297		—			1.05	%	to	2.20	%		(47.08	%)	to	(47.68	%)
2021		545		$6.37	to	$5.81		$3,475		—			1.05	%	to	2.20	%		11.47	%	to	10.19	%
2020		595		$5.72	to	$5.27		$3,425		0.08	%		1.05	%	to	2.20	%		67.80	%	to	65.88	%
2019		959		$3.41	to	$3.18		$3,308		—			1.05	%	to	2.20	%		24.20	%	to	22.78	%
BNY Mellon Sus US Eq, Init
2023		166		$2.54	to	$4.80		$418		0.73	%		1.20	%	to	1.80	%		22.35	%	to	21.62	%
2022		170		$2.08	to	$3.95		$351		0.51	%		1.20	%	to	1.80	%		(23.79	%)	to	(24.25	%)
2021		188		$2.73	to	$5.21		$505		0.78	%		1.20	%	to	1.80	%		25.48	%	to	24.73	%
2020		217		$2.17	to	$4.18		$464		1.10	%		1.20	%	to	1.80	%		22.66	%	to	21.93	%
2019		232		$1.77	to	$3.43		$404		1.57	%		1.20	%	to	1.80	%		32.84	%	to	32.05	%
BNY Mellon VIF Appr, Serv
2023		28		$3.98	to	$3.47		$119		0.49	%		1.05	%	to	2.20	%		19.41	%	to	18.05	%
2022		28		$3.34	to	$2.94		$100		0.43	%		1.05	%	to	2.20	%		(19.11	%)	to	(20.03	%)
2021		30		$4.12	to	$3.68		$134		0.21	%		1.05	%	to	2.20	%		25.45	%	to	24.02	%
2020		33		$3.29	to	$2.97		$118		0.55	%		1.05	%	to	2.20	%		22.09	%	to	20.70	%
2019		35		$2.69	to	$2.46		$101		0.92	%		1.05	%	to	2.20	%		34.37	%	to	32.83	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			111


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
CB Var Sm Cap Gro, Cl I
2023		30		$4.44	to	$3.72		$100		—			1.00	%	to	2.25	%		7.33	%	to	6.00	%
2022		32		$4.14	to	$3.51		$99		—			1.00	%	to	2.25	%		(29.55	%)	to	(30.43	%)
2021		31		$5.87	to	$5.05		$140		—			1.00	%	to	2.25	%		11.49	%	to	10.11	%
2020		31		$5.27	to	$4.58		$126		—			1.00	%	to	2.25	%		41.84	%	to	40.08	%
2019		38		$3.71	to	$3.27		$108		—			1.00	%	to	2.25	%		25.61	%	to	24.05	%
Col VP Bal, Cl 3
2023		637		$2.89	to	$2.65		$2,357		—			1.00	%	to	1.80	%		20.03	%	to	19.07	%
2022		705		$2.41	to	$2.22		$2,190		—			1.00	%	to	1.80	%		(17.57	%)	to	(18.23	%)
2021		974		$2.92	to	$2.72		$3,405		—			1.00	%	to	1.80	%		13.60	%	to	12.69	%
2020		956		$2.57	to	$2.41		$2,990		—			1.00	%	to	1.80	%		16.42	%	to	15.49	%
2019		1,022		$2.21	to	$2.09		$2,782		—			1.00	%	to	1.80	%		21.56	%	to	20.59	%
Col VP Disciplined Core, Cl 3
2023		4,035		$3.62	to	$3.99		$13,413		—			1.00	%	to	2.25	%		23.00	%	to	21.47	%
2022		4,862		$2.94	to	$3.28		$13,104		—			1.00	%	to	2.25	%		(19.64	%)	to	(20.63	%)
2021		5,462		$3.66	to	$4.14		$18,461		—			1.00	%	to	2.25	%		31.25	%	to	29.62	%
2020		6,340		$2.79	to	$3.19		$16,343		—			1.00	%	to	2.25	%		12.85	%	to	11.45	%
2019		7,176		$2.47	to	$2.86		$16,470		—			1.00	%	to	2.25	%		23.39	%	to	21.86	%
Col VP Divd Opp, Cl 3
2023		4,374		$4.04	to	$2.57		$16,147		—			1.00	%	to	2.25	%		3.91	%	to	2.62	%
2022		4,702		$3.89	to	$2.50		$16,833		—			1.00	%	to	2.25	%		(2.22	%)	to	(3.43	%)
2021		6,151		$3.98	to	$2.59		$22,599		—			1.00	%	to	2.25	%		24.76	%	to	23.22	%
2020		7,295		$3.19	to	$2.10		$21,475		—			1.00	%	to	2.25	%		0.02	%	to	(1.22	%)
2019		7,598		$3.19	to	$2.13		$22,528		—			1.00	%	to	2.25	%		22.69	%	to	21.16	%
Col VP Emer Mkts, Cl 3
2023		2,279		$1.30	to	$1.09		$5,548		—			1.00	%	to	2.25	%		8.22	%	to	6.88	%
2022		2,507		$1.20	to	$1.02		$5,680		—			1.00	%	to	2.25	%		(33.65	%)	to	(34.47	%)
2021		2,203		$1.82	to	$1.56		$7,557		0.92	%		1.00	%	to	2.25	%		(8.25	%)	to	(9.40	%)
2020		2,157		$1.98	to	$1.72		$8,111		0.57	%		1.00	%	to	2.25	%		32.04	%	to	30.39	%
2019		2,839		$1.50	to	$1.32		$8,155		0.18	%		1.00	%	to	2.25	%		30.12	%	to	28.50	%
Col VP Govt Money Mkt, Cl 1
2023		89		$1.02	to	$1.01		$90		4.63	%		1.15	%	to	1.25	%		3.53	%	to	3.43	%
2022		92		$0.98	to	$0.98		$90		1.00	%		1.15	%	to	1.25	%		0.06	%	to	(0.05	%)
2021		141		$0.98	to	$0.98		$138		0.01	%		1.15	%	to	1.25	%		(1.12	%)	to	(1.22	%)
2020		188		$0.99	to	$0.99		$187		0.01	%		1.15	%	to	1.25	%		(0.74	%)⁽⁵⁾	to	(0.81	%)⁽⁵⁾
Col VP Govt Money Mkt, Cl 3
2023		17,890		$1.10	to	$0.80		$17,347		4.50	%		1.00	%	to	2.25	%		3.56	%	to	2.27	%
2022		20,810		$1.06	to	$0.78		$19,580		1.11	%		1.00	%	to	2.25	%		0.16	%	to	(1.09	%)
2021		23,910		$1.06	to	$0.79		$22,482		0.01	%		1.00	%	to	2.25	%		(0.98	%)	to	(2.22	%)
2020		26,018		$1.07	to	$0.81		$24,763		0.24	%		1.00	%	to	2.25	%		(0.72	%)	to	(1.95	%)
2019		26,398		$1.08	to	$0.83		$25,503		1.72	%		1.00	%	to	2.25	%		0.76	%	to	(0.50	%)
Col VP Hi Yield Bond, Cl 3
2023		1,168		$2.01	to	$1.69		$2,924		5.40	%		1.00	%	to	2.25	%		10.97	%	to	9.59	%
2022		1,280		$1.81	to	$1.54		$2,908		5.02	%		1.00	%	to	2.25	%		(11.59	%)	to	(12.69	%)
2021		1,536		$2.05	to	$1.76		$3,961		4.99	%		1.00	%	to	2.25	%		3.82	%	to	2.53	%
2020		1,654		$1.98	to	$1.72		$4,134		5.69	%		1.00	%	to	2.25	%		5.49	%	to	4.18	%
2019		1,950		$1.87	to	$1.65		$4,667		5.73	%		1.00	%	to	2.25	%		15.57	%	to	14.12	%
Col VP Inc Opp, Cl 1
2023		188		$1.21	to	$1.20		$225		5.29	%		1.15	%	to	1.25	%		10.29	%	to	10.18	%
2022		206		$1.10	to	$1.09		$224		5.42	%		1.15	%	to	1.25	%		(11.04	%)	to	(11.13	%)
2021		211		$1.23	to	$1.22		$258		9.00	%		1.15	%	to	1.25	%		3.30	%	to	3.20	%
2020		224		$1.19	to	$1.19		$265		4.62	%		1.15	%	to	1.25	%		4.69	%	to	4.58	%
2019		235		$1.14	to	$1.13		$266		5.11	%		1.15	%	to	1.25	%		15.13	%	to	15.02	%



112		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Inc Opp, Cl 3
2023		1,314		$1.93	to	$1.62		$2,976		5.02	%		1.00	%	to	2.25	%		10.40	%	to	9.03	%
2022		1,552		$1.75	to	$1.48		$3,201		5.06	%		1.00	%	to	2.25	%		(11.11	%)	to	(12.21	%)
2021		2,006		$1.96	to	$1.69		$4,689		9.01	%		1.00	%	to	2.25	%		3.44	%	to	2.15	%
2020		2,084		$1.90	to	$1.65		$4,740		4.59	%		1.00	%	to	2.25	%		4.69	%	to	3.39	%
2019		2,203		$1.81	to	$1.60		$4,828		5.01	%		1.00	%	to	2.25	%		15.08	%	to	13.64	%
Col VP Inter Bond, Cl 3
2023		4,195		$1.66	to	$1.08		$6,555		2.19	%		1.00	%	to	2.25	%		5.14	%	to	3.84	%
2022		4,623		$1.58	to	$1.04		$6,903		3.08	%		1.00	%	to	2.25	%		(17.99	%)	to	(19.01	%)
2021		5,137		$1.92	to	$1.28		$9,380		3.21	%		1.00	%	to	2.25	%		(1.34	%)	to	(2.57	%)
2020		5,262		$1.95	to	$1.31		$9,819		2.75	%		1.00	%	to	2.25	%		11.33	%	to	9.95	%
2019		5,885		$1.75	to	$1.20		$9,882		3.14	%		1.00	%	to	2.25	%		8.03	%	to	6.69	%
Col VP Lg Cap Gro, Cl 1
2023		55		$4.34	to	$4.29		$237		—			1.15	%	to	1.25	%		41.53	%	to	41.39	%
2022		107		$3.07	to	$3.03		$325		—			1.15	%	to	1.25	%		(32.17	%)	to	(32.24	%)
2021		111		$4.52	to	$4.47		$496		—			1.15	%	to	1.25	%		27.26	%	to	27.13	%
2020		112		$3.55	to	$3.52		$395		—			1.15	%	to	1.25	%		33.19	%	to	33.06	%
2019		128		$2.67	to	$2.65		$340		—			1.15	%	to	1.25	%		34.35	%	to	34.21	%
Col VP Lg Cap Gro, Cl 3
2023		173		$5.18	to	$4.79		$718		—			1.00	%	to	2.25	%		41.53	%	to	39.78	%
2022		197		$3.66	to	$3.42		$553		—			1.00	%	to	2.25	%		(32.13	%)	to	(32.97	%)
2021		223		$5.39	to	$5.11		$876		—			1.00	%	to	2.25	%		27.26	%	to	25.68	%
2020		219		$4.24	to	$4.06		$713		—			1.00	%	to	2.25	%		33.23	%	to	31.57	%
2019		333		$3.18	to	$3.09		$703		—			1.00	%	to	2.25	%		34.41	%	to	32.74	%
Col VP Lg Cap Index, Cl 3
2023		1,434		$3.73	to	$3.95		$5,774		—			1.00	%	to	2.25	%		24.57	%	to	23.02	%
2022		1,640		$3.00	to	$3.21		$5,300		—			1.00	%	to	2.25	%		(19.26	%)	to	(20.26	%)
2021		2,078		$3.71	to	$4.03		$8,582		—			1.00	%	to	2.25	%		26.94	%	to	25.37	%
2020		2,328		$2.92	to	$3.21		$7,562		—			1.00	%	to	2.25	%		16.73	%	to	15.28	%
2019		2,595		$2.50	to	$2.79		$7,296		—			1.00	%	to	2.25	%		29.65	%	to	28.04	%
Col VP Overseas Core, Cl 3
2023		151		$1.80	to	$1.51		$328		1.83	%		1.00	%	to	2.25	%		14.32	%	to	12.90	%
2022		158		$1.57	to	$1.33		$303		0.80	%		1.00	%	to	2.25	%		(15.64	%)	to	(16.70	%)
2021		165		$1.86	to	$1.60		$379		1.17	%		1.00	%	to	2.25	%		8.78	%	to	7.43	%
2020		183		$1.71	to	$1.49		$380		1.56	%		1.00	%	to	2.25	%		7.83	%	to	6.50	%
2019		214		$1.59	to	$1.40		$407		1.96	%		1.00	%	to	2.25	%		24.06	%	to	22.53	%
Col VP Select Lg Cap Val, Cl 3
2023		27		$3.20	to	$3.12		$95		—			1.05	%	to	2.20	%		4.13	%	to	2.95	%
2022		35		$3.07	to	$3.04		$119		—			1.05	%	to	2.20	%		(2.97	%)	to	(4.08	%)
2021		40		$3.17	to	$3.16		$140		—			1.05	%	to	2.20	%		24.83	%	to	23.40	%
2020		41		$2.54	to	$2.56		$116		—			1.05	%	to	2.20	%		5.84	%	to	4.63	%
2019		51		$2.40	to	$2.45		$137		—			1.05	%	to	2.20	%		25.22	%	to	23.79	%
Col VP Select Mid Cap Gro, Cl 3
2023		383		$4.83	to	$3.06		$1,631		—			1.00	%	to	2.20	%		23.84	%	to	22.37	%
2022		426		$3.90	to	$2.50		$1,471		—			1.00	%	to	2.20	%		(31.61	%)	to	(32.42	%)
2021		445		$5.70	to	$3.71		$2,263		—			1.00	%	to	2.20	%		15.25	%	to	13.87	%
2020		481		$4.95	to	$3.25		$2,126		—			1.00	%	to	2.20	%		33.89	%	to	32.29	%
2019		569		$3.70	to	$2.46		$1,881		—			1.00	%	to	2.20	%		33.68	%	to	32.08	%
Col VP Select Mid Cap Val, Cl 3
2023		11		$3.71	to	$3.11		$31		—			1.00	%	to	2.25	%		9.09	%	to	7.74	%
2022		13		$3.40	to	$2.89		$33		—			1.00	%	to	2.25	%		(10.46	%)	to	(11.57	%)
2021		16		$3.80	to	$3.26		$43		—			1.00	%	to	2.25	%		30.82	%	to	29.20	%
2020		23		$2.90	to	$2.53		$47		—			1.00	%	to	2.25	%		6.34	%	to	5.02	%
2019		26		$2.73	to	$2.41		$50		—			1.00	%	to	2.25	%		30.11	%	to	28.50	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			113


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Select Sm Cap Val, Cl 3
2023		182		$4.05	to	$3.65		$647		—			1.00	%	to	1.80	%		11.85	%	to	10.97	%
2022		207		$3.62	to	$3.29		$661		—			1.00	%	to	1.80	%		(15.67	%)	to	(16.34	%)
2021		215		$4.29	to	$3.93		$819		—			1.00	%	to	1.80	%		29.50	%	to	28.47	%
2020		244		$3.31	to	$3.06		$730		—			1.00	%	to	1.80	%		7.97	%	to	7.11	%
2019		252		$3.07	to	$2.85		$701		—			1.00	%	to	1.80	%		16.42	%	to	15.49	%
Col VP Sm Cap Val, Cl 2
2023		226		$3.67	to	$3.08		$815		0.43	%		1.00	%	to	2.25	%		20.46	%	to	18.96	%
2022		250		$3.05	to	$2.59		$748		0.48	%		1.00	%	to	2.25	%		(9.88	%)	to	(11.00	%)
2021		311		$3.38	to	$2.90		$1,040		0.49	%		1.00	%	to	2.25	%		27.52	%	to	25.94	%
2020		407		$2.65	to	$2.31		$1,077		0.36	%		1.00	%	to	2.25	%		7.52	%	to	6.18	%
2019		422		$2.46	to	$2.17		$1,041		0.27	%		1.00	%	to	2.25	%		19.78	%	to	18.29	%
Col VP Sm Co Gro, Cl 1
2023		3		$6.66	to	$6.52		$19		—			1.15	%	to	1.25	%		25.19	%	to	25.06	%
2022		3		$5.32	to	$5.22		$15		—			1.15	%	to	1.25	%		(36.50	%)	to	(36.56	%)
2021		3		$8.38	to	$8.22		$25		—			1.15	%	to	1.25	%		(4.01	%)	to	(4.11	%)
2020		3		$8.73	to	$8.58		$26		—			1.15	%	to	1.25	%		69.17	%	to	69.00	%
2019		3		$5.16	to	$5.07		$15		—			1.15	%	to	1.25	%		39.09	%	to	38.95	%
Col VP US Govt Mtge, Cl 1
2023		130		$1.01	to	$1.00		$129		2.82	%		1.15	%	to	1.25	%		4.49	%	to	4.39	%
2022		136		$0.97	to	$0.96		$130		2.17	%		1.15	%	to	1.25	%		(15.12	%)	to	(15.20	%)
2021		137		$1.14	to	$1.13		$154		1.97	%		1.15	%	to	1.25	%		(2.09	%)	to	(2.18	%)
2020		163		$1.16	to	$1.15		$187		2.50	%		1.15	%	to	1.25	%		3.89	%	to	3.79	%
2019		156		$1.12	to	$1.11		$173		2.88	%		1.15	%	to	1.25	%		5.51	%	to	5.41	%
Col VP US Govt Mtge, Cl 3
2023		3,497		$1.33	to	$0.87		$4,008		2.59	%		1.00	%	to	2.25	%		4.50	%	to	3.21	%
2022		4,309		$1.27	to	$0.84		$4,731		1.97	%		1.00	%	to	2.25	%		(15.11	%)	to	(16.17	%)
2021		4,710		$1.50	to	$1.01		$6,072		1.90	%		1.00	%	to	2.25	%		(2.05	%)	to	(3.27	%)
2020		5,149		$1.53	to	$1.04		$6,849		2.44	%		1.00	%	to	2.25	%		3.91	%	to	2.63	%
2019		5,475		$1.47	to	$1.01		$7,065		2.63	%		1.00	%	to	2.25	%		5.55	%	to	4.24	%
CS Commodity Return, Cl 1
2023		23		$0.71	to	$0.59		$14		21.09	%		1.00	%	to	2.25	%		(10.01	%)	to	(11.13	%)
2022		25		$0.79	to	$0.67		$17		16.13	%		1.00	%	to	2.25	%		14.88	%	to	13.45	%
2021		31		$0.69	to	$0.59		$18		3.61	%		1.00	%	to	2.25	%		26.63	%	to	25.06	%
2020		57		$0.54	to	$0.47		$26		5.82	%		1.00	%	to	2.25	%		(2.47	%)	to	(3.67	%)
2019		60		$0.56	to	$0.49		$27		0.84	%		1.00	%	to	2.25	%		5.63	%	to	4.31	%
CTIVP BR Gl Infl Prot Sec, Cl 3
2023		967		$1.22	to	$1.02		$1,249		8.82	%		1.00	%	to	2.25	%		2.92	%	to	1.65	%
2022		1,054		$1.19	to	$1.01		$1,328		4.46	%		1.00	%	to	2.25	%		(18.40	%)	to	(19.41	%)
2021		1,237		$1.45	to	$1.25		$1,917		0.69	%		1.00	%	to	2.25	%		3.44	%	to	2.14	%
2020		1,287		$1.40	to	$1.22		$1,942		0.54	%		1.00	%	to	2.25	%		8.03	%	to	6.68	%
2019		1,459		$1.30	to	$1.14		$2,049		3.16	%		1.00	%	to	2.25	%		6.75	%	to	5.41	%
CTIVP Prin Blue Chip Gro, Cl 1
2023		407		$2.65	to	$2.41		$1,031		—			1.00	%	to	2.25	%		38.15	%	to	36.44	%
2022		503		$1.92	to	$1.76		$927		—			1.00	%	to	2.25	%		(28.72	%)	to	(29.61	%)
2021		547		$2.69	to	$2.50		$1,425		—			1.00	%	to	2.25	%		17.39	%	to	15.93	%
2020		651		$2.29	to	$2.16		$1,452		—			1.00	%	to	2.25	%		30.62	%	to	29.00	%
2019		846		$1.75	to	$1.67		$1,453		—			1.00	%	to	2.25	%		30.44	%	to	28.82	%
CTIVP Vty Sycamore Estb Val, Cl 3
2023		6		$4.59	to	$3.85		$28		—			1.00	%	to	2.25	%		8.72	%	to	7.37	%
2022		6		$4.22	to	$3.58		$26		—			1.00	%	to	2.25	%		(3.85	%)	to	(5.04	%)
2021		6		$4.39	to	$3.77		$28		—			1.00	%	to	2.25	%		30.44	%	to	28.82	%
2020		4		$3.37	to	$2.93		$16		—			1.00	%	to	2.25	%		6.83	%	to	5.50	%
2019		5		$3.15	to	$2.78		$17		—			1.00	%	to	2.25	%		26.74	%	to	25.16	%



114		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
EV VT Floating-Rate Inc, Init Cl
2023		412		$1.52	to	$1.27		$574		8.20	%		1.00	%	to	2.25	%		10.10	%	to	8.75	%
2022		493		$1.38	to	$1.17		$622		4.52	%		1.00	%	to	2.25	%		(3.70	%)	to	(4.90	%)
2021		638		$1.43	to	$1.23		$838		2.90	%		1.00	%	to	2.25	%		2.59	%	to	1.32	%
2020		646		$1.40	to	$1.22		$832		3.30	%		1.00	%	to	2.25	%		0.99	%	to	(0.27	%)
2019		691		$1.39	to	$1.22		$885		4.31	%		1.00	%	to	2.25	%		6.02	%	to	4.70	%
Fid VIP Bal, Serv Cl
2023		74		$3.53	to	$3.45		$256		1.66	%		1.15	%	to	1.25	%		20.01	%	to	19.89	%
2022		74		$2.95	to	$2.88		$213		1.19	%		1.15	%	to	1.25	%		(18.96	%)	to	(19.04	%)
2021		74		$3.63	to	$3.55		$264		0.86	%		1.15	%	to	1.25	%		16.78	%	to	16.66	%
2020		74		$3.11	to	$3.05		$226		1.40	%		1.15	%	to	1.25	%		20.92	%	to	20.80	%
2019		75		$2.57	to	$2.52		$190		1.47	%		1.15	%	to	1.25	%		22.88	%	to	22.76	%
Fid VIP Bal, Serv Cl 2
2023		40		$3.53	to	$3.14		$137		1.50	%		1.40	%	to	1.80	%		19.55	%	to	19.08	%
2022		44		$2.95	to	$2.64		$126		1.08	%		1.40	%	to	1.80	%		(19.32	%)	to	(19.64	%)
2021		44		$3.66	to	$3.28		$158		0.74	%		1.40	%	to	1.80	%		16.35	%	to	15.89	%
2020		45		$3.14	to	$2.83		$137		1.28	%		1.40	%	to	1.80	%		20.43	%	to	19.95	%
2019		44		$2.61	to	$2.36		$112		1.59	%		1.40	%	to	1.80	%		22.39	%	to	21.90	%
Fid VIP Contrafund, Serv Cl
2023		568		$5.60	to	$5.16		$2,987		0.39	%		1.00	%	to	1.35	%		32.02	%	to	31.56	%
2022		623		$4.25	to	$3.92		$2,485		0.40	%		1.00	%	to	1.35	%		(27.11	%)	to	(27.37	%)
2021		655		$5.83	to	$5.40		$3,596		0.05	%		1.00	%	to	1.35	%		26.44	%	to	26.00	%
2020		741		$4.61	to	$4.29		$3,230		0.15	%		1.00	%	to	1.35	%		29.13	%	to	28.68	%
2019		849		$3.57	to	$3.33		$2,871		0.35	%		1.00	%	to	1.35	%		30.14	%	to	29.69	%
Fid VIP Contrafund, Serv Cl 2
2023		6,114		$6.19	to	$3.84		$34,781		0.24	%		1.00	%	to	2.25	%		31.80	%	to	30.16	%
2022		7,454		$4.70	to	$2.95		$32,177		0.26	%		1.00	%	to	2.25	%		(27.22	%)	to	(28.12	%)
2021		8,010		$6.45	to	$4.10		$47,907		0.03	%		1.00	%	to	2.25	%		26.24	%	to	24.67	%
2020		9,481		$5.11	to	$3.29		$45,009		0.08	%		1.00	%	to	2.25	%		28.94	%	to	27.34	%
2019		12,002		$3.96	to	$2.58		$44,221		0.21	%		1.00	%	to	2.25	%		29.97	%	to	28.35	%
Fid VIP Dyn Appr, Serv Cl 2
2023		149		$5.70	to	$5.98		$822		0.11	%		1.20	%	to	1.80	%		27.19	%	to	26.43	%
2022		143		$4.48	to	$4.73		$616		0.11	%		1.20	%	to	1.80	%		(21.99	%)	to	(22.46	%)
2021		148		$5.74	to	$6.10		$821		0.12	%		1.20	%	to	1.80	%		22.79	%	to	22.05	%
2020		147		$4.68	to	$4.99		$667		0.04	%		1.20	%	to	1.80	%		31.75	%	to	30.96	%
2019		153		$3.55	to	$3.81		$526		0.37	%		1.20	%	to	1.80	%		28.27	%	to	27.52	%
Fid VIP Gro & Inc, Serv Cl
2023		326		$3.63	to	$3.39		$1,124		1.61	%		1.15	%	to	1.60	%		17.23	%	to	16.70	%
2022		335		$3.10	to	$2.91		$989		1.58	%		1.15	%	to	1.60	%		(6.11	%)	to	(6.53	%)
2021		351		$3.30	to	$3.11		$1,109		2.32	%		1.15	%	to	1.60	%		24.33	%	to	23.77	%
2020		372		$2.65	to	$2.51		$948		1.94	%		1.15	%	to	1.60	%		6.50	%	to	6.03	%
2019		465		$2.49	to	$2.37		$1,113		3.35	%		1.15	%	to	1.60	%		28.46	%	to	27.88	%
Fid VIP Gro & Inc, Serv Cl 2
2023		15		$3.86	to	$3.54		$57		1.51	%		1.40	%	to	1.80	%		16.73	%	to	16.26	%
2022		15		$3.31	to	$3.05		$51		1.18	%		1.40	%	to	1.80	%		(6.49	%)	to	(6.86	%)
2021		22		$3.54	to	$3.27		$76		2.21	%		1.40	%	to	1.80	%		23.89	%	to	23.40	%
2020		23		$2.86	to	$2.65		$65		1.89	%		1.40	%	to	1.80	%		6.10	%	to	5.68	%
2019		26		$2.69	to	$2.51		$69		3.60	%		1.40	%	to	1.80	%		27.88	%	to	27.37	%
Fid VIP Gro, Serv Cl
2023		8		$4.56	to	$4.45		$36		0.04	%		1.15	%	to	1.25	%		34.54	%	to	34.41	%
2022		8		$3.39	to	$3.31		$27		0.51	%		1.15	%	to	1.25	%		(25.39	%)	to	(25.46	%)
2021		8		$4.54	to	$4.44		$35		—			1.15	%	to	1.25	%		21.68	%	to	21.55	%
2020		8		$3.73	to	$3.65		$31		0.06	%		1.15	%	to	1.25	%		42.11	%	to	41.97	%
2019		8		$2.62	to	$2.57		$22		0.16	%		1.15	%	to	1.25	%		32.65	%	to	32.52	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			115


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Fid VIP Gro, Serv Cl 2
2023		344		$5.94	to	$4.85		$2,058		0.00	%		1.00	%	to	2.20	%		34.54	%	to	32.95	%
2022		358		$4.41	to	$3.65		$1,576		0.37	%		1.00	%	to	2.20	%		(25.39	%)	to	(26.28	%)
2021		403		$5.92	to	$4.95		$2,421		—			1.00	%	to	2.20	%		21.68	%	to	20.23	%
2020		432		$4.86	to	$4.11		$2,132		0.04	%		1.00	%	to	2.20	%		42.12	%	to	40.43	%
2019		478		$3.42	to	$2.93		$1,656		0.05	%		1.00	%	to	2.20	%		32.64	%	to	31.06	%
Fid VIP Hi Inc, Serv Cl
2023		323		$2.08	to	$1.91		$627		5.61	%		1.00	%	to	1.35	%		9.41	%	to	9.03	%
2022		337		$1.90	to	$1.75		$600		5.07	%		1.00	%	to	1.35	%		(12.43	%)	to	(12.74	%)
2021		343		$2.17	to	$2.01		$699		5.00	%		1.00	%	to	1.35	%		3.46	%	to	3.10	%
2020		405		$2.09	to	$1.95		$801		4.92	%		1.00	%	to	1.35	%		1.63	%	to	1.27	%
2019		417		$2.06	to	$1.92		$814		5.13	%		1.00	%	to	1.35	%		13.78	%	to	13.38	%
Fid VIP Hi Inc, Serv Cl 2
2023		112		$2.43	to	$2.23		$260		5.51	%		1.20	%	to	1.80	%		8.93	%	to	8.28	%
2022		124		$2.23	to	$2.06		$265		5.24	%		1.20	%	to	1.80	%		(12.73	%)	to	(13.24	%)
2021		123		$2.55	to	$2.37		$300		5.27	%		1.20	%	to	1.80	%		3.04	%	to	2.43	%
2020		124		$2.48	to	$2.31		$295		4.89	%		1.20	%	to	1.80	%		1.20	%	to	0.60	%
2019		134		$2.45	to	$2.30		$316		5.14	%		1.20	%	to	1.80	%		13.40	%	to	12.73	%
Fid VIP Invest Gr, Serv Cl 2
2023		4,381		$1.27	to	$1.06		$5,897		2.44	%		1.00	%	to	2.25	%		4.95	%	to	3.65	%
2022		4,749		$1.21	to	$1.02		$6,128		1.97	%		1.00	%	to	2.25	%		(14.07	%)	to	(15.14	%)
2021		5,666		$1.40	to	$1.21		$8,569		1.78	%		1.00	%	to	2.25	%		(1.88	%)	to	(3.10	%)
2020		5,763		$1.43	to	$1.24		$8,930		2.05	%		1.00	%	to	2.25	%		8.09	%	to	6.75	%
2019		6,479		$1.32	to	$1.17		$9,351		2.44	%		1.00	%	to	2.25	%		8.32	%	to	6.98	%
Fid VIP Mid Cap, Serv Cl
2023		613		$7.29	to	$6.01		$4,626		0.50	%		1.00	%	to	1.60	%		13.86	%	to	13.18	%
2022		700		$6.41	to	$5.31		$4,668		0.40	%		1.00	%	to	1.60	%		(15.70	%)	to	(16.20	%)
2021		747		$7.60	to	$6.34		$5,922		0.48	%		1.00	%	to	1.60	%		24.26	%	to	23.51	%
2020		919		$6.12	to	$5.13		$5,803		0.56	%		1.00	%	to	1.60	%		16.86	%	to	16.16	%
2019		1,005		$5.23	to	$4.42		$5,429		0.76	%		1.00	%	to	1.60	%		22.12	%	to	21.39	%
Fid VIP Mid Cap, Serv Cl 2
2023		2,087		$5.82	to	$2.82		$11,589		0.38	%		1.00	%	to	2.25	%		13.66	%	to	12.26	%
2022		2,326		$5.12	to	$2.51		$11,389		0.26	%		1.00	%	to	2.25	%		(15.81	%)	to	(16.86	%)
2021		2,578		$6.08	to	$3.02		$15,060		0.34	%		1.00	%	to	2.25	%		24.06	%	to	22.52	%
2020		3,090		$4.90	to	$2.46		$14,489		0.39	%		1.00	%	to	2.25	%		16.69	%	to	15.24	%
2019		3,503		$4.20	to	$2.14		$14,116		0.66	%		1.00	%	to	2.25	%		21.95	%	to	20.43	%
Fid VIP Overseas, Serv Cl
2023		21		$1.99	to	$1.54		$37		0.75	%		1.40	%	to	1.60	%		18.74	%	to	18.50	%
2022		28		$1.68	to	$1.30		$42		0.91	%		1.40	%	to	1.60	%		(25.63	%)	to	(25.78	%)
2021		34		$2.26	to	$1.75		$67		0.29	%		1.40	%	to	1.60	%		17.91	%	to	17.68	%
2020		64		$1.91	to	$1.49		$104		0.23	%		1.40	%	to	1.60	%		13.89	%	to	13.66	%
2019		87		$1.68	to	$1.31		$175		1.59	%		1.40	%	to	1.60	%		25.90	%	to	25.65	%
Fid VIP Overseas, Serv Cl 2
2023		1,328		$2.64	to	$1.70		$3,185		0.78	%		1.00	%	to	2.25	%		19.03	%	to	17.55	%
2022		1,555		$2.22	to	$1.45		$3,165		0.83	%		1.00	%	to	2.25	%		(25.43	%)	to	(26.36	%)
2021		1,666		$2.97	to	$1.97		$4,578		0.31	%		1.00	%	to	2.25	%		18.20	%	to	16.74	%
2020		1,906		$2.52	to	$1.69		$4,454		0.21	%		1.00	%	to	2.25	%		14.19	%	to	12.77	%
2019		2,170		$2.20	to	$1.49		$4,476		1.42	%		1.00	%	to	2.25	%		26.23	%	to	24.66	%
Frank Global Real Est, Cl 2
2023		561		$2.17	to	$1.41		$1,555		2.91	%		1.00	%	to	2.20	%		10.33	%	to	9.02	%
2022		602		$1.97	to	$1.30		$1,522		2.32	%		1.00	%	to	2.20	%		(26.79	%)	to	(27.67	%)
2021		671		$2.69	to	$1.79		$2,271		0.91	%		1.00	%	to	2.20	%		25.53	%	to	24.04	%
2020		739		$2.14	to	$1.45		$2,002		3.29	%		1.00	%	to	2.20	%		(6.33	%)	to	(7.44	%)
2019		739		$2.29	to	$1.56		$2,118		2.67	%		1.00	%	to	2.20	%		21.16	%	to	19.71	%



116		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Frank Inc, Cl 2
2023		1,295		$2.18	to	$1.83		$4,009		5.23	%		1.00	%	to	2.25	%		7.55	%	to	6.21	%
2022		1,368		$2.03	to	$1.72		$3,938		4.86	%		1.00	%	to	2.25	%		(6.42	%)	to	(7.57	%)
2021		1,516		$2.17	to	$1.86		$4,652		4.66	%		1.00	%	to	2.25	%		15.59	%	to	14.15	%
2020		1,707		$1.88	to	$1.63		$4,513		5.95	%		1.00	%	to	2.25	%		(0.30	%)	to	(1.54	%)
2019		2,084		$1.88	to	$1.66		$5,389		5.35	%		1.00	%	to	2.25	%		14.90	%	to	13.48	%
Frank Mutual Shares, Cl 2
2023		5,455		$3.40	to	$2.10		$17,443		1.87	%		1.00	%	to	2.20	%		12.34	%	to	11.00	%
2022		6,023		$3.02	to	$1.89		$17,184		1.85	%		1.00	%	to	2.20	%		(8.35	%)	to	(9.44	%)
2021		6,696		$3.30	to	$2.09		$20,910		2.84	%		1.00	%	to	2.20	%		17.98	%	to	16.57	%
2020		7,637		$2.80	to	$1.79		$20,216		2.82	%		1.00	%	to	2.20	%		(5.99	%)	to	(7.11	%)
2019		8,100		$2.97	to	$1.93		$22,842		1.81	%		1.00	%	to	2.20	%		21.35	%	to	19.90	%
Frank Rising Divd, Cl 2
2023		45		$3.68	to	$3.55		$202		0.74	%		1.05	%	to	2.20	%		10.91	%	to	9.64	%
2022		85		$3.32	to	$3.24		$323		0.80	%		1.05	%	to	2.20	%		(11.51	%)	to	(12.52	%)
2021		86		$3.75	to	$3.70		$374		0.74	%		1.05	%	to	2.20	%		25.47	%	to	24.03	%
2020		181		$2.99	to	$2.99		$608		1.20	%		1.05	%	to	2.20	%		14.76	%	to	13.45	%
2019		193		$2.60	to	$2.63		$544		1.25	%		1.05	%	to	2.20	%		27.88	%	to	26.42	%
Frank Sm Cap Val, Cl 2
2023		586		$4.48	to	$4.94		$2,936		0.52	%		1.00	%	to	1.85	%		11.63	%	to	10.69	%
2022		652		$4.01	to	$4.46		$2,925		1.00	%		1.00	%	to	1.85	%		(10.96	%)	to	(11.71	%)
2021		779		$4.50	to	$5.05		$3,920		1.02	%		1.00	%	to	1.85	%		24.12	%	to	23.07	%
2020		904		$3.63	to	$4.10		$3,640		1.53	%		1.00	%	to	1.85	%		4.14	%	to	3.25	%
2019		1,019		$3.48	to	$3.97		$3,867		1.04	%		1.00	%	to	1.85	%		25.09	%	to	24.04	%
Frank Sm Mid Cap Gro, Cl 2
2023		1,911		$3.03	to	$3.24		$5,467		—			1.00	%	to	2.20	%		25.48	%	to	23.99	%
2022		2,121		$2.42	to	$2.62		$4,815		—			1.00	%	to	2.20	%		(34.35	%)	to	(35.13	%)
2021		2,208		$3.68	to	$4.03		$7,599		—			1.00	%	to	2.20	%		8.92	%	to	7.62	%
2020		2,353		$3.38	to	$3.75		$7,463		—			1.00	%	to	2.20	%		53.55	%	to	51.72	%
2019		2,928		$2.20	to	$2.47		$6,067		—			1.00	%	to	2.20	%		30.13	%	to	28.57	%
GS VIT Intl Eq Insights, Inst
2023		12		$1.58	to	$1.18		$17		2.71	%		1.40	%	to	1.60	%		17.06	%	to	16.83	%
2022		13		$1.35	to	$1.01		$15		2.70	%		1.40	%	to	1.60	%		(14.76	%)	to	(14.93	%)
2021		19		$1.59	to	$1.19		$25		2.86	%		1.40	%	to	1.60	%		10.61	%	to	10.39	%
2020		19		$1.43	to	$1.08		$23		1.09	%		1.40	%	to	1.60	%		5.33	%	to	5.11	%
2019		40		$1.36	to	$1.02		$43		2.54	%		1.40	%	to	1.60	%		16.81	%	to	16.57	%
GS VIT Mid Cap Val, Inst
2023		1,748		$3.68	to	$3.09		$9,639		1.01	%		1.00	%	to	2.25	%		10.31	%	to	8.94	%
2022		1,864		$3.34	to	$2.83		$9,385		0.65	%		1.00	%	to	2.25	%		(10.88	%)	to	(11.99	%)
2021		2,280		$3.75	to	$3.22		$12,784		0.45	%		1.00	%	to	2.25	%		29.65	%	to	28.04	%
2020		2,801		$2.89	to	$2.51		$12,025		0.63	%		1.00	%	to	2.25	%		7.33	%	to	5.99	%
2019		3,019		$2.69	to	$2.37		$12,086		0.75	%		1.00	%	to	2.25	%		30.22	%	to	28.60	%
GS VIT Strategic Gro, Inst
2023		43		$4.15	to	$3.58		$162		—			1.40	%	to	1.60	%		39.98	%	to	39.70	%
2022		43		$2.97	to	$2.56		$117		—			1.40	%	to	1.60	%		(33.45	%)	to	(33.59	%)
2021		47		$4.46	to	$3.86		$192		—			1.40	%	to	1.60	%		20.23	%	to	19.99	%
2020		52		$3.71	to	$3.21		$175		0.09	%		1.40	%	to	1.60	%		38.55	%	to	38.28	%
2019		58		$2.68	to	$2.32		$143		0.30	%		1.40	%	to	1.60	%		33.64	%	to	33.38	%
GS VIT U.S. Eq Insights, Inst
2023		488		$4.64	to	$3.89		$1,614		0.68	%		1.00	%	to	2.25	%		22.58	%	to	21.06	%
2022		531		$3.79	to	$3.21		$1,438		0.80	%		1.00	%	to	2.25	%		(20.53	%)	to	(21.52	%)
2021		596		$4.77	to	$4.10		$2,042		0.80	%		1.00	%	to	2.25	%		28.12	%	to	26.53	%
2020		650		$3.72	to	$3.24		$1,743		0.85	%		1.00	%	to	2.25	%		16.37	%	to	14.93	%
2019		712		$3.20	to	$2.82		$1,646		1.21	%		1.00	%	to	2.25	%		23.96	%	to	22.43	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			117


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Am Fran, Ser I
2023		734		$3.68	to	$3.35		$2,628		—			1.00	%	to	1.80	%		39.53	%	to	38.42	%
2022		811		$2.63	to	$2.42		$2,086		—			1.00	%	to	1.80	%		(31.80	%)	to	(32.34	%)
2021		901		$3.86	to	$3.57		$3,408		—			1.00	%	to	1.80	%		10.81	%	to	9.93	%
2020		1,027		$3.49	to	$3.25		$3,515		0.07	%		1.00	%	to	1.80	%		40.94	%	to	39.82	%
2019		1,218		$2.47	to	$2.33		$2,961		—			1.00	%	to	1.80	%		35.39	%	to	34.32	%
Invesco VI Am Fran, Ser II
2023		202		$3.57	to	$3.08		$677		—			1.00	%	to	2.25	%		39.20	%	to	37.48	%
2022		226		$2.56	to	$2.24		$547		—			1.00	%	to	2.25	%		(31.98	%)	to	(32.82	%)
2021		234		$3.77	to	$3.34		$837		—			1.00	%	to	2.25	%		10.54	%	to	9.16	%
2020		273		$3.41	to	$3.06		$888		—			1.00	%	to	2.25	%		40.58	%	to	38.84	%
2019		292		$2.43	to	$2.20		$681		—			1.00	%	to	2.25	%		35.07	%	to	33.39	%
Invesco VI American Value, Ser II
2023		4,740		$1.17	to	$1.13		$5,479		0.37	%		1.00	%	to	2.20	%		14.15	%	to	12.79	%
2022		5,407		$1.02	to	$1.00		$5,500		0.45	%		1.00	%	to	2.20	%		(3.83	%)	to	(4.97	%)
2021		6,443		$1.07	to	$1.06		$6,843		0.33	%		1.00	%	to	2.20	%		6.55	%⁽⁶⁾	to	5.67	%⁽⁶⁾
Invesco VI Cap Appr, Ser I
2023		161		$5.40	to	$5.40		$869		—			1.40	%	to	1.40	%		33.50	%	to	33.50	%
2022		179		$4.04	to	$4.04		$722		—			1.40	%	to	1.40	%		(31.74	%)	to	(31.74	%)
2021		187		$5.92	to	$5.92		$1,108		—			1.40	%	to	1.40	%		20.87	%	to	20.87	%
2020		201		$4.90	to	$4.90		$984		—			1.40	%	to	1.40	%		34.69	%	to	34.69	%
2019		229		$3.64	to	$3.64		$835		0.06	%		1.40	%	to	1.40	%		34.30	%	to	34.30	%
Invesco VI Cap Appr, Ser II
2023		2,147		$4.12	to	$3.53		$8,555		—			1.00	%	to	2.25	%		33.69	%	to	32.04	%
2022		2,609		$3.08	to	$2.67		$7,810		—			1.00	%	to	2.25	%		(31.65	%)	to	(32.50	%)
2021		2,685		$4.51	to	$3.96		$11,836		—			1.00	%	to	2.25	%		21.06	%	to	19.56	%
2020		3,101		$3.72	to	$3.31		$11,360		—			1.00	%	to	2.25	%		34.88	%	to	33.21	%
2019		4,295		$2.76	to	$2.49		$11,659		—			1.00	%	to	2.25	%		34.49	%	to	32.82	%
Invesco VI Comstock, Ser II
2023		5,808		$4.98	to	$3.12		$22,698		1.55	%		1.00	%	to	2.25	%		10.98	%	to	9.61	%
2022		6,422		$4.49	to	$2.84		$22,763		1.29	%		1.00	%	to	2.25	%		(0.16	%)	to	(1.39	%)
2021		8,646		$4.49	to	$2.88		$30,832		1.56	%		1.00	%	to	2.25	%		31.72	%	to	30.08	%
2020		11,141		$3.41	to	$2.22		$30,264		2.27	%		1.00	%	to	2.25	%		(2.07	%)	to	(3.29	%)
2019		10,981		$3.48	to	$2.29		$30,712		1.67	%		1.00	%	to	2.25	%		23.70	%	to	22.16	%
Invesco VI Core Eq, Ser I
2023		1,548		$3.03	to	$2.63		$4,927		0.72	%		1.00	%	to	1.80	%		22.14	%	to	21.17	%
2022		1,773		$2.48	to	$2.17		$4,626		0.91	%		1.00	%	to	1.80	%		(21.34	%)	to	(21.96	%)
2021		1,945		$3.15	to	$2.78		$6,450		0.64	%		1.00	%	to	1.80	%		26.47	%	to	25.46	%
2020		2,477		$2.49	to	$2.21		$6,417		1.34	%		1.00	%	to	1.80	%		12.72	%	to	11.82	%
2019		2,728		$2.21	to	$1.98		$6,289		0.94	%		1.00	%	to	1.80	%		27.68	%	to	26.66	%
Invesco VI Core Eq, Ser II
2023		15		$2.90	to	$2.49		$45		0.49	%		1.00	%	to	1.85	%		21.86	%	to	20.84	%
2022		15		$2.38	to	$2.06		$37		0.60	%		1.00	%	to	1.85	%		(21.54	%)	to	(22.20	%)
2021		17		$3.03	to	$2.65		$53		0.45	%		1.00	%	to	1.85	%		26.11	%	to	25.05	%
2020		19		$2.40	to	$2.12		$45		0.30	%		1.00	%	to	1.85	%		12.44	%	to	11.48	%
2019		303		$2.14	to	$1.90		$608		0.17	%		1.00	%	to	1.85	%		27.39	%	to	26.31	%
Invesco VI Dis Mid Cap Gro, Ser I
2023		45		$1.34	to	$1.33		$60		—			1.40	%	to	1.60	%		11.58	%	to	11.36	%
2022		110		$1.20	to	$1.19		$132		—			1.40	%	to	1.60	%		(31.94	%)	to	(32.08	%)
2021		111		$1.76	to	$1.76		$196		—			1.40	%	to	1.60	%		17.44	%	to	17.21	%
2020		138		$1.50	to	$1.50		$208		0.06	%		1.40	%	to	1.60	%		50.15	%⁽⁵⁾	to	49.95	%⁽⁵⁾
Invesco VI Dis Mid Cap Gro, Ser II
2023		275		$1.35	to	$1.29		$370		—			1.00	%	to	2.25	%		11.73	%	to	10.35	%
2022		416		$1.20	to	$1.16		$499		—			1.00	%	to	2.25	%		(31.82	%)	to	(32.66	%)
2021		418		$1.77	to	$1.73		$739		—			1.00	%	to	2.25	%		17.61	%	to	16.15	%
2020		499		$1.50	to	$1.49		$752		—			1.00	%	to	2.25	%		50.19	%⁽⁵⁾	to	48.91	%⁽⁵⁾



118		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI EQV Intl Eq, Ser I
2023		183		$2.98	to	$2.98		$546		0.19	%		1.40	%	to	1.40	%		16.51	%	to	16.51	%
2022		194		$2.56	to	$2.56		$495		1.70	%		1.40	%	to	1.40	%		(19.44	%)	to	(19.44	%)
2021		204		$3.17	to	$3.17		$646		1.24	%		1.40	%	to	1.40	%		4.42	%	to	4.42	%
2020		221		$3.04	to	$3.04		$672		2.37	%		1.40	%	to	1.40	%		12.41	%	to	12.41	%
2019		245		$2.70	to	$2.70		$664		1.57	%		1.40	%	to	1.40	%		26.79	%	to	26.79	%
Invesco VI EQV Intl Eq, Ser II
2023		389		$1.91	to	$1.60		$535		—			1.00	%	to	2.25	%		16.70	%	to	15.25	%
2022		459		$1.63	to	$1.39		$544		1.41	%		1.00	%	to	2.25	%		(19.31	%)	to	(20.32	%)
2021		523		$2.02	to	$1.74		$774		1.04	%		1.00	%	to	2.25	%		4.56	%	to	3.26	%
2020		582		$1.94	to	$1.69		$829		2.09	%		1.00	%	to	2.25	%		12.61	%	to	11.21	%
2019		660		$1.72	to	$1.52		$839		1.24	%		1.00	%	to	2.25	%		26.96	%	to	25.38	%
Invesco VI Global, Ser I
2023		0		$5.58	to	$5.58		$1		0.23	%		1.40	%	to	1.40	%		32.87	%	to	32.87	%
2022		0		$4.20	to	$4.20		$1		—			1.40	%	to	1.40	%		(32.71	%)	to	(32.71	%)
2021		0		$6.24	to	$6.24		$1		—			1.40	%	to	1.40	%		13.89	%	to	13.89	%
2020		0		$5.48	to	$5.48		$1		0.70	%		1.40	%	to	1.40	%		25.86	%	to	25.86	%
2019		0		$4.35	to	$4.35		$1		0.89	%		1.40	%	to	1.40	%		29.95	%	to	29.95	%
Invesco VI Global, Ser II
2023		436		$4.46	to	$2.67		$1,856		—			1.00	%	to	2.25	%		33.11	%	to	31.46	%
2022		488		$3.35	to	$2.03		$1,562		—			1.00	%	to	2.25	%		(32.61	%)	to	(33.45	%)
2021		521		$4.98	to	$3.05		$2,503		—			1.00	%	to	2.25	%		14.03	%	to	12.61	%
2020		633		$4.36	to	$2.71		$2,655		0.45	%		1.00	%	to	2.25	%		26.07	%	to	24.50	%
2019		697		$3.46	to	$2.17		$2,326		0.64	%		1.00	%	to	2.25	%		30.15	%	to	28.53	%
Invesco VI Gbl Strat Inc, Ser I
2023		29		$2.07	to	$2.07		$59		—			1.40	%	to	1.40	%		7.38	%	to	7.38	%
2022		30		$1.93	to	$1.93		$58		—			1.40	%	to	1.40	%		(12.69	%)	to	(12.69	%)
2021		32		$2.21	to	$2.21		$70		4.59	%		1.40	%	to	1.40	%		(4.75	%)	to	(4.75	%)
2020		36		$2.32	to	$2.32		$84		5.84	%		1.40	%	to	1.40	%		1.96	%	to	1.96	%
2019		38		$2.27	to	$2.27		$85		3.63	%		1.40	%	to	1.40	%		9.27	%	to	9.27	%
Invesco VI Gbl Strat Inc, Ser II
2023		7,090		$1.92	to	$1.08		$11,318		—			1.00	%	to	2.25	%		7.53	%	to	6.19	%
2022		7,936		$1.78	to	$1.01		$11,841		—			1.00	%	to	2.25	%		(12.59	%)	to	(13.68	%)
2021		9,231		$2.04	to	$1.17		$15,803		4.31	%		1.00	%	to	2.25	%		(4.52	%)	to	(5.72	%)
2020		9,399		$2.14	to	$1.24		$16,947		5.39	%		1.00	%	to	2.25	%		1.97	%	to	0.71	%
2019		10,020		$2.10	to	$1.24		$17,825		3.44	%		1.00	%	to	2.25	%		9.51	%	to	8.14	%
Invesco VI Gro & Inc, Ser II
2023		102		$4.51	to	$4.02		$418		1.33	%		1.00	%	to	1.85	%		11.29	%	to	10.35	%
2022		104		$4.05	to	$3.64		$384		1.25	%		1.00	%	to	1.85	%		(6.94	%)	to	(7.72	%)
2021		119		$4.36	to	$3.95		$469		1.27	%		1.00	%	to	1.85	%		26.91	%	to	25.84	%
2020		153		$3.43	to	$3.14		$481		1.87	%		1.00	%	to	1.85	%		0.83	%	to	(0.02	%)
2019		179		$3.40	to	$3.14		$564		1.51	%		1.00	%	to	1.85	%		23.61	%	to	22.56	%
Invesco VI Hlth, Ser II
2023		16		$3.17	to	$2.66		$44		—			1.00	%	to	2.25	%		1.75	%	to	0.49	%
2022		16		$3.11	to	$2.64		$44		—			1.00	%	to	2.25	%		(14.40	%)	to	(15.46	%)
2021		16		$3.64	to	$3.13		$53		0.00	%		1.00	%	to	2.25	%		10.93	%	to	9.55	%
2020		17		$3.28	to	$2.85		$49		0.08	%		1.00	%	to	2.25	%		13.07	%	to	11.66	%
2019		24		$2.90	to	$2.56		$62		—			1.00	%	to	2.25	%		30.87	%	to	29.24	%
Invesco VI Main St, Ser I
2023		8		$3.40	to	$3.40		$27		0.86	%		1.40	%	to	1.40	%		21.51	%	to	21.51	%
2022		8		$2.80	to	$2.80		$22		1.07	%		1.40	%	to	1.40	%		(21.24	%)	to	(21.24	%)
2021		19		$3.55	to	$3.55		$66		0.71	%		1.40	%	to	1.40	%		25.80	%	to	25.80	%
2020		19		$2.83	to	$2.83		$53		1.52	%		1.40	%	to	1.40	%		12.36	%	to	12.36	%
2019		20		$2.51	to	$2.51		$49		1.06	%		1.40	%	to	1.40	%		30.25	%	to	30.25	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			119


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Mn St Mid Cap, Ser II
2023		232		$2.50	to	$2.40		$615		0.04	%		1.05	%	to	2.20	%		12.96	%	to	11.67	%
2022		262		$2.21	to	$2.15		$622		0.07	%		1.05	%	to	2.20	%		(15.34	%)	to	(16.31	%)
2021		327		$2.61	to	$2.57		$923		0.25	%		1.05	%	to	2.20	%		21.58	%	to	20.19	%
2020		388		$2.15	to	$2.14		$907		0.49	%		1.05	%	to	2.20	%		7.80	%	to	6.57	%
2019		393		$1.99	to	$2.01		$862		0.21	%		1.05	%	to	2.20	%		23.73	%	to	22.32	%
Invesco VI Mn St Sm Cap, Ser II
2023		363		$5.32	to	$3.51		$1,910		0.88	%		1.00	%	to	2.25	%		16.65	%	to	15.20	%
2022		438		$4.56	to	$3.05		$1,957		0.25	%		1.00	%	to	2.25	%		(16.88	%)	to	(17.91	%)
2021		486		$5.48	to	$3.72		$2,658		0.17	%		1.00	%	to	2.25	%		21.05	%	to	19.54	%
2020		581		$4.53	to	$3.11		$2,622		0.37	%		1.00	%	to	2.25	%		18.45	%	to	16.98	%
2019		629		$3.82	to	$2.66		$2,397		—			1.00	%	to	2.25	%		24.88	%	to	23.32	%
Janus Henderson VIT Bal, Inst
2023		192		$5.92	to	$5.92		$1,135		1.98	%		1.40	%	to	1.40	%		13.81	%	to	13.81	%
2022		253		$5.20	to	$5.20		$1,313		1.24	%		1.40	%	to	1.40	%		(17.56	%)	to	(17.56	%)
2021		271		$6.31	to	$6.31		$1,709		0.90	%		1.40	%	to	1.40	%		15.57	%	to	15.57	%
2020		290		$5.46	to	$5.46		$1,584		1.73	%		1.40	%	to	1.40	%		12.72	%	to	12.72	%
2019		428		$4.84	to	$4.84		$2,073		1.92	%		1.40	%	to	1.40	%		20.89	%	to	20.89	%
Janus Henderson VIT Enter, Serv
2023		277		$3.01	to	$2.08		$684		0.09	%		1.15	%	to	1.60	%		16.43	%	to	15.91	%
2022		306		$2.59	to	$1.80		$653		0.08	%		1.15	%	to	1.60	%		(17.11	%)	to	(17.48	%)
2021		320		$3.12	to	$2.18		$820		0.24	%		1.15	%	to	1.60	%		15.21	%	to	14.69	%
2020		332		$2.71	to	$1.90		$742		—			1.15	%	to	1.60	%		17.82	%	to	17.29	%
2019		371		$2.30	to	$1.62		$708		0.05	%		1.15	%	to	1.60	%		33.61	%	to	33.01	%
Janus Henderson VIT Gbl Res, Inst
2023		242		$3.65	to	$3.65		$884		0.93	%		1.40	%	to	1.40	%		25.02	%	to	25.02	%
2022		253		$2.92	to	$2.92		$738		1.05	%		1.40	%	to	1.40	%		(20.53	%)	to	(20.53	%)
2021		261		$3.67	to	$3.67		$961		0.52	%		1.40	%	to	1.40	%		16.45	%	to	16.45	%
2020		270		$3.15	to	$3.15		$850		0.73	%		1.40	%	to	1.40	%		18.39	%	to	18.39	%
2019		292		$2.66	to	$2.66		$779		1.00	%		1.40	%	to	1.40	%		27.25	%	to	27.25	%
Janus Hend VIT Gbl Tech Innov, Srv
2023		53		$3.39	to	$2.87		$156		—			1.15	%	to	1.60	%		52.52	%	to	51.84	%
2022		69		$2.22	to	$1.89		$133		—			1.15	%	to	1.60	%		(37.84	%)	to	(38.12	%)
2021		76		$3.58	to	$3.06		$236		0.11	%		1.15	%	to	1.60	%		16.40	%	to	15.88	%
2020		85		$3.07	to	$2.64		$230		—			1.15	%	to	1.60	%		49.01	%	to	48.34	%
2019		115		$2.06	to	$1.78		$213		—			1.15	%	to	1.60	%		43.16	%	to	42.52	%
Janus Henderson VIT Overseas, Serv
2023		97		$1.69	to	$1.47		$154		1.41	%		1.40	%	to	1.60	%		9.05	%	to	8.83	%
2022		116		$1.55	to	$1.36		$170		1.68	%		1.40	%	to	1.60	%		(10.10	%)	to	(10.28	%)
2021		129		$1.73	to	$1.51		$209		1.05	%		1.40	%	to	1.60	%		11.71	%	to	11.49	%
2020		728		$1.55	to	$1.35		$1,000		1.21	%		1.40	%	to	1.60	%		14.41	%	to	14.18	%
2019		842		$1.35	to	$1.19		$1,017		1.84	%		1.40	%	to	1.60	%		24.95	%	to	24.69	%
Janus Henderson VIT Res, Serv
2023		534		$4.73	to	$3.97		$1,529		0.06	%		1.00	%	to	2.25	%		41.39	%	to	39.65	%
2022		667		$3.35	to	$2.84		$1,367		—			1.00	%	to	2.25	%		(30.76	%)	to	(31.62	%)
2021		687		$4.83	to	$4.15		$2,042		0.02	%		1.00	%	to	2.25	%		18.85	%	to	17.38	%
2020		774		$4.07	to	$3.54		$1,982		0.22	%		1.00	%	to	2.25	%		31.26	%	to	29.63	%
2019		978		$3.10	to	$2.73		$1,956		0.30	%		1.00	%	to	2.25	%		33.88	%	to	32.21	%
Lazard Retire Intl Eq, Serv
2023		23		$1.55	to	$1.46		$34		1.07	%		1.40	%	to	1.60	%		14.27	%	to	14.05	%
2022		34		$1.36	to	$1.28		$45		3.70	%		1.40	%	to	1.60	%		(16.19	%)	to	(16.36	%)
2021		32		$1.62	to	$1.53		$51		0.94	%		1.40	%	to	1.60	%		4.36	%	to	4.15	%
2020		32		$1.55	to	$1.47		$49		2.36	%		1.40	%	to	1.60	%		6.74	%	to	6.52	%
2019		37		$1.45	to	$1.38		$52		0.34	%		1.40	%	to	1.60	%		19.32	%	to	19.08	%



120		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
LVIP Baron Gro Opp, Serv Cl
2023		8		$7.21	to	$5.78		$57		—			1.40	%	to	1.60	%		16.17	%	to	15.94	%
2022		9		$6.21	to	$4.99		$50		—			1.40	%	to	1.60	%		(26.86	%)	to	(27.00	%)
2021		11		$8.49	to	$6.83		$90		—			1.40	%	to	1.60	%		17.07	%	to	16.84	%
2020		19		$7.25	to	$5.85		$129		—			1.40	%	to	1.60	%		32.22	%	to	31.95	%
2019		20		$5.48	to	$4.43		$102		—			1.40	%	to	1.60	%		34.49	%	to	34.22	%
LVIP JPM US Eq, Std Cl
2023		36		$6.28	to	$6.10		$224		1.17	%		1.40	%	to	1.60	%		15.68	%⁽⁷⁾	to	15.52	%⁽⁷⁾
MFS Inv Trust, Init Cl
2023		239		$3.72	to	$5.02		$831		0.68	%		1.15	%	to	1.80	%		17.62	%	to	16.86	%
2022		339		$3.16	to	$4.30		$996		0.67	%		1.15	%	to	1.80	%		(17.44	%)	to	(17.98	%)
2021		365		$3.83	to	$5.24		$1,306		0.64	%		1.15	%	to	1.80	%		25.37	%	to	24.55	%
2020		523		$3.05	to	$4.20		$1,494		0.64	%		1.15	%	to	1.80	%		12.57	%	to	11.83	%
2019		538		$2.71	to	$3.76		$1,370		0.66	%		1.15	%	to	1.80	%		30.07	%	to	29.23	%
MFS Inv Trust, Serv Cl
2023		211		$3.35	to	$3.62		$703		0.48	%		1.15	%	to	1.80	%		17.31	%	to	16.55	%
2022		214		$2.85	to	$3.11		$610		0.37	%		1.15	%	to	1.80	%		(17.64	%)	to	(18.17	%)
2021		201		$3.46	to	$3.80		$696		0.42	%		1.15	%	to	1.80	%		25.06	%	to	24.25	%
2020		201		$2.77	to	$3.06		$557		0.43	%		1.15	%	to	1.80	%		12.30	%	to	11.57	%
2019		201		$2.47	to	$2.74		$497		0.50	%		1.15	%	to	1.80	%		29.75	%	to	28.90	%
MFS Mass Inv Gro Stock, Serv Cl
2023		667		$2.62	to	$2.36		$1,738		0.05	%		1.00	%	to	2.20	%		22.48	%	to	21.02	%
2022		704		$2.14	to	$1.95		$1,503		—			1.00	%	to	2.20	%		(20.25	%)	to	(21.20	%)
2021		748		$2.69	to	$2.48		$2,005		0.03	%		1.00	%	to	2.20	%		24.41	%	to	22.93	%
2020		878		$2.16	to	$2.02		$1,896		0.22	%		1.00	%	to	2.20	%		20.98	%	to	19.54	%
2019		960		$1.79	to	$1.69		$1,695		0.33	%		1.00	%	to	2.20	%		38.20	%	to	36.56	%
MFS New Dis, Init Cl
2023		83		$5.22	to	$2.99		$302		—			1.15	%	to	1.60	%		13.11	%	to	12.60	%
2022		98		$4.62	to	$2.66		$320		—			1.15	%	to	1.60	%		(30.56	%)	to	(30.87	%)
2021		105		$6.65	to	$3.84		$500		—			1.15	%	to	1.60	%		0.64	%	to	0.18	%
2020		121		$6.61	to	$3.83		$570		—			1.15	%	to	1.60	%		44.22	%	to	43.57	%
2019		132		$4.58	to	$2.67		$434		—			1.15	%	to	1.60	%		40.08	%	to	39.45	%
MFS New Dis, Serv Cl
2023		382		$3.73	to	$3.47		$1,428		—			1.00	%	to	2.20	%		13.12	%	to	11.78	%
2022		421		$3.29	to	$3.11		$1,391		—			1.00	%	to	2.20	%		(30.69	%)	to	(31.52	%)
2021		424		$4.75	to	$4.54		$2,034		—			1.00	%	to	2.20	%		0.56	%	to	(0.64	%)
2020		490		$4.73	to	$4.57		$2,335		—			1.00	%	to	2.20	%		44.14	%	to	42.42	%
2019		695		$3.28	to	$3.21		$2,225		—			1.00	%	to	2.20	%		39.87	%	to	38.19	%
MFS Research, Init Cl
2023		71		$3.82	to	$3.17		$264		0.50	%		1.40	%	to	1.60	%		20.72	%	to	20.48	%
2022		94		$3.16	to	$2.63		$292		0.49	%		1.40	%	to	1.60	%		(18.36	%)	to	(18.52	%)
2021		97		$3.87	to	$3.23		$368		0.56	%		1.40	%	to	1.60	%		23.07	%	to	22.82	%
2020		386		$3.15	to	$2.63		$1,060		0.71	%		1.40	%	to	1.60	%		14.97	%	to	14.74	%
2019		441		$2.74	to	$2.29		$1,053		0.78	%		1.40	%	to	1.60	%		31.10	%	to	30.84	%
MFS Total Return, Init Cl
2023		9		$3.33	to	$3.25		$30		2.06	%		1.15	%	to	1.25	%		9.18	%	to	9.08	%
2022		9		$3.05	to	$2.98		$29		1.71	%		1.15	%	to	1.25	%		(10.61	%)	to	(10.70	%)
2021		10		$3.41	to	$3.34		$34		1.81	%		1.15	%	to	1.25	%		12.81	%	to	12.70	%
2020		10		$3.02	to	$2.96		$31		2.25	%		1.15	%	to	1.25	%		8.56	%	to	8.45	%
2019		12		$2.79	to	$2.73		$32		1.43	%		1.15	%	to	1.25	%		19.01	%	to	18.89	%
MFS Total Return, Serv Cl
2023		4,285		$3.17	to	$1.99		$12,156		1.82	%		1.00	%	to	2.25	%		9.12	%	to	7.78	%
2022		4,719		$2.91	to	$1.84		$12,249		1.48	%		1.00	%	to	2.25	%		(10.73	%)	to	(11.84	%)
2021		5,095		$3.26	to	$2.09		$14,880		1.62	%		1.00	%	to	2.25	%		12.70	%	to	11.30	%
2020		5,541		$2.89	to	$1.88		$14,483		2.09	%		1.00	%	to	2.25	%		8.43	%	to	7.09	%
2019		5,848		$2.66	to	$1.75		$14,190		2.09	%		1.00	%	to	2.25	%		18.92	%	to	17.45	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			121


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
MFS Utilities, Init Cl
2023		569		$4.82	to	$6.07		$2,122		3.53	%		1.15	%	to	1.80	%		(3.23	%)	to	(3.85	%)
2022		660		$4.98	to	$6.31		$2,612		2.46	%		1.15	%	to	1.80	%		(0.40	%)	to	(1.04	%)
2021		656		$5.00	to	$6.38		$2,583		1.69	%		1.15	%	to	1.80	%		12.79	%	to	12.06	%
2020		758		$4.43	to	$5.69		$2,698		2.44	%		1.15	%	to	1.80	%		4.69	%	to	4.01	%
2019		934		$4.24	to	$5.47		$3,198		3.93	%		1.15	%	to	1.80	%		23.63	%	to	22.84	%
MFS Utilities, Serv Cl
2023		154		$5.99	to	$2.29		$856		3.22	%		1.00	%	to	2.25	%		(3.30	%)	to	(4.50	%)
2022		176		$6.19	to	$2.40		$1,016		2.13	%		1.00	%	to	2.25	%		(0.52	%)	to	(1.75	%)
2021		186		$6.23	to	$2.44		$1,075		1.46	%		1.00	%	to	2.25	%		12.69	%	to	11.29	%
2020		216		$5.53	to	$2.20		$1,108		2.26	%		1.00	%	to	2.25	%		4.57	%	to	3.27	%
2019		251		$5.28	to	$2.13		$1,210		3.65	%		1.00	%	to	2.25	%		23.56	%	to	22.02	%
MS VIF Dis, Cl II
2023		14		$3.68	to	$3.08		$45		—			1.00	%	to	2.25	%		42.70	%	to	40.94	%
2022		16		$2.58	to	$2.19		$36		—			1.00	%	to	2.25	%		(63.34	%)	to	(63.79	%)
2021		17		$7.03	to	$6.04		$106		—			1.00	%	to	2.25	%		(12.08	%)	to	(13.17	%)
2020		22		$7.99	to	$6.96		$156		—			1.00	%	to	2.25	%		149.54	%	to	146.45	%
2019		22		$3.20	to	$2.82		$63		—			1.00	%	to	2.25	%		38.58	%	to	36.85	%
MS VIF Global Real Est, Cl II
2023		142		$1.55	to	$1.30		$127		1.91	%		1.00	%	to	2.25	%		9.37	%	to	8.01	%
2022		166		$1.42	to	$1.20		$135		4.35	%		1.00	%	to	2.25	%		(26.93	%)	to	(27.84	%)
2021		175		$1.94	to	$1.67		$196		2.21	%		1.00	%	to	2.25	%		22.61	%	to	21.08	%
2020		233		$1.58	to	$1.38		$215		4.55	%		1.00	%	to	2.25	%		(15.70	%)	to	(16.75	%)
2019		203		$1.88	to	$1.66		$224		2.56	%		1.00	%	to	2.25	%		16.87	%	to	15.43	%
MS VIF US Real Est, Cl I
2023		49		$3.95	to	$3.61		$170		2.26	%		1.00	%	to	1.85	%		13.38	%	to	12.42	%
2022		51		$3.49	to	$3.21		$158		0.89	%		1.00	%	to	1.85	%		(27.77	%)	to	(28.38	%)
2021		96		$4.83	to	$4.48		$422		2.06	%		1.00	%	to	1.85	%		38.41	%	to	37.24	%
2020		101		$3.49	to	$3.27		$324		2.87	%		1.00	%	to	1.85	%		(17.68	%)	to	(18.39	%)
2019		119		$4.24	to	$4.00		$466		1.87	%		1.00	%	to	1.85	%		17.76	%	to	16.76	%
MS VIF US Real Est, Cl II
2023		155		$1.66	to	$2.33		$394		1.95	%		1.05	%	to	2.20	%		13.03	%	to	11.74	%
2022		188		$1.47	to	$2.09		$427		0.91	%		1.05	%	to	2.20	%		(27.98	%)	to	(28.80	%)
2021		212		$2.04	to	$2.93		$674		1.87	%		1.05	%	to	2.20	%		37.98	%	to	36.40	%
2020		311		$1.48	to	$2.15		$721		2.59	%		1.05	%	to	2.20	%		(17.97	%)	to	(18.90	%)
2019		275		$1.80	to	$2.65		$783		1.59	%		1.05	%	to	2.20	%		17.44	%	to	16.09	%
PIMCO VIT All Asset, Advisor Cl
2023		392		$1.68	to	$1.41		$615		2.82	%		1.00	%	to	2.25	%		6.94	%	to	5.62	%
2022		412		$1.57	to	$1.34		$609		7.47	%		1.00	%	to	2.25	%		(12.75	%)	to	(13.81	%)
2021		498		$1.80	to	$1.55		$850		10.84	%		1.00	%	to	2.25	%		14.89	%	to	13.46	%
2020		587		$1.57	to	$1.37		$878		4.81	%		1.00	%	to	2.25	%		6.82	%	to	5.52	%
2019		692		$1.47	to	$1.30		$973		2.80	%		1.00	%	to	2.25	%		10.63	%	to	9.27	%
Put VT Div Inc, Cl IA
2023		154		$2.53	to	$2.53		$394		6.66	%		1.40	%	to	1.40	%		3.55	%	to	3.55	%
2022		176		$2.44	to	$2.44		$436		7.03	%		1.40	%	to	1.40	%		(3.42	%)	to	(3.42	%)
2021		183		$2.53	to	$2.53		$471		0.94	%		1.40	%	to	1.40	%		(8.02	%)	to	(8.02	%)
2020		193		$2.75	to	$2.75		$533		7.88	%		1.40	%	to	1.40	%		(2.14	%)	to	(2.14	%)
2019		206		$2.81	to	$2.81		$583		3.67	%		1.40	%	to	1.40	%		10.01	%	to	10.01	%
Put VT Div Inc, Cl IB
2023		72		$1.91	to	$1.91		$136		6.21	%		1.40	%	to	1.40	%		3.36	%	to	3.36	%
2022		83		$1.85	to	$1.85		$154		6.86	%		1.40	%	to	1.40	%		(3.70	%)	to	(3.70	%)
2021		91		$1.92	to	$1.92		$174		0.65	%		1.40	%	to	1.40	%		(8.24	%)	to	(8.24	%)
2020		96		$2.09	to	$2.09		$200		8.19	%		1.40	%	to	1.40	%		(2.28	%)	to	(2.28	%)
2019		125		$2.14	to	$2.14		$268		3.44	%		1.40	%	to	1.40	%		9.69	%	to	9.69	%



122		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Put VT Emerg Mkts Eq, Cl IB
2023		170		$1.24	to	$1.38		$198		0.49	%		1.00	%	to	1.40	%		10.48	%	to	10.04	%
2022		181		$1.12	to	$1.25		$194		—			1.00	%	to	1.40	%		(28.19	%)	to	(28.48	%)
2021		191		$1.56	to	$1.75		$286		0.48	%		1.00	%	to	1.40	%		(5.14	%)	to	(5.52	%)
2020		191		$1.65	to	$1.86		$303		0.04	%		1.00	%	to	1.40	%		26.66	%	to	26.16	%
2019		211		$1.30	to	$1.47		$266		—			1.00	%	to	1.40	%		23.68	%	to	23.19	%
Put VT Focused Intl Eq, Cl IA
2023		142		$2.64	to	$2.64		$375		0.95	%		1.40	%	to	1.40	%		17.90	%	to	17.90	%
2022		155		$2.24	to	$2.24		$346		2.09	%		1.40	%	to	1.40	%		(19.13	%)	to	(19.13	%)
2021		161		$2.77	to	$2.77		$445		0.96	%		1.40	%	to	1.40	%		11.28	%	to	11.28	%
2020		162		$2.49	to	$2.49		$404		0.40	%		1.40	%	to	1.40	%		8.78	%	to	8.78	%
2019		169		$2.29	to	$2.29		$386		0.01	%		1.40	%	to	1.40	%		25.16	%	to	25.16	%
Put VT Global Hlth Care, Cl IB
2023		150		$5.59	to	$3.77		$723		0.31	%		1.00	%	to	2.20	%		8.05	%	to	6.77	%
2022		172		$5.18	to	$3.53		$767		0.41	%		1.00	%	to	2.20	%		(5.62	%)	to	(6.74	%)
2021		227		$5.49	to	$3.78		$1,064		1.11	%		1.00	%	to	2.20	%		18.22	%	to	16.80	%
2020		244		$4.64	to	$3.24		$970		0.50	%		1.00	%	to	2.20	%		15.12	%	to	13.75	%
2019		260		$4.03	to	$2.85		$901		—			1.00	%	to	2.20	%		29.00	%	to	27.45	%
Put VT Hi Yield, Cl IA
2023		93		$3.72	to	$3.72		$344		5.75	%		1.40	%	to	1.40	%		10.74	%	to	10.74	%
2022		105		$3.36	to	$3.36		$351		5.40	%		1.40	%	to	1.40	%		(12.60	%)	to	(12.60	%)
2021		108		$3.84	to	$3.84		$413		4.96	%		1.40	%	to	1.40	%		3.74	%	to	3.74	%
2020		114		$3.70	to	$3.70		$420		6.14	%		1.40	%	to	1.40	%		4.04	%	to	4.04	%
2019		125		$3.56	to	$3.56		$445		6.14	%		1.40	%	to	1.40	%		12.96	%	to	12.96	%
Put VT Hi Yield, Cl IB
2023		30		$2.67	to	$2.67		$81		5.48	%		1.40	%	to	1.40	%		10.58	%	to	10.58	%
2022		35		$2.42	to	$2.42		$85		5.31	%		1.40	%	to	1.40	%		(12.83	%)	to	(12.83	%)
2021		39		$2.77	to	$2.77		$108		4.69	%		1.40	%	to	1.40	%		3.52	%	to	3.52	%
2020		41		$2.68	to	$2.68		$110		5.73	%		1.40	%	to	1.40	%		3.74	%	to	3.74	%
2019		44		$2.58	to	$2.58		$113		5.97	%		1.40	%	to	1.40	%		12.81	%	to	12.81	%
Put VT Inc, Cl IB
2023		14		$1.93	to	$1.41		$24		5.74	%		1.15	%	to	1.80	%		3.50	%	to	2.84	%
2022		15		$1.87	to	$1.37		$26		5.72	%		1.15	%	to	1.80	%		(14.80	%)	to	(15.35	%)
2021		16		$2.19	to	$1.62		$32		1.29	%		1.15	%	to	1.80	%		(5.68	%)	to	(6.29	%)
2020		15		$2.33	to	$1.72		$31		4.83	%		1.15	%	to	1.80	%		4.52	%	to	3.84	%
2019		17		$2.22	to	$1.66		$35		3.19	%		1.15	%	to	1.80	%		10.61	%	to	9.90	%
Put VT Intl Eq, Cl IB
2023		1,976		$2.14	to	$1.67		$3,206		0.04	%		1.00	%	to	2.20	%		17.33	%	to	15.94	%
2022		2,269		$1.83	to	$1.44		$3,168		1.55	%		1.00	%	to	2.20	%		(15.62	%)	to	(16.62	%)
2021		2,435		$2.17	to	$1.73		$4,049		1.18	%		1.00	%	to	2.20	%		7.74	%	to	6.45	%
2020		2,700		$2.01	to	$1.62		$4,175		1.64	%		1.00	%	to	2.20	%		10.98	%	to	9.65	%
2019		2,894		$1.81	to	$1.48		$4,063		1.40	%		1.00	%	to	2.20	%		23.91	%	to	22.44	%
Put VT Intl Val, Cl IB
2023		—		$1.89	to	$1.89		$0		1.48	%		1.40	%	to	1.40	%		17.03	%	to	17.03	%
2022		—		$1.62	to	$1.62		$0		2.03	%		1.40	%	to	1.40	%		(8.10	%)	to	(8.10	%)
2021		—		$1.76	to	$1.76		$0		1.99	%		1.40	%	to	1.40	%		13.34	%	to	13.34	%
2020		—		$1.55	to	$1.55		$0		2.46	%		1.40	%	to	1.40	%		2.50	%	to	2.50	%
2019		—		$1.51	to	$1.51		$0		2.64	%		1.40	%	to	1.40	%		18.55	%	to	18.55	%
Put VT Lg Cap Gro, Cl IA
2023		172		$2.91	to	$2.91		$505		—			1.40	%	to	1.40	%		42.88	%	to	42.88	%
2022		186		$2.03	to	$2.03		$380		—			1.40	%	to	1.40	%		(31.33	%)	to	(31.33	%)
2021		194		$2.96	to	$2.96		$577		—			1.40	%	to	1.40	%		21.29	%	to	21.29	%
2020		194		$2.44	to	$2.44		$474		0.25	%		1.40	%	to	1.40	%		37.16	%	to	37.16	%
2019		213		$1.78	to	$1.78		$380		0.36	%		1.40	%	to	1.40	%		35.21	%	to	35.21	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			123


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Put VT Lg Cap Gro, Cl IB
2023		362		$2.85	to	$2.85		$1,035		—			1.40	%	to	1.40	%		42.47	%	to	42.47	%
2022		384		$2.00	to	$2.00		$770		—			1.40	%	to	1.40	%		(31.47	%)	to	(31.47	%)
2021		402		$2.92	to	$2.92		$1,177		—			1.40	%	to	1.40	%		20.95	%	to	20.95	%
2020		408		$2.42	to	$2.42		$987		0.04	%		1.40	%	to	1.40	%		36.78	%	to	36.78	%
2019		465		$1.77	to	$1.77		$822		0.13	%		1.40	%	to	1.40	%		34.84	%	to	34.84	%
Put VT Lg Cap Val, Cl IA
2023		1,337		$1.89	to	$1.89		$2,531		2.27	%		1.40	%	to	1.40	%		14.32	%	to	14.32	%
2022		1,461		$1.65	to	$1.65		$2,416		1.68	%		1.40	%	to	1.40	%		(4.21	%)	to	(4.21	%)
2021		1,579		$1.72	to	$1.72		$2,726		1.38	%		1.40	%	to	1.40	%		25.85	%	to	25.85	%
2020		1,653		$1.37	to	$1.37		$2,269		2.01	%		1.40	%	to	1.40	%		4.58	%	to	4.58	%
2019		1,827		$1.31	to	$1.31		$2,397		2.27	%		1.40	%	to	1.40	%		28.92	%	to	28.92	%
Put VT Lg Cap Val, Cl IB
2023		1,483		$1.91	to	$1.80		$2,776		2.04	%		1.00	%	to	1.85	%		14.52	%	to	13.55	%
2022		1,584		$1.67	to	$1.59		$2,602		1.48	%		1.00	%	to	1.85	%		(4.09	%)	to	(4.91	%)
2021		1,596		$1.74	to	$1.67		$2,747		1.20	%		1.00	%	to	1.85	%		26.04	%	to	24.97	%
2020		1,733		$1.38	to	$1.34		$2,366		1.75	%		1.00	%	to	1.85	%		4.75	%	to	3.88	%
2019		1,861		$1.32	to	$1.29		$2,437		2.07	%		1.00	%	to	1.85	%		29.11	%	to	28.01	%
Put VT Research, Cl IB
2023		9		$4.72	to	$5.03		$46		0.77	%		1.00	%	to	1.85	%		27.58	%	to	26.50	%
2022		12		$3.70	to	$3.97		$45		0.57	%		1.00	%	to	1.85	%		(18.10	%)	to	(18.79	%)
2021		15		$4.52	to	$4.89		$71		0.10	%		1.00	%	to	1.85	%		22.90	%	to	21.86	%
2020		18		$3.68	to	$4.01		$70		0.59	%		1.00	%	to	1.85	%		18.72	%	to	17.73	%
2019		20		$3.10	to	$3.41		$66		1.13	%		1.00	%	to	1.85	%		31.91	%	to	30.79	%
Put VT Sm Cap Val, Cl IB
2023		201		$2.53	to	$2.84		$605		0.16	%		1.05	%	to	2.20	%		22.46	%	to	21.07	%
2022		216		$2.07	to	$2.34		$533		0.17	%		1.05	%	to	2.20	%		(13.89	%)	to	(14.87	%)
2021		241		$2.40	to	$2.75		$700		0.73	%		1.05	%	to	2.20	%		38.44	%	to	36.86	%
2020		272		$1.73	to	$2.01		$576		1.06	%		1.05	%	to	2.20	%		2.87	%	to	1.70	%
2019		273		$1.69	to	$1.98		$565		0.65	%		1.05	%	to	2.20	%		22.94	%	to	21.54	%
Put VT Sus Leaders, Cl IA
2023		288		$9.03	to	$9.03		$2,596		0.75	%		1.40	%	to	1.40	%		24.67	%	to	24.67	%
2022		305		$7.24	to	$7.24		$2,205		0.83	%		1.40	%	to	1.40	%		(23.79	%)	to	(23.79	%)
2021		328		$9.50	to	$9.50		$3,112		0.33	%		1.40	%	to	1.40	%		22.12	%	to	22.12	%
2020		336		$7.78	to	$7.78		$2,617		0.64	%		1.40	%	to	1.40	%		27.27	%	to	27.27	%
2019		362		$6.11	to	$6.11		$2,211		0.68	%		1.40	%	to	1.40	%		34.82	%	to	34.82	%
Put VT Sus Leaders, Cl IB
2023		599		$4.92	to	$4.19		$2,826		0.52	%		1.00	%	to	2.20	%		24.86	%	to	23.37	%
2022		650		$3.94	to	$3.40		$2,466		0.56	%		1.00	%	to	2.20	%		(23.68	%)	to	(24.59	%)
2021		703		$5.16	to	$4.51		$3,511		0.14	%		1.00	%	to	2.20	%		22.30	%	to	20.85	%
2020		805		$4.22	to	$3.73		$3,291		0.41	%		1.00	%	to	2.20	%		27.62	%	to	26.09	%
2019		851		$3.31	to	$2.96		$2,740		0.45	%		1.00	%	to	2.20	%		35.00	%	to	33.39	%
Royce Micro-Cap, Invest Cl
2023		59		$6.00	to	$5.04		$319		—			1.40	%	to	1.60	%		17.14	%	to	16.90	%
2022		70		$5.12	to	$4.31		$320		—			1.40	%	to	1.60	%		(23.51	%)	to	(23.66	%)
2021		74		$6.69	to	$5.65		$445		—			1.40	%	to	1.60	%		28.17	%	to	27.92	%
2020		94		$5.22	to	$4.42		$440		—			1.40	%	to	1.60	%		22.07	%	to	21.83	%
2019		107		$4.28	to	$3.62		$411		—			1.40	%	to	1.60	%		17.89	%	to	17.65	%
Royce Sm-Cap, Invest Cl
2023		46		$6.78	to	$6.24		$303		0.89	%		1.40	%	to	1.60	%		24.18	%	to	23.93	%
2022		47		$5.46	to	$5.03		$251		0.39	%		1.40	%	to	1.60	%		(10.45	%)	to	(10.63	%)
2021		51		$6.09	to	$5.63		$306		1.39	%		1.40	%	to	1.60	%		27.03	%	to	26.77	%
2020		56		$4.80	to	$4.44		$265		0.93	%		1.40	%	to	1.60	%		(8.44	%)	to	(8.63	%)
2019		74		$5.24	to	$4.86		$379		0.65	%		1.40	%	to	1.60	%		17.02	%	to	16.78	%



124		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Temp Dev Mkts, Cl 2
2023		82		$2.91	to	$2.68		$223		2.15	%		1.00	%	to	1.35	%		11.51	%	to	11.12	%
2022		94		$2.61	to	$2.41		$229		2.62	%		1.00	%	to	1.35	%		(22.75	%)	to	(23.03	%)
2021		95		$3.37	to	$3.13		$300		0.88	%		1.00	%	to	1.35	%		(6.68	%)	to	(7.00	%)
2020		104		$3.61	to	$3.37		$354		4.15	%		1.00	%	to	1.35	%		16.02	%	to	15.61	%
2019		107		$3.12	to	$2.91		$316		0.99	%		1.00	%	to	1.35	%		25.43	%	to	25.00	%
Temp Foreign, Cl 2
2023		1,379		$1.75	to	$2.21		$2,501		3.22	%		1.00	%	to	1.85	%		19.56	%	to	18.55	%
2022		1,570		$1.46	to	$1.86		$2,387		3.07	%		1.00	%	to	1.85	%		(8.52	%)	to	(9.30	%)
2021		1,653		$1.60	to	$2.05		$2,766		1.82	%		1.00	%	to	1.85	%		3.12	%	to	2.25	%
2020		1,839		$1.55	to	$2.01		$2,999		3.48	%		1.00	%	to	1.85	%		(2.14	%)	to	(2.97	%)
2019		2,114		$1.59	to	$2.07		$3,510		1.76	%		1.00	%	to	1.85	%		11.41	%	to	10.47	%
Temp Global Bond, Cl 2
2023		3,832		$1.09	to	$0.91		$6,127		—			1.00	%	to	2.25	%		1.86	%	to	0.60	%
2022		4,102		$1.07	to	$0.90		$6,479		—			1.00	%	to	2.25	%		(5.89	%)	to	(7.06	%)
2021		5,109		$1.13	to	$0.97		$8,626		—			1.00	%	to	2.25	%		(5.94	%)	to	(7.11	%)
2020		4,758		$1.20	to	$1.05		$8,598		7.95	%		1.00	%	to	2.25	%		(6.22	%)	to	(7.39	%)
2019		4,822		$1.28	to	$1.13		$9,350		7.11	%		1.00	%	to	2.25	%		0.99	%	to	(0.25	%)
Temp Gro, Cl 2
2023		156		$1.94	to	$1.63		$267		3.32	%		1.00	%	to	2.25	%		19.81	%	to	18.32	%
2022		166		$1.62	to	$1.37		$239		0.16	%		1.00	%	to	2.25	%		(12.38	%)	to	(13.47	%)
2021		184		$1.85	to	$1.59		$302		1.14	%		1.00	%	to	2.25	%		3.83	%	to	2.54	%
2020		246		$1.78	to	$1.55		$385		3.08	%		1.00	%	to	2.25	%		4.74	%	to	3.44	%
2019		416		$1.70	to	$1.50		$646		2.78	%		1.00	%	to	2.25	%		14.01	%	to	12.59	%
Third Ave VST Third Ave Value
2023		56		$4.13	to	$4.27		$232		2.36	%		1.40	%	to	1.60	%		19.14	%	to	18.90	%
2022		58		$3.47	to	$3.59		$205		1.47	%		1.40	%	to	1.60	%		14.50	%	to	14.27	%
2021		65		$3.03	to	$3.14		$200		0.70	%		1.40	%	to	1.60	%		20.36	%	to	20.12	%
2020		69		$2.52	to	$2.62		$177		2.71	%		1.40	%	to	1.60	%		(3.75	%)	to	(3.94	%)
2019		71		$2.61	to	$2.72		$190		0.27	%		1.40	%	to	1.60	%		10.90	%	to	10.68	%
VP Aggr, Cl 2
2023		3,639		$2.45	to	$2.07		$8,543		—			1.00	%	to	2.25	%		16.06	%	to	14.62	%
2022		5,040		$2.11	to	$1.80		$10,226		—			1.00	%	to	2.25	%		(19.00	%)	to	(20.00	%)
2021		5,958		$2.61	to	$2.25		$14,972		—			1.00	%	to	2.25	%		14.61	%	to	13.18	%
2020		8,935		$2.28	to	$1.99		$19,699		—			1.00	%	to	2.25	%		13.84	%	to	12.43	%
2019		11,624		$2.00	to	$1.77		$22,676		—			1.00	%	to	2.25	%		20.38	%	to	18.89	%
VP Aggr, Cl 4
2023		27,355		$2.46	to	$2.07		$62,759		—			1.00	%	to	2.25	%		16.03	%	to	14.59	%
2022		31,593		$2.12	to	$1.80		$62,848		—			1.00	%	to	2.25	%		(19.00	%)	to	(20.01	%)
2021		35,239		$2.61	to	$2.26		$86,904		—			1.00	%	to	2.25	%		14.62	%	to	13.20	%
2020		40,297		$2.28	to	$1.99		$87,068		—			1.00	%	to	2.25	%		13.82	%	to	12.40	%
2019		49,606		$2.00	to	$1.77		$94,862		—			1.00	%	to	2.25	%		20.47	%	to	18.97	%
VP Conserv, Cl 2
2023		9,869		$1.34	to	$1.13		$12,557		—			1.00	%	to	2.25	%		7.39	%	to	6.06	%
2022		12,028		$1.25	to	$1.07		$14,301		—			1.00	%	to	2.25	%		(16.38	%)	to	(17.42	%)
2021		13,302		$1.49	to	$1.29		$18,961		—			1.00	%	to	2.25	%		1.79	%	to	0.53	%
2020		17,061		$1.47	to	$1.28		$24,007		—			1.00	%	to	2.25	%		8.22	%	to	6.87	%
2019		14,309		$1.36	to	$1.20		$18,573		—			1.00	%	to	2.25	%		9.65	%	to	8.28	%
VP Conserv, Cl 4
2023		30,356		$1.34	to	$1.13		$38,161		—			1.00	%	to	2.25	%		7.32	%	to	5.99	%
2022		36,585		$1.25	to	$1.07		$43,017		—			1.00	%	to	2.25	%		(16.33	%)	to	(17.37	%)
2021		44,394		$1.49	to	$1.29		$62,613		—			1.00	%	to	2.25	%		1.80	%	to	0.53	%
2020		51,800		$1.47	to	$1.28		$72,136		—			1.00	%	to	2.25	%		8.15	%	to	6.81	%
2019		56,178		$1.36	to	$1.20		$72,369		—			1.00	%	to	2.25	%		9.65	%	to	8.28	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			125


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Man Risk, Cl 2
2023		249		$1.19	to	$1.10		$290		—		1.00	%	to	2.25	%		11.14	%	to	9.77	%
2022		300		$1.07	to	$1.00		$316		—		1.00	%	to	2.25	%		(18.21	%)	to	(19.22	%)
2021		356		$1.30	to	$1.24		$459		—		1.00	%	to	2.25	%		9.62	%	to	8.26	%
2020		314		$1.19	to	$1.14		$371		—		1.00	%	to	2.25	%		6.72	%	to	5.40	%
2019		346		$1.12	to	$1.08		$384		—		1.00	%	to	2.25	%		14.90	%	to	13.47	%
VP Man Risk US, Cl 2
2023		20		$1.32	to	$1.22		$27		—		1.00	%	to	2.25	%		13.41	%	to	12.00	%
2022		22		$1.17	to	$1.09		$26		—		1.00	%	to	2.25	%		(18.04	%)	to	(19.06	%)
2021		24		$1.42	to	$1.35		$35		—		1.00	%	to	2.25	%		12.21	%	to	10.82	%
2020		27		$1.27	to	$1.22		$35		—		1.00	%	to	2.25	%		8.70	%	to	7.35	%
2019		28		$1.17	to	$1.13		$33		—		1.00	%	to	2.25	%		17.14	%	to	15.68	%
VP Man Vol Conserv, Cl 2
2023		9,887		$1.14	to	$1.00		$10,635		—		1.00	%	to	2.25	%		6.80	%	to	5.47	%
2022		10,961		$1.07	to	$0.95		$11,073		—		1.00	%	to	2.25	%		(16.83	%)	to	(17.86	%)
2021		11,095		$1.28	to	$1.16		$13,538		—		1.00	%	to	2.25	%		1.61	%	to	0.34	%
2020		12,973		$1.26	to	$1.15		$15,714		—		1.00	%	to	2.25	%		7.05	%	to	5.72	%
2019		13,203		$1.18	to	$1.09		$15,032		—		1.00	%	to	2.25	%		10.80	%	to	9.42	%
VP Man Vol Conserv Gro, Cl 2
2023		23,720		$1.23	to	$1.09		$27,721		—		1.00	%	to	2.25	%		8.89	%	to	7.54	%
2022		28,273		$1.13	to	$1.01		$30,541		—		1.00	%	to	2.25	%		(17.89	%)	to	(18.91	%)
2021		32,135		$1.38	to	$1.25		$42,467		—		1.00	%	to	2.25	%		4.40	%	to	3.11	%
2020		35,403		$1.32	to	$1.21		$45,046		—		1.00	%	to	2.25	%		8.07	%	to	6.72	%
2019		39,945		$1.22	to	$1.13		$47,298		—		1.00	%	to	2.25	%		12.86	%	to	11.46	%
VP Man Vol Gro, Cl 2
2023		61,933		$1.44	to	$1.27		$85,008		—		1.00	%	to	2.25	%		13.46	%	to	12.05	%
2022		69,477		$1.27	to	$1.13		$84,426		—		1.00	%	to	2.25	%		(20.23	%)	to	(21.22	%)
2021		78,467		$1.59	to	$1.44		$120,065		—		1.00	%	to	2.25	%		10.78	%	to	9.40	%
2020		87,841		$1.44	to	$1.31		$121,965		—		1.00	%	to	2.25	%		10.19	%	to	8.82	%
2019		96,239		$1.30	to	$1.21		$121,875		—		1.00	%	to	2.25	%		17.09	%	to	15.63	%
VP Man Vol Mod Gro, Cl 2
2023		126,249		$1.35	to	$1.19		$161,004		—		1.00	%	to	2.25	%		11.16	%	to	9.78	%
2022		143,791		$1.21	to	$1.08		$165,780		—		1.00	%	to	2.25	%		(18.97	%)	to	(19.97	%)
2021		162,991		$1.49	to	$1.35		$233,147		—		1.00	%	to	2.25	%		7.62	%	to	6.28	%
2020		182,920		$1.39	to	$1.27		$244,333		—		1.00	%	to	2.25	%		9.28	%	to	7.92	%
2019		207,283		$1.27	to	$1.18		$254,666		—		1.00	%	to	2.25	%		15.01	%	to	13.58	%
VP Mod, Cl 2
2023		106,741		$1.87	to	$1.58		$191,309		—		1.00	%	to	2.25	%		11.84	%	to	10.45	%
2022		121,163		$1.67	to	$1.43		$194,674		—		1.00	%	to	2.25	%		(17.44	%)	to	(18.46	%)
2021		132,830		$2.03	to	$1.75		$259,307		—		1.00	%	to	2.25	%		7.92	%	to	6.58	%
2020		150,475		$1.88	to	$1.64		$273,283		—		1.00	%	to	2.25	%		11.74	%	to	10.36	%
2019		170,011		$1.68	to	$1.49		$277,234		—		1.00	%	to	2.25	%		14.98	%	to	13.55	%
VP Mod, Cl 4
2023		345,071		$1.87	to	$1.58		$605,341		—		1.00	%	to	2.25	%		11.82	%	to	10.43	%
2022		396,064		$1.67	to	$1.43		$623,767		—		1.00	%	to	2.25	%		(17.41	%)	to	(18.44	%)
2021		452,165		$2.03	to	$1.75		$865,825		—		1.00	%	to	2.25	%		7.96	%	to	6.62	%
2020		508,831		$1.88	to	$1.64		$906,510		—		1.00	%	to	2.25	%		11.67	%	to	10.28	%
2019		573,110		$1.68	to	$1.49		$918,561		—		1.00	%	to	2.25	%		15.02	%	to	13.59	%
VP Mod Aggr, Cl 2
2023		16,669		$2.14	to	$1.80		$33,939		—		1.00	%	to	2.25	%		13.79	%	to	12.38	%
2022		19,680		$1.88	to	$1.60		$35,392		—		1.00	%	to	2.25	%		(18.41	%)	to	(19.42	%)
2021		25,188		$2.31	to	$1.99		$55,691		—		1.00	%	to	2.25	%		11.19	%	to	9.81	%
2020		31,308		$2.07	to	$1.81		$62,605		—		1.00	%	to	2.25	%		12.90	%	to	11.50	%
2019		45,434		$1.84	to	$1.63		$80,893		—		1.00	%	to	2.25	%		17.53	%	to	16.07	%



126		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Mod Aggr, Cl 4
2023		72,302		$2.15	to	$1.81		$143,922		—			1.00	%	to	2.25	%		13.77	%	to	12.36	%
2022		86,561		$1.89	to	$1.61		$152,423		—			1.00	%	to	2.25	%		(18.38	%)	to	(19.40	%)
2021		101,715		$2.31	to	$1.99		$220,851		—			1.00	%	to	2.25	%		11.22	%	to	9.83	%
2020		121,398		$2.08	to	$1.82		$238,709		—			1.00	%	to	2.25	%		12.88	%	to	11.48	%
2019		151,330		$1.84	to	$1.63		$265,526		—			1.00	%	to	2.25	%		17.57	%	to	16.10	%
VP Mod Conserv, Cl 2
2023		15,883		$1.58	to	$1.33		$23,826		—			1.00	%	to	2.25	%		9.40	%	to	8.05	%
2022		19,163		$1.44	to	$1.23		$26,305		—			1.00	%	to	2.25	%		(16.92	%)	to	(17.95	%)
2021		21,920		$1.74	to	$1.50		$36,380		—			1.00	%	to	2.25	%		4.69	%	to	3.39	%
2020		25,092		$1.66	to	$1.45		$39,950		—			1.00	%	to	2.25	%		9.90	%	to	8.54	%
2019		28,014		$1.51	to	$1.34		$40,757		—			1.00	%	to	2.25	%		12.39	%	to	10.99	%
VP Mod Conserv, Cl 4
2023		41,087		$1.58	to	$1.33		$60,596		—			1.00	%	to	2.25	%		9.39	%	to	8.03	%
2022		48,643		$1.45	to	$1.23		$65,859		—			1.00	%	to	2.25	%		(16.94	%)	to	(17.97	%)
2021		55,536		$1.74	to	$1.50		$91,018		—			1.00	%	to	2.25	%		4.74	%	to	3.43	%
2020		65,124		$1.66	to	$1.45		$102,483		—			1.00	%	to	2.25	%		9.88	%	to	8.52	%
2019		75,033		$1.51	to	$1.34		$108,010		—			1.00	%	to	2.25	%		12.36	%	to	10.96	%
VP Ptnrs Core Eq, Cl 3
2023		277		$3.65	to	$3.06		$697		—			1.00	%	to	2.25	%		23.32	%	to	21.79	%
2022		334		$2.96	to	$2.51		$684		—			1.00	%	to	2.25	%		(18.25	%)	to	(19.27	%)
2021		393		$3.62	to	$3.11		$992		—			1.00	%	to	2.25	%		28.05	%	to	26.46	%
2020		545		$2.83	to	$2.46		$1,082		—			1.00	%	to	2.25	%		15.68	%	to	14.24	%
2019		630		$2.44	to	$2.15		$1,086		—			1.00	%	to	2.25	%		25.12	%	to	23.57	%
VP Ptnrs Sm Cap Val, Cl 3
2023		2,889		$3.49	to	$2.27		$8,768		—			1.00	%	to	2.25	%		10.16	%	to	8.79	%
2022		3,047		$3.17	to	$2.09		$8,464		—			1.00	%	to	2.25	%		(13.92	%)	to	(14.99	%)
2021		3,668		$3.68	to	$2.46		$11,935		—			1.00	%	to	2.25	%		22.65	%	to	21.13	%
2020		4,584		$3.00	to	$2.03		$12,234		—			1.00	%	to	2.25	%		3.08	%	to	1.80	%
2019		4,545		$2.91	to	$1.99		$11,859		—			1.00	%	to	2.25	%		18.47	%	to	17.00	%
VP US Flex Conserv Gro, Cl 2
2023		291		$1.24	to	$1.13		$354		—			1.00	%	to	2.25	%		10.12	%	to	8.76	%
2022		401		$1.12	to	$1.04		$442		—			1.00	%	to	2.25	%		(17.56	%)	to	(18.59	%)
2021		363		$1.36	to	$1.28		$488		—			1.00	%	to	2.25	%		6.43	%	to	5.10	%
2020		975		$1.28	to	$1.21		$1,243		—			1.00	%	to	2.25	%		4.82	%	to	3.52	%
2019		625		$1.22	to	$1.17		$757		—			1.00	%	to	2.25	%		13.72	%	to	12.30	%
VP US Flex Gro, Cl 2
2023		2,437		$1.51	to	$1.38		$3,656		—			1.00	%	to	2.25	%		15.64	%	to	14.21	%
2022		2,821		$1.31	to	$1.21		$3,668		—			1.00	%	to	2.25	%		(19.54	%)	to	(20.53	%)
2021		2,316		$1.63	to	$1.53		$3,748		—			1.00	%	to	2.25	%		14.35	%	to	12.93	%
2020		3,107		$1.42	to	$1.35		$4,405		—			1.00	%	to	2.25	%		3.76	%	to	2.47	%
2019		3,925		$1.37	to	$1.32		$5,370		—			1.00	%	to	2.25	%		19.01	%	to	17.53	%
VP US Flex Mod Gro, Cl 2
2023		1,572		$1.38	to	$1.26		$2,139		—			1.00	%	to	2.25	%		12.74	%	to	11.34	%
2022		1,469		$1.22	to	$1.13		$1,772		—			1.00	%	to	2.25	%		(18.35	%)	to	(19.37	%)
2021		1,916		$1.49	to	$1.40		$2,841		—			1.00	%	to	2.25	%		10.37	%	to	8.99	%
2020		1,751		$1.35	to	$1.29		$2,350		—			1.00	%	to	2.25	%		4.48	%	to	3.18	%
2019		1,269		$1.30	to	$1.25		$1,635		—			1.00	%	to	2.25	%		16.41	%	to	14.96	%
Wanger Acorn
2023		1,417		$3.59	to	$3.01		$5,089		—			1.00	%	to	2.25	%		20.53	%	to	19.04	%
2022		1,597		$2.98	to	$2.53		$4,790		—			1.00	%	to	2.25	%		(34.13	%)	to	(34.94	%)
2021		1,471		$4.52	to	$3.89		$6,733		0.74	%		1.00	%	to	2.25	%		7.82	%	to	6.48	%
2020		1,908		$4.19	to	$3.65		$8,162		—			1.00	%	to	2.25	%		22.99	%	to	21.47	%
2019		2,256		$3.41	to	$3.01		$7,891		0.26	%		1.00	%	to	2.25	%		29.80	%	to	28.19	%



RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎			127


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Wanger Intl
2023		1,560		$2.00	to	$1.68		$4,634		0.32	%		1.00	%	to	2.25	%		15.80	%	to	14.36	%
2022		1,751		$1.73	to	$1.47		$4,524		0.93	%		1.00	%	to	2.25	%		(34.51	%)	to	(35.32	%)
2021		1,595		$2.64	to	$2.27		$6,319		0.55	%		1.00	%	to	2.25	%		17.63	%	to	16.17	%
2020		1,966		$2.24	to	$1.95		$6,680		2.13	%		1.00	%	to	2.25	%		13.23	%	to	11.82	%
2019		2,262		$1.98	to	$1.74		$6,931		0.78	%		1.00	%	to	2.25	%		28.70	%	to	27.10	%

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. Although the total return is presented as a range of values, based on the subaccounts representing the lowest and highest expense ratios, some individual subaccount total returns are not within the ranges presented due to the introduction of new subaccounts during the year and other market factors.

⁽⁵⁾	New subaccount operations commenced on April 24, 2020.

⁽⁶⁾	New subaccount operations commenced on April 23, 2021.

⁽⁷⁾	New subaccount operations commenced on April 28, 2023.



128		∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of RiverSource Life Insurance Company and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, 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, 2023, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

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

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

F-1

Valuation of market risk benefits

As described in Notes 2 and 12 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate. As of December 31, 2023, the market risk benefits asset was $1,427 million and the market risk benefits liability was $1,762 million.

The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management’s significant assumptions related to utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate (collectively, the significant market risk benefit assumptions), and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to market risk benefits, including controls over the reasonableness of the significant market risk benefit assumptions. These procedures also included, among others, (i) evaluating management’s process for developing the fair value estimate of the market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.


/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 22, 2024

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

F-2

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


December 31,	2023			2022⁽¹⁾
Assets
Investments:
Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2023, $19,871; 2022, $17,331; allowance for credit losses: 2023, $2; 2022, $22)	$	19,374		$	16,135
Mortgage loans, at amortized cost (allowance for credit losses: 2023, $10; 2022, $11)		1,725			1,768
Policy loans		912			847
Other investments (allowance for credit losses: 2023, nil; 2022, nil)		165			207
Total investments		22,176			18,957
Investments of consolidated investment entities, at fair value		2,099			2,354
Cash and cash equivalents		2,598			2,611
Cash of consolidated investment entities, at fair value		87			133
Market risk benefits		1,427			1,015
Reinsurance recoverables (allowance for credit losses: 2023, $27;2022, $23)		4,284			4,228
Receivables		6,702			7,577
Receivables of consolidated investment entities, at fair value		28			20
Accrued investment income		176			145
Deferred acquisition costs		2,696			2,759
Other assets		6,977			4,726
Other assets of consolidated investment entities, at fair value		1			2
Separate account assets		74,634			70,876
Total assets	$	123,885		$	115,403

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	37,535		$	34,122
Market risk benefits		1,762			2,118
Short-term borrowings		201			201
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,155			2,363
Other liabilities		5,896			4,131
Other liabilities of consolidated investment entities, at fair value		45			119
Separate account liabilities		74,634			70,876
Total liabilities		122,728			114,430
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		(618	)		(412	)
Accumulated other comprehensive income (loss), net of tax		(694	)		(1,084	)
Total shareholder’s equity		1,157			973
Total liabilities and shareholder’s equity	$	123,885		$	115,403

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-3

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF INCOME

(in millions)


Years Ended December 31,	2023			2022⁽¹⁾			2021⁽¹⁾
Revenues
Premiums	$	448		$	306		$	(871	)
Net investment income		1,304			827			827
Policy and contract charges		2,020			2,078			2,250
Other revenues		590			644			616
Net realized investment gains (losses)		(70	)		(100	)		595
Total revenues		4,292			3,755			3,417

Benefits and expenses
Benefits, claims, losses and settlement expenses		1,348			236			(157	)
Interest credited to fixed accounts		654			665			600
Remeasurement (gains) losses of future policy benefit reserves		(20	)		1			(52	)
Change in fair value of market risk benefits		798			311			(113	)
Amortization of deferred acquisition costs		239			241			245
Interest and debt expense		192			108			105
Other insurance and operating expenses		697			682			751
Total benefits and expenses		3,908			2,244			1,379
Pretax income (loss)		384			1,511			2,038
Income tax provision (benefit)		(10	)		209			316
Net income	$	394		$	1,302		$	1,722

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-4

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


Years Ended December 31,	2023			2022⁽¹⁾			2021⁽¹⁾

Net income	$	394		$	1,302		$	1,722
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities		509			(2,035	)		(848	)
Effect of changes in discount rate assumptions on certain long-duration contracts		(54	)		861			284
Effect of changes in instrument-specific credit risk on market risk benefits		(65	)		407			100
Total other comprehensive income (loss), net of tax		390			(767	)		(464	)
Total comprehensive income (loss)	$	784		$	535		$	1,258

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-5

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)


	Common Shares		Additional Paid-In Capital		Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Total
Balances at January 1, 2021	$	3	$	2,466	$	(76	)	$	1,184		$	3,577
Cumulative effect of adoption of long-duration contracts guidance		—		—		(860	)		(1,037	)		(1,897	)
Net income		—		—		1,722			—			1,722
Other comprehensive loss, net of tax		—		—		—			(464	)		(464	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(1,900	)		—			(1,900	)

Balances at December 31, 2021⁽¹⁾		3		2,466		(1,114	)		(317	)		1,038
Net income		—		—		1,302			—			1,302
Other comprehensive loss, net of tax		—		—		—			(767	)		(767	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)

Balances at December 31, 2022⁽¹⁾		3		2,466		(412	)		(1,084	)		973
Net income		—		—		394			—			394
Other comprehensive income, net of tax		—		—		—			390			390
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)
Balances at December 31, 2023	$	3	$	2,466	$	(618	)	$	(694	)	$	1,157

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

F-6

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


Years Ended December 31,	2023			2022⁽¹⁾			2021⁽¹⁾
Cash Flows from Operating Activities
Net income	$	394		$	1,302		$	1,722
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net		(205	)		(201	)		(98	)
Deferred income tax (benefit) expense		100			154			138
Contractholder and policyholder charges, non-cash		(403	)		(395	)		(390	)
Loss from equity method investments		26			48			72
Net realized investment (gains) losses		46			(3	)		(611	)
Impairments and provision for loan losses		(20	)		91			(3	)
Net losses (gains) of consolidated investment entities		23			17			(20	)
Changes in operating assets and liabilities:
Deferred acquisition costs		63			62			(9	)
Policyholder account balances, future policy benefits and claims, and market risk benefits, net		3,474			1,013			1,482
Derivatives, net of collateral		(666	)		311			(575	)
Reinsurance recoverables		100			84			(19	)
Receivables		333			279			114
Accrued investment income		(31	)		(21	)		10
Current income tax, net		(323	)		72			(321	)
Other operating assets and liabilities of consolidated investment entities		(5	)		2			20
Other, net		134			136			66
Net cash provided by (used in) operating activities		3,040			2,951			1,578

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		617			1,309			555
Maturities, sinking fund payments and calls		963			1,563			2,804
Purchases		(4,187	)		(5,600	)		(3,677	)
Proceeds from sales, maturities and repayments of mortgage loans		118			141			272
Funding of mortgage loans		(74	)		(124	)		(215	)
Proceeds from sales and collections of other investments		29			24			93
Purchase of other investments		(15	)		(46	)		(32	)
Purchase of investments by consolidated investment entities		(427	)		(961	)		(1,603	)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities		643			615			1,047
Purchase of equipment and software		(10	)		(13	)		(13	)
Change in policy loans, net		(65	)		(13	)		12
Cash paid for deposit receivable		(39	)		(45	)		(377	)
Cash received for deposit receivable		774			550			254
Advance on line of credit to Ameriprise Financial, Inc.		(850	)		(1,034	)		(1	)
Repayment from Ameriprise Financial, Inc. on line of credit		850			1,034			1
Cash paid for written options with deferred premiums		(59	)		(619	)		(552	)
Cash received from written options with deferred premiums		43			204			106
Other, net		25			21			(39	)
Net cash provided by (used in) investing activities		(1,664	)		(2,994	)		(1,365	)

Cash Flows from Financing Activities
Policyholder account balances:
Deposits and other additions		1,476			1,169			1,553
Net transfers from (to) separate accounts		(132	)		(162	)		(273	)
Surrenders and other benefits		(2,102	)		(1,459	)		(1,365	)
Proceeds from line of credit with Ameriprise Financial, Inc.		—			—			6
Payments on line of credit with Ameriprise Financial, Inc.		—			—			(6	)
Cash paid for purchased options with deferred premiums		(53	)		(197	)		(156	)
Cash received for purchased options with deferred premiums		251			378			1,350
Borrowings by consolidated investment entities		—			341			1,756
Repayments of debt by consolidated investment entities		(275	)		(4	)		(1,142	)
Cash dividends to Ameriprise Financial, Inc.		(600	)		(600	)		(1,900	)
Net cash provided by (used in) financing activities		(1,435	)		(534	)		(177	)
Net increase (decrease) in cash and cash equivalents		(59	)		(577	)		36
Cash and cash equivalents at beginning of period		2,744			3,321			3,285
Cash and cash equivalents at end of period	$	2,685		$	2,744		$	3,321

Supplemental Disclosures:
Income taxes paid (received), net	$	215		$	(17	)	$	496
Interest paid excluding consolidated investment entities		28			3			—
Interest paid by consolidated investment entities		177			75			90
Non-cash investing activity:
Exchange of an investment that resulted in a realized gain and an increase to amortized cost		—			—			17
Investments transferred in connection with reinsurance transaction		—			—			7,513

⁽¹⁾	Certain prior period amounts have been restated. See Note 3 for more information.

See Notes to Consolidated Financial Statements.

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RiverSource Life Insurance Company

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS AND BASIS OF PRESENTATION

RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company subsidiary, RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”). RiverSource Life Insurance Company is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”).

•

RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products.

•

RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products.

RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc. (“RTA”) and Columbia Cent CLO Advisors, LLC (“Columbia Cent”). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments. Columbia Cent provides asset management services to collateralized loan obligations (“CLOs”).

The accompanying Consolidated Financial Statements include the accounts of RiverSource Life Insurance Company and companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16. 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 principal products are variable annuities, structured variable annuities, universal life (“UL”) insurance, including indexed universal life (“IUL”) and variable universal life (“VUL”) insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other benefit riders. Variable annuity contract purchasers can choose to add optional benefit riders to their contracts, such as guaranteed minimum death benefits (“GMDB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum accumulation benefits (“GMAB”) riders.

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

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

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

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RiverSource Life Insurance Company

measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.

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

•

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

•

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

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

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

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

Amounts Based on Estimates and Assumptions

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

Investments

Available-for-Sale Securities

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

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

For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to net realized investment gains (losses). The allowance for credit losses is limited to the 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

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RiverSource Life Insurance Company

the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.

Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Accrued investment income. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.

Other Investments

Other investments primarily reflect the Company’s interests in affordable housing partnerships and syndicated loans. Affordable housing partnerships are accounted for under the equity method.

Financing Receivables

Financing receivables are comprised of commercial loans, policy loans, and deposit receivables.

Commercial Loans

Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for 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.

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RiverSource Life Insurance Company

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

Deposit Receivables

The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.

Nonaccrual Loans

Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.

Loan Modifications

A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.

Charge-off and Foreclosure

Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.

If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.

Cash and Cash Equivalents

Cash equivalents include highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.

Reinsurance

The Company cedes insurance risk to other insurers under reinsurance agreements.

Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums paid for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.

UL and VUL reinsurance premiums are reported as a reduction of Policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits (“EGPs”) over the period the reinsurance policies are in-force. Changes in the net cost of reinsurance are reflected as a component of Policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a

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RiverSource Life Insurance Company

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 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, 2023 and 2022, land, buildings, equipment and software were $117 million and $123 million, net of accumulated depreciation of $244 million and $229 million as of December 31, 2023 and 2022, respectively. Depreciation and amortization expense for the years ended December 31, 2023, 2022 and 2021 was $15 million, $13 million and $14 million, respectively.

Derivative Instruments and Hedging Activities

Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”) or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”).

Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.

For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Income with the corresponding change in the hedged asset or liability.

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.

F-12

RiverSource Life Insurance Company

The equity component of indexed annuity, structured variable annuity and IUL obligations are considered embedded derivatives. Additionally, certain annuities contain GMAB and GMWB provisions. These GMAB and GMWB provisions are accounted for as market risk benefits under ASU 2018-12.

See Note 14 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Income.

Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include GMDB, guaranteed minimum income benefit (“GMIB”), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.

Deferred Acquisition Costs

The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to Ameriprise Financial’s advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The DAC associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.

The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.

The analysis of DAC balances and the corresponding amortization 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 on a constant level basis. DSIC is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

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RiverSource Life Insurance Company

Separate Account Assets and Liabilities

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

Policyholder Account Balances, Future Policy Benefits and Claims

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI and LTC insurance.

Non-Traditional Long-Duration Products

The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities, and IUL products.

Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.

A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information regarding the liability for contracts with secondary guarantees. Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.

See Note 12 for information regarding variable annuity guarantees.

Embedded Derivatives

The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 14 for information regarding the fair value measurement of embedded derivatives.

Traditional Long-Duration Products

The liabilities for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI, LTC, and life contingent payout annuity policies as claims are incurred in the future. The claim liability (also referred to as disabled life reserve) is presented together as one liability for future policy benefits.

A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.

Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.

The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter.

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RiverSource Life Insurance Company

The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.

The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.

The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.

If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.

Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.

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

Deferred Profit Liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.

DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 10.

Unearned Revenue Liability

The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized consistent with DAC amortization factors. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Policy and contract charges.

Income Taxes

The Company qualifies as a life insurance company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies.

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and the Company, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which the Company is a member is an applicable corporation with regard to the corporate alternative minimum tax (“CAMT”) and is therefore required to compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.

The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.

F-15

RiverSource Life Insurance Company

In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.

The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 20 for additional information on the Company’s valuation allowance.

Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.

Revenue Recognition

Premiums on traditional life, DI and LTC insurance products and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.

Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively.

Mortality and expense risk fees are based on a percentage of the fair value of assets held in the Company’s separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges, cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed.

Realized gains and losses on the sale of securities, other than equity method investments, are recognized using the specific identification method, on a trade date basis.

Fees received under marketing support and distribution services arrangements are recognized as revenue when earned.

See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

3. RECENT ACCOUNTING PRONOUNCEMENTS

Adoption of New Accounting Standards

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

In March 2022, the Financial Accounting Standards Board (“FASB”) proposed amendments to ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The update removes the recognition and measurement guidance for Troubled Debt Restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables — Troubled Debt Restructurings by Creditors, and modifies the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The update also requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments — Credit Losses — Measured at Amortized Cost. The amendments are to be applied prospectively, but entities may apply a modified retrospective transition for changes to the recognition and measurement of TDRs. For entities that have adopted Topic 326, the amendments are effective for interim and annual periods beginning after December 15, 2022. The Company adopted the standard on January 1, 2023. The adoption of this update did not have an impact on the Company’s consolidated financial condition and results of operations and modifications to disclosures are immaterial in the current period.

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

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

F-16

RiverSource Life Insurance Company

When the Company adopted the standard effective January 1, 2023 with a transition date of January 1, 2021 (the “transition date”), opening equity was adjusted for the adoption impacts to retained earnings and AOCI and prior periods presented (i.e. 2021 and 2022) were restated. The adoption impact as of January 1, 2021 was a reduction in total equity of $1.9 billion, of which $0.9 billion and $1.0 billion were reflected in retained earnings and AOCI, respectively.

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


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

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


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

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

Leases — Common Control Arrangements

In March 2023, the FASB proposed amendments to ASU 2016-02, Leases (“Topic 842”). The update applicable to all entities requires leasehold improvements associated with common control leases to be amortized over the useful life of the leasehold improvements to the common control group as long as the lessee controls the use of the underlying asset through a lease and to be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments are effective for interim and annual periods beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been made

F-17

RiverSource Life Insurance Company

available for issuance. The Company early adopted the update during the second quarter of 2023 and will apply the amendments prospectively as of the beginning of 2023 to all new and existing leasehold improvements recognized on or after that date with any remaining unamortized balance of existing leasehold improvements amortized over their remaining useful life to the common control group determined at that date. The adoption of this update did not have a material impact on the Company’s consolidated financial condition and results of operations.

Future Adoption of New Accounting Standards

Segment Reporting — Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is assessing changes to the segment related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.

Income Taxes — Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.

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)	2023		2022		2021
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	152	$	164	$	193
Unaffiliated		14		14		17
Total		166		178		210
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		39		42		49
Unaffiliated		17		18		20
		56		60		69
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)		307		334		389
Unaffiliated		4		4		5
		311		338		394
Total		367		398		463
Total revenue from contracts with customers		533		576		673
Revenue from other sources⁽¹⁾		3,759		3,179		2,744
Total revenues	$	4,292	$	3,755	$	3,417

⁽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

F-18

RiverSource Life Insurance Company

not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control, including market volatility and how long the fund(s) remain in the insurance policy or annuity contract. The revenue will not be recognized until it is probable that a significant reversal will not occur. These fees are accrued and collected on a monthly basis.

Other Revenues

Administrative Fees

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

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of 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 $49 million and $48 million as of December 31, 2023 and 2022, 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 $24 million and $30 million as of December 31, 2023 and 2022, 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 and has the power to direct the activities that most significantly impact the economic performance of the CLO.

The Company’s maximum exposure to loss with respect to 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

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RiverSource Life Insurance Company

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 $70 million and $92 million as of December 31, 2023 and 2022, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of December 31, 2023 and 2022, respectively. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Fair Value of Assets and Liabilities

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 14 for the definition of the three levels of the fair value hierarchy.

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, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	40	$	—	$	40
Common stocks		—		5		—		5
Syndicated loans		—		1,991		63		2,054
Total investments		—		2,036		63		2,099
Receivables		—		28		—		28
Other assets		—		1		—		1
Total assets at fair value	$	—	$	2,065	$	63	$	2,128
Liabilities
Debt⁽¹⁾	$	—	$	2,155	$	—	$	2,155
Other liabilities		—		45		—		45
Total liabilities at fair value	$	—	$	2,200	$	—	$	2,200


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	35	$	—	$	35
Common stocks		—		3		—		3
Syndicated loans		—		2,191		125		2,316
Total investments		—		2,229		125		2,354
Receivables		—		20		—		20
Other assets		—		1		1		2
Total assets at fair value	$	—	$	2,250	$	126	$	2,376
Liabilities
Debt⁽¹⁾	$	—	$	2,363	$	—	$	2,363
Other liabilities		—		119		—		119
Total liabilities at fair value	$	—	$	2,482	$	—	$	2,482

⁽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 $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively.

F-20

RiverSource Life Insurance Company

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)	Syndicated Loans			Other Assets
Balance at January 1, 2023	$	125		$	1
Total gains (losses) included in:
Net income		(4	)⁽¹⁾		—
Purchases		45			—
Sales		(10	)		—
Settlements		(16	)		—
Transfers into Level 3		122			—
Transfers out of Level 3		(199	)		(1	)
Balance at December 31, 2023	$	63		$	—
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023	$	(1	)⁽¹⁾	$	—


(in millions)	Common Stocks			Syndicated Loans			Other Assets
Balance at January 1, 2022	$	—		$	64		$	3
Total gains (losses) included in:
Net income		—			(11	)⁽¹⁾		—
Purchases		—			69			—
Sales		—			(4	)		—
Settlements		—			(8	)		—
Transfers into Level 3		2			218			1
Transfers out of Level 3		(2	)		(203	)		(3	)
Balance at December 31, 2022	$	—		$	125		$	1
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022	$	—		$	(10	)⁽¹⁾	$	—


(in millions)	Syndicated Loans			Other Assets
Balance at January 1, 2021	$	92		$	2
Total gains (losses) included in:
Net income		2	⁽¹⁾		1	⁽¹⁾
Purchases		106			—
Sales		(38	)		—
Settlements		(49	)		—
Transfers into Level 3		119			2
Transfers out of Level 3		(150	)		(2	)
Deconsolidation of consolidated investment entities		(18	)		—
Balance at December 31, 2021	$	64		$	3
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2021	$	—		$	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, 2023 and 2022 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 14 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other investments.

Receivables

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

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RiverSource Life Insurance Company

Liabilities

Debt

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.

Other Liabilities

Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on 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.

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)	2023			2022
Syndicated loans
Unpaid principal balance	$	2,190		$	2,525
Excess unpaid principal over fair value		(136	)		(209	)
Fair value	$	2,054		$	2,316
Fair value of loans more than 90 days past due	$	—		$	—
Fair value of loans in nonaccrual status		13			23
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both		40			48
Debt
Unpaid principal balance	$	2,362		$	2,636
Excess unpaid principal over fair value		(207	)		(273	)
Carrying value ⁽¹⁾	$	2,155		$	2,363

⁽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 $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively.

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, 2023, 2022 and 2021.

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)	2023		2022		2023			2022
Debt of consolidated CLOs due 2028-2034	$	2,155	$	2,363		6.6	%		5.3	%

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 14.8%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

F-22

RiverSource Life Insurance Company

6. INVESTMENTS

Available-for-Sale securities distributed by type were as follows:


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


	December 31, 2022
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	9,349	$	180	$	(803	)	$	(20	)	$	8,706
Residential mortgage backed securities		3,254		8		(303	)		—			2,959
Commercial mortgage backed securities		2,904		2		(255	)		—			2,651
State and municipal obligations		761		53		(26	)		(2	)		786
Asset backed securities		1,025		10		(38	)		—			997
Foreign government bonds and obligations		37		—		(2	)		—			35
U.S. government and agency obligations		1		—		—			—			1
Total	$	17,331	$	253	$	(1,427	)	$	(22	)	$	16,135

As of December 31, 2023 and 2022, accrued interest of $168 million and $139 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, 2023 and 2022, fixed maturity securities comprised approximately 87% and 85%, 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, 2023 and 2022, $265 million and $257 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, 2023							December 31, 2022
Ratings (in millions, except percentages)	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
AAA	$	4,558	$	4,337		22	%	$	6,313	$	5,754		36	%
AA		3,961		3,799		20			1,159		1,188		7
A		2,213		2,279		12			1,572		1,594		10
BBB		8,813		8,633		44			7,646		7,023		43
Below investment grade ⁽¹⁾		326		326		2			641		576		4
Total fixed maturities	$	19,871	$	19,374		100	%	$	17,331	$	16,135		100	%

⁽¹⁾

The amortized cost of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. The fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. These securities are not rated but are included in below investment grade due to their risk characteristics.

F-23

RiverSource Life Insurance Company

As of December 31, 2023, approximately 61% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. These issuers were downgraded in the third quarter of 2023 from AAA to AA due to the downgrade of the U.S. Government long-term credit rating. As of December 31, 2022, approximately 36% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2023, the Company had holdings in Ameriprise Advisor Financing 2, LLC (“AAF 2”), an affiliate of the Company, totaling $554 million that was 48% of the Company’s total shareholder’s equity. Also, the Company had an additional 34 issuers with holdings totaling $5.8 billion that individually were between 10% and 23% of the Company’s total shareholder’s equity as of December 31, 2023. As of December 31, 2022, the Company had holdings in AAF 2 totaling $544 million that was 56% of the Company’s total shareholder’s equity. Also, the Company had an additional 30 issuers with holdings totaling $4.4 billion that individually were between 10% and 22% of the Company’s total shareholder’s equity as of December 31, 2022. There were no other holdings of any other issuer greater than 10% of the Company’s total shareholder’s equity as of December 31, 2023 and 2022.

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, 2023
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		43	$	410	$	(8	)		340	$	4,735	$	(489	)		383	$	5,145	$	(497	)
Residential mortgage backed securities		30		389		(4	)		204		2,114		(260	)		234		2,503		(264	)
Commercial mortgage backed securities		20		264		(4	)		196		2,062		(189	)		216		2,326		(193	)
State and municipal obligations		5		29		(1	)		47		137		(18	)		52		166		(19	)
Asset backed securities		5		102		—			32		684		(21	)		37		786		(21	)
Foreign government bonds and obligations		—		—		—			2		6		—			2		6		—
U.S. government and agency obligations		1		—		—			—		—		—			1		—		—
Total		104	$	1,194	$	(17	)		821	$	9,738	$	(977	)		925	$	10,932	$	(994	)

	December 31, 2022
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		405	$	5,028	$	(443	)		100	$	1,532	$	(360	)		505	$	6,560	$	(803	)
Residential mortgage backed securities		189		1,643		(117	)		52		826		(186	)		241		2,469		(303	)
Commercial mortgage backed securities		176		1,746		(149	)		58		666		(106	)		234		2,412		(255	)
State and municipal obligations		40		126		(15	)		26		59		(11	)		66		185		(26	)
Asset backed securities		39		808		(28	)		4		60		(10	)		43		868		(38	)
Foreign government bonds and obligations		10		32		(1	)		1		1		(1	)		11		33		(2	)
Total		859	$	9,383	$	(753	)		241	$	3,144	$	(674	)		1,100	$	12,527	$	(1,427	)

As part of the Company’s ongoing monitoring process, management determined that the decrease in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2023 is primarily attributable to the impact of lower interest rates and tighter credit spreads. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2023 and 2022, approximately 94% and 93%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

F-24

RiverSource Life Insurance Company

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, 2021	$	10		$	—		$	10
Additions for which credit losses were not previously recorded		—			1			1
Charge-offs		(10	)		—			(10	)
Balance at December 31, 2021		—			1			1
Additions for which credit losses were not previously recorded		20			—			20
Additional increases (decreases) on securities that had an allowance recorded in a previous period		—			1			1
Balance at December 31, 2022		20			2			22
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

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)	2023			2022			2021
Gross realized investment gains	$	11		$	28		$	576
Gross realized investment losses		(57	)		(25	)		(6	)
Credit reversals (losses)		20			(21	)		(1	)
Other impairments		(1	)		(70	)		(13	)
Total	$	(27	)	$	(88	)	$	556

Previously recorded allowance for credit losses was reversed during the year ended December 31, 2023 primarily due to the sale of a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Other impairments for the years ended December 31, 2023, 2022 and 2021 related to Available-for-Sale securities which the Company intended to sell.

See Note 19 for a rollforward of net unrealized investment gains (losses) included in AOCI.

Available-for-Sale securities by contractual maturity as of December 31, 2023 were as follows:


(in millions)	Amortized Cost		Fair Value
Due within one year	$	552	$	546
Due after one year through five years		1,845		1,812
Due after five years through 10 years		4,280		4,018
Due after 10 years		4,979		5,228
		11,656		11,604
Residential mortgage backed securities		3,886		3,642
Commercial mortgage backed securities		2,784		2,597
Asset backed securities		1,545		1,531
Total	$	19,871	$	19,374

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)	2023		2022		2021
Fixed maturities	$	830	$	615	$	643
Mortgage loans		69		73		102
Other investments		431		159		101
		1,330		847		846
Less: investment expenses		26		20		19
Total	$	1,304	$	827	$	827

F-25

RiverSource Life Insurance Company

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


	Years Ended December 31,
(in millions)	2023			2022			2021
Fixed maturities	$	(27	)	$	(88	)	$	556
Mortgage loans		1			(1	)		57
Other investments		(44	)		(11	)		(18	)
Total	$	(70	)	$	(100	)	$	595

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, 2021	$	35
Provisions		(23	)
Balance at December 31, 2021		12
Provisions		1
Charge-offs		(2	)
Balance at December 31, 2022		11
Provisions		(1	)
Balance at December 31, 2023	$	10

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

As of December 31, 2023 and 2022, accrued interest on commercial loans was $15 million and $14 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

There were no commercial mortgage loans sold for the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, the Company sold $746 million of commercial mortgage loans.

During the years ended December 31, 2023, 2022 and 2021, the Company purchased $1 million, $42 million and $26 million, respectively, of syndicated loans, and sold $1 million, nil and $340 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, 2023 and 2022. All loans were considered to be performing.

Commercial Loans

Commercial Mortgage Loans

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2023 and 2022. 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, 2023 and 2022.

F-26

RiverSource Life Insurance Company

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


	December 31, 2023
Loan-to-Value Ratio (in millions)	2023		2022		2021		2020		2019		Prior		Total
> 100%	$	—	$	—	$	—	$	—	$	2	$	20	$	22
80% - 100%		—		—		—		2		11		49		62
60% - 80%		55		26		6		14		40		102		243
40% - 60%		7		46		129		49		65		343		639
< 40%		7		31		43		37		71		580		769
Total	$	69	$	103	$	178	$	102	$	189	$	1,094	$	1,735


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

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2023, write-offs of commercial mortgage loans were not material.

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


	Loans				Percentage
	December 31,				December 31,
(in millions)	2023		2022		2023			2022
East North Central	$	180	$	192		10	%		11	%
East South Central		47		51		3			3
Middle Atlantic		97		100		6			6
Mountain		130		120		8			7
New England		21		17		1			1
Pacific		595		601		34			34
South Atlantic		452		467		26			26
West North Central		105		115		6			6
West South Central		108		116		6			6
Total	$	1,735	$	1,779		100	%		100	%

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


	Loans				Percentage
	December 31,				December 31,
(in millions)	2023		2022		2023			2022
Apartments	$	454	$	465		26	%		26	%
Hotel		13		14		1			1
Industrial		293		295		17			17
Mixed use		54		55		3			3
Office		230		243		13			14
Retail		546		576		32			32
Other		145		131		8			7
Total	$	1,735	$	1,779		100	%		100	%

Syndicated Loans

The investment in syndicated loans as of December 31, 2023 and 2022 was $57 million and $72 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, 2023 and 2022. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2023, write-offs of syndicated loans were not material.

F-27

RiverSource Life Insurance Company

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


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


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

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 $6.5 billion and $7.4 billion as of December 31, 2023 and 2022, 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, 2023 and 2022.

Modifications with Borrowers Experiencing Financial Difficulty

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material during the year ended December 31, 2023.

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

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


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


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

F-28

RiverSource Life Insurance Company


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


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


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


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

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


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


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


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

F-29

RiverSource Life Insurance Company

9. REINSURANCE

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

However, for IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.

The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 (2002 for RiverSource Life of NY) is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.

The Company also has life insurance and fixed annuity risk previously assumed under reinsurance arrangements with unaffiliated insurance companies.

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are 89% 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 on other policy forms introduced prior to 2007 (2010 for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2023 and 2022, traditional life and UL insurance policies in force were $198.8 billion and $198.9 billion, respectively, of which $144.7 billion and $146.2 billion as of December 31, 2023 and 2022 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)	2023			2022			2021
Direct premiums	$	674		$	530		$	490
Reinsurance ceded		(226	)		(224	)		(1,361	)
Net premiums	$	448		$	306		$	(871	)

Policy and contract charges are presented on the Consolidated Statements of Income net of $180 million, $165 million and $152 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2023, 2022 and 2021, respectively.

The amount of claims recovered through reinsurance on all contracts was $438 million, $435 million and $404 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Reinsurance recoverables include approximately $2.8 billion and $2.7 billion related to LTC risk ceded to Genworth as of December 31, 2023 and 2022, respectively.

Policyholder account balances, future policy benefits and claims include $376 million and $388 million related to previously assumed reinsurance arrangements as of December 31, 2023 and 2022, respectively.

F-30

RiverSource Life Insurance Company

10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS

Policyholder account balances, future policy benefits and claims consisted of the following:


	December 31,		December 31,
(in millions)	2023		2022
Policyholder account balances
Policyholder account balances	$	27,947	$	24,986
Future policy benefits
Liability for future policy benefits		7,763		7,495
Deferred profit liability		81		62
Additional liabilities for insurance guarantees		1,321		1,186
Other insurance and annuity liabilities		213		177
Total future policy benefits		9,378		8,920
Policy claims and other policyholders’ funds		210		216
Total policyholder account balances, future policy benefits and claims	$	37,535	$	34,122

Variable Annuities

Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.

Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 12 for information regarding the Company’s variable annuity guarantees. See Note 14 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.

Structured Variable Annuities

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.

Fixed Annuities

Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.

Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.

The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

Insurance Liabilities

UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.

IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.

F-31

RiverSource Life Insurance Company

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

The balances of and changes in policyholder account balances were as follows:


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


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


(in millions, except percentages)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2022	$	4,972		$	4,458		$	7,251		$	323		$	527
Contract deposits		146			2,784			55			—			53
Policy charges		(8	)		—			—			—			—
Surrenders and other benefits		(450	)		(41	)		(744	)		(17	)		(124	)
Net transfer from (to) separate account liabilities		(60	)		—			—			—			—
Variable account index-linked adjustments		—			(791	)		—			—			—
Interest credited		152			—			237			6			15
Balance at December 31, 2022	$	4,752		$	6,410		$	6,799		$	312		$	471
Weighted-average crediting rate		3.2	%		1.1	%		3.5	%		1.9	%		N/A
Cash surrender value⁽¹⁾	$	4,720		$	5,986		$	6,786		$	277			N/A

F-32

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, 2022	$	1,602		$	1,493		$	2,534		$	563		$	23,723
Contract deposits		134			233			218			(3	)		3,620
Policy charges		(178	)		(91	)		(116	)		—			(393	)
Surrenders and other benefits		(67	)		(70	)		(50	)		(56	)		(1,619	)
Net transfer from (to) separate account liabilities		—			(102	)		—			—			(162	)
Variable account index-linked adjustments		—			—			—			—			(791	)
Interest credited		53			57			68			20			608
Balance at December 31, 2022	$	1,544		$	1,520		$	2,654		$	524		$	24,986
Weighted-average crediting rate		3.6	%		3.9	%		2.0	%		4.0	%
Net amount at risk	$	9,187		$	57,354		$	15,043		$	149
Cash surrender value⁽¹⁾	$	1,382		$	1,054		$	2,148		$	348

⁽¹⁾	Cash surrender value represents the amount of the contractholder’s account balances distributable at the balance sheet date less certain surrender charges. For VA and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Refer to Note 12 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2023 and 2022 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, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	43	$	131	$	52	$	15	$	2	$	243
		2	%	–	2.99	%		137		1		—		—		—		138
		3	%	–	3.99	%		2,214		—		—		1		—		2,215
		4	%	–	5.00	%		1,514		—		—		—		—		1,514

		Total					$	3,908	$	132	$	52	$	16	$	2	$	4,110

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	1	$	18	$	7	$	2	$	—	$	28
		2	%	–	2.99	%		11		—		—		—		—		11
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	12	$	18	$	7	$	2	$	—	$	39

Fixed annuities		1	%	–	1.99	%	$	107	$	377	$	183	$	93	$	—	$	760
		2	%	–	2.99	%		36		14		1		—		—		51
		3	%	–	3.99	%		2,816		1		—		—		—		2,817
		4	%	–	5.00	%		2,339		—		—		—		—		2,339

		Total					$	5,298	$	392	$	184	$	93	$	—	$	5,967

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	—	$	2	$	7	$	13	$	—	$	22
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	—	$	2	$	7	$	13	$	—	$	22

Universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		51		3		9		—		—		63
		3	%	–	3.99	%		854		1		4		4		—		863
		4	%	–	5.00	%		518		1		—		—		—		519

		Total					$	1,423	$	5	$	13	$	4	$	—	$	1,445

F-33

RiverSource Life Insurance Company


							December 31, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	—		$	2		$	4		$	—		$	24		$	30
		2	%	–	2.99	%		13			12			—			1			8			34
		3	%	–	3.99	%		122			2			3			6			—			133
		4	%	–	5.00	%		607			6			—			—			—			613

		Total					$	742		$	22		$	7		$	7		$	32		$	810

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—		$	—		$	2		$	—		$	—		$	2
		2	%	–	2.99	%		128			—			—			—			—			128
		3	%	–	3.99	%		—			—			—			—			—			—
		4	%	–	5.00	%		—			—			—			—			—			—

		Total					$	128		$	—		$	2		$	—		$	—		$	130

Other life insurance		1	%	–	1.99	%	$	—		$	—		$	—		$	—		$	—		$	—
		2	%	–	2.99	%		—			—			—			—			—			—
		3	%	–	3.99	%		30			—			—			—			—			30
		4	%	–	5.00	%		295			—			—			—			—			295

		Total					$	325		$	—		$	—		$	—		$	—		$	325

Total		1	%	–	1.99	%	$	151		$	530		$	255		$	123		$	26		$	1,085
		2	%	–	2.99	%		376			30			10			1			8			425
		3	%	–	3.99	%		6,036			4			7			11			—			6,058
		4	%	–	5.00	%		5,273			7			—			—			—			5,280

		Total					$	11,836		$	571		$	272		$	135		$	34		$	12,848

Percentage of total account values that reset in:
Next 12 months								99.9	%		99.5	%		99.3	%		100.0	%		100.0	%		99.9	%
> 12 months to 24 months								0.1			0.5			0.6			—			—			0.1
> 24 months								—			—			0.1			—			—			—
Total								100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

F-34

RiverSource Life Insurance Company


							December 31, 2022
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	169	$	102	$	18	$	—	$	—	$	289
		2	%	–	2.99	%		177		—		—		—		—		177
		3	%	–	3.99	%		2,611		—		—		1		—		2,612
		4	%	–	5.00	%		1,611		—		—		—		—		1,611

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

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

		Total					$	12	$	7	$	3	$	1	$	—	$	23

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

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

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

		Total					$	1	$	3	$	7	$	14	$	—	$	25

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

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

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

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

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

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

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

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

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

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

F-35

RiverSource Life Insurance Company


		December 31, 2022
		Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates	At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Percentage of total account values that reset in:
Next 12 months			99.8	%		96.3	%		93.8	%		100.0	%		100.0	%		99.6	%
> 12 months to 24 months			0.1			3.0			5.8			—			—			0.3
> 24 months			0.1			0.7			0.4			—			—			0.1
Total			100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

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


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

F-36

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2021	$	—		$	702		$	238		$	1,831		$	2,771
Beginning balance at original discount rate		—			536			183			1,498			2,217
Effect of changes in cash flow assumptions		—			—			—			(6	)		(6	)
Effect of actual variances from expected experience		—			56			(35	)		(61	)		(40	)
Adjusted beginning of year balance	$	—		$	592		$	148		$	1,431		$	2,171
Issuances		38			78			18			—			134
Interest accrual		—			29			9			73			111
Net premiums collected		(38	)		(63	)		(20	)		(184	)		(305	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	636		$	155		$	1,320		$	2,111
Effect of changes in discount rate assumptions		—			141			33			227			401
Balance at December 31, 2021	$	—		$	777		$	188		$	1,547		$	2,512
Present Value of Future Policy Benefits:
Balance at January 1, 2021	$	1,537		$	1,600		$	1,006		$	9,014		$	13,157
Beginning balance at original discount rate		1,321			1,169			714			6,716			9,920
Effect of changes in cash flow assumptions		—			—			—			(8	)		(8	)
Effect of actual variances from expected experience		(14	)		58			(40	)		(124	)		(120	)
Adjusted beginning of year balance	$	1,307		$	1,227		$	674		$	6,584		$	9,792
Issuances		39			78			18			—			135
Interest accrual		53			70			39			347			509
Benefit payments		(168	)		(120	)		(43	)		(336	)		(667	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,231		$	1,255		$	688		$	6,595		$	9,769
Effect of changes in discount rate assumptions		139			343			226			1,755			2,463
Balance at December 31, 2021	$	1,370		$	1,598		$	914		$	8,350		$	12,232
Adjustment due to reserve flooring	$	—		$	1		$	—		$	—		$	1
Net liability for future policy benefits	$	1,370		$	822		$	726		$	6,803		$	9,721
Less: reinsurance recoverable		1,265			558			25			3,443			5,291
Net liability for future policy benefits, after reinsurance recoverable	$	105		$	264		$	701		$	3,360		$	4,430
Discounted expected future gross premiums	$	—		$	2,005		$	1,158		$	1,623		$	4,786
Expected future gross premiums	$	—		$	2,815		$	1,395		$	1,905		$	6,115
Expected future benefit payments	$	1,707		$	2,159		$	1,217		$	11,568		$	16,651
Weighted average interest accretion rate		4.2	%		6.5	%		5.9	%		5.3	%
Weighted average discount rate		2.6	%		2.8	%		2.8	%		2.9	%
Weighted average duration of liability (in years)		7			8			9			10

F-37

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products

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

F-38

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2023	$	—		$	686		$	134		$	1,207		$	2,027
Beginning balance at original discount rate		—			708			137			1,220			2,065
Effect of changes in cash flow assumptions		—			(19	)		(19	)		19			(19	)
Effect of actual variances from expected experience		—			(2	)		(18	)		(3	)		(23	)
Adjusted beginning of year balance	$	—		$	687		$	100		$	1,236		$	2,023
Issuances		177			55			12			—			244
Interest accrual		1			36			5			59			101
Net premiums collected		(178	)		(70	)		(12	)		(158	)		(418	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	708		$	105		$	1,137		$	1,950
Effect of changes in discount rate assumptions		—			(5	)		(1	)		9			3
Balance at December 31, 2023	$	—		$	703		$	104		$	1,146		$	1,953
Present Value of Future Policy Benefits:
Balance at January 1, 2023	$	1,065		$	1,319		$	696		$	6,439		$	9,519
Beginning balance at original discount rate		1,155			1,313			669			6,569			9,706
Effect of changes in cash flow assumptions		—			(18	)		(25	)		9			(34	)
Effect of actual variances from expected experience		(10	)		(1	)		(29	)		5			(35	)
Adjusted beginning of year balance	$	1,145		$	1,294		$	615		$	6,583		$	9,637
Issuances		177			56			11			—			244
Interest accrual		50			73			37			329			489
Benefit payments		(150	)		(132	)		(42	)		(405	)		(729	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,222		$	1,291		$	621		$	6,507		$	9,641
Effect of changes in discount rate assumptions		(58	)		34			40			54			70
Balance at December 31, 2023	$	1,164		$	1,325		$	661		$	6,561		$	9,711
Adjustment due to reserve flooring	$	—		$	5		$	—		$	—		$	5
Net liability for future policy benefits	$	1,164		$	627		$	557		$	5,415		$	7,763
Less: reinsurance recoverable		880			440			22			2,738			4,080
Net liability for future policy benefits, after reinsurance recoverable	$	284		$	187		$	535		$	2,677		$	3,683
Discounted expected future gross premiums	$	—		$	1,764		$	904		$	1,325		$	3,993
Expected future gross premiums	$	—		$	2,938		$	1,269		$	1,786		$	5,993
Expected future benefit payments	$	1,726		$	2,166		$	1,068		$	10,850		$	15,810
Weighted average interest accretion rate		4.2	%		6.2	%		6.1	%		5.0	%
Weighted average discount rate		4.9	%		5.1	%		5.1	%		5.1	%
Weighted average duration of liability (in years)		7			7			8			8

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions. The annual review of policy benefit reserves assumptions in the third quarter of 2022 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC morbidity, premium rate increase and benefit reduction assumptions, and updates to Term Life lapse assumptions. The annual review of policy benefit reserves assumptions in the third quarter of 2021 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase and benefit reduction assumptions.

F-39

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, 2023	$	1,100		$	74		$	12		$	1,186
Interest accrual		35			5			1			41
Benefit accrual		128			8			2			138
Benefit payments		(50	)		(18	)		(4	)		(72	)
Effect of actual variances from expected experience		(13	)		11			(2	)		(4	)
Impact of change in net unrealized (gains) losses on securities		25			1			6			32
Balance at December 31, 2023	$	1,225		$	81		$	15		$	1,321
Weighted average interest accretion rate		3.0	%		6.9	%		4.0	%
Weighted average discount rate		3.2	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		10			8			6


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2022	$	1,120		$	76		$	46		$	1,242
Interest accrual		32			5			1			38
Benefit accrual		108			8			—			116
Benefit payments		(43	)		(14	)		(4	)		(61	)
Effect of actual variances from expected experience		(19	)		2			(2	)		(19	)
Impact of change in net unrealized (gains) losses on securities		(98	)		(3	)		(29	)		(130	)
Balance at December 31, 2022	$	1,100		$	74		$	12		$	1,186
Weighted average interest accretion rate		2.9	%		7.0	%		4.1	%
Weighted average discount rate		3.2	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		10			8			6

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


	Years Ended December 31,
	2023				2022				2021
(in millions)	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
Life contingent payout annuities	$	196	$	49	$	45	$	49	$	39	$	53
Term and whole life insurance		169		37		169		39		166		41
Disability income insurance		124		32		127		31		131		30
Long term care insurance		185		270		189		271		192		274
Total	$	674	$	388	$	530	$	390	$	528	$	398

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


(in millions)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Total, All Products
Pre-adoption balance at December 31, 2020	$	19		$	76		$	—		$	95
Effect of shadow reserve adjustments		5			10			153			168
Post-adoption balance at January 1, 2021		24			86			153			263
Deferral of revenue		3			34			55			92
Amortization		(1	)		(8	)		(13	)		(22	)
Balance at December 31, 2021	$	26		$	112		$	195		$	333
Balance at January 1, 2022	$	26		$	112		$	195		$	333
Deferral of revenue		2			48			54			104
Amortization		(1	)		(10	)		(16	)		(27	)
Balance at December 31, 2022	$	27		$	150		$	233		$	410
Balance at January 1, 2023	$	27		$	150		$	233		$	410
Deferral of revenue		1			59			52			112
Amortization		(1	)		(13	)		(19	)		(33	)
Balance at December 31, 2023	$	27		$	196		$	266		$	489

F-40

RiverSource Life Insurance Company

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

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

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


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

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

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.

F-41

RiverSource Life Insurance Company

Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

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

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


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


	Years Ended December 31,
(in millions, except age)	2023			2022			2021
Balance at beginning of period	$	1,103		$	2,901		$	4,829
Issuances		17			27			45
Interest accrual and time decay		(53	)		(237	)		(294	)
Reserve increase from attributed fees collected		788			810			819
Reserve release for benefit payments and derecognition		(35	)		(29	)		(8	)
Effect of changes in interest rates and bond markets		(367	)		(4,193	)		(1,053	)
Effect of changes in equity markets and subaccount performance		(1,267	)		2,258			(1,558	)
Effect of changes in equity index volatility		(67	)		205			73
Actual policyholder behavior different from expected behavior		5			17			52
Effect of changes in other future expected assumptions		128			(139	)		123
Effect of changes in the instrument-specific credit risk on market risk benefits		83			(517	)		(127	)
Balance at end of period	$	335		$	1,103		$	2,901
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	1,427		$	1,015		$	539
Liability position		(1,762	)		(2,118	)		(3,440	)
Net asset (liability) position	$	(335	)	$	(1,103	)	$	(2,901	)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	913		$	2,781		$	251
Living benefits	$	2,513		$	3,364		$	195
Composite (greater of)	$	3,308		$	5,830		$	441
Weighted average attained age of contractholders		69			68			68
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period	$	(1,551	)	$	(2,044	)	$	(2,502	)
Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of period	$	84		$	(505	)	$	(102	)

F-42

RiverSource Life Insurance Company

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

	December 31, 2022
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	1,103	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		11.0	%
				Surrender rate⁽²⁾		0.2	%	–	45.6	%		3.6	%
				Market volatility⁽³⁾		0.0	%	–	26.6	%		12.1	%
				Nonperformance risk⁽⁴⁾		95 bps						95	bps
				Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.5	%

⁽¹⁾

The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

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

⁽³⁾	Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

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

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

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2023 and 2022, 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, 2023

•

Updates to utilization of guaranteed withdrawals assumptions resulted in a decrease to pre-tax income of $18 million.

•

Updates to surrender assumptions resulted in a decrease to pre-tax income of $110 million.

Year ended December 31, 2022

•

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

•

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

•

Updates to mortality assumptions resulted in a decrease to pre-tax income of $49 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 values 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, calender year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

F-43

RiverSource Life Insurance Company

Determination of Fair Value

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility as well as contractholder behavior assumptions that include margins for risk, all of which the Company believes a market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3.

13. DEBT

Short-Term Borrowings

RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to collateralized borrowings. As of December 31, 2023 and 2022, the Company had accessed collateralized borrowings and pledged (granted a lien on) certain investments, primarily commercial mortgage backed securities, with an aggregate fair value of $1.1 billion and $962 million, respectively. The amount of the Company’s liability including accrued interest was $201 million as of both December 31, 2023 and 2022. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2023 and 2022. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2023 and 2022 was 5.6% and 4.6%, respectively.

Lines of Credit

RiverSource Life Insurance Company, as the borrower, has amended its 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. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to London Interbank Offered Rate (“LIBOR”) for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to 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, 2023 and 2022.

RiverSource Life of NY, as the borrower, has amended its 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. Prior to July 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period. In July 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to 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, 2023 and 2022.

RTA, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender not to exceed $100 million. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to 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. This line of credit is automatically renewed annually with Ameriprise Financial. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.

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, 2023 and 2022 and is recorded in Long-term debt.

F-44

RiverSource Life Insurance Company

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.

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

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

F-45

RiverSource Life Insurance Company


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3			Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	8,311	$	395		$	8,706
Residential mortgage backed securities		—		2,959		—			2,959
Commercial mortgage backed securities		—		2,651		—			2,651
State and municipal obligations		—		786		—			786
Asset backed securities		—		452		545			997
Foreign government bonds and obligations		—		35		—			35
U.S. government and agency obligations		1		—		—			1
Total Available-for-Sale securities		1		15,194		940			16,135
Cash equivalents		1,063		1,529		—			2,592
Market risk benefits		—		—		1,015			1,015	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		48			48
Other assets:
Interest rate derivative contracts		7		260		—			267
Equity derivative contracts		129		2,564		—			2,693
Foreign exchange derivative contracts		—		34		—			34
Credit derivative contracts		—		13		—			13
Total other assets		136		2,871		—			3,007
Separate account assets at NAV									70,876	⁽²⁾
Total assets at fair value	$	1,200	$	19,594	$	2,003		$	93,673

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

⁽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 $195 million cumulative decrease to the embedded derivatives as of December 31, 2023.

⁽⁴⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

⁽⁵⁾	The Company’s adjustment for nonperformance risk resulted in a $139 million cumulative decrease to the embedded derivatives as of December 31, 2022.

F-46

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, 2023	$	395		$	545	$	940		$	48
Total gains (losses) included in:
Net income		—			—		—	⁽¹⁾		6
Other comprehensive income (loss)		12			10		22			—
Purchases		110			—		110			—
Settlements		(65	)		—		(65	)		(3	)
Balance at December 31, 2023	$	452		$	555	$	1,007		$	51
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023	$	11		$	10	$	21		$	—


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


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2022	$	496		$	—		$	291		$	787		$	59
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		(8	)
Other comprehensive income (loss)		(44	)		—			(25	)		(69	)		—
Purchases		29			30			564			623			—
Settlements		(85	)		—			(285	)		(370	)		(3	)
Transfers out of Level 3		—			(30	)		—			(30	)		—
Balance at December 31, 2022	$	395		$	—		$	545		$	940		$	48
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022	$	(42	)	$	—		$	(21	)	$	(63	)	$	—

F-47

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, 2022	$	56		$	905		$	406		$	1,367
Total (gains) losses included in:
Net income		(9	)⁽²⁾		(105	)⁽²⁾		(633	)⁽³⁾		(747	)
Issues		—			51			90			141
Settlements		(3	)		(112	)		—			(115	)
Balance at December 31, 2022	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022	$	—		$	(105	)⁽²⁾	$	(633	)⁽³⁾	$	(738	)


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Residential Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2021	$	766		$	9		$	395		$	1,170		$	—
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		3
Other comprehensive income (loss)		(10	)		—			(1	)		(11	)		—
Purchases		108			—			—			108			—
Issues		—			—			—			—			57
Settlements		(119	)		—			(81	)		(200	)		(1	)
Transfers into Level 3		168			—			2			170			—
Transfers out of Level 3		(416	)		(9	)		(24	)		(449	)		—
Balance at December 31, 2021	$	496		$	—		$	291		$	787		$	59
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021	$	(8	)	$	—		$	(1	)	$	(9	)	$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2021	$	49		$	935		$	70		$	1,054
Total (gains) losses included in:
Net income		10	⁽²⁾		68	⁽²⁾		393	⁽³⁾		471
Issues		—			—			(28	)		(28	)
Settlements		(3	)		(98	)		(29	)		(130	)
Balance at December 31, 2021	$	56		$	905		$	406		$	1,367
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2021	$	—		$	68	⁽²⁾	$	—		$	68

⁽¹⁾	Included in Net investment income.

⁽²⁾	Included in Interest credited to fixed accounts.

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

⁽⁴⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $51 million, $45 million and $(23) million, net of the reinsurance accrual, for the years ended December 31, 2023, 2022 and 2021, respectively.

F-48

RiverSource Life Insurance Company

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:



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



	December 31, 2022
	Fair Value			Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	395		Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		1.1%	–	2.3%		1.4	%
Asset backed securities	$	545		Discounted cash flow	Annual default rate		2.4%				2.4	%
					Loss severity		25.0%				25.0	%
					Yield/spread to U.S. Treasuries⁽²⁾		320 bps	–	550 bps		329	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	48		Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	44		Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
					Nonperformance risk⁽⁴⁾		95 bps				95	bps
IUL embedded derivatives	$	739		Discounted cash flow	Nonperformance risk⁽⁴⁾		95 bps				95	bps
Structured variable annuity embedded derivatives	$	(137	)⁽⁵⁾	Discounted cash flow	Surrender rate⁽³⁾		0.8%	–	40.0%		0.9	%
					Nonperformance risk⁽⁴⁾		95 bps				95	bps

⁽¹⁾	The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

⁽²⁾	The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each tranche’s balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches.

⁽³⁾	The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

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

⁽⁵⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

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

Uncertainty of Fair Value Measurements

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

Significant increases (decreases) in the annual default rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the 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.

F-49

RiverSource Life Insurance Company

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in the affiliated asset backed securities is classified as Level 3.

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

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Receivables

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

F-50

RiverSource Life Insurance Company

Other Assets

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

Other Liabilities

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2023 and 2022. 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 $41 million and $58 million as of December 31, 2023 and 2022, respectively, and is classified as Level 3 in the fair value hierarchy.

F-51

RiverSource Life Insurance Company

Assets and Liabilities Not Reported at Fair Value

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


	December 31, 2023
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,725	$	—	$	—	$	1,599	$	1,599
Policy loans		912		—		912		—		912
Other investments		76		—		54		22		76
Receivables		6,514		—		—		5,566		5,566
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	16,641	$	—	$	—	$	14,243	$	14,243
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		339		—		339
Other liabilities		5		—		—		5		5
Separate account liabilities — investment contracts		332		—		332		—		332


	December 31, 2022
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,768	$	—	$	—	$	1,600	$	1,600
Policy loans		847		—		847		—		847
Other investments		89		—		69		20		89
Receivables		7,372		—		—		6,174		6,174
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	14,450	$	—	$	—	$	12,470	$	12,470
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		315		—		315
Other liabilities		8		—		—		7		7
Separate account liabilities — investment contracts		298		—		298		—		298

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, 2023, 2022 and 2021, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the five year period ending December 31, 2028 and a total of $4 million thereafter.

Expenses

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $338 million, $320 million and $345 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

F-52

RiverSource Life Insurance Company

Income Taxes

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from (to) Ameriprise Financial for federal income taxes was $269 million and $(56) million as of December 31, 2023 and 2022, respectively, which is reflected in Other assets and Other liabilities, respectively.

Investments

The Company invested in AA and A rated asset backed securities issued by AAF as of December 31, 2021 and in AA, A and BBB rated asset backed securities issued by AAF 2 as of December 31, 2023 and 2022, both affiliates of the Company. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. During the third quarter of 2022, the Company redeemed the outstanding AA and A rated securities issued by AAF at par and invested $564 million in new AA, A and BBB rated asset backed securities issued by AAF 2. As of December 31, 2023 and 2022, the fair value of these asset backed securities was $554 million and $544 million, respectively. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $34 million, $17 million and $12 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is reported in Net investment income.

Lines of Credit

RiverSource Life Insurance Company, as the lender, has amended its 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. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to 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, 2023 and 2022. See Note 13 for information about additional lines of credit with an affiliate.

Long-Term Debt

See Note 13 for information about a surplus note to an affiliate.

Dividends, Return of Capital or Distributions

Cash dividends and return of capital or distributions paid and received by RiverSource Life Insurance Company were as follows:


	Years Ended December 31,
(in millions)	2023		2022		2021
Dividends paid to Ameriprise Financial	$	600	$	600	$	1,900
Dividend received from RiverSource Life of NY		50		63		—
Dividends received from RTA		—		—		50
Return of capital received from RTA		75		80		—

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

16. REGULATORY REQUIREMENTS

The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

F-53

RiverSource Life Insurance Company

State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce, RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $582 million and $679 million as of December 31, 2023 and 2022, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the Minnesota Department of Commerce, and are subject to potential disapproval. Statutory capital and surplus was $3.1 billion as of both December 31, 2023 and 2022.

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


	Years Ended December 31,
(in millions)	2023		2022		2021
Statutory net gain from operations	$	1,331	$	1,615	$	1,366
Statutory net income		845		1,769		253

Government debt securities of $4 million as of both December 31, 2023 and 2022 were on deposit with various states as required by law.

17. OFFSETTING ASSETS AND LIABILITIES

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

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


	December 31, 2023
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	5,170	$	—	$	5,170	$	(3,694	)	$	(1,101	)	$	(357	)	$	18
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		38		—		38		(18	)		—			—			20
Total	$	5,217	$	—	$	5,217	$	(3,721	)	$	(1,101	)	$	(357	)	$	38


	December 31, 2022
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	2,887	$	—	$	2,887	$	(2,313	)	$	(565	)	$	(5	)	$	4
OTC cleared		23		—		23		(9	)		—			—			14
Exchange-traded		97		—		97		(75	)		—			—			22
Total	$	3,007	$	—	$	3,007	$	(2,397	)	$	(565	)	$	(5	)	$	40

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

F-54

RiverSource Life Insurance Company

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


	December 31, 2023
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	3,812	$	—	$	3,812	$	(3,694	)	$	(34	)	$	(78	)	$	6
OTC cleared		35		—		35		(9	)		—			—			26
Exchange-traded		18		—		18		(18	)		—			—			—
Total	$	3,865	$	—	$	3,865	$	(3,721	)	$	(34	)	$	(78	)	$	32


	December 31, 2022
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	2,630	$	—	$	2,630	$	(2,313	)	$	(38	)	$	(277	)	$	2
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		92		—		92		(75	)		—			(17	)		—
Total	$	2,731	$	—	$	2,731	$	(2,397	)	$	(38	)	$	(294	)	$	2

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

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the Company’s derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.

18. DERIVATIVES AND HEDGING ACTIVITIES

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

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

F-55

RiverSource Life Insurance Company

Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:


	December 31, 2023						December 31, 2022
	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	$	42,516	$	185	$	305	$	101,302	$	267	$	355
Equity contracts		81,905		5,010		3,450		67,416		2,693		2,366
Credit contracts		3,375		1		106		1,802		13		—
Foreign exchange contracts		2,952		21		4		2,870		34		10
Total non-designated hedges		130,748		5,217		3,865		173,390		3,007		2,731
Embedded derivatives
IUL		N/A		—		873		N/A		—		739
Fixed deferred indexed annuities and deposit receivables		N/A		51		52		N/A		48		47
Structured variable annuity⁽³⁾		N/A		—		1,011		N/A		—		(137	)
Total embedded derivatives		N/A		51		1,936		N/A		48		649
Total derivatives	$	130,748	$	5,268	$	5,801	$	173,390	$	3,055	$	3,380

N/A	Not applicable.

⁽¹⁾	The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded derivative assets related to deposit receivables is included in Receivables.

⁽²⁾	The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims.

⁽³⁾

The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2022 included $194 million of individual contracts in a liability position and $331 million of individual contracts in an asset position.

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

As of December 31, 2023 and 2022, investment securities with a fair value of $1.5 billion and $1.7 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $145 million and $302 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2023 and 2022, investment securities with a fair value of $376 million and $14 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $314 million and $5 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2023 and 2022, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2023 and 2022, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 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	)

F-56

RiverSource Life Insurance Company


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits

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

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

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, 2023:


(in millions)	Premiums Payable		Premiums Receivable
2024	$	131	$	23
2025		121		20
2026		247		88
2027		20		—
2028		30		—
2029-2030		378		—
Total	$	927	$	131

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

F-57

RiverSource Life Insurance Company

Credit Risk

Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 17 for additional information on the Company’s credit exposure related to derivative assets.

Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of December 31, 2023 and 2022, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $62 million and $234 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2023 and 2022 was $55 million and $232 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2023 and 2022 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 $7 million and $2 million as of December 31, 2023 and 2022, respectively.

19. SHAREHOLDER’S EQUITY

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


	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


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

F-58

RiverSource Life Insurance Company


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

⁽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, 2021	$	1,185		$	—		$	—		$	(1	)	$	1,184
Cumulative effect of adoption of long-duration contracts guidance		707			(1,217	)		(527	)		—			(1,037	)
OCI before reclassifications		(409	)		284			100			—			(25	)
Amounts reclassified from AOCI		(439	)		—			—			—			(439	)
Total OCI		(848	)		284			100			—			(464	)
Balance at December 31, 2021		1,044			(933	)		(427	)		(1	)		(317	)
OCI before reclassifications		(2,104	)		861			407			—			(836	)
Amounts reclassified from AOCI		69			—			—			—			69
Total OCI		(2,035	)		861			407			—			(767	)
Balance at December 31, 2022		(991	)		(72	)		(20	)		(1	)		(1,084	)
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	)

20. INCOME TAXES

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


	Years Ended December 31,
(in millions)	2023			2022			2021
Current income tax
Federal	$	(112	)	$	57		$	172
State		2			(2	)		6
Total current income tax		(110	)		55			178
Deferred income tax
Federal		98			150			136
State		2			4			2
Total deferred income tax		100			154			138
Total income tax provision (benefit)	$	(10	)	$	209		$	316

F-59

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,
	2023			2022			2021
Tax at U.S. statutory rate		21.0	%		21.0	%		21.0	%
Changes in taxes resulting from:
Dividends received deduction		(8.2	)		(2.3	)		(1.7	)
Low income housing tax credits		(8.0	)		(2.9	)		(3.3	)
Foreign tax credit, net of addback		(7.0	)		(1.7	)		(0.9	)
Audit adjustments		(3.4	)		—			—
Uncertain tax positions		1.6			—			—
Other, net		1.5			(0.3	)		0.4
Income tax provision (benefit)		(2.5	)%		13.8	%		15.5	%

The decrease in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily due to lower pretax income in the current year.

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

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2023 and 2022. 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)	2023		2022⁽¹⁾
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	1,244	$	1,431
Investments including net unrealized on Available-for-Sale securities		118		165
Other		30		29
Gross deferred income tax assets		1,392		1,625
Less: valuation allowance		30		30
Total deferred income tax assets		1,362		1,595
Deferred income tax liabilities
Deferred acquisition costs		380		410
Other		56		52
Gross deferred income tax liabilities		436		462
Net deferred income tax assets	$	926	$	1,133

⁽¹⁾	Prior period amounts have been reclassified to conform to current year presentation and primarily relate to derivative activity being presented with the liabilities they are hedging and remaining investments being presented together inclusive of net unrealized on Available-for-Sale securities.

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $28 million, net of federal benefit, which will expire beginning December 31, 2024. Based on analysis of the Company’s tax position as of December 31, 2023, management believes it is more likely than not that the Company will not realize certain state net operating losses of $28 million and state deferred tax assets of $2 million; therefore, a valuation allowance of $30 million has been established.

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


(in millions)	2023			2022			2021
Balance at January 1	$	37		$	37		$	38
Reductions for tax positions related to the current year		(3	)		(1	)		(1	)
Additions for tax positions of prior years		65			1			—
Reductions for tax positions of prior years		(71	)		—			—
Reductions due to lapse of statutes of limitations		(1	)		—			—
Balance at December 31	$	27		$	37		$	37

F-60

RiverSource Life Insurance Company

If recognized, approximately $19 million, $20 million and $20 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $2 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $8 million, nil and a net increase of $1 million in interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company had a payable of $11 million and $3 million related to accrued interest and penalties, respectively.

The Company files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. As of December 31, 2023, the federal statutes of limitations are closed on years through 2018. A previously open item for 2014 and 2015 was resolved in the second quarter of 2023. Also in the second quarter of 2023, the Internal Revenue Service (“IRS”) audit for tax years 2016 through 2018 was finalized. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial and its subsidiaries, including the Company, are currently under examination by various jurisdictions for years ranging from 2017 through 2021.

21. COMMITMENTS AND CONTINGENCIES

Commitments

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


(in millions)	2023		2022
Commercial mortgage loans	$	15	$	—

Contingencies

The Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.

As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous pending matters, which include information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure practices related to, various products, including the Company’s insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates are cooperating with the applicable regulators.

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, or adverse publicity each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to

F-61

RiverSource Life Insurance Company

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, 2023 and 2022, the estimated liability was $34 million and $12 million, respectively. As of December 31, 2023 and 2022, the related premium tax asset was $29 million and $10 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

F-62




RiverSource Life Insurance Company 829 Ameriprise Financial Center Minneapolis, MN 55474 1-800-333-3437		RiverSource Distributors, Inc. (Distributor), Member FINRA. Issued by RiverSource Life Insurance Company, Minneapolis, Minnesota.

ANN9120_12_C01_(05/24)		© 2008-2024 RiverSource Life Insurance Company. All rights reserved.