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2024 Annual Report

RiverSource Variable Account 10

This wrapper contains financial statements provided for owners of:

•

RiverSource^® Retirement Advisor Advantage Variable Annuity – Band 3

•

RiverSource^® Retirement Advisor Variable Annuity – Band 3

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

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ANN9123_12_D01_(05/25)

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 ACCOUNT 10

Opinions on the Financial Statements

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

Basis for Opinions

These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Variable Account 10 based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of the RiverSource Variable Account 10 in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024, by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 24, 2025

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



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			1

Statement of Assets and Liabilities


December 31, 2024	AB VPS Dyn Asset Alloc, Cl B		AB VPS Intl Val, Cl B		AB VPS Lg Cap Gro, Cl B		AB VPS Relative Val, Cl B		AB VPS Sus Gbl Thematic, Cl B
Assets
Investments, at fair value^(1),(2)	$	9,957,779	$	60,905,600	$	178,729,992	$	74,116,179	$	9,496,574
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		151		91,335		124,336		1,246		1,120
Receivable for share redemptions		9,159		47,116		873,219		67,892		46,776
Total assets		9,967,089		61,044,051		179,727,547		74,185,317		9,544,470

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		9,152		47,116		167,531		57,556		7,904
Contract terminations		7		—		705,688		10,336		38,872
Payable for investments purchased		151		91,335		124,336		1,246		1,120
Total liabilities		9,310		138,451		997,555		69,138		47,896
Net assets applicable to contracts in accumulation period		9,956,766		60,771,765		178,722,113		73,893,417		9,439,615
Net assets applicable to contracts in payment period		—		133,835		4,946		222,229		56,305
Net assets applicable to seed money		1,013		—		2,933		533		654
Total net assets	$	9,957,779	$	60,905,600	$	178,729,992	$	74,116,179	$	9,496,574
⁽¹⁾Investment shares		1,024,463		4,044,197		2,241,972		2,400,913		289,530
⁽²⁾Investments, at cost	$	11,248,712	$	61,030,538	$	139,101,652	$	63,127,747	$	8,849,924

December 31, 2024 (continued)	Allspg VT Index Asset Alloc, Cl 2		Allspg VT Opp, Cl 2		Allspg VT Sm Cap Gro, Cl 2		ALPS Alerian Engy Infr, Class III		BlackRock Adv SMID Cap VI, Cl III
Assets
Investments, at fair value^(1),(2)	$	20,331,915	$	39,822,818	$	74,640,491	$	55,373,483	$	2,374,175
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,503		—		36,123		24,399		8
Receivable for share redemptions		15,277		48,355		184,037		72,227		2,157
Total assets		20,349,695		39,871,173		74,860,651		55,470,109		2,376,340

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		15,277		33,034		65,897		50,203		2,157
Contract terminations		—		15,321		118,140		22,024		—
Payable for investments purchased		2,503		—		36,123		24,399		8
Total liabilities		17,780		48,355		220,160		96,626		2,165
Net assets applicable to contracts in accumulation period		19,869,125		39,699,936		74,508,934		55,311,780		2,373,549
Net assets applicable to contracts in payment period		462,625		121,445		130,653		60,460		—
Net assets applicable to seed money		165		1,437		904		1,243		626
Total net assets	$	20,331,915	$	39,822,818	$	74,640,491	$	55,373,483	$	2,374,175
⁽¹⁾Investment shares		1,023,762		1,482,607		8,000,053		3,877,695		217,615
⁽²⁾Investments, at cost	$	17,262,741	$	34,646,486	$	78,251,121	$	39,185,342	$	2,040,600

See accompanying notes to financial statements.



2		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	BlackRock Global Alloc, Cl III		BNY Mellon Sus US Eq, Serv		Calvert VP SRI Bal, Cl F		Calvert VP SRI Bal, Cl I		CB Var Sm Cap Gro, Cl I
Assets
Investments, at fair value^(1),(2)	$	73,474,279	$	3,941,486	$	2,478,666	$	23,999,751	$	13,111,319
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		6,351		18,985		—		292		126
Receivable for share redemptions		272,303		3,118		2,155		18,184		14,870
Total assets		73,752,933		3,963,589		2,480,821		24,018,227		13,126,315

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		67,212		3,118		2,155		18,026		10,943
Contract terminations		205,091		—		—		158		3,927
Payable for investments purchased		6,351		18,985		—		292		126
Total liabilities		278,654		22,103		2,155		18,476		14,996
Net assets applicable to contracts in accumulation period		73,241,951		3,939,625		2,477,910		23,930,876		13,078,189
Net assets applicable to contracts in payment period		231,727		—		—		68,770		33,130
Net assets applicable to seed money		601		1,861		756		105		—
Total net assets	$	73,474,279	$	3,941,486	$	2,478,666	$	23,999,751	$	13,111,319
⁽¹⁾Investment shares		5,700,099		72,547		918,024		8,759,033		473,504
⁽²⁾Investments, at cost	$	81,888,866	$	3,041,862	$	2,189,714	$	18,551,407	$	12,858,175

December 31, 2024 (continued)	Col VP Bal, Cl 2		Col VP Bal, Cl 3		Col VP Commodity Strategy, Cl 2		Col VP Contrarian Core, Cl 2		Col VP Disciplined Core, Cl 2
Assets
Investments, at fair value^(1),(2)	$	148,564,955	$	600,829,843	$	15,901,201	$	183,738,719	$	62,880,100
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		229,724		1,705		87		36,321		75,276
Receivable for share redemptions		131,459		961,594		19,111		274,162		60,312
Total assets		148,926,138		601,793,142		15,920,399		184,049,202		63,015,688

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		130,514		542,623		14,685		163,867		58,901
Contract terminations		945		418,971		4,426		110,295		1,411
Payable for investments purchased		229,724		1,705		87		36,321		75,276
Total liabilities		361,183		963,299		19,198		310,483		135,588
Net assets applicable to contracts in accumulation period		148,564,865		595,664,574		15,900,473		183,335,996		62,879,080
Net assets applicable to contracts in payment period		—		5,164,951		—		402,502		—
Net assets applicable to seed money		90		318		728		221		1,020
Total net assets	$	148,564,955	$	600,829,843	$	15,901,201	$	183,738,719	$	62,880,100
⁽¹⁾Investment shares		3,119,147		12,442,117		4,195,567		3,510,484		577,358
⁽²⁾Investments, at cost	$	125,923,313	$	318,266,008	$	21,209,811	$	94,609,266	$	35,544,861

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			3

Statement of Assets and Liabilities


December 31, 2024 (continued)	Col VP Disciplined Core, Cl 3		Col VP Divd Opp, Cl 2		Col VP Divd Opp, Cl 3		Col VP Emerg Mkts Bond, Cl 2		Col VP Emer Mkts, Cl 2
Assets
Investments, at fair value^(1),(2)	$	373,861,338	$	110,046,167	$	362,700,958	$	9,588,357	$	46,105,891
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		345		36,264		692		5		5,736
Receivable for share redemptions		550,961		104,304		596,093		14,617		52,111
Total assets		374,412,644		110,186,735		363,297,743		9,602,979		46,163,738

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		329,655		103,755		298,871		8,332		43,382
Contract terminations		221,306		549		297,222		6,285		8,729
Payable for investments purchased		345		36,264		692		5		5,736
Total liabilities		551,306		140,568		596,785		14,622		57,847
Net assets applicable to contracts in accumulation period		369,696,586		110,034,510		359,761,594		9,587,496		46,105,593
Net assets applicable to contracts in payment period		4,164,752		11,480		2,939,364		—		—
Net assets applicable to seed money		—		177		—		861		298
Total net assets	$	373,861,338	$	110,046,167	$	362,700,958	$	9,588,357	$	46,105,891
⁽¹⁾Investment shares		3,372,982		2,522,259		8,159,752		1,209,124		4,592,220
⁽²⁾Investments, at cost	$	85,515,683	$	73,410,044	$	110,646,530	$	10,765,412	$	64,944,349

December 31, 2024 (continued)	Col VP Emer Mkts, Cl 3		Col VP Global Strategic Inc, Cl 2		Col VP Global Strategic Inc, Cl 3		Col VP Govt Money Mkt, Cl 2		Col VP Govt Money Mkt, Cl 3
Assets
Investments, at fair value^(1),(2)	$	62,439,059	$	9,819,388	$	40,324,196	$	150,347,068	$	149,421,744
Dividends receivable		—		—		—		16,329		16,754
Accounts receivable from RiverSource Life for contract purchase payments		19,225		2,508		862		419,698		26,793
Receivable for share redemptions		57,067		9,459		90,186		431,264		128,192
Total assets		62,515,351		9,831,355		40,415,244		151,214,359		149,593,483

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		53,603		9,325		33,192		140,805		122,665
Contract terminations		3,464		134		56,994		290,459		5,527
Payable for investments purchased		19,225		2,508		862		419,698		26,793
Total liabilities		76,292		11,967		91,048		850,962		154,985
Net assets applicable to contracts in accumulation period		62,220,774		9,812,012		40,056,772		150,356,986		149,059,868
Net assets applicable to contracts in payment period		218,285		6,717		267,424		—		378,630
Net assets applicable to seed money		—		659		—		6,411		—
Total net assets	$	62,439,059	$	9,819,388	$	40,324,196	$	150,363,397	$	149,438,498
⁽¹⁾Investment shares		6,139,534		1,283,580		5,216,584		150,347,068		149,421,744
⁽²⁾Investments, at cost	$	78,850,946	$	10,804,044	$	50,761,683	$	150,347,067	$	149,420,558

See accompanying notes to financial statements.



4		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	Col VP Hi Yield Bond, Cl 2		Col VP Hi Yield Bond, Cl 3		Col VP Inc Opp, Cl 2		Col VP Inc Opp, Cl 3		Col VP Inter Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	51,989,693	$	107,337,243	$	28,099,689	$	67,080,997	$	84,550,475
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		13,283		7,319		5,392		3,489		32,194
Receivable for share redemptions		50,258		125,826		29,379		66,468		82,425
Total assets		52,053,234		107,470,388		28,134,460		67,150,954		84,665,094

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		47,470		89,226		26,078		54,206		78,518
Contract terminations		2,788		36,600		3,301		12,262		3,907
Payable for investments purchased		13,283		7,319		5,392		3,489		32,194
Total liabilities		63,541		133,145		34,771		69,957		114,619
Net assets applicable to contracts in accumulation period		51,989,068		106,490,206		28,099,087		66,693,559		84,497,634
Net assets applicable to contracts in payment period		—		847,037		—		387,438		52,541
Net assets applicable to seed money		625		—		602		—		300
Total net assets	$	51,989,693	$	107,337,243	$	28,099,689	$	67,080,997	$	84,550,475
⁽¹⁾Investment shares		8,550,936		17,481,636		4,460,268		10,465,054		10,186,804
⁽²⁾Investments, at cost	$	54,822,532	$	113,995,255	$	31,499,984	$	81,634,474	$	95,814,614

December 31, 2024 (continued)	Col VP Inter Bond, Cl 3		Col VP Lg Cap Gro, Cl 2		Col VP Lg Cap Gro, Cl 3		Col VP Lg Cap Index, Cl 2		Col VP Lg Cap Index, Cl 3
Assets
Investments, at fair value^(1),(2)	$	201,848,091	$	152,641,801	$	152,156,464	$	174,897,016	$	588,803,630
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		25,785		34,687		—		72,778		148,442
Receivable for share redemptions		264,703		291,155		165,711		174,796		684,563
Total assets		202,138,579		152,967,643		152,322,175		175,144,590		589,636,635

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		165,858		142,732		115,251		158,406		524,468
Contract terminations		98,845		148,423		50,460		16,390		160,095
Payable for investments purchased		25,785		34,687		—		72,778		148,442
Total liabilities		290,488		325,842		165,711		247,574		833,005
Net assets applicable to contracts in accumulation period		200,483,436		152,641,278		151,188,939		174,896,947		586,986,383
Net assets applicable to contracts in payment period		1,364,655		—		967,525		—		1,817,075
Net assets applicable to seed money		—		523		—		69		172
Total net assets	$	201,848,091	$	152,641,801	$	152,156,464	$	174,897,016	$	588,803,630
⁽¹⁾Investment shares		24,173,424		3,234,622		3,162,021		3,592,052		11,887,818
⁽²⁾Investments, at cost	$	244,846,713	$	81,719,243	$	38,357,585	$	138,670,075	$	234,834,449

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			5

Statement of Assets and Liabilities


December 31, 2024 (continued)	Col VP Limited Duration Cr, Cl 2		Col VP Long Govt/Cr Bond, Cl 2		Col VP Overseas Core, Cl 2		Col VP Overseas Core, Cl 3		Col VP Select Lg Cap Eq, Cl 2
Assets
Investments, at fair value^(1),(2)	$	82,194,141	$	14,775,542	$	36,133,971	$	47,221,762	$	4,652,904
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		100,060		19,609		68,915		25,381		—
Receivable for share redemptions		81,544		23,149		32,964		66,555		4,311
Total assets		82,375,745		14,818,300		36,235,850		47,313,698		4,657,215

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		73,088		13,188		32,964		42,461		4,311
Contract terminations		8,456		9,961		—		24,094		—
Payable for investments purchased		100,060		19,609		68,915		25,381		—
Total liabilities		181,604		42,758		101,879		91,936		4,311
Net assets applicable to contracts in accumulation period		82,180,784		14,727,656		36,011,929		46,585,473		4,652,599
Net assets applicable to contracts in payment period		12,822		47,185		121,446		636,289		—
Net assets applicable to seed money		535		701		596		—		305
Total net assets	$	82,194,141	$	14,775,542	$	36,133,971	$	47,221,762	$	4,652,904
⁽¹⁾Investment shares		8,642,917		2,035,199		2,762,536		3,588,280		201,163
⁽²⁾Investments, at cost	$	81,956,212	$	17,966,794	$	36,428,463	$	44,127,798	$	3,597,805

December 31, 2024 (continued)	Col VP Select Lg Cap Val, Cl 2		Col VP Select Lg Cap Val, Cl 3		Col VP Select Mid Cap Gro, Cl 2		Col VP Select Mid Cap Gro, Cl 3		Col VP Select Mid Cap Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	70,423,215	$	39,762,635	$	43,318,695	$	72,846,495	$	43,248,863
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		200,459		21,425		50,468		76		32,692
Receivable for share redemptions		167,782		34,534		137,288		120,607		42,692
Total assets		70,791,456		39,818,594		43,506,451		72,967,178		43,324,247

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		65,730		32,168		41,156		64,855		40,813
Contract terminations		102,052		2,366		96,132		55,752		1,879
Payable for investments purchased		200,459		21,425		50,468		76		32,692
Total liabilities		368,241		55,959		187,756		120,683		75,384
Net assets applicable to contracts in accumulation period		70,422,947		39,741,670		43,315,595		72,003,630		43,242,269
Net assets applicable to contracts in payment period		—		20,965		2,591		842,865		6,280
Net assets applicable to seed money		268		—		509		—		314
Total net assets	$	70,423,215	$	39,762,635	$	43,318,695	$	72,846,495	$	43,248,863
⁽¹⁾Investment shares		1,670,776		927,300		799,681		1,321,359		1,079,063
⁽²⁾Investments, at cost	$	51,674,841	$	24,193,448	$	29,027,856	$	22,468,330	$	28,134,745

See accompanying notes to financial statements.



6		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	Col VP Select Mid Cap Val, Cl 3		Col VP Select Sm Cap Val, Cl 2		Col VP Select Sm Cap Val, Cl 3		Col VP Sel Gbl Tech, Cl 2		Col VP Sm Cap Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	39,071,475	$	27,183,899	$	28,660,856	$	19,313,674	$	2,466,940
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,125		2,043		331		30,088		1,229
Receivable for share redemptions		44,390		26,399		27,090		35,520		5,735
Total assets		39,118,990		27,212,341		28,688,277		19,379,282		2,473,904

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		31,512		26,399		21,962		17,227		2,202
Contract terminations		12,878		—		5,128		18,293		3,533
Payable for investments purchased		3,125		2,043		331		30,088		1,229
Total liabilities		47,515		28,442		27,421		65,608		6,964
Net assets applicable to contracts in accumulation period		38,894,720		27,180,542		28,619,399		19,313,135		2,466,305
Net assets applicable to contracts in payment period		176,755		3,129		41,457		—		—
Net assets applicable to seed money		—		228		—		539		635
Total net assets	$	39,071,475	$	27,183,899	$	28,660,856	$	19,313,674	$	2,466,940
⁽¹⁾Investment shares		958,574		716,497		741,549		683,428		186,184
⁽²⁾Investments, at cost	$	15,180,654	$	19,624,260	$	12,556,285	$	16,730,427	$	2,277,853

December 31, 2024 (continued)	Col VP Strategic Inc, Cl 2		Col VP US Govt Mtge, Cl 2		Col VP US Govt Mtge, Cl 3		CS Commodity Return, Cl 1		CTIVP AC Div Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	82,044,059	$	12,122,961	$	32,864,293	$	10,638,332	$	25,373,006
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		108,833		13,104		1,607		883		2,218
Receivable for share redemptions		196,596		11,224		27,422		10,420		22,514
Total assets		82,349,488		12,147,289		32,893,322		10,649,635		25,397,738

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		77,164		11,224		26,179		8,615		22,514
Contract terminations		119,432		—		1,243		1,805		—
Payable for investments purchased		108,833		13,104		1,607		883		2,218
Total liabilities		305,429		24,328		29,029		11,303		24,732
Net assets applicable to contracts in accumulation period		82,043,614		12,106,584		32,616,812		10,637,987		25,372,535
Net assets applicable to contracts in payment period		—		15,880		247,481		345		—
Net assets applicable to seed money		445		497		—		—		471
Total net assets	$	82,044,059	$	12,122,961	$	32,864,293	$	10,638,332	$	25,373,006
⁽¹⁾Investment shares		22,477,824		1,385,481		3,747,354		591,676		2,847,700
⁽²⁾Investments, at cost	$	91,646,100	$	13,502,364	$	37,934,350	$	16,849,285	$	28,361,657

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			7

Statement of Assets and Liabilities


December 31, 2024 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2		CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP CenterSquare Real Est, Cl 2		CTIVP MFS Val, Cl 2		CTIVP Prin Blue Chip Gro, Cl 1
Assets
Investments, at fair value^(1),(2)	$	17,742,113	$	39,225,954	$	22,873,160	$	84,489,744	$	113,672,769
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		5,296		5,074		40,380		21,595		221
Receivable for share redemptions		25,735		75,047		22,984		143,796		153,739
Total assets		17,773,144		39,306,075		22,936,524		84,655,135		113,826,729

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		16,830		31,225		21,135		79,101		91,802
Contract terminations		8,905		43,822		1,849		64,695		61,937
Payable for investments purchased		5,296		5,074		40,380		21,595		221
Total liabilities		31,031		80,121		63,364		165,391		153,960
Net assets applicable to contracts in accumulation period		17,741,606		39,157,794		22,872,465		84,489,518		113,331,203
Net assets applicable to contracts in payment period		—		68,160		—		—		341,566
Net assets applicable to seed money		507		—		695		226		—
Total net assets	$	17,742,113	$	39,225,954	$	22,873,160	$	84,489,744	$	113,672,769
⁽¹⁾Investment shares		4,174,615		9,038,238		3,393,644		2,040,322		1,586,501
⁽²⁾Investments, at cost	$	22,263,990	$	55,267,210	$	26,984,435	$	56,745,545	$	37,794,435

December 31, 2024 (continued)	CTIVP Prin Blue Chip Gro, Cl 2		CTIVP T Rowe Price LgCap Val, Cl 2		CTIVP TCW Core Plus Bond, Cl 2		CTIVP Vty Sycamore Estb Val, Cl 2		CTIVP Vty Sycamore Estb Val, Cl 3
Assets
Investments, at fair value^(1),(2)	$	63,766,713	$	44,812,855	$	23,279,680	$	70,731,417	$	41,898,186
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		5,237		50,821		13,759		2,761		3,842
Receivable for share redemptions		133,520		61,621		21,097		86,711		38,811
Total assets		63,905,470		44,925,297		23,314,536		70,820,889		41,940,839

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		59,366		42,625		21,097		65,654		33,883
Contract terminations		74,154		18,996		—		21,057		4,928
Payable for investments purchased		5,237		50,821		13,759		2,761		3,842
Total liabilities		138,757		112,442		34,856		89,472		42,653
Net assets applicable to contracts in accumulation period		63,766,064		44,751,525		23,278,915		70,731,213		41,800,905
Net assets applicable to contracts in payment period		—		61,099		—		—		97,281
Net assets applicable to seed money		649		231		765		204		—
Total net assets	$	63,766,713	$	44,812,855	$	23,279,680	$	70,731,417	$	41,898,186
⁽¹⁾Investment shares		922,684		1,183,334		2,572,340		1,444,383		839,811
⁽²⁾Investments, at cost	$	35,721,958	$	31,189,589	$	25,483,706	$	46,334,470	$	22,314,869

See accompanying notes to financial statements.



8		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2		CTIVP Westfield Sel Lg Cp Gr, Cl 2		CVT EAFE Intl Index, Cl F		CVT Nasdaq 100 Index, Cl F		CVT Russ 2000 Sm Cap Ind, Cl F
Assets
Investments, at fair value^(1),(2)	$	30,938,048	$	26,788,093	$	4,802,447	$	23,550,483	$	10,351,945
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,139		485		449		71,671		6,574
Receivable for share redemptions		33,570		46,253		3,891		21,084		8,820
Total assets		30,972,757		26,834,831		4,806,787		23,643,238		10,367,339

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		28,805		25,740		3,891		20,377		8,820
Contract terminations		4,765		20,513		—		707		—
Payable for investments purchased		1,139		485		449		71,671		6,574
Total liabilities		34,709		46,738		4,340		92,755		15,394
Net assets applicable to contracts in accumulation period		30,937,480		26,787,436		4,800,082		23,547,096		10,349,957
Net assets applicable to contracts in payment period		—		—		—		—		—
Net assets applicable to seed money		568		657		2,365		3,387		1,988
Total net assets	$	30,938,048	$	26,788,093	$	4,802,447	$	23,550,483	$	10,351,945
⁽¹⁾Investment shares		611,666		470,793		50,632		144,917		122,190
⁽²⁾Investments, at cost	$	18,045,224	$	20,264,464	$	4,658,079	$	20,461,825	$	9,700,022

December 31, 2024 (continued)	DWS Alt Asset Alloc VIP, Cl B		EV VT Floating-Rate Inc, Init Cl		Fid VIP Contrafund, Serv Cl 2		Fid VIP Emer Mkts, Serv Cl 2		Fid VIP Energy, Serv Cl 2
Assets
Investments, at fair value^(1),(2)	$	15,821,221	$	76,704,868	$	616,762,401	$	2,503,544	$	2,774,819
Dividends receivable		—		459,224		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		544		31,376		213,464		23,849		634
Receivable for share redemptions		21,594		76,764		1,065,189		2,150		2,488
Total assets		15,843,359		77,272,232		618,041,054		2,529,543		2,777,941

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		14,032		63,404		540,237		2,150		2,488
Contract terminations		7,562		13,360		524,952		—		—
Payable for investments purchased		544		490,600		213,464		23,849		634
Total liabilities		22,138		567,364		1,278,653		25,999		3,122
Net assets applicable to contracts in accumulation period		15,806,490		76,361,923		616,006,312		2,503,050		2,774,052
Net assets applicable to contracts in payment period		14,122		335,787		754,980		—		—
Net assets applicable to seed money		609		7,158		1,109		494		767
Total net assets	$	15,821,221	$	76,704,868	$	616,762,401	$	2,503,544	$	2,774,819
⁽¹⁾Investment shares		1,222,660		8,908,812		11,112,836		218,269		110,860
⁽²⁾Investments, at cost	$	16,381,790	$	80,135,909	$	423,759,829	$	2,340,086	$	2,773,600

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			9

Statement of Assets and Liabilities


December 31, 2024 (continued)	Fid VIP Gro & Inc, Serv Cl		Fid VIP Gro & Inc, Serv Cl 2		Fid VIP Gro Opp, Serv Cl 2		Fid VIP Intl Cap Appr, Serv Cl 2		Fid VIP Invest Gr, Serv Cl 2
Assets
Investments, at fair value^(1),(2)	$	42,673,475	$	109,129,398	$	25,706,117	$	8,079,000	$	15,716,455
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		10,230		103,742		24,828		32,539
Receivable for share redemptions		35,562		118,467		29,526		7,087		14,955
Total assets		42,709,037		109,258,095		25,839,385		8,110,915		15,763,949

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		31,208		83,803		23,062		7,087		13,422
Contract terminations		4,354		34,664		6,464		—		1,533
Payable for investments purchased		—		10,230		103,742		24,828		32,539
Total liabilities		35,562		128,697		133,268		31,915		47,494
Net assets applicable to contracts in accumulation period		42,353,467		107,959,462		25,704,549		8,078,533		15,716,156
Net assets applicable to contracts in payment period		320,008		1,169,395		—		—		—
Net assets applicable to seed money		—		541		1,568		467		299
Total net assets	$	42,673,475	$	109,129,398	$	25,706,117	$	8,079,000	$	15,716,455
⁽¹⁾Investment shares		1,416,312		3,708,101		319,927		359,546		1,479,892
⁽²⁾Investments, at cost	$	27,131,298	$	70,572,458	$	19,548,280	$	7,476,077	$	15,939,198

December 31, 2024 (continued)	Fid VIP Mid Cap, Serv Cl		Fid VIP Mid Cap, Serv Cl 2		Fid VIP Overseas, Serv Cl		Fid VIP Overseas, Serv Cl 2		Fid VIP Strategic Inc, Serv Cl 2
Assets
Investments, at fair value^(1),(2)	$	63,821,469	$	357,177,903	$	9,394,097	$	41,146,875	$	185,772,902
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		60,652		2,428		14,383		63,846
Receivable for share redemptions		54,217		464,644		6,825		101,258		350,764
Total assets		63,875,686		357,703,199		9,403,350		41,262,516		186,187,512

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		47,266		297,354		6,825		32,573		162,242
Contract terminations		6,951		167,290		—		68,685		188,522
Payable for investments purchased		—		60,652		2,428		14,383		63,846
Total liabilities		54,217		525,296		9,253		115,641		414,610
Net assets applicable to contracts in accumulation period		62,821,426		355,948,356		9,307,603		40,934,356		185,441,381
Net assets applicable to contracts in payment period		1,000,043		1,228,715		86,494		212,519		331,331
Net assets applicable to seed money		—		832		—		—		190
Total net assets	$	63,821,469	$	357,177,903	$	9,394,097	$	41,146,875	$	185,772,902
⁽¹⁾Investment shares		1,728,642		10,067,021		371,161		1,636,059		17,575,487
⁽²⁾Investments, at cost	$	54,424,676	$	328,969,349	$	7,830,199	$	34,367,016	$	194,400,501

See accompanying notes to financial statements.



10		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	Frank Global Real Est, Cl 2		Frank Inc, Cl 2		Frank Inc, Cl 4		Frank Mutual Gbl Dis, Cl 4		Frank Mutual Shares, Cl 2
Assets
Investments, at fair value^(1),(2)	$	41,247,230	$	59,762,586	$	12,122,592	$	613,693	$	60,102,550
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		26,501		382		99,205		5		686
Receivable for share redemptions		35,256		146,812		9,861		525		57,478
Total assets		41,308,987		59,909,780		12,231,658		614,223		60,160,714

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		32,074		55,186		9,861		525		50,679
Contract terminations		3,182		91,626		—		—		6,799
Payable for investments purchased		26,501		382		99,205		5		686
Total liabilities		61,757		147,194		109,066		530		58,164
Net assets applicable to contracts in accumulation period		41,128,467		59,688,140		12,122,189		612,724		60,010,723
Net assets applicable to contracts in payment period		118,763		73,774		—		—		90,763
Net assets applicable to seed money		—		672		403		969		1,064
Total net assets	$	41,247,230	$	59,762,586	$	12,122,592	$	613,693	$	60,102,550
⁽¹⁾Investment shares		3,361,632		4,161,740		815,787		33,756		3,667,026
⁽²⁾Investments, at cost	$	54,334,830	$	62,504,199	$	12,177,132	$	617,979	$	61,646,114

December 31, 2024 (continued)	Frank Sm Cap Val, Cl 2		Frank Sm Cap Val, Cl 4		GS VIT Mid Cap Val, Inst		GS VIT Multi-Strategy Alt, Advisor		GS VIT Multi-Strategy Alt, Serv
Assets
Investments, at fair value^(1),(2)	$	110,502,676	$	4,926,466	$	103,250,625	$	9,288,445	$	1,633,361
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		12,455		24,136		3,651		652		23,979
Receivable for share redemptions		175,604		4,385		207,973		8,610		1,364
Total assets		110,690,735		4,954,987		103,462,249		9,297,707		1,658,704

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		93,222		4,385		77,660		8,610		1,364
Contract terminations		82,382		—		130,313		—		—
Payable for investments purchased		12,455		24,136		3,651		652		23,979
Total liabilities		188,059		28,521		211,624		9,262		25,343
Net assets applicable to contracts in accumulation period		110,163,400		4,926,029		102,405,779		9,284,729		1,632,817
Net assets applicable to contracts in payment period		338,629		—		844,846		3,102		—
Net assets applicable to seed money		647		437		—		614		544
Total net assets	$	110,502,676	$	4,926,466	$	103,250,625	$	9,288,445	$	1,633,361
⁽¹⁾Investment shares		7,716,667		328,431		6,120,369		1,045,996		182,907
⁽²⁾Investments, at cost	$	111,833,468	$	4,525,237	$	95,677,380	$	9,583,235	$	1,660,466

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			11

Statement of Assets and Liabilities


December 31, 2024 (continued)	GS VIT Sm Cap Eq Insights, Inst		GS VIT Sm Cap Eq Insights, Serv		GS VIT U.S. Eq Insights, Inst		Invesco VI Am Fran, Ser I		Invesco VI Am Fran, Ser II
Assets
Investments, at fair value^(1),(2)	$	5,092,836	$	2,706,174	$	101,544,340	$	15,204,146	$	45,553,591
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		5		—		—		—
Receivable for share redemptions		4,009		3,588		117,984		16,918		172,773
Total assets		5,096,845		2,709,767		101,662,324		15,221,064		45,726,364

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		3,700		2,444		77,639		10,916		35,052
Contract terminations		309		1,144		40,345		6,002		137,721
Payable for investments purchased		—		5		—		—		—
Total liabilities		4,009		3,593		117,984		16,918		172,773
Net assets applicable to contracts in accumulation period		5,072,936		2,705,519		100,558,757		15,174,112		45,550,933
Net assets applicable to contracts in payment period		19,900		—		985,583		30,034		2,658
Net assets applicable to seed money		—		655		—		—		—
Total net assets	$	5,092,836	$	2,706,174	$	101,544,340	$	15,204,146	$	45,553,591
⁽¹⁾Investment shares		378,931		204,240		4,683,780		191,175		636,223
⁽²⁾Investments, at cost	$	4,744,459	$	2,609,265	$	79,747,412	$	9,910,048	$	32,045,472

December 31, 2024 (continued)	Invesco VI Bal Risk Alloc, Ser II		Invesco VI Comstock, Ser II		Invesco VI Core Eq, Ser I		Invesco VI Core Plus Bond, Ser II		Invesco VI Dis Mid Cap Gro, Ser I
Assets
Investments, at fair value^(1),(2)	$	26,350,967	$	97,684,022	$	75,003,648	$	7,083,309	$	17,744,151
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		4,966		105,498		—		1,479		—
Receivable for share redemptions		40,723		106,447		90,620		6,388		17,885
Total assets		26,396,656		97,895,967		75,094,268		7,091,176		17,762,036

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		24,030		77,308		82,489		6,388		13,229
Contract terminations		16,693		29,139		8,131		—		4,656
Payable for investments purchased		4,966		105,498		—		1,479		—
Total liabilities		45,689		211,945		90,620		7,867		17,885
Net assets applicable to contracts in accumulation period		26,170,731		97,429,746		74,274,551		7,082,782		17,660,994
Net assets applicable to contracts in payment period		179,410		254,031		729,097		—		83,157
Net assets applicable to seed money		826		245		—		527		—
Total net assets	$	26,350,967	$	97,684,022	$	75,003,648	$	7,083,309	$	17,744,151
⁽¹⁾Investment shares		3,186,332		4,739,642		2,230,923		1,260,375		227,402
⁽²⁾Investments, at cost	$	31,882,254	$	77,711,736	$	60,735,118	$	7,131,334	$	16,877,558

See accompanying notes to financial statements.



12		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	Invesco VI Dis Mid Cap Gro, Ser II		Invesco VI Div Divd, Ser I		Invesco VI Div Divd, Ser II		Invesco VI EQV Intl Eq, Ser II		Invesco VI Global, Ser II
Assets
Investments, at fair value^(1),(2)	$	11,271,667	$	17,183,752	$	9,066,111	$	33,562,831	$	127,717,155
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		487		—		15,241		37,658
Receivable for share redemptions		29,282		15,769		8,464		26,491		185,446
Total assets		11,300,949		17,200,008		9,074,575		33,604,563		127,940,259

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		9,199		13,212		8,062		26,491		109,968
Contract terminations		20,083		2,557		402		—		75,478
Payable for investments purchased		—		487		—		15,241		37,658
Total liabilities		29,282		16,256		8,464		41,732		223,104
Net assets applicable to contracts in accumulation period		11,271,667		17,043,218		9,010,959		33,459,003		127,481,907
Net assets applicable to contracts in payment period		—		140,534		55,152		103,828		233,743
Net assets applicable to seed money		—		—		—		—		1,505
Total net assets	$	11,271,667	$	17,183,752	$	9,066,111	$	33,562,831	$	127,717,155
⁽¹⁾Investment shares		168,410		663,978		354,145		1,020,457		3,303,599
⁽²⁾Investments, at cost	$	11,323,747	$	15,466,134	$	8,322,029	$	31,627,511	$	120,878,886

December 31, 2024 (continued)	Invesco VI Gbl Strat Inc, Ser II		Invesco VI Hlth, Ser II		Invesco VI Main St, Ser II		Invesco VI Mn St Sm Cap, Ser II		Invesco VI Tech, Ser I
Assets
Investments, at fair value^(1),(2)	$	113,888,748	$	28,023,384	$	2,579,523	$	107,467,352	$	29,890,087
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		55,281		14,952		—		74,137		—
Receivable for share redemptions		163,794		27,840		2,380		134,641		41,462
Total assets		114,107,823		28,066,176		2,581,903		107,676,130		29,931,549

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		93,227		22,598		2,180		93,715		22,463
Contract terminations		70,567		5,242		200		40,926		18,999
Payable for investments purchased		55,281		14,952		—		74,137		—
Total liabilities		219,075		42,792		2,380		208,778		41,462
Net assets applicable to contracts in accumulation period		113,136,699		27,831,773		2,564,957		107,244,987		29,650,865
Net assets applicable to contracts in payment period		751,530		191,611		14,566		221,875		239,222
Net assets applicable to seed money		519		—		—		490		—
Total net assets	$	113,888,748	$	28,023,384	$	2,579,523	$	107,467,352	$	29,890,087
⁽¹⁾Investment shares		25,766,685		1,134,550		130,213		3,772,108		1,255,886
⁽²⁾Investments, at cost	$	131,245,665	$	29,263,331	$	2,809,979	$	89,955,095	$	23,720,910

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			13

Statement of Assets and Liabilities


December 31, 2024 (continued)	Invesco VI Tech, Ser II		Janus Henderson VIT Bal, Serv		Janus Henderson VIT Enter, Serv		Janus Henderson VIT Flex Bd, Serv		Janus Henderson VIT Forty, Serv
Assets
Investments, at fair value^(1),(2)	$	7,935,111	$	156,290,775	$	14,590,298	$	63,356,521	$	5,505,811
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		19,038		86,906		258		102,021		18,868
Receivable for share redemptions		7,411		187,746		10,974		146,042		5,127
Total assets		7,961,560		156,565,427		14,601,530		63,604,584		5,529,806

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,339		142,448		10,503		55,315		5,127
Contract terminations		72		45,298		471		90,727		—
Payable for investments purchased		19,038		86,906		258		102,021		18,868
Total liabilities		26,449		274,652		11,232		248,063		23,995
Net assets applicable to contracts in accumulation period		7,934,010		155,875,630		14,535,933		63,356,048		5,503,771
Net assets applicable to contracts in payment period		—		413,937		54,365		—		—
Net assets applicable to seed money		1,101		1,208		—		473		2,040
Total net assets	$	7,935,111	$	156,290,775	$	14,590,298	$	63,356,521	$	5,505,811
⁽¹⁾Investment shares		393,022		2,873,520		195,266		5,828,567		107,830
⁽²⁾Investments, at cost	$	6,409,463	$	127,329,055	$	11,200,372	$	71,180,821	$	4,624,917

December 31, 2024 (continued)	Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Res, Serv		Lazard Ret Emer Mkts Eq, Serv		Lazard Ret Global Dyn MA, Serv
Assets
Investments, at fair value^(1),(2)	$	43,522,804	$	22,945,603	$	71,065,291	$	945,992	$	9,309,240
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		18,625		25,343		54,311		—		108
Receivable for share redemptions		35,231		17,671		89,958		755		8,521
Total assets		43,576,660		22,988,617		71,209,560		946,747		9,317,869

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		32,741		17,671		62,981		755		8,521
Contract terminations		2,490		—		26,977		—		—
Payable for investments purchased		18,625		25,343		54,311		—		108
Total liabilities		53,856		43,014		144,269		755		8,629
Net assets applicable to contracts in accumulation period		43,373,937		22,910,162		71,009,355		944,587		9,308,139
Net assets applicable to contracts in payment period		148,379		34,608		53,107		—		—
Net assets applicable to seed money		488		833		2,829		1,405		1,101
Total net assets	$	43,522,804	$	22,945,603	$	71,065,291	$	945,992	$	9,309,240
⁽¹⁾Investment shares		2,056,843		549,332		1,259,130		43,695		715,545
⁽²⁾Investments, at cost	$	24,906,136	$	20,061,681	$	44,716,816	$	921,084	$	9,069,554

See accompanying notes to financial statements.



14		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	Lord Abt Bond Debenture, Cl VC		Lord Abt Short Dur Inc, Cl VC		LVIP AC Intl, Serv Cl		LVIP AC Intl, Std Cl II		LVIP AC Mid Cap Val, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	6,556,089	$	12,918,651	$	15,612,599	$	5,542,809	$	36,954,343
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,291		82,251		55,038		1,592		11,031
Receivable for share redemptions		15,624		11,535		19,600		4,131		66,907
Total assets		6,573,004		13,012,437		15,687,237		5,548,532		37,032,281

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,820		11,535		12,222		4,131		30,743
Contract terminations		9,804		—		7,378		—		36,164
Payable for investments purchased		1,291		82,251		55,038		1,592		11,031
Total liabilities		16,915		93,786		74,638		5,723		77,938
Net assets applicable to contracts in accumulation period		6,555,692		12,918,336		15,485,347		5,490,167		36,855,001
Net assets applicable to contracts in payment period		—		—		126,710		52,570		99,020
Net assets applicable to seed money		397		315		542		72		322
Total net assets	$	6,556,089	$	12,918,651	$	15,612,599	$	5,542,809	$	36,954,343
⁽¹⁾Investment shares		630,393		986,910		1,462,539		518,795		1,877,857
⁽²⁾Investments, at cost	$	6,658,297	$	13,109,973	$	14,207,300	$	5,190,462	$	36,001,168

December 31, 2024 (continued)	LVIP AC Ultra, Serv Cl		LVIP AC Val, Serv Cl		LVIP AC Val, Std Cl II		LVIP JPM US Eq, Serv Cl		Mac VIP Asset Strategy, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	51,964,884	$	167,819,209	$	25,431,567	$	4,772,342	$	12,397,589
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		40,947		317		—		—
Receivable for share redemptions		141,181		163,547		23,717		4,342		11,940
Total assets		52,106,065		168,023,703		25,455,601		4,776,684		12,409,529

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		42,412		143,186		18,620		4,342		11,169
Contract terminations		98,769		20,361		5,097		—		771
Payable for investments purchased		—		40,947		317		—		—
Total liabilities		141,181		204,494		24,034		4,342		11,940
Net assets applicable to contracts in accumulation period		51,760,807		167,396,389		25,071,853		4,771,248		12,272,135
Net assets applicable to contracts in payment period		204,077		422,017		359,714		—		124,377
Net assets applicable to seed money		—		803		—		1,094		1,077
Total net assets	$	51,964,884	$	167,819,209	$	25,431,567	$	4,772,342	$	12,397,589
⁽¹⁾Investment shares		1,789,733		13,704,002		2,079,611		109,337		1,334,509
⁽²⁾Investments, at cost	$	35,243,288	$	135,590,243	$	19,019,115	$	3,720,093	$	13,079,065

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			15

Statement of Assets and Liabilities


December 31, 2024 (continued)	Mac VIP for Inc, Serv Cl		Mac VIP Intl Core Eq, Serv Cl		MFS Gbl Real Est, Serv Cl		MFS Intl Gro, Serv Cl		MFS Mass Inv Gro Stock, Serv Cl
Assets
Investments, at fair value^(1),(2)	$	1,663,757	$	1,280,240	$	1,613,424	$	5,570,548	$	69,635,755
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		17		3,524		74		13,370		253
Receivable for share redemptions		1,426		1,113		1,356		4,890		66,727
Total assets		1,665,200		1,284,877		1,614,854		5,588,808		69,702,735

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,426		1,113		1,356		4,890		54,677
Contract terminations		—		—		—		—		12,050
Payable for investments purchased		17		3,524		74		13,370		253
Total liabilities		1,443		4,637		1,430		18,260		66,980
Net assets applicable to contracts in accumulation period		1,663,168		1,279,620		1,612,820		5,570,110		69,610,893
Net assets applicable to contracts in payment period		—		—		—		—		24,862
Net assets applicable to seed money		589		620		604		438		—
Total net assets	$	1,663,757	$	1,280,240	$	1,613,424	$	5,570,548	$	69,635,755
⁽¹⁾Investment shares		300,317		77,496		105,868		358,927		2,984,816
⁽²⁾Investments, at cost	$	1,623,720	$	1,310,399	$	1,660,972	$	5,249,905	$	60,502,935

December 31, 2024 (continued)	MFS New Dis, Serv Cl		MFS Research Intl, Serv Cl		MFS Utilities, Serv Cl		MS VIF Dis, Cl II		NB AMT Sus Eq, Cl S
Assets
Investments, at fair value^(1),(2)	$	27,284,322	$	2,797,665	$	123,093,148	$	77,103,238	$	19,494,177
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,192		340		28,409		84,465		626
Receivable for share redemptions		20,976		2,499		210,317		172,281		17,404
Total assets		27,306,490		2,800,504		123,331,874		77,359,984		19,512,207

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		20,451		2,499		104,944		70,130		17,404
Contract terminations		525		—		105,373		102,151		—
Payable for investments purchased		1,192		340		28,409		84,465		626
Total liabilities		22,168		2,839		238,726		256,746		18,030
Net assets applicable to contracts in accumulation period		27,204,444		2,797,272		122,653,514		76,940,368		19,491,543
Net assets applicable to contracts in payment period		79,878		—		438,561		161,363		—
Net assets applicable to seed money		—		393		1,073		1,507		2,634
Total net assets	$	27,284,322	$	2,797,665	$	123,093,148	$	77,103,238	$	19,494,177
⁽¹⁾Investment shares		2,538,076		165,935		3,683,218		13,432,620		486,260
⁽²⁾Investments, at cost	$	36,038,708	$	2,742,425	$	110,020,660	$	112,416,783	$	13,161,054

See accompanying notes to financial statements.



16		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	PIMCO VIT All Asset, Advisor Cl		PIMCO VIT Glb Man As Alloc, Adv Cl		PIMCO VIT Tot Return, Advisor Cl		Put VT Global Hlth Care, Cl IB		Put VT Intl Eq, Cl IB
Assets
Investments, at fair value^(1),(2)	$	44,866,545	$	5,517,645	$	69,999,876	$	23,745,518	$	9,747,049
Dividends receivable		—		—		236,743		—		—
Accounts receivable from RiverSource Life for contract purchase payments		7,084		13		15,310		4,075		7,426
Receivable for share redemptions		54,139		5,186		64,443		23,521		7,344
Total assets		44,927,768		5,522,844		70,316,372		23,773,114		9,761,819

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		39,121		5,184		61,892		18,643		7,344
Contract terminations		15,018		2		2,551		4,878		—
Payable for investments purchased		7,084		13		252,053		4,075		7,426
Total liabilities		61,223		5,199		316,496		27,596		14,770
Net assets applicable to contracts in accumulation period		44,416,682		5,514,789		69,986,660		23,711,118		9,736,844
Net assets applicable to contracts in payment period		449,041		1,783		—		34,074		10,205
Net assets applicable to seed money		822		1,073		13,216		326		—
Total net assets	$	44,866,545	$	5,517,645	$	69,999,876	$	23,745,518	$	9,747,049
⁽¹⁾Investment shares		5,018,629		548,474		7,743,349		1,514,383		633,336
⁽²⁾Investments, at cost	$	52,547,273	$	6,083,376	$	78,191,659	$	23,351,781	$	8,827,629

December 31, 2024 (continued)	Put VT Intl Val, Cl IB		Put VT Lg Cap Val, Cl IB		Put VT Sus Fut, Cl IB		Put VT Sus Leaders, Cl IA		Put VT Sus Leaders, Cl IB
Assets
Investments, at fair value^(1),(2)	$	4,074,424	$	17,488,017	$	2,544,738	$	85,173,813	$	38,596,376
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		303		—		—		—		96
Receivable for share redemptions		3,544		26,729		2,082		110,127		29,981
Total assets		4,078,271		17,514,746		2,546,820		85,283,940		38,626,453

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		3,544		15,317		2,082		93,673		29,008
Contract terminations		—		11,412		—		16,454		973
Payable for investments purchased		303		—		—		—		96
Total liabilities		3,847		26,729		2,082		110,127		30,077
Net assets applicable to contracts in accumulation period		4,073,791		17,487,368		2,543,721		84,678,059		38,481,001
Net assets applicable to contracts in payment period		—		—		—		495,754		113,944
Net assets applicable to seed money		633		649		1,017		—		1,431
Total net assets	$	4,074,424	$	17,488,017	$	2,544,738	$	85,173,813	$	38,596,376
⁽¹⁾Investment shares		338,407		539,421		149,867		1,686,276		799,097
⁽²⁾Investments, at cost	$	3,831,036	$	15,921,931	$	2,061,231	$	52,432,826	$	25,550,625

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			17

Statement of Assets and Liabilities


December 31, 2024 (continued)	Royce Micro-Cap, Invest Cl		Temp Global Bond, Cl 2		Third Ave VST Third Ave Value		VanEck VIP Global Gold, Cl S		VP Aggr, Cl 2
Assets
Investments, at fair value^(1),(2)	$	10,610,255	$	13,062,519	$	9,341,415	$	32,803,230	$	791,146,849
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		3,038		13,376		32,384		180,376
Receivable for share redemptions		17,094		18,130		6,813		30,559		1,253,557
Total assets		10,627,349		13,083,687		9,361,604		32,866,173		792,580,782

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,836		11,823		6,813		30,559		686,710
Contract terminations		9,258		6,307		—		—		566,847
Payable for investments purchased		—		3,038		13,376		32,384		180,376
Total liabilities		17,094		21,168		20,189		62,943		1,433,933
Net assets applicable to contracts in accumulation period		10,549,255		13,062,099		9,199,555		32,801,990		789,002,395
Net assets applicable to contracts in payment period		61,000		—		141,860		—		2,144,266
Net assets applicable to seed money		—		420		—		1,240		188
Total net assets	$	10,610,255	$	13,062,519	$	9,341,415	$	32,803,230	$	791,146,849
⁽¹⁾Investment shares		1,088,231		1,147,849		456,570		3,515,887		24,863,195
⁽²⁾Investments, at cost	$	9,920,874	$	17,653,539	$	7,974,127	$	30,544,796	$	427,521,543

December 31, 2024 (continued)	VP Aggr, Cl 4		VP Conserv, Cl 2		VP Conserv, Cl 4		VP Man Risk, Cl 2		VP Man Risk US, Cl 2
Assets
Investments, at fair value^(1),(2)	$	421,013,792	$	410,773,140	$	259,182,922	$	231,904,584	$	375,871,425
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		5,964		162		—		57,058		201
Receivable for share redemptions		674,997		710,877		241,334		212,293		404,668
Total assets		421,694,753		411,484,179		259,424,256		232,173,935		376,276,294

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		342,692		366,372		220,459		199,639		325,571
Contract terminations		332,305		344,505		20,875		12,654		79,097
Payable for investments purchased		5,964		162		—		57,058		201
Total liabilities		680,961		711,039		241,334		269,351		404,869
Net assets applicable to contracts in accumulation period		421,013,792		410,205,464		259,182,864		231,855,954		375,641,113
Net assets applicable to contracts in payment period		—		567,562		—		48,357		229,992
Net assets applicable to seed money		—		114		58		273		320
Total net assets	$	421,013,792	$	410,773,140	$	259,182,922	$	231,904,584	$	375,871,425
⁽¹⁾Investment shares		13,210,348		25,577,406		16,138,414		16,768,227		23,864,852
⁽²⁾Investments, at cost	$	158,875,105	$	363,833,049	$	206,052,643	$	185,986,626	$	288,243,366

See accompanying notes to financial statements.



18		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	VP Man Vol Conserv, Cl 2		VP Man Vol Conserv Gro, Cl 2		VP Man Vol Gro, Cl 2		VP Man Vol Mod Gro, Cl 2		VP Mod, Cl 2
Assets
Investments, at fair value^(1),(2)	$	512,434,067	$	1,038,609,914	$	10,374,472,896	$	10,776,991,961	$	6,385,037,866
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		94,315		366,299		1,606,051		29,656		102,720
Receivable for share redemptions		469,242		1,489,037		12,730,741		12,171,597		6,575,424
Total assets		512,997,624		1,040,465,250		10,388,809,688		10,789,193,214		6,391,716,010

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		448,528		909,587		8,902,054		9,388,501		5,552,755
Contract terminations		20,714		579,450		3,828,687		2,783,096		1,022,669
Payable for investments purchased		94,315		366,299		1,606,051		29,656		102,720
Total liabilities		563,557		1,855,336		14,336,792		12,201,253		6,678,144
Net assets applicable to contracts in accumulation period		512,300,131		1,038,395,403		10,374,354,880		10,776,123,136		6,380,432,451
Net assets applicable to contracts in payment period		133,674		214,346		117,851		868,634		4,605,327
Net assets applicable to seed money		262		165		165		191		88
Total net assets	$	512,434,067	$	1,038,609,914	$	10,374,472,896	$	10,776,991,961	$	6,385,037,866
⁽¹⁾Investment shares		38,528,877		68,919,039		538,653,837		575,694,015		273,918,398
⁽²⁾Investments, at cost	$	470,257,863	$	812,847,094	$	6,568,550,931	$	6,804,514,406	$	3,525,338,777

December 31, 2024 (continued)	VP Mod, Cl 4		VP Mod Aggr, Cl 2		VP Mod Aggr, Cl 4		VP Mod Conserv, Cl 2		VP Mod Conserv, Cl 4
Assets
Investments, at fair value^(1),(2)	$	4,683,191,289	$	2,036,639,923	$	1,243,730,239	$	962,901,577	$	732,041,818
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		4,623		205,099		3,323		61,629		—
Receivable for share redemptions		4,629,296		2,729,769		1,168,177		917,960		902,814
Total assets		4,687,825,208		2,039,574,791		1,244,901,739		963,881,166		732,944,632

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		3,877,811		1,774,722		1,016,242		858,520		621,258
Contract terminations		751,485		955,047		151,935		59,440		281,556
Payable for investments purchased		4,623		205,099		3,323		61,629		—
Total liabilities		4,633,919		2,934,868		1,171,500		979,589		902,814
Net assets applicable to contracts in accumulation period		4,683,191,289		2,035,784,320		1,243,730,239		961,367,619		732,041,818
Net assets applicable to contracts in payment period		—		855,471		—		1,533,856		—
Net assets applicable to seed money		—		132		—		102		—
Total net assets	$	4,683,191,289	$	2,036,639,923	$	1,243,730,239	$	962,901,577	$	732,041,818
⁽¹⁾Investment shares		200,650,869		74,739,080		45,574,578		49,994,890		37,949,291
⁽²⁾Investments, at cost	$	2,053,167,048	$	1,023,729,095	$	486,088,299	$	681,945,268	$	422,648,021

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			19

Statement of Assets and Liabilities


December 31, 2024 (continued)	VP Ptnrs Core Bond, Cl 2		VP Ptnrs Core Eq, Cl 2		VP Ptnrs Core Eq, Cl 3		VP Ptnrs Intl Core Eq, Cl 2		VP Ptnrs Intl Gro, Cl 2
Assets
Investments, at fair value^(1),(2)	$	18,540,511	$	13,034,643	$	18,107,198	$	22,017,260	$	31,174,041
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		55		40		18		5,766		62,562
Receivable for share redemptions		17,834		13,359		65,356		20,004		90,350
Total assets		18,558,400		13,048,042		18,172,572		22,043,030		31,326,953

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		17,070		12,879		14,519		20,004		28,695
Contract terminations		764		480		50,837		—		61,655
Payable for investments purchased		55		40		18		5,766		62,562
Total liabilities		17,889		13,399		65,374		25,770		152,912
Net assets applicable to contracts in accumulation period		18,539,812		13,033,837		18,088,158		22,016,389		31,173,374
Net assets applicable to contracts in payment period		—		—		19,040		—		—
Net assets applicable to seed money		699		806		—		871		667
Total net assets	$	18,540,511	$	13,034,643	$	18,107,198	$	22,017,260	$	31,174,041
⁽¹⁾Investment shares		1,943,450		293,639		401,045		2,086,944		2,798,388
⁽²⁾Investments, at cost	$	19,909,503	$	6,299,437	$	5,210,292	$	21,854,426	$	33,012,916

December 31, 2024 (continued)	VP Ptnrs Intl Val, Cl 2		VP Ptnrs Sm Cap Gro, Cl 2		VP Ptnrs Sm Cap Val, Cl 2		VP Ptnrs Sm Cap Val, Cl 3		VP US Flex Conserv Gro, Cl 2
Assets
Investments, at fair value^(1),(2)	$	24,436,900	$	19,636,245	$	11,350,996	$	44,446,025	$	304,818,266
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		326		2,314		2,860		6,072		107,237
Receivable for share redemptions		23,049		17,925		12,687		42,527		456,580
Total assets		24,460,275		19,656,484		11,366,543		44,494,624		305,382,083

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		22,973		17,656		10,457		33,839		269,710
Contract terminations		76		269		2,230		8,688		186,870
Payable for investments purchased		326		2,314		2,860		6,072		107,237
Total liabilities		23,375		20,239		15,547		48,599		563,817
Net assets applicable to contracts in accumulation period		24,435,945		19,635,751		11,350,621		44,200,800		304,696,419
Net assets applicable to contracts in payment period		—		—		—		245,225		121,469
Net assets applicable to seed money		955		494		375		—		378
Total net assets	$	24,436,900	$	19,636,245	$	11,350,996	$	44,446,025	$	304,818,266
⁽¹⁾Investment shares		2,407,576		589,323		299,578		1,152,347		20,978,546
⁽²⁾Investments, at cost	$	23,281,484	$	16,354,134	$	9,109,320	$	18,257,665	$	256,857,870

See accompanying notes to financial statements.



20		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Assets and Liabilities


December 31, 2024 (continued)	VP US Flex Gro, Cl 2		VP US Flex Mod Gro, Cl 2		Wanger Acorn		Wanger Intl		WA Var Global Hi Yd Bond, Cl II
Assets
Investments, at fair value^(1),(2)	$	4,077,643,635	$	1,959,030,505	$	157,104,463	$	84,296,221	$	12,852,976
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		136,115		79,276		63,393		124,089		203
Receivable for share redemptions		6,262,010		1,929,812		395,313		70,014		13,313
Total assets		4,084,041,760		1,961,039,593		157,563,169		84,490,324		12,866,492

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		3,514,507		1,701,815		121,524		66,183		11,795
Contract terminations		2,747,503		227,997		273,789		3,831		1,518
Payable for investments purchased		136,115		79,276		63,393		124,089		203
Total liabilities		6,398,125		2,009,088		458,706		194,103		13,516
Net assets applicable to contracts in accumulation period		4,077,435,245		1,958,796,189		156,382,534		83,994,040		12,852,020
Net assets applicable to contracts in payment period		208,159		234,176		721,483		301,711		—
Net assets applicable to seed money		231		140		446		470		956
Total net assets	$	4,077,643,635	$	1,959,030,505	$	157,104,463	$	84,296,221	$	12,852,976
⁽¹⁾Investment shares		213,937,232		117,096,862		10,322,238		4,571,379		2,043,398
⁽²⁾Investments, at cost	$	2,756,800,125	$	1,419,766,501	$	206,381,956	$	112,444,402	$	14,211,754

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			21

Statement of Operations


Year ended December 31, 2024	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B		AB VPS Sus Gbl Thematic, Cl B
Investment income
Dividend income	$	105,176		$	1,483,863		$	—		$	953,092	$	—
Variable account expenses		103,909			581,894			1,814,547			675,845		94,147
Investment income (loss) — net		1,267			901,969			(1,814,547	)		277,247		(94,147	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,038,930			10,247,090			27,115,532			10,879,156		1,709,719
Cost of investments sold		1,211,886			10,047,521			21,605,181			9,166,341		1,591,936
Net realized gain (loss) on sales of investments		(172,956	)		199,569			5,510,351			1,712,815		117,783
Distributions from capital gains		—			—			7,655,765			2,681,792		30,172
Net change in unrealized appreciation (depreciation) of investments		1,016,775			1,571,047			23,389,904			3,663,159		430,748
Net gain (loss) on investments		843,819			1,770,616			36,556,020			8,057,766		578,703
Net increase (decrease) in net assets resulting from operations	$	845,086		$	2,672,585		$	34,741,473		$	8,335,013	$	484,556

Year ended December 31, 2024 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III		BlackRock Adv SMID Cap VI, Cl III
Investment income
Dividend income	$	268,124		$	19,487		$	—		$	1,947,152	$	33,383
Variable account expenses		176,054			387,880			753,845			514,964		21,951
Investment income (loss) — net		92,070			(368,393	)		(753,845	)		1,432,188		11,432

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,632,197			7,529,857			13,306,013			8,768,719		590,763
Cost of investments sold		2,242,467			6,538,137			14,982,261			6,557,842		539,765
Net realized gain (loss) on sales of investments		389,730			991,720			(1,676,248	)		2,210,877		50,998
Distributions from capital gains		1,291,943			4,078,131			—			1,565,588		—
Net change in unrealized appreciation (depreciation) of investments		894,102			668,033			14,326,598			10,949,201		154,495
Net gain (loss) on investments		2,575,775			5,737,884			12,650,350			14,725,666		205,493
Net increase (decrease) in net assets resulting from operations	$	2,667,845		$	5,369,491		$	11,896,505		$	16,157,854	$	216,925

Year ended December 31, 2024 (continued)	BlackRock Global Alloc, Cl III			BNY Mellon Sus US Eq, Serv			Calvert VP SRI Bal, Cl F			Calvert VP SRI Bal, Cl I		CB Var Sm Cap Gro, Cl I
Investment income
Dividend income	$	601,354		$	12,906		$	36,946		$	392,742	$	—
Variable account expenses		792,265			32,588			19,229			197,514		132,723
Investment income (loss) — net		(190,911	)		(19,682	)		17,717			195,228		(132,723	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		12,851,429			377,099			236,838			2,570,766		3,444,603
Cost of investments sold		13,580,920			309,107			203,797			2,036,585		3,365,562
Net realized gain (loss) on sales of investments		(729,491	)		67,992			33,041			534,181		79,041
Distributions from capital gains		6,304,242			22,193			38,065			404,643		445,104
Net change in unrealized appreciation (depreciation) of investments		285,867			639,567			198,953			2,724,904		93,764
Net gain (loss) on investments		5,860,618			729,752			270,059			3,663,728		617,909
Net increase (decrease) in net assets resulting from operations	$	5,669,707		$	710,070		$	287,776		$	3,858,956	$	485,186

See accompanying notes to financial statements.



22		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2024 (continued)	Col VP Bal, Cl 2			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 2
Investment income
Dividend income	$	—		$	—		$	570,074		$	—		$	—
Variable account expenses		1,248,004			6,203,458			173,290			1,759,568			642,863
Investment income (loss) — net		(1,248,004	)		(6,203,458	)		396,784			(1,759,568	)		(642,863	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,181,984			85,736,344			3,157,348			24,084,232			9,457,655
Cost of investments sold		6,195,060			47,408,242			4,332,154			12,228,929			5,289,995
Net realized gain (loss) on sales of investments		986,924			38,328,102			(1,174,806	)		11,855,303			4,167,660
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,255,922			41,222,318			1,708,788			22,476,459			9,155,799
Net gain (loss) on investments		15,242,846			79,550,420			533,982			34,331,762			13,323,459
Net increase (decrease) in net assets resulting from operations	$	13,994,842		$	73,346,962		$	930,766		$	32,572,194		$	12,680,596

Year ended December 31, 2024 (continued)	Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2			Col VP Emer Mkts, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	469,798		$	496,539
Variable account expenses		3,706,605			1,157,487			3,512,151			96,279			513,372
Investment income (loss) — net		(3,706,605	)		(1,157,487	)		(3,512,151	)		373,519			(16,833	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		50,925,147			16,543,833			58,024,282			1,881,082			7,690,816
Cost of investments sold		12,666,150			11,195,023			18,569,029			2,135,055			11,050,188
Net realized gain (loss) on sales of investments		38,258,997			5,348,810			39,455,253			(253,973	)		(3,359,372	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		45,098,081			9,258,358			13,398,052			347,964			5,447,795
Net gain (loss) on investments		83,357,078			14,607,168			52,853,305			93,991			2,088,423
Net increase (decrease) in net assets resulting from operations	$	79,650,473		$	13,449,681		$	49,341,154		$	467,510		$	2,071,590

Year ended December 31, 2024 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3
Investment income
Dividend income	$	762,552		$	288,683		$	1,421,870		$	6,909,801		$	6,491,161
Variable account expenses		646,537			102,590			397,975			1,602,870			1,302,928
Investment income (loss) — net		116,015			186,093			1,023,895			5,306,931			5,188,233

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		11,123,227			1,829,140			6,897,384			54,811,206			40,633,580
Cost of investments sold		14,460,403			2,032,382			8,832,994			54,811,206			40,633,249
Net realized gain (loss) on sales of investments		(3,337,176	)		(203,242	)		(1,935,610	)		—			331
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,156,371			222,312			1,860,596			—			(331	)
Net gain (loss) on investments		2,819,195			19,070			(75,014	)		—			—
Net increase (decrease) in net assets resulting from operations	$	2,935,210		$	205,163		$	948,881		$	5,306,931		$	5,188,233

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			23

Statement of Operations


Year ended December 31, 2024 (continued)	Col VP Hi Yield Bond, Cl 2			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 2
Investment income
Dividend income	$	2,822,809		$	6,378,130		$	1,473,254		$	3,727,510		$	3,603,948
Variable account expenses		523,480			1,059,640			294,291			641,503			842,302
Investment income (loss) — net		2,299,329			5,318,490			1,178,963			3,086,007			2,761,646

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,548,731			17,923,629			4,425,131			11,322,990			10,902,421
Cost of investments sold		8,043,162			19,136,648			5,017,756			13,871,421			12,318,344
Net realized gain (loss) on sales of investments		(494,431	)		(1,213,019	)		(592,625	)		(2,548,431	)		(1,415,923	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		958,915			2,309,965			627,281			2,778,946			(951,935	)
Net gain (loss) on investments		464,484			1,096,946			34,656			230,515			(2,367,858	)
Net increase (decrease) in net assets resulting from operations	$	2,763,813		$	6,415,436		$	1,213,619		$	3,316,522		$	393,788

Year ended December 31, 2024 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 2			Col VP Lg Cap Index, Cl 3
Investment income
Dividend income	$	9,710,896		$	—		$	—		$	—		$	—
Variable account expenses		1,958,665			1,483,441			1,263,050			1,435,175			5,881,772
Investment income (loss) — net		7,752,231			(1,483,441	)		(1,263,050	)		(1,435,175	)		(5,881,772	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		30,332,680			18,533,361			23,758,960			14,304,795			86,966,489
Cost of investments sold		36,468,994			10,018,806			6,818,381			11,331,344			37,287,668
Net realized gain (loss) on sales of investments		(6,136,314	)		8,514,555			16,940,579			2,973,451			49,678,821
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		161,954			27,597,955			21,916,928			24,836,913			74,659,021
Net gain (loss) on investments		(5,974,360	)		36,112,510			38,857,507			27,810,364			124,337,842
Net increase (decrease) in net assets resulting from operations	$	1,777,871		$	34,629,069		$	37,594,457		$	26,375,189		$	118,456,070

Year ended December 31, 2024 (continued)	Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Eq, Cl 2
Investment income
Dividend income	$	2,869,847		$	521,530		$	1,535,170		$	2,188,920		$	—
Variable account expenses		801,015			152,848			392,121			522,349			41,067
Investment income (loss) — net		2,068,832			368,682			1,143,049			1,666,571			(41,067	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		20,192,037			6,350,893			6,618,563			7,684,724			296,958
Cost of investments sold		20,175,762			7,646,370			6,567,978			7,020,881			249,678
Net realized gain (loss) on sales of investments		16,275			(1,295,477	)		50,585			663,843			47,280
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		688,130			(57,419	)		(393,855	)		(1,060,522	)		717,679
Net gain (loss) on investments		704,405			(1,352,896	)		(343,270	)		(396,679	)		764,959
Net increase (decrease) in net assets resulting from operations	$	2,773,237		$	(984,214	)	$	799,779		$	1,269,892		$	723,892

See accompanying notes to financial statements.



24		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2024 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		753,037			393,375			434,444			719,754			473,398
Investment income (loss) — net		(753,037	)		(393,375	)		(434,444	)		(719,754	)		(473,398	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		12,116,234			10,911,954			6,706,930			11,561,188			7,129,021
Cost of investments sold		8,965,136			6,752,031			4,703,089			3,939,653			4,552,572
Net realized gain (loss) on sales of investments		3,151,098			4,159,923			2,003,841			7,621,535			2,576,449
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		4,920,913			1,026,839			6,371,063			7,326,062			2,351,938
Net gain (loss) on investments		8,072,011			5,186,762			8,374,904			14,947,597			4,928,387
Net increase (decrease) in net assets resulting from operations	$	7,318,974		$	4,793,387		$	7,940,460		$	14,227,843		$	4,454,989

Year ended December 31, 2024 (continued)	Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 2			Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 2			Col VP Sm Cap Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	11,444
Variable account expenses		376,451			298,495			257,567			134,842			20,675
Investment income (loss) — net		(376,451	)		(298,495	)		(257,567	)		(134,842	)		(9,231	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,620,178			4,432,498			5,013,307			2,788,743			218,492
Cost of investments sold		2,618,936			3,357,966			2,390,699			2,389,646			202,327
Net realized gain (loss) on sales of investments		4,001,242			1,074,532			2,622,608			399,097			16,165
Distributions from capital gains		—			—			—			930,569			94,086
Net change in unrealized appreciation (depreciation) of investments		770,650			2,315,043			1,131,275			1,771,961			52,246
Net gain (loss) on investments		4,771,892			3,389,575			3,753,883			3,101,627			162,497
Net increase (decrease) in net assets resulting from operations	$	4,395,441		$	3,091,080		$	3,496,316		$	2,966,785		$	153,266

Year ended December 31, 2024 (continued)	Col VP Strategic Inc, Cl 2			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 2
Investment income
Dividend income	$	3,452,315		$	379,023		$	1,111,726		$	326,615		$	931,760
Variable account expenses		864,966			139,756			316,956			101,823			239,841
Investment income (loss) — net		2,587,349			239,267			794,770			224,792			691,919

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		10,496,207			5,464,948			6,953,062			2,021,093			1,905,072
Cost of investments sold		11,874,668			5,816,040			7,974,970			3,297,257			2,151,840
Net realized gain (loss) on sales of investments		(1,378,461	)		(351,092	)		(1,021,908	)		(1,276,164	)		(246,768	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,417,597			84,767			408,736			1,474,725			(335,103	)
Net gain (loss) on investments		39,136			(266,325	)		(613,172	)		198,561			(581,871	)
Net increase (decrease) in net assets resulting from operations	$	2,626,485		$	(27,058	)	$	181,598		$	423,353		$	110,048

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			25

Statement of Operations


Year ended December 31, 2024 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 2			CTIVP Prin Blue Chip Gro, Cl 1
Investment income
Dividend income	$	335,744		$	793,167		$	530,144		$	—		$	—
Variable account expenses		208,381			386,258			241,921			892,659			1,059,464
Investment income (loss) — net		127,363			406,909			288,223			(892,659	)		(1,059,464	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		4,995,874			8,351,102			3,933,064			12,508,107			21,934,318
Cost of investments sold		6,250,295			11,661,564			4,876,951			8,129,515			7,834,048
Net realized gain (loss) on sales of investments		(1,254,421	)		(3,310,462	)		(943,887	)		4,378,592			14,100,270
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		681,712			2,088,873			2,528,174			4,272,879			8,102,016
Net gain (loss) on investments		(572,709	)		(1,221,589	)		1,584,287			8,651,471			22,202,286
Net increase (decrease) in net assets resulting from operations	$	(445,346	)	$	(814,680	)	$	1,872,510		$	7,758,812		$	21,142,822

Year ended December 31, 2024 (continued)	CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 3
Investment income
Dividend income	$	—		$	—		$	784,927		$	—		$	—
Variable account expenses		644,412			495,265			216,212			757,933			408,925
Investment income (loss) — net		(644,412	)		(495,265	)		568,715			(757,933	)		(408,925	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		8,885,250			6,450,553			3,166,502			10,174,344			7,723,726
Cost of investments sold		4,986,352			4,471,798			3,471,392			6,528,668			4,121,291
Net realized gain (loss) on sales of investments		3,898,898			1,978,755			(304,890	)		3,645,676			3,602,435
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		7,354,326			2,907,196			(419,123	)		2,720,226			562,246
Net gain (loss) on investments		11,253,224			4,885,951			(724,013	)		6,365,902			4,164,681
Net increase (decrease) in net assets resulting from operations	$	10,608,812		$	4,390,686		$	(155,298	)	$	5,607,969		$	3,755,756

Year ended December 31, 2024 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2			CTIVP Westfield Sel Lg Cp Gr, Cl 2			CVT EAFE Intl Index, Cl F			CVT Nasdaq 100 Index, Cl F			CVT Russ 2000 Sm Cap Ind, Cl F
Investment income
Dividend income	$	—		$	—		$	122,858		$	63,823		$	107,042
Variable account expenses		320,093			280,893			37,937			155,912			69,544
Investment income (loss) — net		(320,093	)		(280,893	)		84,921			(92,089	)		37,498

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,648,731			5,525,735			475,237			2,051,785			930,903
Cost of investments sold		4,052,723			4,803,408			416,620			1,722,326			838,344
Net realized gain (loss) on sales of investments		2,596,008			722,327			58,617			329,459			92,559
Distributions from capital gains		—			—			—			1,254,779			173,163
Net change in unrealized appreciation (depreciation) of investments		2,168,361			5,424,960			(132,221	)		1,559,184			282,331
Net gain (loss) on investments		4,764,369			6,147,287			(73,604	)		3,143,422			548,053
Net increase (decrease) in net assets resulting from operations	$	4,444,276		$	5,866,394		$	11,317		$	3,051,333		$	585,551

See accompanying notes to financial statements.



26		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2024 (continued)	DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Emer Mkts, Serv Cl 2			Fid VIP Energy, Serv Cl 2
Investment income
Dividend income	$	522,411		$	6,190,712		$	192,466		$	29,174		$	57,287
Variable account expenses		163,242			750,536			5,918,335			22,490			27,424
Investment income (loss) — net		359,169			5,440,176			(5,725,869	)		6,684			29,863

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,268,508			14,093,668			86,893,690			633,071			460,762
Cost of investments sold		3,410,242			14,772,073			54,476,408			553,158			427,758
Net realized gain (loss) on sales of investments		(141,734	)		(678,405	)		32,417,282			79,913			33,004
Distributions from capital gains		9,195			—			72,032,556			—			—
Net change in unrealized appreciation (depreciation) of investments		436,082			347,882			59,313,515			83,672			(4,938	)
Net gain (loss) on investments		303,543			(330,523	)		163,763,353			163,585			28,066
Net increase (decrease) in net assets resulting from operations	$	662,712		$	5,109,653		$	158,037,484		$	170,269		$	57,929

Year ended December 31, 2024 (continued)	Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro Opp, Serv Cl 2			Fid VIP Intl Cap Appr, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2
Investment income
Dividend income	$	569,869		$	1,339,756		$	—		$	47,087		$	468,594
Variable account expenses		360,097			933,371			177,258			61,961			113,719
Investment income (loss) — net		209,772			406,385			(177,258	)		(14,874	)		354,875

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,972,689			13,691,421			1,850,534			933,512			989,315
Cost of investments sold		4,229,101			8,334,084			1,406,014			803,412			974,087
Net realized gain (loss) on sales of investments		2,743,588			5,357,337			444,520			130,100			15,228
Distributions from capital gains		2,782,505			7,241,346			—			—			—
Net change in unrealized appreciation (depreciation) of investments		2,377,045			6,708,229			4,551,818			122,941			(336,484	)
Net gain (loss) on investments		7,903,138			19,306,912			4,996,338			253,041			(321,256	)
Net increase (decrease) in net assets resulting from operations	$	8,112,910		$	19,713,297		$	4,819,080		$	238,167		$	33,619

Year ended December 31, 2024 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Fid VIP Strategic Inc, Serv Cl 2
Investment income
Dividend income	$	295,345		$	1,216,869		$	156,796		$	598,806		$	6,504,848
Variable account expenses		548,860			3,414,755			82,159			390,425			1,757,327
Investment income (loss) — net		(253,515	)		(2,197,886	)		74,637			208,381			4,747,521

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		8,987,821			47,727,491			1,438,952			5,791,559			23,120,404
Cost of investments sold		7,064,862			40,554,341			1,075,551			4,351,860			24,144,985
Net realized gain (loss) on sales of investments		1,922,959			7,173,150			363,401			1,439,699			(1,024,581	)
Distributions from capital gains		8,191,569			47,308,274			445,533			1,969,697			—
Net change in unrealized appreciation (depreciation) of investments		(146,038	)		262,410			(491,691	)		(2,023,394	)		4,168,958
Net gain (loss) on investments		9,968,490			54,743,834			317,243			1,386,002			3,144,377
Net increase (decrease) in net assets resulting from operations	$	9,714,975		$	52,545,948		$	391,880		$	1,594,383		$	7,891,898

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			27

Statement of Operations


Year ended December 31, 2024 (continued)	Frank Global Real Est, Cl 2			Frank Inc, Cl 2			Frank Inc, Cl 4			Frank Mutual Gbl Dis, Cl 4			Frank Mutual Shares, Cl 2
Investment income
Dividend income	$	803,238		$	3,125,426		$	466,738		$	9,725		$	1,219,589
Variable account expenses		387,063			644,356			84,881			5,737			609,661
Investment income (loss) — net		416,175			2,481,070			381,857			3,988			609,928

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,504,066			11,907,728			1,491,452			19,557			10,051,330
Cost of investments sold		8,471,421			12,470,613			1,483,145			18,331			10,306,500
Net realized gain (loss) on sales of investments		(1,967,355	)		(562,885	)		8,307			1,226			(255,170	)
Distributions from capital gains		—			256,069			38,900			44,199			1,268,270
Net change in unrealized appreciation (depreciation) of investments		1,015,447			1,370,654			12,494			(32,473	)		4,555,926
Net gain (loss) on investments		(951,908	)		1,063,838			59,701			12,952			5,569,026
Net increase (decrease) in net assets resulting from operations	$	(535,733	)	$	3,544,908		$	441,558		$	16,940		$	6,178,954

Year ended December 31, 2024 (continued)	Frank Sm Cap Val, Cl 2			Frank Sm Cap Val, Cl 4			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Multi-Strategy Alt, Serv
Investment income
Dividend income	$	1,050,457		$	29,804		$	1,041,540		$	239,664		$	44,018
Variable account expenses		1,094,363			40,742			918,155			100,814			13,575
Investment income (loss) — net		(43,906	)		(10,938	)		123,385			138,850			30,443

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		19,027,647			465,965			16,269,346			1,426,413			49,531
Cost of investments sold		20,072,020			444,760			14,775,901			1,448,894			48,959
Net realized gain (loss) on sales of investments		(1,044,373	)		21,205			1,493,445			(22,481	)		572
Distributions from capital gains		2,596,381			80,915			5,954,818			—			—
Net change in unrealized appreciation (depreciation) of investments		9,878,323			274,331			3,953,693			71,972			(4,619	)
Net gain (loss) on investments		11,430,331			376,451			11,401,956			49,491			(4,047	)
Net increase (decrease) in net assets resulting from operations	$	11,386,425		$	365,513		$	11,525,341		$	188,341		$	26,396

Year ended December 31, 2024 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT Sm Cap Eq Insights, Serv			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Investment income
Dividend income	$	48,279		$	18,616		$	625,008		$	—		$	—
Variable account expenses		41,885			17,470			875,377			120,996			393,471
Investment income (loss) — net		6,394			1,146			(250,369	)		(120,996	)		(393,471	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		604,084			166,301			17,836,094			2,440,493			10,057,180
Cost of investments sold		541,084			144,165			12,989,774			1,807,088			8,044,598
Net realized gain (loss) on sales of investments		63,000			22,136			4,846,320			633,405			2,012,582
Distributions from capital gains		399,162			197,638			13,502,553			—			—
Net change in unrealized appreciation (depreciation) of investments		353,411			(5,564	)		5,706,489			3,668,159			11,105,866
Net gain (loss) on investments		815,573			214,210			24,055,362			4,301,564			13,118,448
Net increase (decrease) in net assets resulting from operations	$	821,967		$	215,356		$	23,804,993		$	4,180,568		$	12,724,977

See accompanying notes to financial statements.



28		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2024 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Core Plus Bond, Ser II			Invesco VI Dis Mid Cap Gro, Ser I
Investment income
Dividend income	$	1,626,965		$	1,479,255		$	504,888		$	233,986		$	—
Variable account expenses		296,998			902,511			925,414			56,554			147,716
Investment income (loss) — net		1,329,967			576,744			(420,526	)		177,432			(147,716	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,764,844			16,330,949			9,378,794			820,472			2,373,391
Cost of investments sold		6,655,621			12,315,687			7,601,838			796,394			2,444,724
Net realized gain (loss) on sales of investments		(890,777	)		4,015,262			1,776,956			24,078			(71,333	)
Distributions from capital gains		—			6,938,696			6,063,473			—			—
Net change in unrealized appreciation (depreciation) of investments		342,932			1,298,638			8,169,956			(133,924	)		3,772,817
Net gain (loss) on investments		(547,845	)		12,252,596			16,010,385			(109,846	)		3,701,484
Net increase (decrease) in net assets resulting from operations	$	782,122		$	12,829,340		$	15,589,859		$	67,586		$	3,553,768

Year ended December 31, 2024 (continued)	Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI Div Divd, Ser I			Invesco VI Div Divd, Ser II			Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser II
Investment income
Dividend income	$	—		$	326,737		$	151,949		$	551,061		$	—
Variable account expenses		102,137			156,367			95,029			332,412			1,285,518
Investment income (loss) — net		(102,137	)		170,370			56,920			218,649			(1,285,518	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,800,452			3,034,996			1,796,434			5,921,172			19,952,910
Cost of investments sold		1,984,958			2,691,859			1,632,206			5,309,641			18,604,724
Net realized gain (loss) on sales of investments		(184,506	)		343,137			164,228			611,531			1,348,186
Distributions from capital gains		—			695,432			370,386			190,831			7,673,292
Net change in unrealized appreciation (depreciation) of investments		2,483,478			845,085			459,332			(1,097,519	)		9,859,143
Net gain (loss) on investments		2,298,972			1,883,654			993,946			(295,157	)		18,880,621
Net increase (decrease) in net assets resulting from operations	$	2,196,835		$	2,054,024		$	1,050,866		$	(76,508	)	$	17,595,103

Year ended December 31, 2024 (continued)	Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Main St, Ser II			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I
Investment income
Dividend income	$	3,173,343		$	—		$	—		$	—		$	—
Variable account expenses		1,109,887			298,755			24,324			1,045,761			239,661
Investment income (loss) — net		2,063,456			(298,755	)		(24,324	)		(1,045,761	)		(239,661	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		16,128,526			6,836,681			490,584			14,235,743			4,896,207
Cost of investments sold		18,565,970			6,720,995			540,851			11,965,077			4,232,793
Net realized gain (loss) on sales of investments		(2,437,444	)		115,686			(50,267	)		2,270,666			663,414
Distributions from capital gains		—			—			252,993			3,865,240			1,196,041
Net change in unrealized appreciation (depreciation) of investments		2,496,003			1,450,496			309,843			5,925,127			6,251,697
Net gain (loss) on investments		58,559			1,566,182			512,569			12,061,033			8,111,152
Net increase (decrease) in net assets resulting from operations	$	2,122,015		$	1,267,427		$	488,245		$	11,015,272		$	7,871,491

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			29

Statement of Operations


Year ended December 31, 2024 (continued)	Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Henderson VIT Forty, Serv
Investment income
Dividend income	$	—		$	2,630,844		$	92,015		$	2,576,897		$	380
Variable account expenses		59,436			1,546,662			121,876			602,654			42,345
Investment income (loss) — net		(59,436	)		1,084,182			(29,861	)		1,974,243			(41,965	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		638,169			18,058,219			2,283,765			9,316,713			683,597
Cost of investments sold		517,536			14,886,213			1,793,882			10,392,782			548,539
Net realized gain (loss) on sales of investments		120,633			3,172,006			489,883			(1,076,069	)		135,058
Distributions from capital gains		336,090			—			645,600			—			230,666
Net change in unrealized appreciation (depreciation) of investments		1,106,935			14,496,416			866,155			(561,998	)		483,877
Net gain (loss) on investments		1,563,658			17,668,422			2,001,638			(1,638,067	)		849,601
Net increase (decrease) in net assets resulting from operations	$	1,504,222		$	18,752,604		$	1,971,777		$	336,176		$	807,636

Year ended December 31, 2024 (continued)	Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv			Lazard Ret Emer Mkts Eq, Serv			Lazard Ret Global Dyn MA, Serv
Investment income
Dividend income	$	—		$	301,830		$	—		$	26,299		$	—
Variable account expenses		348,445			196,544			687,626			6,735			102,527
Investment income (loss) — net		(348,445	)		105,286			(687,626	)		19,564			(102,527	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,564,327			2,797,614			11,656,878			43,590			1,888,642
Cost of investments sold		3,296,045			2,302,392			7,867,878			40,925			1,882,371
Net realized gain (loss) on sales of investments		2,268,282			495,222			3,789,000			2,665			6,271
Distributions from capital gains		—			—			2,032,906			—			—
Net change in unrealized appreciation (depreciation) of investments		8,358,473			245,091			13,959,345			6,212			806,280
Net gain (loss) on investments		10,626,755			740,313			19,781,251			8,877			812,551
Net increase (decrease) in net assets resulting from operations	$	10,278,310		$	845,599		$	19,093,625		$	28,441		$	710,024

Year ended December 31, 2024 (continued)	Lord Abt Bond Debenture, Cl VC			Lord Abt Short Dur Inc, Cl VC			LVIP AC Intl, Serv Cl			LVIP AC Intl, Std Cl II			LVIP AC Mid Cap Val, Serv Cl
Investment income
Dividend income	$	356,128		$	567,127		$	227,145		$	98,428		$	884,815
Variable account expenses		51,122			108,244			149,980			51,865			362,179
Investment income (loss) — net		305,006			458,883			77,165			46,563			522,636

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		647,654			1,382,967			2,293,000			953,211			7,212,651
Cost of investments sold		643,296			1,378,221			2,017,809			865,396			6,957,888
Net realized gain (loss) on sales of investments		4,358			4,746			275,191			87,815			254,763
Distributions from capital gains		—			—			—			—			1,780,581
Net change in unrealized appreciation (depreciation) of investments		(55,575	)		(44,316	)		(56,612	)		(6,493	)		176,601
Net gain (loss) on investments		(51,217	)		(39,570	)		218,579			81,322			2,211,945
Net increase (decrease) in net assets resulting from operations	$	253,789		$	419,313		$	295,744		$	127,885		$	2,734,581

See accompanying notes to financial statements.



30		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2024 (continued)	LVIP AC Ultra, Serv Cl			LVIP AC Val, Serv Cl			LVIP AC Val, Std Cl II			LVIP JPM US Eq, Serv Cl			Mac VIP Asset Strategy, Serv Cl
Investment income
Dividend income	$	—		$	4,756,917		$	760,164		$	16,085		$	236,806
Variable account expenses		483,907			1,720,691			226,461			45,849			132,291
Investment income (loss) — net		(483,907	)		3,036,226			533,703			(29,764	)		104,515

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		12,424,452			29,993,783			4,971,681			533,430			2,484,081
Cost of investments sold		9,054,343			24,003,850			3,654,728			423,881			2,586,435
Net realized gain (loss) on sales of investments		3,370,109			5,989,933			1,316,953			109,549			(102,354	)
Distributions from capital gains		4,563,151			10,090,398			1,563,403			196,533			474,237
Net change in unrealized appreciation (depreciation) of investments		5,090,019			(5,140,814	)		(1,189,346	)		572,959			892,322
Net gain (loss) on investments		13,023,279			10,939,517			1,691,010			879,041			1,264,205
Net increase (decrease) in net assets resulting from operations	$	12,539,372		$	13,975,743		$	2,224,713		$	849,277		$	1,368,720

Year ended December 31, 2024 (continued)	Mac VIP for Inc, Serv Cl			Mac VIP Intl Core Eq, Serv Cl⁽¹⁾			MFS Gbl Real Est, Serv Cl			MFS Intl Gro, Serv Cl			MFS Mass Inv Gro Stock, Serv Cl
Investment income
Dividend income	$	99,746		$	13,426		$	23,532		$	36,686		$	90,640
Variable account expenses		14,089			8,023			13,851			43,441			639,819
Investment income (loss) — net		85,657			5,403			9,681			(6,755	)		(549,179	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		96,259			89,319			388,655			798,314			12,160,413
Cost of investments sold		95,576			88,521			381,280			727,515			10,344,702
Net realized gain (loss) on sales of investments		683			798			7,375			70,799			1,815,711
Distributions from capital gains		—			2,430			—			14,407			6,306,139
Net change in unrealized appreciation (depreciation) of investments		(11,902	)		(30,159	)		(58,666	)		156,293			2,370,596
Net gain (loss) on investments		(11,219	)		(26,931	)		(51,291	)		241,499			10,492,446
Net increase (decrease) in net assets resulting from operations	$	74,438		$	(21,528	)	$	(41,610	)	$	234,744		$	9,943,267

⁽¹⁾ For the period April 26, 2024 (commencement of operations) to December 31, 2024.

Year ended December 31, 2024 (continued)	MFS New Dis, Serv Cl			MFS Research Intl, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			NB AMT Sus Eq, Cl S
Investment income
Dividend income	$	—		$	35,981		$	2,641,326		$	—		$	—
Variable account expenses		249,928			25,701			1,244,175			696,093			196,056
Investment income (loss) — net		(249,928	)		10,280			1,397,151			(696,093	)		(196,056	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		4,981,865			538,368			24,956,693			17,058,234			3,258,635
Cost of investments sold		6,699,185			491,121			22,513,477			31,498,651			2,270,929
Net realized gain (loss) on sales of investments		(1,717,320	)		47,247			2,443,216			(14,440,417	)		987,706
Distributions from capital gains		—			—			3,677,529			—			913,000
Net change in unrealized appreciation (depreciation) of investments		3,573,226			(48,743	)		5,021,507			38,863,121			2,384,577
Net gain (loss) on investments		1,855,906			(1,496	)		11,142,252			24,422,704			4,285,283
Net increase (decrease) in net assets resulting from operations	$	1,605,978		$	8,784		$	12,539,403		$	23,726,611		$	4,089,227

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			31

Statement of Operations


Year ended December 31, 2024 (continued)	PIMCO VIT All Asset, Advisor Cl			PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			Put VT Global Hlth Care, Cl IB			Put VT Intl Eq, Cl IB
Investment income
Dividend income	$	3,010,591		$	190,659		$	2,593,171		$	121,161		$	220,171
Variable account expenses		477,765			60,174			672,476			232,449			88,986
Investment income (loss) — net		2,532,826			130,485			1,920,695			(111,288	)		131,185

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		9,071,134			913,296			6,542,011			4,540,323			1,586,310
Cost of investments sold		10,447,038			1,039,143			7,345,223			4,105,499			1,394,245
Net realized gain (loss) on sales of investments		(1,375,904	)		(125,847	)		(803,212	)		434,824			192,065
Distributions from capital gains		—			—			—			1,115,876			—
Net change in unrealized appreciation (depreciation) of investments		81,869			501,357			(212,165	)		(1,263,780	)		(90,246	)
Net gain (loss) on investments		(1,294,035	)		375,510			(1,015,377	)		286,920			101,819
Net increase (decrease) in net assets resulting from operations	$	1,238,791		$	505,995		$	905,318		$	175,632		$	233,004

Year ended December 31, 2024 (continued)	Put VT Intl Val, Cl IB			Put VT Lg Cap Val, Cl IB			Put VT Sus Fut, Cl IB			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB
Investment income
Dividend income	$	75,030		$	110,365		$	—		$	327,860		$	79,321
Variable account expenses		34,925			126,660			20,208			1,080,410			334,726
Investment income (loss) — net		40,105			(16,295	)		(20,208	)		(752,550	)		(255,405	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		365,200			651,327			130,220			9,962,514			6,347,509
Cost of investments sold		327,176			576,375			109,562			6,438,472			4,410,465
Net realized gain (loss) on sales of investments		38,024			74,952			20,658			3,524,042			1,937,044
Distributions from capital gains		8,842			449,212			—			540,328			257,140
Net change in unrealized appreciation (depreciation) of investments		17,085			1,002,122			249,844			13,180,334			5,612,632
Net gain (loss) on investments		63,951			1,526,286			270,502			17,244,704			7,806,816
Net increase (decrease) in net assets resulting from operations	$	104,056		$	1,509,991		$	250,294		$	16,492,154		$	7,551,411

Year ended December 31, 2024 (continued)	Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value			VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2
Investment income
Dividend income	$	—		$	—		$	267,037		$	965,330		$	—
Variable account expenses		89,411			158,618			90,592			345,703			8,026,953
Investment income (loss) — net		(89,411	)		(158,618	)		176,445			619,627			(8,026,953	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,538,434			3,883,507			1,758,985			5,717,076			145,366,371
Cost of investments sold		1,451,211			4,955,267			1,274,513			5,268,475			77,223,128
Net realized gain (loss) on sales of investments		87,223			(1,071,760	)		484,472			448,601			68,143,243
Distributions from capital gains		723,617			—			816,604			—			—
Net change in unrealized appreciation (depreciation) of investments		543,447			(728,254	)		(1,709,023	)		2,738,341			31,699,675
Net gain (loss) on investments		1,354,287			(1,800,014	)		(407,947	)		3,186,942			99,842,918
Net increase (decrease) in net assets resulting from operations	$	1,264,876		$	(1,958,632	)	$	(231,502	)	$	3,806,569		$	91,815,965

See accompanying notes to financial statements.



32		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Operations


Year ended December 31, 2024 (continued)	VP Aggr, Cl 4			VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		4,056,955			4,350,273			2,667,175			2,329,010			3,753,904
Investment income (loss) — net		(4,056,955	)		(4,350,273	)		(2,667,175	)		(2,329,010	)		(3,753,904	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		69,245,430			87,502,073			52,717,635			25,943,972			44,682,247
Cost of investments sold		26,747,515			77,980,351			42,537,179			21,478,986			35,523,917
Net realized gain (loss) on sales of investments		42,497,915			9,521,722			10,180,456			4,464,986			9,158,330
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		11,955,777			8,883,337			1,862,656			16,684,213			32,661,890
Net gain (loss) on investments		54,453,692			18,405,059			12,043,112			21,149,199			41,820,220
Net increase (decrease) in net assets resulting from operations	$	50,396,737		$	14,054,786		$	9,375,937		$	18,820,189		$	38,066,316

Year ended December 31, 2024 (continued)	VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		5,206,582			10,753,152			104,958,557			112,400,625			65,459,349
Investment income (loss) — net		(5,206,582	)		(10,753,152	)		(104,958,557	)		(112,400,625	)		(65,459,349	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		104,341,889			170,783,296			1,264,058,847			1,573,166,727			760,368,878
Cost of investments sold		97,016,667			136,474,159			812,839,246			1,026,885,588			432,765,143
Net realized gain (loss) on sales of investments		7,325,222			34,309,137			451,219,601			546,281,139			327,603,735
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,048,642			36,000,535			753,928,556			472,716,383			222,921,151
Net gain (loss) on investments		21,373,864			70,309,672			1,205,148,157			1,018,997,522			550,524,886
Net increase (decrease) in net assets resulting from operations	$	16,167,282		$	59,556,520		$	1,100,189,600		$	906,596,897		$	485,065,537

Year ended December 31, 2024 (continued)	VP Mod, Cl 4			VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		46,316,129			21,107,369			12,162,294			10,198,913			7,584,579
Investment income (loss) — net		(46,316,129	)		(21,107,369	)		(12,162,294	)		(10,198,913	)		(7,584,579	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		678,720,711			364,670,113			206,847,003			162,265,452			133,931,167
Cost of investments sold		305,820,122			187,294,169			82,805,631			117,317,081			78,444,413
Net realized gain (loss) on sales of investments		372,900,589			177,375,944			124,041,372			44,948,371			55,486,754
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		38,556,030			44,665,239			12,779,260			17,315,224			(6,097,511	)
Net gain (loss) on investments		411,456,619			222,041,183			136,820,632			62,263,595			49,389,243
Net increase (decrease) in net assets resulting from operations	$	365,140,490		$	200,933,814		$	124,658,338		$	52,064,682		$	41,804,664

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			33

Statement of Operations


Year ended December 31, 2024 (continued)	VP Ptnrs Core Bond, Cl 2			VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 2
Investment income
Dividend income	$	608,318		$	—		$	—		$	232,709		$	155,970
Variable account expenses		185,845			142,462			172,062			228,142			356,205
Investment income (loss) — net		422,473			(142,462	)		(172,062	)		4,567			(200,235	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,742,632			2,272,061			4,384,627			3,365,557			5,396,977
Cost of investments sold		2,948,143			1,046,424			1,332,405			3,346,164			5,407,053
Net realized gain (loss) on sales of investments		(205,511	)		1,225,637			3,052,222			19,393			(10,076	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(51,647	)		1,330,278			880,559			867,924			(508,177	)
Net gain (loss) on investments		(257,158	)		2,555,915			3,932,781			887,317			(518,253	)
Net increase (decrease) in net assets resulting from operations	$	165,315		$	2,413,453		$	3,760,719		$	891,884		$	(718,488	)

Year ended December 31, 2024 (continued)	VP Ptnrs Intl Val, Cl 2			VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2
Investment income
Dividend income	$	638,743		$	—		$	—		$	—		$	—
Variable account expenses		270,922			189,257			118,509			401,373			3,132,725
Investment income (loss) — net		367,821			(189,257	)		(118,509	)		(401,373	)		(3,132,725	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,635,765			2,751,348			2,105,271			6,971,546			60,297,378
Cost of investments sold		3,407,684			2,373,355			1,773,831			2,980,337			52,303,154
Net realized gain (loss) on sales of investments		228,081			377,993			331,440			3,991,209			7,994,224
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		186,517			2,594,585			486,629			(562,188	)		19,816,496
Net gain (loss) on investments		414,598			2,972,578			818,069			3,429,021			27,810,720
Net increase (decrease) in net assets resulting from operations	$	782,419		$	2,783,321		$	699,560		$	3,027,648		$	24,677,995

Year ended December 31, 2024 (continued)	VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Investment income
Dividend income	$	—		$	—		$	—		$	1,328,318		$	731,147
Variable account expenses		39,443,916			19,466,946			1,417,555			867,194			128,741
Investment income (loss) — net		(39,443,916	)		(19,466,946	)		(1,417,555	)		461,124			602,406

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		309,295,034			189,851,790			26,615,924			15,930,651			1,704,726
Cost of investments sold		219,414,219			143,678,208			37,168,604			19,785,879			1,896,597
Net realized gain (loss) on sales of investments		89,880,815			46,173,582			(10,552,680	)		(3,855,228	)		(191,871	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		528,831,932			193,570,643			31,718,697			(5,260,087	)		252,609
Net gain (loss) on investments		618,712,747			239,744,225			21,166,017			(9,115,315	)		60,738
Net increase (decrease) in net assets resulting from operations	$	579,268,831		$	220,277,279		$	19,748,462		$	(8,654,191	)	$	663,144

See accompanying notes to financial statements.



34		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Operations
Investment income (loss) — net	$	1,267		$	901,969		$	(1,814,547	)	$	277,247		$	(94,147	)
Net realized gain (loss) on sales of investments		(172,956	)		199,569			5,510,351			1,712,815			117,783
Distributions from capital gains		—			—			7,655,765			2,681,792			30,172
Net change in unrealized appreciation (depreciation) of investments		1,016,775			1,571,047			23,389,904			3,663,159			430,748
Net increase (decrease) in net assets resulting from operations		845,086			2,672,585			34,741,473			8,335,013			484,556

Contract transactions
Contract purchase payments		132,788			579,300			12,453,675			1,573,356			419,929
Net transfers⁽¹⁾		248,996			(270,840	)		(1,831,219	)		1,097,765			(275,631	)
Transfers for policy loans		—			19,649			(26,784	)		(12,417	)		4,313
Adjustments to net assets allocated to contracts in payment period		—			(12,712	)		(24,054	)		(37,136	)		(3,349	)
Contract charges		(3,214	)		(84,472	)		(49,778	)		(47,665	)		(5,197	)
Contract terminations:
Surrender benefits		(411,381	)		(7,466,632	)		(12,348,586	)		(7,739,854	)		(777,078	)
Death benefits		(157,814	)		(879,320	)		(2,279,356	)		(926,439	)		(83,815	)
Increase (decrease) from transactions		(190,625	)		(8,115,027	)		(4,106,102	)		(6,092,390	)		(720,828	)
Net assets at beginning of year		9,303,318			66,348,042			148,094,621			71,873,556			9,732,846
Net assets at end of year	$	9,957,779		$	60,905,600		$	178,729,992		$	74,116,179		$	9,496,574

Accumulation unit activity
Units outstanding at beginning of year		7,078,468			39,260,898			25,046,146			19,454,525			3,352,136
Units purchased		390,954			569,477			2,854,819			871,528			179,318
Units redeemed		(540,288	)		(5,175,411	)		(3,044,526	)		(2,336,447	)		(412,901	)
Units outstanding at end of year		6,929,134			34,654,964			24,856,439			17,989,606			3,118,553

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			35

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III			BlackRock Adv SMID Cap VI, Cl III
Operations
Investment income (loss) — net	$	92,070		$	(368,393	)	$	(753,845	)	$	1,432,188		$	11,432
Net realized gain (loss) on sales of investments		389,730			991,720			(1,676,248	)		2,210,877			50,998
Distributions from capital gains		1,291,943			4,078,131			—			1,565,588			—
Net change in unrealized appreciation (depreciation) of investments		894,102			668,033			14,326,598			10,949,201			154,495
Net increase (decrease) in net assets resulting from operations		2,667,845			5,369,491			11,896,505			16,157,854			216,925

Contract transactions
Contract purchase payments		71,516			229,095			2,479,349			1,316,226			642,244
Net transfers⁽¹⁾		(86,787	)		(2,219,989	)		(3,087,568	)		(528,005	)		(134,641	)
Transfers for policy loans		15,585			960			20,638			18,900			—
Adjustments to net assets allocated to contracts in payment period		(147,637	)		(11,696	)		(10,571	)		(27,681	)		—
Contract charges		(12,446	)		(25,086	)		(31,664	)		(20,405	)		(773	)
Contract terminations:
Surrender benefits		(1,913,779	)		(4,361,234	)		(6,274,863	)		(4,172,182	)		(34,129	)
Death benefits		(324,121	)		(366,306	)		(1,075,592	)		(564,293	)		(45,506	)
Increase (decrease) from transactions		(2,397,669	)		(6,754,256	)		(7,980,271	)		(3,977,440	)		427,195
Net assets at beginning of year		20,061,739			41,207,583			70,724,257			43,193,069			1,730,055
Net assets at end of year	$	20,331,915		$	39,822,818		$	74,640,491		$	55,373,483		$	2,374,175

Accumulation unit activity
Units outstanding at beginning of year		5,573,609			8,453,976			18,920,492			34,441,661			1,528,855
Units purchased		23,097			45,517			654,255			1,729,647			653,310
Units redeemed		(614,403	)		(1,348,242	)		(2,622,024	)		(4,442,605	)		(283,886	)
Units outstanding at end of year		4,982,303			7,151,251			16,952,723			31,728,703			1,898,279

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

See accompanying notes to financial statements.



36		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	BlackRock Global Alloc, Cl III			BNY Mellon Sus US Eq, Serv			Calvert VP SRI Bal, Cl F			Calvert VP SRI Bal, Cl I			CB Var Sm Cap Gro, Cl I
Operations
Investment income (loss) — net	$	(190,911	)	$	(19,682	)	$	17,717		$	195,228		$	(132,723	)
Net realized gain (loss) on sales of investments		(729,491	)		67,992			33,041			534,181			79,041
Distributions from capital gains		6,304,242			22,193			38,065			404,643			445,104
Net change in unrealized appreciation (depreciation) of investments		285,867			639,567			198,953			2,724,904			93,764
Net increase (decrease) in net assets resulting from operations		5,669,707			710,070			287,776			3,858,956			485,186

Contract transactions
Contract purchase payments		1,847,324			219,398			822,021			161,640			109,569
Net transfers⁽¹⁾		425,562			27,564			106,106			850,832			(461,710	)
Transfers for policy loans		(2,055	)		—			(12,454	)		2,800			(1,165	)
Adjustments to net assets allocated to contracts in payment period		(75,199	)		—			—			(5,181	)		(4,383	)
Contract charges		(27,650	)		(149	)		(1,396	)		(17,904	)		(11,689	)
Contract terminations:
Surrender benefits		(6,962,951	)		(5,465	)		(156,592	)		(1,582,810	)		(1,957,827	)
Death benefits		(1,796,459	)		—			—			(490,853	)		(104,819	)
Increase (decrease) from transactions		(6,591,428	)		241,348			757,685			(1,081,476	)		(2,432,024	)
Net assets at beginning of year		74,396,000			2,990,068			1,433,205			21,222,271			15,058,157
Net assets at end of year	$	73,474,279		$	3,941,486		$	2,478,666		$	23,999,751		$	13,111,319

Accumulation unit activity
Units outstanding at beginning of year		44,971,391			2,646,827			1,314,828			7,788,387			4,264,712
Units purchased		2,633,802			352,692			782,738			334,654			65,921
Units redeemed		(6,406,886	)		(172,464	)		(166,611	)		(696,459	)		(744,940	)
Units outstanding at end of year		41,198,307			2,827,055			1,930,955			7,426,582			3,585,693

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			37

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Bal, Cl 2			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 2
Operations
Investment income (loss) — net	$	(1,248,004	)	$	(6,203,458	)	$	396,784		$	(1,759,568	)	$	(642,863	)
Net realized gain (loss) on sales of investments		986,924			38,328,102			(1,174,806	)		11,855,303			4,167,660
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,255,922			41,222,318			1,708,788			22,476,459			9,155,799
Net increase (decrease) in net assets resulting from operations		13,994,842			73,346,962			930,766			32,572,194			12,680,596

Contract transactions
Contract purchase payments		42,336,517			3,983,420			309,635			10,992,425			3,798,395
Net transfers⁽¹⁾		4,876,891			31,522,862			(602,895	)		7,963,530			(1,218,639	)
Transfers for policy loans		(24,856	)		(9,407	)		919			(20,114	)		5,622
Adjustments to net assets allocated to contracts in payment period		—			(912,983	)		—			(51,252	)		—
Contract charges		(334,402	)		(275,338	)		(5,076	)		(149,340	)		(42,334	)
Contract terminations:
Surrender benefits		(5,791,651	)		(62,018,908	)		(865,346	)		(15,211,386	)		(3,500,500	)
Death benefits		(1,766,685	)		(13,786,233	)		(216,793	)		(1,518,324	)		(906,947	)
Increase (decrease) from transactions		39,295,814			(41,496,587	)		(1,379,556	)		2,005,539			(1,864,403	)
Net assets at beginning of year		95,274,299			568,979,468			16,349,991			149,160,986			52,063,907
Net assets at end of year	$	148,564,955		$	600,829,843		$	15,901,201		$	183,738,719		$	62,880,100

Accumulation unit activity
Units outstanding at beginning of year		91,068,589			177,388,512			21,658,120			45,709,385			11,159,964
Units purchased		41,781,029			11,979,838			778,360			5,943,829			1,005,366
Units redeemed		(7,559,517	)		(23,946,097	)		(2,568,328	)		(5,404,334	)		(1,249,864	)
Units outstanding at end of year		125,290,101			165,422,253			19,868,152			46,248,880			10,915,466

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

See accompanying notes to financial statements.



38		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2			Col VP Emer Mkts, Cl 2
Operations
Investment income (loss) — net	$	(3,706,605	)	$	(1,157,487	)	$	(3,512,151	)	$	373,519		$	(16,833	)
Net realized gain (loss) on sales of investments		38,258,997			5,348,810			39,455,253			(253,973	)		(3,359,372	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		45,098,081			9,258,358			13,398,052			347,964			5,447,795
Net increase (decrease) in net assets resulting from operations		79,650,473			13,449,681			49,341,154			467,510			2,071,590

Contract transactions
Contract purchase payments		2,033,016			7,775,720			2,034,271			265,252			1,510,654
Net transfers⁽¹⁾		(3,609,747	)		(76,127	)		(5,319,822	)		368,439			(1,578,545	)
Transfers for policy loans		91,475			6,566			7,968			1,426			(39,453	)
Adjustments to net assets allocated to contracts in payment period		(619,445	)		(6,691	)		(84,959	)		—			—
Contract charges		(286,940	)		(59,778	)		(263,713	)		(3,827	)		(33,064	)
Contract terminations:
Surrender benefits		(36,594,194	)		(8,210,598	)		(42,857,224	)		(847,240	)		(3,141,533	)
Death benefits		(6,039,222	)		(1,808,854	)		(5,780,605	)		(121,294	)		(652,590	)
Increase (decrease) from transactions		(45,025,057	)		(2,379,762	)		(52,264,084	)		(337,244	)		(3,934,531	)
Net assets at beginning of year		339,235,922			98,976,248			365,623,888			9,458,091			47,968,832
Net assets at end of year	$	373,861,338		$	110,046,167		$	362,700,958		$	9,588,357		$	46,105,891

Accumulation unit activity
Units outstanding at beginning of year		87,846,417			33,216,795			93,884,096			9,314,719			38,480,921
Units purchased		673,318			4,037,739			515,872			829,223			1,359,837
Units redeemed		(11,015,316	)		(4,473,867	)		(12,852,642	)		(1,166,977	)		(4,316,452	)
Units outstanding at end of year		77,504,419			32,780,667			81,547,326			8,976,965			35,524,306

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			39

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3
Operations
Investment income (loss) — net	$	116,015		$	186,093		$	1,023,895		$	5,306,931		$	5,188,233
Net realized gain (loss) on sales of investments		(3,337,176	)		(203,242	)		(1,935,610	)		—			331
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,156,371			222,312			1,860,596			—			(331	)
Net increase (decrease) in net assets resulting from operations		2,935,210			205,163			948,881			5,306,931			5,188,233

Contract transactions
Contract purchase payments		598,134			837,221			161,048			25,592,927			1,468,206
Net transfers⁽¹⁾		(1,635,209	)		729,428			633,467			(2,138,794	)		45,649,107
Transfers for policy loans		14,209			1,379			10,454			20,900			125,473
Adjustments to net assets allocated to contracts in payment period		(12,661	)		(512	)		(25,811	)		(980	)		(76,177	)
Contract charges		(72,551	)		(2,031	)		(68,540	)		(88,315	)		(113,757	)
Contract terminations:
Surrender benefits		(7,272,092	)		(770,792	)		(4,690,191	)		(22,162,631	)		(26,342,803	)
Death benefits		(551,434	)		(95,588	)		(1,076,505	)		(5,076,502	)		(2,797,741	)
Increase (decrease) from transactions		(8,931,604	)		699,105			(5,056,078	)		(3,853,395	)		17,912,308
Net assets at beginning of year		68,435,453			8,915,120			44,431,393			148,909,861			126,337,957
Net assets at end of year	$	62,439,059		$	9,819,388		$	40,324,196		$	150,363,397		$	149,438,498

Accumulation unit activity
Units outstanding at beginning of year		28,395,940			9,371,704			28,566,883			157,214,722			112,497,377
Units purchased		305,909			1,669,498			673,199			30,978,932			41,910,003
Units redeemed		(3,950,286	)		(938,722	)		(3,762,747	)		(35,191,469	)		(25,668,545	)
Units outstanding at end of year		24,751,563			10,102,480			25,477,335			153,002,185			128,738,835

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

See accompanying notes to financial statements.



40		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Hi Yield Bond, Cl 2			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 2
Operations
Investment income (loss) — net	$	2,299,329		$	5,318,490		$	1,178,963		$	3,086,007		$	2,761,646
Net realized gain (loss) on sales of investments		(494,431	)		(1,213,019	)		(592,625	)		(2,548,431	)		(1,415,923	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		958,915			2,309,965			627,281			2,778,946			(951,935	)
Net increase (decrease) in net assets resulting from operations		2,763,813			6,415,436			1,213,619			3,316,522			393,788

Contract transactions
Contract purchase payments		4,056,101			609,178			2,159,400			312,369			6,726,881
Net transfers⁽¹⁾		2,482,132			915,544			1,013,611			1,532,536			11,124,888
Transfers for policy loans		1,683			11,942			677			10,467			(4,213	)
Adjustments to net assets allocated to contracts in payment period		—			(220,131	)		—			(39,175	)		(4,284	)
Contract charges		(12,942	)		(70,383	)		(7,447	)		(102,440	)		(67,191	)
Contract terminations:
Surrender benefits		(4,822,915	)		(13,001,597	)		(2,438,817	)		(7,947,481	)		(5,559,109	)
Death benefits		(665,134	)		(2,602,694	)		(638,762	)		(1,592,210	)		(1,049,776	)
Increase (decrease) from transactions		1,038,925			(14,358,141	)		88,662			(7,825,934	)		11,167,196
Net assets at beginning of year		48,186,955			115,279,948			26,797,408			71,590,409			72,989,491
Net assets at end of year	$	51,989,693		$	107,337,243		$	28,099,689		$	67,080,997		$	84,550,475

Accumulation unit activity
Units outstanding at beginning of year		26,479,958			38,417,330			15,261,678			29,010,653			60,739,026
Units purchased		4,440,596			735,714			2,001,573			820,366			14,941,597
Units redeemed		(3,777,654	)		(5,254,210	)		(1,949,922	)		(3,920,483	)		(5,792,359	)
Units outstanding at end of year		27,142,900			33,898,834			15,313,329			25,910,536			69,888,264

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			41

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 2			Col VP Lg Cap Index, Cl 3
Operations
Investment income (loss) — net	$	7,752,231		$	(1,483,441	)	$	(1,263,050	)	$	(1,435,175	)	$	(5,881,772	)
Net realized gain (loss) on sales of investments		(6,136,314	)		8,514,555			16,940,579			2,973,451			49,678,821
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		161,954			27,597,955			21,916,928			24,836,913			74,659,021
Net increase (decrease) in net assets resulting from operations		1,777,871			34,629,069			37,594,457			26,375,189			118,456,070

Contract transactions
Contract purchase payments		1,067,635			12,519,423			840,451			51,861,961			4,025,593
Net transfers⁽¹⁾		11,789,436			(423,983	)		792,625			3,805,191			3,357,442
Transfers for policy loans		27,324			16,631			3,029			(57,770	)		(101,493	)
Adjustments to net assets allocated to contracts in payment period		(81,645	)		—			24,360			—			(240,458	)
Contract charges		(252,185	)		(129,036	)		(101,134	)		(108,279	)		(243,604	)
Contract terminations:
Surrender benefits		(24,318,538	)		(7,965,087	)		(16,503,988	)		(3,626,400	)		(54,257,655	)
Death benefits		(4,919,871	)		(1,310,913	)		(2,146,798	)		(4,767,828	)		(11,066,160	)
Increase (decrease) from transactions		(16,687,844	)		2,707,035			(17,091,455	)		47,106,875			(58,526,335	)
Net assets at beginning of year		216,758,064			115,305,697			131,653,462			101,414,952			528,873,895
Net assets at end of year	$	201,848,091		$	152,641,801		$	152,156,464		$	174,897,016		$	588,803,630

Accumulation unit activity
Units outstanding at beginning of year		119,387,992			21,126,775			38,438,479			88,752,646			132,544,707
Units purchased		7,206,781			2,786,177			466,973			47,434,053			3,599,181
Units redeemed		(16,377,119	)		(1,932,540	)		(4,794,611	)		(11,881,045	)		(16,186,810	)
Units outstanding at end of year		110,217,654			21,980,412			34,110,841			124,305,654			119,957,078

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

See accompanying notes to financial statements.



42		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Eq, Cl 2
Operations
Investment income (loss) — net	$	2,068,832		$	368,682		$	1,143,049		$	1,666,571		$	(41,067	)
Net realized gain (loss) on sales of investments		16,275			(1,295,477	)		50,585			663,843			47,280
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		688,130			(57,419	)		(393,855	)		(1,060,522	)		717,679
Net increase (decrease) in net assets resulting from operations		2,773,237			(984,214	)		799,779			1,269,892			723,892

Contract transactions
Contract purchase payments		10,907,121			1,493,276			2,105,007			455,264			1,228,183
Net transfers⁽¹⁾		4,630,141			1,081,088			104,350			548,329			(35,345	)
Transfers for policy loans		422			57			(8,924	)		25,038			—
Adjustments to net assets allocated to contracts in payment period		(2,806	)		(6,667	)		(9,848	)		87,314			—
Contract charges		(71,116	)		(4,616	)		(36,698	)		(31,519	)		(2,447	)
Contract terminations:
Surrender benefits		(8,495,520	)		(1,373,463	)		(2,545,550	)		(5,459,779	)		(46,535	)
Death benefits		(2,505,023	)		(431,676	)		(718,769	)		(792,465	)		—
Increase (decrease) from transactions		4,463,219			757,999			(1,110,432	)		(5,167,818	)		1,143,856
Net assets at beginning of year		74,957,685			15,001,757			36,444,624			51,119,688			2,785,156
Net assets at end of year	$	82,194,141		$	14,775,542		$	36,133,971		$	47,221,762		$	4,652,904

Accumulation unit activity
Units outstanding at beginning of year		66,869,288			14,702,754			20,025,515			27,310,543			2,393,486
Units purchased		17,857,856			2,577,000			1,736,079			714,484			1,018,919
Units redeemed		(14,008,819	)		(1,964,205	)		(2,104,079	)		(3,420,341	)		(150,902	)
Units outstanding at end of year		70,718,325			15,315,549			19,657,515			24,604,686			3,261,503

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			43

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(753,037	)	$	(393,375	)	$	(434,444	)	$	(719,754	)	$	(473,398	)
Net realized gain (loss) on sales of investments		3,151,098			4,159,923			2,003,841			7,621,535			2,576,449
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		4,920,913			1,026,839			6,371,063			7,326,062			2,351,938
Net increase (decrease) in net assets resulting from operations		7,318,974			4,793,387			7,940,460			14,227,843			4,454,989

Contract transactions
Contract purchase payments		4,641,373			312,365			3,678,921			400,864			2,509,178
Net transfers⁽¹⁾		(1,480,592	)		(2,483,274	)		(129,696	)		(452,564	)		(462,652	)
Transfers for policy loans		(17,274	)		2,806			(12,184	)		8,147			(589	)
Adjustments to net assets allocated to contracts in payment period		—			(14,534	)		(1,957	)		(39,358	)		(3,727	)
Contract charges		(51,152	)		(23,530	)		(30,362	)		(37,591	)		(29,878	)
Contract terminations:
Surrender benefits		(4,608,453	)		(5,503,321	)		(2,543,339	)		(7,929,013	)		(3,512,297	)
Death benefits		(1,452,018	)		(863,048	)		(712,121	)		(1,175,954	)		(704,114	)
Increase (decrease) from transactions		(2,968,116	)		(8,572,536	)		249,262			(9,225,469	)		(2,204,079	)
Net assets at beginning of year		66,072,357			43,541,784			35,128,973			67,844,121			40,997,953
Net assets at end of year	$	70,423,215		$	39,762,635		$	43,318,695		$	72,846,495		$	43,248,863

Accumulation unit activity
Units outstanding at beginning of year		17,249,459			11,453,982			10,620,277			18,489,667			11,612,222
Units purchased		1,475,377			80,051			1,353,731			194,358			900,600
Units redeemed		(2,076,243	)		(2,155,654	)		(1,170,939	)		(2,430,614	)		(1,413,538	)
Units outstanding at end of year		16,648,593			9,378,379			10,803,069			16,253,411			11,099,284

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

See accompanying notes to financial statements.



44		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 2			Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 2			Col VP Sm Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(376,451	)	$	(298,495	)	$	(257,567	)	$	(134,842	)	$	(9,231	)
Net realized gain (loss) on sales of investments		4,001,242			1,074,532			2,622,608			399,097			16,165
Distributions from capital gains		—			—			—			930,569			94,086
Net change in unrealized appreciation (depreciation) of investments		770,650			2,315,043			1,131,275			1,771,961			52,246
Net increase (decrease) in net assets resulting from operations		4,395,441			3,091,080			3,496,316			2,966,785			153,266

Contract transactions
Contract purchase payments		243,282			1,311,643			209,362			8,725,812			661,180
Net transfers⁽¹⁾		(858,914	)		2,180			(566,250	)		602,885			165,661
Transfers for policy loans		(1,937	)		(2,922	)		(19,646	)		(6,298	)		—
Adjustments to net assets allocated to contracts in payment period		56,476			(382	)		(9,102	)		—			—
Contract charges		(27,424	)		(21,941	)		(20,674	)		(3,268	)		(376	)
Contract terminations:
Surrender benefits		(4,234,660	)		(2,025,022	)		(3,313,073	)		(245,832	)		(46,267	)
Death benefits		(680,048	)		(375,665	)		(356,345	)		(383,206	)		(61,623	)
Increase (decrease) from transactions		(5,503,225	)		(1,112,109	)		(4,075,728	)		8,690,093			718,575
Net assets at beginning of year		40,179,259			25,204,928			29,240,268			7,656,796			1,595,099
Net assets at end of year	$	39,071,475		$	27,183,899		$	28,660,856		$	19,313,674		$	2,466,940

Accumulation unit activity
Units outstanding at beginning of year		10,964,412			7,937,035			6,967,188			6,245,474			1,342,273
Units purchased		71,299			725,977			50,391			8,162,369			688,943
Units redeemed		(1,486,297	)		(967,458	)		(981,702	)		(1,833,126	)		(100,487	)
Units outstanding at end of year		9,549,414			7,695,554			6,035,877			12,574,717			1,930,729

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			45

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Strategic Inc, Cl 2			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 2
Operations
Investment income (loss) — net	$	2,587,349		$	239,267		$	794,770		$	224,792		$	691,919
Net realized gain (loss) on sales of investments		(1,378,461	)		(351,092	)		(1,021,908	)		(1,276,164	)		(246,768	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,417,597			84,767			408,736			1,474,725			(335,103	)
Net increase (decrease) in net assets resulting from operations		2,626,485			(27,058	)		181,598			423,353			110,048

Contract transactions
Contract purchase payments		4,202,535			721,896			244,798			97,313			1,812,531
Net transfers⁽¹⁾		5,552,777			(2,057,238	)		462,888			(8,361	)		3,650,704
Transfers for policy loans		(13,184	)		(1,118	)		11,968			5,504			—
Adjustments to net assets allocated to contracts in payment period		—			(3,228	)		(19,276	)		(34	)		—
Contract charges		(16,614	)		(18,099	)		(24,721	)		(6,441	)		(41,970	)
Contract terminations:
Surrender benefits		(7,019,151	)		(942,799	)		(4,762,248	)		(1,223,369	)		(788,382	)
Death benefits		(1,062,465	)		(310,124	)		(679,543	)		(94,937	)		(249,467	)
Increase (decrease) from transactions		1,643,898			(2,610,710	)		(4,766,134	)		(1,230,325	)		4,383,416
Net assets at beginning of year		77,773,676			14,760,729			37,448,829			11,445,304			20,879,542
Net assets at end of year	$	82,044,059		$	12,122,961		$	32,864,293		$	10,638,332		$	25,373,006

Accumulation unit activity
Units outstanding at beginning of year		62,275,813			14,811,065			28,406,351			18,489,807			18,390,468
Units purchased		8,492,964			1,418,989			663,147			409,207			4,798,284
Units redeemed		(7,226,866	)		(4,144,981	)		(4,281,765	)		(2,363,402	)		(950,054	)
Units outstanding at end of year		63,541,911			12,085,073			24,787,733			16,535,612			22,238,698

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

See accompanying notes to financial statements.



46		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 2			CTIVP Prin Blue Chip Gro, Cl 1
Operations
Investment income (loss) — net	$	127,363		$	406,909		$	288,223		$	(892,659	)	$	(1,059,464	)
Net realized gain (loss) on sales of investments		(1,254,421	)		(3,310,462	)		(943,887	)		4,378,592			14,100,270
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		681,712			2,088,873			2,528,174			4,272,879			8,102,016
Net increase (decrease) in net assets resulting from operations		(445,346	)		(814,680	)		1,872,510			7,758,812			21,142,822

Contract transactions
Contract purchase payments		614,497			118,635			1,299,715			6,606,597			830,252
Net transfers⁽¹⁾		(1,553,746	)		113,912			(784,511	)		1,798,581			(3,382,348	)
Transfers for policy loans		813			14,330			2,115			(21,738	)		(19,268	)
Adjustments to net assets allocated to contracts in payment period		—			16,838			—			—			(3,601	)
Contract charges		(4,018	)		(124,975	)		(7,214	)		(55,959	)		(88,801	)
Contract terminations:
Surrender benefits		(1,617,513	)		(4,217,151	)		(1,762,123	)		(5,228,279	)		(15,131,202	)
Death benefits		(322,491	)		(1,279,690	)		(378,068	)		(1,671,416	)		(1,507,912	)
Increase (decrease) from transactions		(2,882,458	)		(5,358,101	)		(1,630,086	)		1,427,786			(19,302,880	)
Net assets at beginning of year		21,069,917			45,398,735			22,630,736			75,303,146			111,832,827
Net assets at end of year	$	17,742,113		$	39,225,954		$	22,873,160		$	84,489,744		$	113,672,769

Accumulation unit activity
Units outstanding at beginning of year		17,709,544			30,733,916			10,611,230			21,938,945			41,831,487
Units purchased		609,333			441,504			656,031			3,190,851			282,784
Units redeemed		(3,043,378	)		(4,109,114	)		(1,359,864	)		(2,745,588	)		(6,780,709	)
Units outstanding at end of year		15,275,499			27,066,306			9,907,397			22,384,208			35,333,562

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			47

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 3
Operations
Investment income (loss) — net	$	(644,412	)	$	(495,265	)	$	568,715		$	(757,933	)	$	(408,925	)
Net realized gain (loss) on sales of investments		3,898,898			1,978,755			(304,890	)		3,645,676			3,602,435
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		7,354,326			2,907,196			(419,123	)		2,720,226			562,246
Net increase (decrease) in net assets resulting from operations		10,608,812			4,390,686			(155,298	)		5,607,969			3,755,756

Contract transactions
Contract purchase payments		3,884,105			1,511,163			1,585,490			4,739,972			297,348
Net transfers⁽¹⁾		487,785			632,305			3,772,962			684,052			(243,997	)
Transfers for policy loans		(20,193	)		954			(43	)		(3,543	)		4,646
Adjustments to net assets allocated to contracts in payment period		—			(4,669	)		—			—			(22,972	)
Contract charges		(67,007	)		(42,779	)		(34,198	)		(36,354	)		(26,097	)
Contract terminations:
Surrender benefits		(3,969,947	)		(2,855,538	)		(1,228,040	)		(5,338,451	)		(5,234,558	)
Death benefits		(607,485	)		(1,079,706	)		(102,991	)		(1,239,934	)		(295,557	)
Increase (decrease) from transactions		(292,742	)		(1,838,270	)		3,993,180			(1,194,258	)		(5,521,187	)
Net assets at beginning of year		53,450,643			42,260,439			19,441,798			66,317,706			43,663,617
Net assets at end of year	$	63,766,713		$	44,812,855		$	23,279,680		$	70,731,417		$	41,898,186

Accumulation unit activity
Units outstanding at beginning of year		10,303,109			13,904,219			18,366,435			15,977,681			9,202,354
Units purchased		1,047,402			847,090			5,187,747			1,790,667			130,327
Units redeemed		(1,116,142	)		(1,367,074	)		(1,505,028	)		(1,878,626	)		(1,215,597	)
Units outstanding at end of year		10,234,369			13,384,235			22,049,154			15,889,722			8,117,084

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

See accompanying notes to financial statements.



48		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2			CTIVP Westfield Sel Lg Cp Gr, Cl 2			CVT EAFE Intl Index, Cl F			CVT Nasdaq 100 Index, Cl F			CVT Russ 2000 Sm Cap Ind, Cl F
Operations
Investment income (loss) — net	$	(320,093	)	$	(280,893	)	$	84,921		$	(92,089	)	$	37,498
Net realized gain (loss) on sales of investments		2,596,008			722,327			58,617			329,459			92,559
Distributions from capital gains		—			—			—			1,254,779			173,163
Net change in unrealized appreciation (depreciation) of investments		2,168,361			5,424,960			(132,221	)		1,559,184			282,331
Net increase (decrease) in net assets resulting from operations		4,444,276			5,866,394			11,317			3,051,333			585,551

Contract transactions
Contract purchase payments		1,811,750			728,283			1,724,756			11,043,889			5,265,563
Net transfers⁽¹⁾		(1,222,804	)		(2,497,728	)		355,612			731,698			430,551
Transfers for policy loans		(2,751	)		(7,457	)		(418	)		(683	)		(691	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(20,656	)		(21,943	)		(1,980	)		(5,075	)		(4,255	)
Contract terminations:
Surrender benefits		(2,553,591	)		(1,685,440	)		(58,411	)		(299,742	)		(131,872	)
Death benefits		(609,894	)		(241,289	)		(408,188	)		(266,278	)		(518,600	)
Increase (decrease) from transactions		(2,597,946	)		(3,725,574	)		1,611,371			11,203,809			5,040,696
Net assets at beginning of year		29,091,718			24,647,273			3,179,759			9,295,341			4,725,698
Net assets at end of year	$	30,938,048		$	26,788,093		$	4,802,447		$	23,550,483		$	10,351,945

Accumulation unit activity
Units outstanding at beginning of year		7,552,699			6,283,350			2,801,182			7,194,537			4,331,815
Units purchased		568,308			179,606			1,973,502			9,295,234			5,752,811
Units redeemed		(1,159,466	)		(1,027,370	)		(622,121	)		(1,745,552	)		(1,443,471	)
Units outstanding at end of year		6,961,541			5,435,586			4,152,563			14,744,219			8,641,155

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			49

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Emer Mkts, Serv Cl 2			Fid VIP Energy, Serv Cl 2
Operations
Investment income (loss) — net	$	359,169		$	5,440,176		$	(5,725,869	)	$	6,684		$	29,863
Net realized gain (loss) on sales of investments		(141,734	)		(678,405	)		32,417,282			79,913			33,004
Distributions from capital gains		9,195			—			72,032,556			—			—
Net change in unrealized appreciation (depreciation) of investments		436,082			347,882			59,313,515			83,672			(4,938	)
Net increase (decrease) in net assets resulting from operations		662,712			5,109,653			158,037,484			170,269			57,929

Contract transactions
Contract purchase payments		755,512			2,299,802			24,474,464			534,363			540,039
Net transfers⁽¹⁾		268,235			(1,789,752	)		(833,368	)		(13,466	)		(11,060	)
Transfers for policy loans		4,336			7,677			(29,993	)		—			(321	)
Adjustments to net assets allocated to contracts in payment period		(1,587	)		(31,901	)		(184,106	)		—			—
Contract charges		(6,790	)		(56,957	)		(248,002	)		(964	)		(2,194	)
Contract terminations:
Surrender benefits		(1,705,111	)		(8,135,126	)		(62,501,380	)		(28,060	)		(84,603	)
Death benefits		(210,788	)		(1,540,762	)		(9,503,982	)		(51,583	)		(20,189	)
Increase (decrease) from transactions		(896,193	)		(9,247,019	)		(48,826,367	)		440,290			421,672
Net assets at beginning of year		16,054,702			80,842,234			507,551,284			1,892,985			2,295,218
Net assets at end of year	$	15,821,221		$	76,704,868		$	616,762,401		$	2,503,544		$	2,774,819

Accumulation unit activity
Units outstanding at beginning of year		13,734,431			50,309,582			123,150,326			1,829,144			1,982,168
Units purchased		1,049,203			2,115,182			8,477,793			823,120			577,282
Units redeemed		(1,787,042	)		(7,524,371	)		(16,541,396	)		(425,140	)		(230,803	)
Units outstanding at end of year		12,996,592			44,900,393			115,086,723			2,227,124			2,328,647

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

See accompanying notes to financial statements.



50		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro Opp, Serv Cl 2			Fid VIP Intl Cap Appr, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2
Operations
Investment income (loss) — net	$	209,772		$	406,385		$	(177,258	)	$	(14,874	)	$	354,875
Net realized gain (loss) on sales of investments		2,743,588			5,357,337			444,520			130,100			15,228
Distributions from capital gains		2,782,505			7,241,346			—			—			—
Net change in unrealized appreciation (depreciation) of investments		2,377,045			6,708,229			4,551,818			122,941			(336,484	)
Net increase (decrease) in net assets resulting from operations		8,112,910			19,713,297			4,819,080			238,167			33,619

Contract transactions
Contract purchase payments		293,257			5,300,628			12,197,534			3,933,099			6,010,951
Net transfers⁽¹⁾		(172,022	)		(1,708,560	)		444,797			332,646			2,236,249
Transfers for policy loans		32,296			(34,347	)		—			2,468			(2,246	)
Adjustments to net assets allocated to contracts in payment period		47,251			(77,358	)		—			—			—
Contract charges		(8,314	)		(71,332	)		(7,282	)		(1,349	)		(2,834	)
Contract terminations:
Surrender benefits		(4,972,804	)		(9,341,113	)		(404,759	)		(182,316	)		(362,060	)
Death benefits		(854,469	)		(1,170,579	)		(32,383	)		(41,689	)		(58,905	)
Increase (decrease) from transactions		(5,634,805	)		(7,102,661	)		12,197,907			4,042,859			7,821,155
Net assets at beginning of year		40,195,370			96,518,762			8,689,130			3,797,974			7,861,681
Net assets at end of year	$	42,673,475		$	109,129,398		$	25,706,117		$	8,079,000		$	15,716,455

Accumulation unit activity
Units outstanding at beginning of year		10,014,343			23,415,642			7,195,876			3,267,096			7,882,190
Units purchased		71,867			2,221,681			9,289,528			3,966,719			8,331,506
Units redeemed		(1,327,353	)		(2,894,218	)		(966,075	)		(731,693	)		(528,282	)
Units outstanding at end of year		8,758,857			22,743,105			15,519,329			6,502,122			15,685,414

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			51

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Fid VIP Strategic Inc, Serv Cl 2
Operations
Investment income (loss) — net	$	(253,515	)	$	(2,197,886	)	$	74,637		$	208,381		$	4,747,521
Net realized gain (loss) on sales of investments		1,922,959			7,173,150			363,401			1,439,699			(1,024,581	)
Distributions from capital gains		8,191,569			47,308,274			445,533			1,969,697			—
Net change in unrealized appreciation (depreciation) of investments		(146,038	)		262,410			(491,691	)		(2,023,394	)		4,168,958
Net increase (decrease) in net assets resulting from operations		9,714,975			52,545,948			391,880			1,594,383			7,891,898

Contract transactions
Contract purchase payments		261,792			10,082,303			60,395			352,754			9,342,290
Net transfers⁽¹⁾		(1,238,735	)		(1,451,775	)		626,415			4,017,968			25,373,325
Transfers for policy loans		13,024			(14,789	)		(2,433	)		4,823			(13,524	)
Adjustments to net assets allocated to contracts in payment period		(5,976	)		(156,246	)		(4,629	)		19,527			(68,892	)
Contract charges		(13,756	)		(249,667	)		(1,950	)		(28,788	)		(53,631	)
Contract terminations:
Surrender benefits		(6,329,029	)		(35,368,681	)		(1,025,536	)		(4,674,856	)		(16,797,224	)
Death benefits		(672,834	)		(5,451,609	)		(148,133	)		(336,487	)		(2,888,233	)
Increase (decrease) from transactions		(7,985,514	)		(32,610,464	)		(495,871	)		(645,059	)		14,894,111
Net assets at beginning of year		62,092,008			337,242,419			9,498,088			40,197,551			162,986,893
Net assets at end of year	$	63,821,469		$	357,177,903		$	9,394,097		$	41,146,875		$	185,772,902

Accumulation unit activity
Units outstanding at beginning of year		5,939,292			65,758,963			4,138,976			16,513,637			134,873,909
Units purchased		23,792			2,624,794			285,771			1,781,071			28,093,961
Units redeemed		(724,191	)		(8,387,593	)		(486,353	)		(1,959,433	)		(16,165,071	)
Units outstanding at end of year		5,238,893			59,996,164			3,938,394			16,335,275			146,802,799

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

See accompanying notes to financial statements.



52		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Frank Global Real Est, Cl 2			Frank Inc, Cl 2			Frank Inc, Cl 4			Frank Mutual Gbl Dis, Cl 4			Frank Mutual Shares, Cl 2
Operations
Investment income (loss) — net	$	416,175		$	2,481,070		$	381,857		$	3,988		$	609,928
Net realized gain (loss) on sales of investments		(1,967,355	)		(562,885	)		8,307			1,226			(255,170	)
Distributions from capital gains		—			256,069			38,900			44,199			1,268,270
Net change in unrealized appreciation (depreciation) of investments		1,015,447			1,370,654			12,494			(32,473	)		4,555,926
Net increase (decrease) in net assets resulting from operations		(535,733	)		3,544,908			441,558			16,940			6,178,954

Contract transactions
Contract purchase payments		384,532			350,372			3,394,340			100,282			424,064
Net transfers⁽¹⁾		133,634			2,329,764			2,857,675			12,777			(1,575,618	)
Transfers for policy loans		25,334			9,122			—			—			23,444
Adjustments to net assets allocated to contracts in payment period		(22,489	)		(15,946	)		—			—			30,137
Contract charges		(36,321	)		(25,010	)		(1,820	)		(102	)		(35,110	)
Contract terminations:
Surrender benefits		(4,311,364	)		(5,864,358	)		(460,937	)		(5,489	)		(6,269,607	)
Death benefits		(599,115	)		(1,313,548	)		(142,127	)		(7,188	)		(988,422	)
Increase (decrease) from transactions		(4,425,789	)		(4,529,604	)		5,647,131			100,280			(8,391,112	)
Net assets at beginning of year		46,208,752			60,747,282			6,033,903			496,473			62,314,708
Net assets at end of year	$	41,247,230		$	59,762,586		$	12,122,592		$	613,693		$	60,102,550

Accumulation unit activity
Units outstanding at beginning of year		19,107,484			38,683,322			5,804,751			420,971			23,727,834
Units purchased		535,698			3,114,120			5,909,979			92,862			181,816
Units redeemed		(2,198,347	)		(5,970,367	)		(725,629	)		(11,290	)		(3,151,943	)
Units outstanding at end of year		17,444,835			35,827,075			10,989,101			502,543			20,757,707

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			53

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Frank Sm Cap Val, Cl 2			Frank Sm Cap Val, Cl 4			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Multi-Strategy Alt, Serv
Operations
Investment income (loss) — net	$	(43,906	)	$	(10,938	)	$	123,385		$	138,850		$	30,443
Net realized gain (loss) on sales of investments		(1,044,373	)		21,205			1,493,445			(22,481	)		572
Distributions from capital gains		2,596,381			80,915			5,954,818			—			—
Net change in unrealized appreciation (depreciation) of investments		9,878,323			274,331			3,953,693			71,972			(4,619	)
Net increase (decrease) in net assets resulting from operations		11,386,425			365,513			11,525,341			188,341			26,396

Contract transactions
Contract purchase payments		601,798			1,515,422			461,018			42,285			405,796
Net transfers⁽¹⁾		(2,158,681	)		225,057			(2,140,727	)		180,996			156,621
Transfers for policy loans		11,083			—			18,391			98			—
Adjustments to net assets allocated to contracts in payment period		65,097			—			(77,678	)		(264	)		—
Contract charges		(55,080	)		(601	)		(95,160	)		(2,981	)		(304	)
Contract terminations:
Surrender benefits		(12,300,002	)		(214,788	)		(11,833,015	)		(569,918	)		(33,245	)
Death benefits		(1,128,319	)		(92,691	)		(1,210,830	)		(197,495	)		—
Increase (decrease) from transactions		(14,964,104	)		1,432,399			(14,878,001	)		(547,279	)		528,868
Net assets at beginning of year		114,080,355			3,128,554			106,603,285			9,647,383			1,078,097
Net assets at end of year	$	110,502,676		$	4,926,466		$	103,250,625		$	9,288,445		$	1,633,361

Accumulation unit activity
Units outstanding at beginning of year		22,656,414			2,838,789			13,863,863			9,707,552			1,051,947
Units purchased		201,104			1,579,911			61,183			508,894			539,111
Units redeemed		(3,332,899	)		(370,401	)		(1,873,259	)		(1,056,894	)		(31,735	)
Units outstanding at end of year		19,524,619			4,048,299			12,051,787			9,159,552			1,559,323

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

See accompanying notes to financial statements.



54		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT Sm Cap Eq Insights, Serv			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Operations
Investment income (loss) — net	$	6,394		$	1,146		$	(250,369	)	$	(120,996	)	$	(393,471	)
Net realized gain (loss) on sales of investments		63,000			22,136			4,846,320			633,405			2,012,582
Distributions from capital gains		399,162			197,638			13,502,553			—			—
Net change in unrealized appreciation (depreciation) of investments		353,411			(5,564	)		5,706,489			3,668,159			11,105,866
Net increase (decrease) in net assets resulting from operations		821,967			215,356			23,804,993			4,180,568			12,724,977

Contract transactions
Contract purchase payments		32,616			1,496,325			285,268			54,012			141,561
Net transfers⁽¹⁾		127,074			24,622			(4,024,914	)		(289,483	)		(3,188,838	)
Transfers for policy loans		788			—			(15,347	)		2,073			7,771
Adjustments to net assets allocated to contracts in payment period		(2,640	)		—			(87,486	)		(2,604	)		714
Contract charges		(1,146	)		(999	)		(131,772	)		(3,959	)		(110,536	)
Contract terminations:
Surrender benefits		(448,422	)		(23,667	)		(10,394,134	)		(1,886,887	)		(4,819,368	)
Death benefits		(39,775	)		(13,353	)		(1,761,881	)		(69,655	)		(1,029,457	)
Increase (decrease) from transactions		(331,505	)		1,482,928			(16,130,266	)		(2,196,503	)		(8,998,153	)
Net assets at beginning of year		4,602,374			1,007,890			93,869,613			13,220,081			41,826,767
Net assets at end of year	$	5,092,836		$	2,706,174		$	101,544,340		$	15,204,146		$	45,553,591

Accumulation unit activity
Units outstanding at beginning of year		901,219			902,304			23,461,140			3,516,542			11,541,446
Units purchased		29,227			1,407,452			112,607			12,595			38,042
Units redeemed		(86,245	)		(246,995	)		(3,630,351	)		(507,341	)		(2,151,312	)
Units outstanding at end of year		844,201			2,062,761			19,943,396			3,021,796			9,428,176

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			55

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Core Plus Bond, Ser II			Invesco VI Dis Mid Cap Gro, Ser I
Operations
Investment income (loss) — net	$	1,329,967		$	576,744		$	(420,526	)	$	177,432		$	(147,716	)
Net realized gain (loss) on sales of investments		(890,777	)		4,015,262			1,776,956			24,078			(71,333	)
Distributions from capital gains		—			6,938,696			6,063,473			—			—
Net change in unrealized appreciation (depreciation) of investments		342,932			1,298,638			8,169,956			(133,924	)		3,772,817
Net increase (decrease) in net assets resulting from operations		782,122			12,829,340			15,589,859			67,586			3,553,768

Contract transactions
Contract purchase payments		977,995			2,502,946			266,723			2,951,766			90,839
Net transfers⁽¹⁾		(1,338,982	)		(853,466	)		(456,004	)		468,288			5,511
Transfers for policy loans		815			5,771			21,395			—			1,546
Adjustments to net assets allocated to contracts in payment period		(21,218	)		12,348			(245,930	)		—			(11,197	)
Contract charges		(10,804	)		(180,998	)		(26,270	)		(892	)		(8,137	)
Contract terminations:
Surrender benefits		(2,713,066	)		(10,529,727	)		(7,005,238	)		(119,887	)		(1,652,855	)
Death benefits		(423,468	)		(1,918,117	)		(984,793	)		(18,973	)		(179,974	)
Increase (decrease) from transactions		(3,528,728	)		(10,961,243	)		(8,430,117	)		3,280,302			(1,754,267	)
Net assets at beginning of year		29,097,573			95,815,925			67,843,906			3,735,421			15,944,650
Net assets at end of year	$	26,350,967		$	97,684,022		$	75,003,648		$	7,083,309		$	17,744,151

Accumulation unit activity
Units outstanding at beginning of year		22,516,307			25,313,582			12,684,044			3,781,537			11,608,475
Units purchased		783,680			885,130			48,064			3,689,256			152,474
Units redeemed		(3,417,718	)		(3,385,495	)		(1,408,336	)		(418,358	)		(1,272,391	)
Units outstanding at end of year		19,882,269			22,813,217			11,323,772			7,052,435			10,488,558

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

See accompanying notes to financial statements.



56		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI Div Divd, Ser I			Invesco VI Div Divd, Ser II			Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser II
Operations
Investment income (loss) — net	$	(102,137	)	$	170,370		$	56,920		$	218,649		$	(1,285,518	)
Net realized gain (loss) on sales of investments		(184,506	)		343,137			164,228			611,531			1,348,186
Distributions from capital gains		—			695,432			370,386			190,831			7,673,292
Net change in unrealized appreciation (depreciation) of investments		2,483,478			845,085			459,332			(1,097,519	)		9,859,143
Net increase (decrease) in net assets resulting from operations		2,196,835			2,054,024			1,050,866			(76,508	)		17,595,103

Contract transactions
Contract purchase payments		64,206			105,162			68,962			293,518			2,659,302
Net transfers⁽¹⁾		69,623			(421,520	)		(53,681	)		(323,938	)		(1,601,929	)
Transfers for policy loans		11,085			625			679			(2,158	)		15,148
Adjustments to net assets allocated to contracts in payment period		—			(12,103	)		(4,755	)		(2,939	)		1,618
Contract charges		(6,633	)		(10,402	)		(5,931	)		(30,367	)		(67,797	)
Contract terminations:
Surrender benefits		(1,116,312	)		(1,986,378	)		(1,384,716	)		(4,124,889	)		(12,195,452	)
Death benefits		(94,959	)		(228,604	)		(62,548	)		(490,459	)		(1,790,709	)
Increase (decrease) from transactions		(1,072,990	)		(2,553,220	)		(1,441,990	)		(4,681,232	)		(12,979,819	)
Net assets at beginning of year		10,147,822			17,682,948			9,457,235			38,320,571			123,101,871
Net assets at end of year	$	11,271,667		$	17,183,752		$	9,066,111		$	33,562,831		$	127,717,155

Accumulation unit activity
Units outstanding at beginning of year		7,519,630			6,441,653			3,624,138			17,007,896			33,561,073
Units purchased		168,183			36,113			54,861			157,198			863,725
Units redeemed		(883,848	)		(901,224	)		(572,047	)		(2,184,445	)		(4,215,680	)
Units outstanding at end of year		6,803,965			5,576,542			3,106,952			14,980,649			30,209,118

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			57

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Main St, Ser II			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I
Operations
Investment income (loss) — net	$	2,063,456		$	(298,755	)	$	(24,324	)	$	(1,045,761	)	$	(239,661	)
Net realized gain (loss) on sales of investments		(2,437,444	)		115,686			(50,267	)		2,270,666			663,414
Distributions from capital gains		—			—			252,993			3,865,240			1,196,041
Net change in unrealized appreciation (depreciation) of investments		2,496,003			1,450,496			309,843			5,925,127			6,251,697
Net increase (decrease) in net assets resulting from operations		2,122,015			1,267,427			488,245			11,015,272			7,871,491

Contract transactions
Contract purchase payments		648,655			249,868			21,715			4,352,097			183,909
Net transfers⁽¹⁾		1,991,275			(1,149,309	)		(3,075	)		4,336,395			179,606
Transfers for policy loans		10,694			(6,955	)		—			(9,202	)		(9,786	)
Adjustments to net assets allocated to contracts in payment period		(51,007	)		(26,061	)		(2,057	)		22,364			144,212
Contract charges		(149,023	)		(17,916	)		(1,346	)		(46,330	)		(32,581	)
Contract terminations:
Surrender benefits		(11,542,887	)		(3,997,944	)		(208,323	)		(9,124,882	)		(2,960,211	)
Death benefits		(2,623,650	)		(369,155	)		(14,403	)		(1,299,430	)		(332,770	)
Increase (decrease) from transactions		(11,715,943	)		(5,317,472	)		(207,489	)		(1,768,988	)		(2,827,621	)
Net assets at beginning of year		123,482,676			32,073,429			2,298,767			98,221,068			24,846,217
Net assets at end of year	$	113,888,748		$	28,023,384		$	2,579,523		$	107,467,352		$	29,890,087

Accumulation unit activity
Units outstanding at beginning of year		78,192,377			10,054,430			1,306,838			23,472,165			7,330,076
Units purchased		1,906,670			88,234			82,192			2,103,976			143,611
Units redeemed		(9,338,248	)		(1,605,196	)		(190,367	)		(2,590,851	)		(906,353	)
Units outstanding at end of year		70,760,799			8,537,468			1,198,663			22,985,290			6,567,334

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

See accompanying notes to financial statements.



58		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Henderson VIT Forty, Serv
Operations
Investment income (loss) — net	$	(59,436	)	$	1,084,182		$	(29,861	)	$	1,974,243		$	(41,965	)
Net realized gain (loss) on sales of investments		120,633			3,172,006			489,883			(1,076,069	)		135,058
Distributions from capital gains		336,090			—			645,600			—			230,666
Net change in unrealized appreciation (depreciation) of investments		1,106,935			14,496,416			866,155			(561,998	)		483,877
Net increase (decrease) in net assets resulting from operations		1,504,222			18,752,604			1,971,777			336,176			807,636

Contract transactions
Contract purchase payments		2,903,287			12,522,720			69,465			4,170,143			2,019,110
Net transfers⁽¹⁾		231,133			6,493,166			(92,788	)		8,069,302			356,294
Transfers for policy loans		(269	)		(30,128	)		16,354			(7,207	)		—
Adjustments to net assets allocated to contracts in payment period		—			(118,527	)		(7,200	)		—			—
Contract charges		(1,449	)		(47,267	)		(3,832	)		(16,419	)		(2,253	)
Contract terminations:
Surrender benefits		(82,086	)		(10,301,774	)		(1,833,920	)		(5,602,310	)		(52,091	)
Death benefits		(27,601	)		(3,190,405	)		(63,932	)		(626,381	)		(49,829	)
Increase (decrease) from transactions		3,023,015			5,327,785			(1,915,853	)		5,987,128			2,271,231
Net assets at beginning of year		3,407,874			132,210,386			14,534,374			57,033,217			2,426,944
Net assets at end of year	$	7,935,111		$	156,290,775		$	14,590,298		$	63,356,521		$	5,505,811

Accumulation unit activity
Units outstanding at beginning of year		2,929,383			89,611,176			4,827,986			54,461,244			2,031,176
Units purchased		2,755,277			13,260,269			71,913			11,737,572			2,077,467
Units redeemed		(535,192	)		(9,768,741	)		(664,104	)		(6,070,454	)		(471,275	)
Units outstanding at end of year		5,149,468			93,102,704			4,235,795			60,128,362			3,637,368

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			59

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv			Lazard Ret Emer Mkts Eq, Serv			Lazard Ret Global Dyn MA, Serv
Operations
Investment income (loss) — net	$	(348,445	)	$	105,286		$	(687,626	)	$	19,564		$	(102,527	)
Net realized gain (loss) on sales of investments		2,268,282			495,222			3,789,000			2,665			6,271
Distributions from capital gains		—			—			2,032,906			—			—
Net change in unrealized appreciation (depreciation) of investments		8,358,473			245,091			13,959,345			6,212			806,280
Net increase (decrease) in net assets resulting from operations		10,278,310			845,599			19,093,625			28,441			710,024

Contract transactions
Contract purchase payments		2,936,021			1,920,825			331,848			471,717			76,356
Net transfers⁽¹⁾		715,092			1,878,140			(834,170	)		85,466			(345,159	)
Transfers for policy loans		8,391			(6,718	)		8,259			—			(1,838	)
Adjustments to net assets allocated to contracts in payment period		(24,409	)		(116,351	)		(9,943	)		—			—
Contract charges		(14,923	)		(9,776	)		(51,194	)		(204	)		(3,390	)
Contract terminations:
Surrender benefits		(4,166,798	)		(1,604,385	)		(5,615,324	)		(13,660	)		(578,539	)
Death benefits		(188,659	)		(171,043	)		(842,989	)		—			(549,338	)
Increase (decrease) from transactions		(735,285	)		1,890,692			(7,013,513	)		543,319			(1,401,908	)
Net assets at beginning of year		33,979,779			20,209,312			58,985,179			374,232			10,001,124
Net assets at end of year	$	43,522,804		$	22,945,603		$	71,065,291		$	945,992		$	9,309,240

Accumulation unit activity
Units outstanding at beginning of year		9,594,714			10,521,447			15,162,546			331,539			6,833,551
Units purchased		1,410,593			2,271,543			212,200			579,885			74,031
Units redeemed		(1,137,404	)		(911,045	)		(1,682,732	)		(122,007	)		(987,863	)
Units outstanding at end of year		9,867,903			11,881,945			13,692,014			789,417			5,919,719

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

See accompanying notes to financial statements.



60		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Lord Abt Bond Debenture, Cl VC			Lord Abt Short Dur Inc, Cl VC			LVIP AC Intl, Serv Cl			LVIP AC Intl, Std Cl II			LVIP AC Mid Cap Val, Serv Cl
Operations
Investment income (loss) — net	$	305,006		$	458,883		$	77,165		$	46,563		$	522,636
Net realized gain (loss) on sales of investments		4,358			4,746			275,191			87,815			254,763
Distributions from capital gains		—			—			—			—			1,780,581
Net change in unrealized appreciation (depreciation) of investments		(55,575	)		(44,316	)		(56,612	)		(6,493	)		176,601
Net increase (decrease) in net assets resulting from operations		253,789			419,313			295,744			127,885			2,734,581

Contract transactions
Contract purchase payments		3,181,621			3,899,936			336,193			38,974			1,246,921
Net transfers⁽¹⁾		472,769			475,294			(33,758	)		(179,942	)		(1,442,389	)
Transfers for policy loans		—			(4,775	)		(4,879	)		4,614			3,682
Adjustments to net assets allocated to contracts in payment period		—			—			(11,709	)		(4,582	)		(7,078	)
Contract charges		(1,341	)		(4,926	)		(11,213	)		(1,455	)		(19,592	)
Contract terminations:
Surrender benefits		(168,672	)		(504,416	)		(1,574,006	)		(596,209	)		(3,833,490	)
Death benefits		(417,891	)		(68,650	)		(199,533	)		(67,829	)		(383,358	)
Increase (decrease) from transactions		3,066,486			3,792,463			(1,498,905	)		(806,429	)		(4,435,304	)
Net assets at beginning of year		3,235,814			8,706,875			16,815,760			6,221,353			38,655,066
Net assets at end of year	$	6,556,089		$	12,918,651		$	15,612,599		$	5,542,809		$	36,954,343

Accumulation unit activity
Units outstanding at beginning of year		3,236,578			8,565,201			7,364,877			2,879,596			11,492,748
Units purchased		3,983,408			4,398,813			190,452			19,247			528,910
Units redeemed		(1,011,674	)		(746,468	)		(758,645	)		(377,841	)		(1,846,609	)
Units outstanding at end of year		6,208,312			12,217,546			6,796,684			2,521,002			10,175,049

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			61

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	LVIP AC Ultra, Serv Cl			LVIP AC Val, Serv Cl			LVIP AC Val, Std Cl II			LVIP JPM US Eq, Serv Cl			Mac VIP Asset Strategy, Serv Cl
Operations
Investment income (loss) — net	$	(483,907	)	$	3,036,226		$	533,703		$	(29,764	)	$	104,515
Net realized gain (loss) on sales of investments		3,370,109			5,989,933			1,316,953			109,549			(102,354	)
Distributions from capital gains		4,563,151			10,090,398			1,563,403			196,533			474,237
Net change in unrealized appreciation (depreciation) of investments		5,090,019			(5,140,814	)		(1,189,346	)		572,959			892,322
Net increase (decrease) in net assets resulting from operations		12,539,372			13,975,743			2,224,713			849,277			1,368,720

Contract transactions
Contract purchase payments		303,296			2,603,243			134,446			63,252			132,452
Net transfers⁽¹⁾		(3,165,757	)		(6,356,239	)		(929,294	)		140,722			(324,463	)
Transfers for policy loans		13,392			(20,020	)		13,423			—			—
Adjustments to net assets allocated to contracts in payment period		(120,166	)		(47,428	)		(33,176	)		—			(48,207	)
Contract charges		(32,550	)		(85,635	)		(4,906	)		(2,858	)		(5,076	)
Contract terminations:
Surrender benefits		(6,265,149	)		(17,168,793	)		(3,328,542	)		(44,070	)		(783,770	)
Death benefits		(1,152,998	)		(2,998,663	)		(323,455	)		(52,953	)		(498,825	)
Increase (decrease) from transactions		(10,419,932	)		(24,073,535	)		(4,471,504	)		104,093			(1,527,889	)
Net assets at beginning of year		49,845,444			177,917,001			27,678,358			3,818,972			12,556,758
Net assets at end of year	$	51,964,884		$	167,819,209		$	25,431,567		$	4,772,342		$	12,397,589

Accumulation unit activity
Units outstanding at beginning of year		8,646,873			46,305,319			5,193,536			3,278,588			8,132,125
Units purchased		47,866			646,835			26,233			315,519			363,570
Units redeemed		(1,607,268	)		(6,853,152	)		(826,123	)		(246,876	)		(1,273,450	)
Units outstanding at end of year		7,087,471			40,099,002			4,393,646			3,347,231			7,222,245

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

See accompanying notes to financial statements.



62		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Mac VIP for Inc, Serv Cl			Mac VIP Intl Core Eq, Serv Cl⁽²⁾			MFS Gbl Real Est, Serv Cl			MFS Intl Gro, Serv Cl			MFS Mass Inv Gro Stock, Serv Cl
Operations
Investment income (loss) — net	$	85,657		$	5,403		$	9,681		$	(6,755	)	$	(549,179	)
Net realized gain (loss) on sales of investments		683			798			7,375			70,799			1,815,711
Distributions from capital gains		—			2,430			—			14,407			6,306,139
Net change in unrealized appreciation (depreciation) of investments		(11,902	)		(30,159	)		(58,666	)		156,293			2,370,596
Net increase (decrease) in net assets resulting from operations		74,438			(21,528	)		(41,610	)		234,744			9,943,267

Contract transactions
Contract purchase payments		530,845			81,597			631,290			2,303,608			335,429
Net transfers⁽¹⁾		110,753			1,233,562			75,574			289,388			(2,691,064	)
Transfers for policy loans		—			—			(332	)		—			(14,164	)
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			(3,072	)
Contract charges		(46	)		(157	)		(637	)		(1,554	)		(30,370	)
Contract terminations:
Surrender benefits		(26,063	)		(8,581	)		(80,211	)		(69,579	)		(6,981,242	)
Death benefits		—			(4,653	)		—			(147,926	)		(973,762	)
Increase (decrease) from transactions		615,489			1,301,768			625,684			2,373,937			(10,358,245	)
Net assets at beginning of year		973,830			—			1,029,350			2,961,867			70,050,733
Net assets at end of year	$	1,663,757		$	1,280,240		$	1,613,424		$	5,570,548		$	69,635,755

Accumulation unit activity
Units outstanding at beginning of year		911,900			—			1,148,178			2,679,935			26,423,354
Units purchased		598,902			1,308,056			1,128,078			2,534,445			121,486
Units redeemed		(27,827	)		(12,924	)		(403,490	)		(530,076	)		(3,692,103	)
Units outstanding at end of year		1,482,975			1,295,132			1,872,766			4,684,304			22,852,737

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

⁽²⁾	For the period April 26, 2024 (commencement of operations) to December 31, 2024.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			63

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	MFS New Dis, Serv Cl			MFS Research Intl, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			NB AMT Sus Eq, Cl S
Operations
Investment income (loss) — net	$	(249,928	)	$	10,280		$	1,397,151		$	(696,093	)	$	(196,056	)
Net realized gain (loss) on sales of investments		(1,717,320	)		47,247			2,443,216			(14,440,417	)		987,706
Distributions from capital gains		—			—			3,677,529			—			913,000
Net change in unrealized appreciation (depreciation) of investments		3,573,226			(48,743	)		5,021,507			38,863,121			2,384,577
Net increase (decrease) in net assets resulting from operations		1,605,978			8,784			12,539,403			23,726,611			4,089,227

Contract transactions
Contract purchase payments		154,374			1,035,445			2,895,408			2,147,977			242,359
Net transfers⁽¹⁾		(1,277,299	)		152,708			(3,773,988	)		(8,538,130	)		(1,149,167	)
Transfers for policy loans		1,710			(4,586	)		(7,560	)		(6,984	)		7,471
Adjustments to net assets allocated to contracts in payment period		(17,482	)		—			(46,847	)		(11,379	)		—
Contract charges		(17,492	)		(1,072	)		(72,460	)		(34,295	)		(6,127	)
Contract terminations:
Surrender benefits		(2,941,716	)		(176,187	)		(15,062,828	)		(5,688,201	)		(660,995	)
Death benefits		(276,981	)		(38,607	)		(2,304,492	)		(1,128,005	)		(419,041	)
Increase (decrease) from transactions		(4,374,886	)		967,701			(18,372,767	)		(13,259,017	)		(1,985,500	)
Net assets at beginning of year		30,053,230			1,821,180			128,926,512			66,635,644			17,390,450
Net assets at end of year	$	27,284,322		$	2,797,665		$	123,093,148		$	77,103,238		$	19,494,177

Accumulation unit activity
Units outstanding at beginning of year		8,074,376			1,693,052			30,874,726			18,520,966			4,557,532
Units purchased		43,291			1,287,632			788,416			565,473			98,048
Units redeemed		(1,168,893	)		(424,546	)		(5,099,291	)		(3,811,156	)		(551,616	)
Units outstanding at end of year		6,948,774			2,556,138			26,563,851			15,275,283			4,103,964

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

See accompanying notes to financial statements.



64		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	PIMCO VIT All Asset, Advisor Cl			PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			Put VT Global Hlth Care, Cl IB			Put VT Intl Eq, Cl IB
Operations
Investment income (loss) — net	$	2,532,826		$	130,485		$	1,920,695		$	(111,288	)	$	131,185
Net realized gain (loss) on sales of investments		(1,375,904	)		(125,847	)		(803,212	)		434,824			192,065
Distributions from capital gains		—			—			—			1,115,876			—
Net change in unrealized appreciation (depreciation) of investments		81,869			501,357			(212,165	)		(1,263,780	)		(90,246	)
Net increase (decrease) in net assets resulting from operations		1,238,791			505,995			905,318			175,632			233,004

Contract transactions
Contract purchase payments		1,325,453			42,502			6,053,372			2,395,338			87,771
Net transfers⁽¹⁾		(1,579,803	)		87,525			8,495,493			(384,710	)		614,813
Transfers for policy loans		7,287			99			(7,484	)		62			1,742
Adjustments to net assets allocated to contracts in payment period		(41,853	)		(458	)		—			(5,139	)		(2,348	)
Contract charges		(39,538	)		(1,252	)		(17,855	)		(16,252	)		(6,825	)
Contract terminations:
Surrender benefits		(5,107,363	)		(413,953	)		(4,711,493	)		(2,731,699	)		(1,266,752	)
Death benefits		(998,459	)		(111,831	)		(953,637	)		(152,361	)		(102,298	)
Increase (decrease) from transactions		(6,434,276	)		(397,368	)		8,858,396			(894,761	)		(673,897	)
Net assets at beginning of year		50,062,030			5,409,018			60,236,162			24,464,647			10,187,942
Net assets at end of year	$	44,866,545		$	5,517,645		$	69,999,876		$	23,745,518		$	9,747,049

Accumulation unit activity
Units outstanding at beginning of year		26,172,311			3,886,093			59,225,038			6,060,172			4,622,406
Units purchased		848,982			288,605			14,245,080			1,555,264			307,602
Units redeemed		(4,156,140	)		(563,631	)		(5,627,657	)		(1,029,818	)		(602,256	)
Units outstanding at end of year		22,865,153			3,611,067			67,842,461			6,585,618			4,327,752

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			65

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Put VT Intl Val, Cl IB			Put VT Lg Cap Val, Cl IB			Put VT Sus Fut, Cl IB			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB
Operations
Investment income (loss) — net	$	40,105		$	(16,295	)	$	(20,208	)	$	(752,550	)	$	(255,405	)
Net realized gain (loss) on sales of investments		38,024			74,952			20,658			3,524,042			1,937,044
Distributions from capital gains		8,842			449,212			—			540,328			257,140
Net change in unrealized appreciation (depreciation) of investments		17,085			1,002,122			249,844			13,180,334			5,612,632
Net increase (decrease) in net assets resulting from operations		104,056			1,509,991			250,294			16,492,154			7,551,411

Contract transactions
Contract purchase payments		1,245,202			7,186,886			524,551			250,599			1,021,900
Net transfers⁽¹⁾		243,748			1,930,375			106,005			(779,172	)		(531,670	)
Transfers for policy loans		—			(4,627	)		(2,708	)		24,942			11,044
Adjustments to net assets allocated to contracts in payment period		—			—			—			(88,367	)		(8,193	)
Contract charges		(435	)		(3,212	)		(382	)		(27,394	)		(16,866	)
Contract terminations:
Surrender benefits		(63,154	)		(221,907	)		(3,549	)		(7,086,543	)		(4,351,624	)
Death benefits		(7,280	)		(56,068	)		—			(1,183,956	)		(560,444	)
Increase (decrease) from transactions		1,418,081			8,831,447			623,917			(8,889,891	)		(4,435,853	)
Net assets at beginning of year		2,552,287			7,146,579			1,670,527			77,571,550			35,480,818
Net assets at end of year	$	4,074,424		$	17,488,017		$	2,544,738		$	85,173,813		$	38,596,376

Accumulation unit activity
Units outstanding at beginning of year		2,140,735			6,202,781			1,495,230			12,136,569			8,857,667
Units purchased		1,365,222			7,006,197			558,179			37,579			512,258
Units redeemed		(223,956	)		(336,039	)		(50,090	)		(1,232,528	)		(1,025,038	)
Units outstanding at end of year		3,282,001			12,872,939			2,003,319			10,941,620			8,344,887

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

See accompanying notes to financial statements.



66		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value			VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2
Operations
Investment income (loss) — net	$	(89,411	)	$	(158,618	)	$	176,445		$	619,627		$	(8,026,953	)
Net realized gain (loss) on sales of investments		87,223			(1,071,760	)		484,472			448,601			68,143,243
Distributions from capital gains		723,617			—			816,604			—			—
Net change in unrealized appreciation (depreciation) of investments		543,447			(728,254	)		(1,709,023	)		2,738,341			31,699,675
Net increase (decrease) in net assets resulting from operations		1,264,876			(1,958,632	)		(231,502	)		3,806,569			91,815,965

Contract transactions
Contract purchase payments		66,909			168,529			42,849			719,892			36,005,381
Net transfers⁽¹⁾		(256,086	)		(784,816	)		(29,542	)		425,224			(33,035,997	)
Transfers for policy loans		(2,525	)		2,439			8,751			(4,768	)		18,708
Adjustments to net assets allocated to contracts in payment period		(3,523	)		—			(19,370	)		—			350,373
Contract charges		(2,823	)		(5,191	)		(3,063	)		(9,649	)		(3,347,367	)
Contract terminations:
Surrender benefits		(1,060,518	)		(1,459,764	)		(1,493,345	)		(1,793,775	)		(75,640,936	)
Death benefits		(127,204	)		(401,701	)		(68,037	)		(246,558	)		(14,166,469	)
Increase (decrease) from transactions		(1,385,770	)		(2,480,504	)		(1,561,757	)		(909,634	)		(89,816,307	)
Net assets at beginning of year		10,731,149			17,501,655			11,134,674			29,906,295			789,147,191
Net assets at end of year	$	10,610,255		$	13,062,519		$	9,341,415		$	32,803,230		$	791,146,849

Accumulation unit activity
Units outstanding at beginning of year		1,549,346			21,204,300			1,992,942			27,682,112			323,687,764
Units purchased		12,072			416,839			8,863			2,158,677			17,959,557
Units redeemed		(202,945	)		(3,599,827	)		(278,023	)		(3,030,525	)		(50,415,057	)
Units outstanding at end of year		1,358,473			18,021,312			1,723,782			26,810,264			291,232,264

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			67

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	VP Aggr, Cl 4			VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2
Operations
Investment income (loss) — net	$	(4,056,955	)	$	(4,350,273	)	$	(2,667,175	)	$	(2,329,010	)	$	(3,753,904	)
Net realized gain (loss) on sales of investments		42,497,915			9,521,722			10,180,456			4,464,986			9,158,330
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		11,955,777			8,883,337			1,862,656			16,684,213			32,661,890
Net increase (decrease) in net assets resulting from operations		50,396,737			14,054,786			9,375,937			18,820,189			38,066,316

Contract transactions
Contract purchase payments		3,658,259			7,040,717			450,092			506,024			1,950,039
Net transfers⁽¹⁾		(10,324,686	)		16,891,430			(486,171	)		(2,732,337	)		304,986
Transfers for policy loans		(75,472	)		24,749			17,432			(30,859	)		158
Adjustments to net assets allocated to contracts in payment period		—			74,094			—			(7,904	)		(53,655	)
Contract charges		(2,045,812	)		(3,758,828	)		(1,953,929	)		(3,858,817	)		(5,839,747	)
Contract terminations:
Surrender benefits		(48,561,289	)		(51,127,319	)		(29,228,793	)		(11,885,894	)		(22,268,002	)
Death benefits		(3,497,854	)		(11,028,432	)		(8,926,253	)		(1,439,543	)		(2,491,562	)
Increase (decrease) from transactions		(60,846,854	)		(41,883,589	)		(40,127,622	)		(19,449,330	)		(28,397,783	)
Net assets at beginning of year		431,463,909			438,601,943			289,934,607			232,533,725			366,202,892
Net assets at end of year	$	421,013,792		$	410,773,140		$	259,182,922		$	231,904,584		$	375,871,425

Accumulation unit activity
Units outstanding at beginning of year		173,886,253			327,628,102			215,363,559			195,837,557			276,365,139
Units purchased		1,528,788			19,036,913			2,299,391			491,774			3,914,727
Units redeemed		(24,115,556	)		(50,077,984	)		(31,593,827	)		(16,062,064	)		(23,807,362	)
Units outstanding at end of year		151,299,485			296,587,031			186,069,123			180,267,267			256,472,504

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

See accompanying notes to financial statements.



68		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2
Operations
Investment income (loss) — net	$	(5,206,582	)	$	(10,753,152	)	$	(104,958,557	)	$	(112,400,625	)	$	(65,459,349	)
Net realized gain (loss) on sales of investments		7,325,222			34,309,137			451,219,601			546,281,139			327,603,735
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,048,642			36,000,535			753,928,556			472,716,383			222,921,151
Net increase (decrease) in net assets resulting from operations		16,167,282			59,556,520			1,100,189,600			906,596,897			485,065,537

Contract transactions
Contract purchase payments		1,827,274			6,042,617			16,411,434			25,772,759			106,791,828
Net transfers⁽¹⁾		45,945,133			14,750,163			(152,217,402	)		(134,607,074	)		62,242,397
Transfers for policy loans		(18,433	)		(8	)		(30,572	)		(7,611	)		128,988
Adjustments to net assets allocated to contracts in payment period		(22,540	)		(116,056	)		(943,099	)		(28,090	)		(186,353	)
Contract charges		(9,017,572	)		(17,375,851	)		(168,028,595	)		(181,485,036	)		(70,891,106	)
Contract terminations:
Surrender benefits		(59,489,808	)		(85,879,712	)		(756,187,666	)		(1,030,123,284	)		(631,966,608	)
Death benefits		(9,240,207	)		(24,942,829	)		(69,297,750	)		(106,913,598	)		(101,077,137	)
Increase (decrease) from transactions		(30,016,153	)		(107,521,676	)		(1,130,293,650	)		(1,427,391,934	)		(634,957,991	)
Net assets at beginning of year		526,282,938			1,086,575,070			10,404,576,946			11,297,786,998			6,534,930,320
Net assets at end of year	$	512,434,067		$	1,038,609,914		$	10,374,472,896		$	10,776,991,961		$	6,385,037,866

Accumulation unit activity
Units outstanding at beginning of year		458,306,125			854,945,731			6,709,471,889			7,556,338,165			3,490,896,601
Units purchased		47,905,023			48,746,804			129,761,281			188,809,626			107,128,046
Units redeemed		(74,465,605	)		(131,679,936	)		(810,380,114	)		(1,110,870,080	)		(430,627,413	)
Units outstanding at end of year		431,745,543			772,012,599			6,028,853,056			6,634,277,711			3,167,397,234

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			69

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	VP Mod, Cl 4			VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4
Operations
Investment income (loss) — net	$	(46,316,129	)	$	(21,107,369	)	$	(12,162,294	)	$	(10,198,913	)	$	(7,584,579	)
Net realized gain (loss) on sales of investments		372,900,589			177,375,944			124,041,372			44,948,371			55,486,754
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		38,556,030			44,665,239			12,779,260			17,315,224			(6,097,511	)
Net increase (decrease) in net assets resulting from operations		365,140,490			200,933,814			124,658,338			52,064,682			41,804,664

Contract transactions
Contract purchase payments		4,979,001			69,544,914			7,669,138			15,085,031			944,817
Net transfers⁽¹⁾		4,518,151			(95,971,829	)		(35,531,775	)		11,931,563			3,069,878
Transfers for policy loans		(6,089	)		(5,756	)		136,292			19,284			12,702
Adjustments to net assets allocated to contracts in payment period		—			(439,756	)		—			279,375			—
Contract charges		(34,948,375	)		(8,455,968	)		(5,327,004	)		(7,973,375	)		(5,104,699	)
Contract terminations:
Surrender benefits		(500,158,759	)		(218,257,385	)		(145,212,679	)		(103,281,478	)		(88,282,043	)
Death benefits		(101,092,059	)		(28,105,497	)		(10,807,561	)		(26,437,274	)		(28,360,217	)
Increase (decrease) from transactions		(626,708,130	)		(281,691,277	)		(189,073,589	)		(110,376,874	)		(117,719,562	)
Net assets at beginning of year		4,944,758,929			2,117,397,386			1,308,145,490			1,021,213,769			807,956,716
Net assets at end of year	$	4,683,191,289		$	2,036,639,923		$	1,243,730,239		$	962,901,577		$	732,041,818

Accumulation unit activity
Units outstanding at beginning of year		2,620,110,605			990,336,177			603,948,163			648,002,062			508,545,749
Units purchased		9,883,919			30,999,870			3,478,152			24,113,071			3,622,516
Units redeemed		(325,406,403	)		(154,321,758	)		(84,992,094	)		(92,475,876	)		(74,922,225	)
Units outstanding at end of year		2,304,588,121			867,014,289			522,434,221			579,639,257			437,246,040

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

See accompanying notes to financial statements.



70		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	VP Ptnrs Core Bond, Cl 2			VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 2
Operations
Investment income (loss) — net	$	422,473		$	(142,462	)	$	(172,062	)	$	4,567		$	(200,235	)
Net realized gain (loss) on sales of investments		(205,511	)		1,225,637			3,052,222			19,393			(10,076	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(51,647	)		1,330,278			880,559			867,924			(508,177	)
Net increase (decrease) in net assets resulting from operations		165,315			2,413,453			3,760,719			891,884			(718,488	)

Contract transactions
Contract purchase payments		1,477,242			537,193			69,163			1,007,401			1,139,242
Net transfers⁽¹⁾		2,452,684			(31,641	)		(891,647	)		1,620,943			318,708
Transfers for policy loans		(2,825	)		(93	)		(3,770	)		104			6,088
Adjustments to net assets allocated to contracts in payment period		—			—			(6,281	)		—			—
Contract charges		(21,822	)		(12,605	)		(32,999	)		(28,675	)		(24,896	)
Contract terminations:
Surrender benefits		(1,206,789	)		(1,221,041	)		(2,759,596	)		(1,273,820	)		(2,749,032	)
Death benefits		(96,541	)		(138,574	)		(320,269	)		(231,593	)		(609,462	)
Increase (decrease) from transactions		2,601,949			(866,761	)		(3,945,399	)		1,094,360			(1,919,352	)
Net assets at beginning of year		15,773,247			11,487,951			18,291,878			20,031,016			33,811,881
Net assets at end of year	$	18,540,511		$	13,034,643		$	18,107,198		$	22,017,260		$	31,174,041

Accumulation unit activity
Units outstanding at beginning of year		14,109,963			3,210,784			5,663,166			12,129,101			19,142,149
Units purchased		3,508,833			270,717			19,647			1,897,282			1,151,845
Units redeemed		(1,198,947	)		(492,103	)		(1,090,650	)		(1,256,307	)		(2,204,380	)
Units outstanding at end of year		16,419,849			2,989,398			4,592,163			12,770,076			18,089,614

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			71

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	VP Ptnrs Intl Val, Cl 2			VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2
Operations
Investment income (loss) — net	$	367,821		$	(189,257	)	$	(118,509	)	$	(401,373	)	$	(3,132,725	)
Net realized gain (loss) on sales of investments		228,081			377,993			331,440			3,991,209			7,994,224
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		186,517			2,594,585			486,629			(562,188	)		19,816,496
Net increase (decrease) in net assets resulting from operations		782,419			2,783,321			699,560			3,027,648			24,677,995

Contract transactions
Contract purchase payments		1,186,382			2,337,580			757,982			264,415			2,568,529
Net transfers⁽¹⁾		(140,629	)		276,634			(595,277	)		(538,376	)		11,243,714
Transfers for policy loans		—			187			85			2,049			229
Adjustments to net assets allocated to contracts in payment period		—			—			—			(19,632	)		(20,188	)
Contract charges		(20,737	)		(29,883	)		(16,980	)		(92,446	)		(4,766,583	)
Contract terminations:
Surrender benefits		(1,526,337	)		(1,327,476	)		(602,198	)		(5,043,181	)		(25,540,862	)
Death benefits		(308,788	)		(228,134	)		(108,088	)		(654,793	)		(5,083,757	)
Increase (decrease) from transactions		(810,109	)		1,028,908			(564,476	)		(6,081,964	)		(21,598,918	)
Net assets at beginning of year		24,464,590			15,824,016			11,215,912			47,500,341			301,739,189
Net assets at end of year	$	24,436,900		$	19,636,245		$	11,350,996		$	44,446,025		$	304,818,266

Accumulation unit activity
Units outstanding at beginning of year		17,865,507			5,906,125			4,596,872			12,364,950			244,360,261
Units purchased		1,059,793			2,193,058			437,608			73,321			16,631,910
Units redeemed		(1,625,345	)		(1,204,138	)		(622,943	)		(1,624,737	)		(33,183,209	)
Units outstanding at end of year		17,299,955			6,895,045			4,411,537			10,813,534			227,808,962

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

See accompanying notes to financial statements.



72		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2024 (continued)	VP US Flex Gro, Cl 2			VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	(39,443,916	)	$	(19,466,946	)	$	(1,417,555	)	$	461,124		$	602,406
Net realized gain (loss) on sales of investments		89,880,815			46,173,582			(10,552,680	)		(3,855,228	)		(191,871	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		528,831,932			193,570,643			31,718,697			(5,260,087	)		252,609
Net increase (decrease) in net assets resulting from operations		579,268,831			220,277,279			19,748,462			(8,654,191	)		663,144

Contract transactions
Contract purchase payments		11,822,046			9,235,785			2,480,433			1,610,708			1,588,059
Net transfers⁽¹⁾		128,675,518			40,825,019			(4,355,145	)		(1,711,450	)		826,426
Transfers for policy loans		(41,408	)		12,745			(16,972	)		32,988			(395	)
Adjustments to net assets allocated to contracts in payment period		207,818			(50,367	)		28,450			(25,416	)		—
Contract charges		(63,940,669	)		(30,006,643	)		(128,117	)		(99,214	)		(2,986	)
Contract terminations:
Surrender benefits		(233,676,179	)		(127,983,969	)		(18,142,291	)		(10,223,708	)		(705,517	)
Death benefits		(22,800,140	)		(14,291,529	)		(1,939,183	)		(1,268,787	)		(196,447	)
Increase (decrease) from transactions		(179,753,014	)		(122,258,959	)		(22,072,825	)		(11,684,879	)		1,509,140
Net assets at beginning of year		3,678,127,818			1,861,012,185			159,428,826			104,635,291			10,680,692
Net assets at end of year	$	4,077,643,635		$	1,959,030,505		$	157,104,463		$	84,296,221		$	12,852,976

Accumulation unit activity
Units outstanding at beginning of year		2,426,804,903			1,352,692,329			32,426,327			30,059,677			9,036,151
Units purchased		106,257,823			44,370,760			1,844,372			592,016			2,283,194
Units redeemed		(214,295,947	)		(126,864,651	)		(5,046,423	)		(3,886,199	)		(972,133	)
Units outstanding at end of year		2,318,766,779			1,270,198,438			29,224,276			26,765,494			10,347,212

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			73

Statement of Changes in Net Assets


Year ended December 31, 2023	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B			AB VPS Sus Gbl Thematic, Cl B
Operations
Investment income (loss) — net	$	(42,772	)	$	(139,019	)	$	(1,414,556	)	$	282,089		$	(77,046	)
Net realized gain (loss) on sales of investments		(306,216	)		(638,266	)		514,525			841,792			(94,195	)
Distributions from capital gains		—			—			9,601,713			5,749,453			491,452
Net change in unrealized appreciation (depreciation) of investments		1,397,043			9,490,109			28,535,914			339,453			896,591
Net increase (decrease) in net assets resulting from operations		1,048,055			8,712,824			37,237,596			7,212,787			1,216,802

Contract transactions
Contract purchase payments		85,218			653,874			8,049,168			1,154,311			1,926,588
Net transfers⁽¹⁾		(88,050	)		(479,199	)		1,123,312			(1,442,415	)		(423,791	)
Transfers for policy loans		—			23,142			(8,743	)		(6,769	)		4,916
Adjustments to net assets allocated to contracts in payment period		—			(20,570	)		(19,947	)		(38,773	)		(3,077	)
Contract charges		(3,081	)		(86,179	)		(43,509	)		(48,482	)		(5,576	)
Contract terminations:
Surrender benefits		(272,783	)		(6,666,054	)		(7,940,277	)		(6,751,563	)		(613,165	)
Death benefits		(356,859	)		(641,298	)		(1,884,639	)		(993,130	)		(67,269	)
Increase (decrease) from transactions		(635,555	)		(7,216,284	)		(724,635	)		(8,126,821	)		818,626
Net assets at beginning of year		8,890,818			64,851,502			111,581,660			72,787,590			7,697,418
Net assets at end of year	$	9,303,318		$	66,348,042		$	148,094,621		$	71,873,556		$	9,732,846

Accumulation unit activity
Units outstanding at beginning of year		7,605,874			43,732,652			25,048,450			21,768,798			3,064,811
Units purchased		122,257			743,081			2,017,001			375,080			1,115,960
Units redeemed		(649,663	)		(5,214,835	)		(2,019,305	)		(2,689,353	)		(828,635	)
Units outstanding at end of year		7,078,468			39,260,898			25,046,146			19,454,525			3,352,136

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

See accompanying notes to financial statements.



74		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class III			BlackRock Adv SMID Cap VI, Cl III
Operations
Investment income (loss) — net	$	20,854		$	(381,183	)	$	(714,791	)	$	846,535		$	19,940
Net realized gain (loss) on sales of investments		93,165			437,758			(2,742,518	)		625,860			3,007
Distributions from capital gains		596,791			3,344,437			—			460,878			—
Net change in unrealized appreciation (depreciation) of investments		2,098,481			5,669,137			5,629,395			3,099,501			185,143
Net increase (decrease) in net assets resulting from operations		2,809,291			9,070,149			2,172,086			5,032,774			208,090

Contract transactions
Contract purchase payments		68,829			225,184			2,293,078			1,346,316			1,049,199
Net transfers⁽¹⁾		(85,769	)		(1,067,217	)		981,316			(1,974,239	)		172,150
Transfers for policy loans		2,606			(3,654	)		(9,745	)		(824	)		—
Adjustments to net assets allocated to contracts in payment period		(42,022	)		(10,053	)		(11,503	)		(6,571	)		—
Contract charges		(12,287	)		(25,474	)		(34,630	)		(18,889	)		(217	)
Contract terminations:
Surrender benefits		(1,118,463	)		(5,019,434	)		(5,169,423	)		(2,909,298	)		(28,320	)
Death benefits		(121,946	)		(689,392	)		(865,584	)		(581,867	)		—
Increase (decrease) from transactions		(1,309,052	)		(6,590,040	)		(2,816,491	)		(4,145,372	)		1,192,812
Net assets at beginning of year		18,561,500			38,727,474			71,368,662			42,305,667			329,153
Net assets at end of year	$	20,061,739		$	41,207,583		$	70,724,257		$	43,193,069		$	1,730,055

Accumulation unit activity
Units outstanding at beginning of year		5,961,996			9,953,649			19,709,570			38,045,287			341,148
Units purchased		32,383			79,411			1,167,315			1,253,104			1,416,022
Units redeemed		(420,770	)		(1,579,084	)		(1,956,393	)		(4,856,730	)		(228,315	)
Units outstanding at end of year		5,573,609			8,453,976			18,920,492			34,441,661			1,528,855

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			75

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	BlackRock Global Alloc, Cl III			BNY Mellon Sus US Eq, Serv			Calvert VP SRI Bal, Cl F			Calvert VP SRI Bal, Cl I			CB Var Sm Cap Gro, Cl I
Operations
Investment income (loss) — net	$	1,040,749		$	(9,277	)	$	9,172		$	142,785		$	(143,111	)
Net realized gain (loss) on sales of investments		(1,935,185	)		(1,031	)		25,851			130,232			(122,629	)
Distributions from capital gains		—			37,378			4,412			75,306			—
Net change in unrealized appreciation (depreciation) of investments		8,671,687			271,121			112,070			2,608,800			1,304,291
Net increase (decrease) in net assets resulting from operations		7,777,251			298,191			151,505			2,957,123			1,038,551

Contract transactions
Contract purchase payments		2,542,927			2,454,159			956,906			80,473			131,581
Net transfers⁽¹⁾		(633,451	)		1,809			6,336			327,980			665,063
Transfers for policy loans		3,999			—			—			9,595			6,135
Adjustments to net assets allocated to contracts in payment period		(31,610	)		—			—			(4,443	)		(4,748	)
Contract charges		(28,293	)		(79	)		(13	)		(17,390	)		(11,973	)
Contract terminations:
Surrender benefits		(5,662,226	)		(3,208	)		(7,958	)		(1,416,399	)		(1,350,374	)
Death benefits		(1,249,212	)		—			—			(71,842	)		(208,734	)
Increase (decrease) from transactions		(5,057,866	)		2,452,681			955,271			(1,092,026	)		(773,050	)
Net assets at beginning of year		71,676,615			239,196			326,429			19,357,174			14,792,656
Net assets at end of year	$	74,396,000		$	2,990,068		$	1,433,205		$	21,222,271		$	15,058,157

Accumulation unit activity
Units outstanding at beginning of year		48,231,412			257,515			344,102			8,224,519			4,500,892
Units purchased		2,490,050			3,408,800			1,274,882			166,187			272,731
Units redeemed		(5,750,071	)		(1,019,488	)		(304,156	)		(602,319	)		(508,911	)
Units outstanding at end of year		44,971,391			2,646,827			1,314,828			7,788,387			4,264,712

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

See accompanying notes to financial statements.



76		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Bal, Cl 2			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 2			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 2
Operations
Investment income (loss) — net	$	(791,699	)	$	(5,444,996	)	$	3,846,106		$	(1,344,992	)	$	(504,030	)
Net realized gain (loss) on sales of investments		82,606			21,945,963			(2,596,162	)		6,389,483			1,773,432
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,887,453			79,330,762			(3,114,290	)		29,564,955			8,186,059
Net increase (decrease) in net assets resulting from operations		14,178,360			95,831,729			(1,864,346	)		34,609,446			9,455,461

Contract transactions
Contract purchase payments		25,036,170			3,859,836			1,101,136			4,467,040			3,394,354
Net transfers⁽¹⁾		(83,849	)		32,786,852			(5,140,123	)		6,951,643			1,425,393
Transfers for policy loans		83			49,844			600			3,512			(3,686	)
Adjustments to net assets allocated to contracts in payment period		—			(138,269	)		—			(40,937	)		—
Contract charges		(310,388	)		(268,420	)		(6,402	)		(123,254	)		(35,275	)
Contract terminations:
Surrender benefits		(4,144,016	)		(44,833,940	)		(2,107,853	)		(8,876,250	)		(2,368,688	)
Death benefits		(518,476	)		(8,269,724	)		(255,765	)		(1,844,833	)		(577,552	)
Increase (decrease) from transactions		19,979,524			(16,813,821	)		(6,408,407	)		536,921			1,834,546
Net assets at beginning of year		61,116,415			489,961,560			24,622,744			114,014,619			40,773,900
Net assets at end of year	$	95,274,299		$	568,979,468		$	16,349,991		$	149,160,986		$	52,063,907

Accumulation unit activity
Units outstanding at beginning of year		70,089,838			183,169,074			29,908,651			45,629,605			10,728,291
Units purchased		27,212,677			12,887,853			1,516,692			4,099,955			1,295,356
Units redeemed		(6,233,926	)		(18,668,415	)		(9,767,223	)		(4,020,175	)		(863,683	)
Units outstanding at end of year		91,068,589			177,388,512			21,658,120			45,709,385			11,159,964

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			77

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 2			Col VP Emer Mkts, Cl 2
Operations
Investment income (loss) — net	$	(3,237,851	)	$	(1,065,647	)	$	(3,457,822	)	$	391,401		$	(508,896	)
Net realized gain (loss) on sales of investments		24,181,312			3,918,247			32,847,815			(366,641	)		(3,966,928	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		45,614,003			676,601			(16,011,654	)		763,166			8,149,960
Net increase (decrease) in net assets resulting from operations		66,557,464			3,529,201			13,378,339			787,926			3,674,136

Contract transactions
Contract purchase payments		1,635,700			7,853,903			2,374,260			211,378			1,800,989
Net transfers⁽¹⁾		(3,008,127	)		(2,653,232	)		(6,215,213	)		(91,642	)		(1,274,077	)
Transfers for policy loans		69,844			18,455			85,387			(1,697	)		(4,838	)
Adjustments to net assets allocated to contracts in payment period		(577,520	)		(5,949	)		(538,357	)		(1,678	)		(1,698	)
Contract charges		(295,403	)		(58,233	)		(285,079	)		(4,497	)		(34,599	)
Contract terminations:
Surrender benefits		(23,241,537	)		(5,478,299	)		(35,441,740	)		(670,683	)		(2,126,804	)
Death benefits		(4,206,649	)		(1,999,074	)		(5,986,241	)		(172,157	)		(776,327	)
Increase (decrease) from transactions		(29,623,692	)		(2,322,429	)		(46,006,983	)		(730,976	)		(2,417,354	)
Net assets at beginning of year		302,302,150			97,769,476			398,252,532			9,401,141			46,712,050
Net assets at end of year	$	339,235,922		$	98,976,248		$	365,623,888		$	9,458,091		$	47,968,832

Accumulation unit activity
Units outstanding at beginning of year		96,320,193			33,984,509			106,455,214			10,088,186			40,465,875
Units purchased		594,807			3,040,524			702,109			308,834			1,665,431
Units redeemed		(9,068,583	)		(3,808,238	)		(13,273,227	)		(1,082,301	)		(3,650,385	)
Units outstanding at end of year		87,846,417			33,216,795			93,884,096			9,314,719			38,480,921

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

See accompanying notes to financial statements.



78		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3
Operations
Investment income (loss) — net	$	(678,552	)	$	172,368		$	1,037,497		$	4,862,599		$	4,512,295
Net realized gain (loss) on sales of investments		(4,264,662	)		(387,702	)		(2,276,344	)		—			419
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		10,447,293			908,374			4,963,138			—			(420	)
Net increase (decrease) in net assets resulting from operations		5,504,079			693,040			3,724,291			4,862,599			4,512,294

Contract transactions
Contract purchase payments		717,146			784,794			247,798			29,803,697			2,474,651
Net transfers⁽¹⁾		(1,947,268	)		(346,612	)		165,746			(6,479,447	)		12,452,796
Transfers for policy loans		33,904			980			18,174			23,976			42,222
Adjustments to net assets allocated to contracts in payment period		(34,376	)		(506	)		(40,323	)		(926	)		(36,160	)
Contract charges		(76,321	)		(1,793	)		(73,006	)		(90,914	)		(104,087	)
Contract terminations:
Surrender benefits		(6,075,936	)		(538,736	)		(3,960,398	)		(23,785,887	)		(27,004,686	)
Death benefits		(829,928	)		(336,451	)		(1,070,396	)		(2,244,361	)		(1,604,204	)
Increase (decrease) from transactions		(8,212,779	)		(438,324	)		(4,712,405	)		(2,773,862	)		(13,779,468	)
Net assets at beginning of year		71,144,153			8,660,404			45,419,507			146,821,124			135,605,131
Net assets at end of year	$	68,435,453		$	8,915,120		$	44,431,393		$	148,909,861		$	126,337,957

Accumulation unit activity
Units outstanding at beginning of year		31,921,757			9,863,382			31,814,943			160,765,010			125,778,978
Units purchased		352,356			946,671			496,772			38,453,126			14,676,219
Units redeemed		(3,878,173	)		(1,438,349	)		(3,744,832	)		(42,003,414	)		(27,957,820	)
Units outstanding at end of year		28,395,940			9,371,704			28,566,883			157,214,722			112,497,377

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			79

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 2			Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 2
Operations
Investment income (loss) — net	$	1,924,187		$	5,110,472		$	978,517		$	2,951,005		$	681,153
Net realized gain (loss) on sales of investments		(875,776	)		(2,128,984	)		(967,131	)		(3,415,374	)		(1,664,959	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,632,652			9,098,448			2,490,309			7,599,261			4,173,473
Net increase (decrease) in net assets resulting from operations		4,681,063			12,079,936			2,501,695			7,134,892			3,189,667

Contract transactions
Contract purchase payments		2,664,376			592,177			1,870,793			401,004			6,671,369
Net transfers⁽¹⁾		712,750			(1,623,695	)		456,203			203,528			12,284,853
Transfers for policy loans		(4,685	)		(9,437	)		(1,882	)		18,027			(8,443	)
Adjustments to net assets allocated to contracts in payment period		—			(120,166	)		—			(17,215	)		(4,246	)
Contract charges		(14,257	)		(77,313	)		(8,456	)		(109,973	)		(59,085	)
Contract terminations:
Surrender benefits		(3,615,393	)		(11,382,893	)		(2,176,853	)		(7,469,269	)		(3,915,249	)
Death benefits		(1,067,138	)		(2,444,512	)		(720,943	)		(1,674,953	)		(957,482	)
Increase (decrease) from transactions		(1,324,347	)		(15,065,839	)		(581,138	)		(8,648,851	)		14,011,717
Net assets at beginning of year		44,830,239			118,265,851			24,876,851			73,104,368			55,788,107
Net assets at end of year	$	48,186,955		$	115,279,948		$	26,797,408		$	71,590,409		$	72,989,491

Accumulation unit activity
Units outstanding at beginning of year		27,214,550			43,790,441			15,640,238			32,732,029			48,670,683
Units purchased		2,388,782			227,774			1,878,038			317,050			16,464,929
Units redeemed		(3,123,374	)		(5,600,885	)		(2,256,598	)		(4,038,426	)		(4,396,586	)
Units outstanding at end of year		26,479,958			38,417,330			15,261,678			29,010,653			60,739,026

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

See accompanying notes to financial statements.



80		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3			Col VP Lg Cap Index, Cl 2			Col VP Lg Cap Index, Cl 3
Operations
Investment income (loss) — net	$	2,770,366		$	(1,056,639	)	$	(1,019,465	)	$	(787,071	)	$	(5,020,592	)
Net realized gain (loss) on sales of investments		(6,733,845	)		3,275,626			10,236,715			444,448			28,189,068
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		14,703,622			30,221,654			31,197,193			16,562,383			84,517,870
Net increase (decrease) in net assets resulting from operations		10,740,143			32,440,641			40,414,443			16,219,760			107,686,346

Contract transactions
Contract purchase payments		1,175,406			7,939,630			730,442			36,698,974			3,917,049
Net transfers⁽¹⁾		11,884,462			5,301,527			1,791,493			1,815,905			3,953,685
Transfers for policy loans		10,075			(30,179	)		(19,920	)		(1,194	)		(33,674	)
Adjustments to net assets allocated to contracts in payment period		(145,350	)		—			(72,107	)		—			(176,871	)
Contract charges		(269,834	)		(106,598	)		(96,033	)		(72,716	)		(217,322	)
Contract terminations:
Surrender benefits		(19,893,439	)		(4,833,681	)		(10,460,277	)		(2,363,801	)		(31,808,162	)
Death benefits		(5,006,266	)		(1,846,717	)		(2,101,176	)		(982,559	)		(8,902,992	)
Increase (decrease) from transactions		(12,244,946	)		6,423,982			(10,227,578	)		35,094,609			(33,268,287	)
Net assets at beginning of year		218,262,867			76,441,074			101,466,597			50,100,583			454,455,836
Net assets at end of year	$	216,758,064		$	115,305,697		$	131,653,462		$	101,414,952		$	528,873,895

Accumulation unit activity
Units outstanding at beginning of year		126,392,881			19,629,805			42,115,096			54,509,103			141,826,051
Units purchased		7,563,557			3,099,921			789,676			42,415,250			2,799,028
Units redeemed		(14,568,446	)		(1,602,951	)		(4,466,293	)		(8,171,707	)		(12,080,372	)
Units outstanding at end of year		119,387,992			21,126,775			38,438,479			88,752,646			132,544,707

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			81

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Eq, Cl 2
Operations
Investment income (loss) — net	$	1,540,804		$	288,873		$	197,866		$	403,120		$	(14,816	)
Net realized gain (loss) on sales of investments		(580,190	)		(656,166	)		(307,517	)		105,445			7,088
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,121,161			1,041,022			4,593,937			6,185,469			338,025
Net increase (decrease) in net assets resulting from operations		4,081,775			673,729			4,484,286			6,694,034			330,297

Contract transactions
Contract purchase payments		4,620,370			1,324,932			1,203,197			429,326			1,879,089
Net transfers⁽¹⁾		1,531,147			3,533,547			2,098,147			(379,075	)		89,603
Transfers for policy loans		(5,306	)		(3,211	)		(42	)		30,875			—
Adjustments to net assets allocated to contracts in payment period		(2,801	)		(6,789	)		(9,256	)		(69,988	)		—
Contract charges		(75,804	)		(4,587	)		(32,725	)		(35,093	)		(30	)
Contract terminations:
Surrender benefits		(7,903,876	)		(744,117	)		(1,712,445	)		(4,063,316	)		(14,574	)
Death benefits		(2,107,262	)		(259,148	)		(663,962	)		(899,678	)		—
Increase (decrease) from transactions		(3,943,532	)		3,840,627			882,914			(4,986,949	)		1,954,088
Net assets at beginning of year		74,819,442			10,487,401			31,077,424			49,412,603			500,771
Net assets at end of year	$	74,957,685		$	15,001,757		$	36,444,624		$	51,119,688		$	2,785,156

Accumulation unit activity
Units outstanding at beginning of year		70,474,506			10,846,393			19,479,227			30,269,068			543,959
Units purchased		6,457,405			5,454,278			2,134,923			358,473			1,936,565
Units redeemed		(10,062,623	)		(1,597,917	)		(1,588,635	)		(3,316,998	)		(87,038	)
Units outstanding at end of year		66,869,288			14,702,754			20,025,515			27,310,543			2,393,486

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

See accompanying notes to financial statements.



82		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3			Col VP Select Mid Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(686,465	)	$	(422,767	)	$	(338,266	)	$	(644,134	)	$	(434,064	)
Net realized gain (loss) on sales of investments		1,994,479			3,440,947			786,931			4,220,790			1,832,155
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,172,383			(1,355,268	)		6,090,493			9,953,036			2,010,687
Net increase (decrease) in net assets resulting from operations		2,480,397			1,662,912			6,539,158			13,529,692			3,408,778

Contract transactions
Contract purchase payments		4,872,429			434,554			2,749,689			391,382			2,292,338
Net transfers⁽¹⁾		(1,401,577	)		(4,106,372	)		1,720,060			592,156			(1,622,660	)
Transfers for policy loans		(3,032	)		6,574			(6,751	)		7,487			(2,310	)
Adjustments to net assets allocated to contracts in payment period		—			(13,189	)		(2,152	)		(97,599	)		(3,272	)
Contract charges		(49,990	)		(26,150	)		(26,590	)		(39,602	)		(29,171	)
Contract terminations:
Surrender benefits		(3,451,224	)		(4,222,259	)		(2,363,771	)		(4,632,181	)		(2,019,646	)
Death benefits		(1,097,569	)		(1,125,796	)		(541,681	)		(784,837	)		(1,225,987	)
Increase (decrease) from transactions		(1,130,963	)		(9,052,638	)		1,528,804			(4,563,194	)		(2,610,708	)
Net assets at beginning of year		64,722,923			50,931,510			27,061,011			58,877,623			40,199,883
Net assets at end of year	$	66,072,357		$	43,541,784		$	35,128,973		$	67,844,121		$	40,997,953

Accumulation unit activity
Units outstanding at beginning of year		17,438,148			13,975,178			10,060,351			19,888,100			12,349,992
Units purchased		1,752,928			138,784			1,661,141			381,981			904,197
Units redeemed		(1,941,617	)		(2,659,980	)		(1,101,215	)		(1,780,414	)		(1,641,967	)
Units outstanding at end of year		17,249,459			11,453,982			10,620,277			18,489,667			11,612,222

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			83

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 2			Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 2			Col VP Sm Cap Val, Cl 2
Operations
Investment income (loss) — net	$	(369,973	)	$	(263,665	)	$	(252,646	)	$	(35,305	)	$	(5,191	)
Net realized gain (loss) on sales of investments		3,919,122			547,017			2,019,523			39,757			(3,821	)
Distributions from capital gains		—			—			—			184,896			75,545
Net change in unrealized appreciation (depreciation) of investments		(118,438	)		2,309,135			1,484,165			959,926			151,062
Net increase (decrease) in net assets resulting from operations		3,430,711			2,592,487			3,251,042			1,149,274			217,595

Contract transactions
Contract purchase payments		241,028			1,114,509			268,125			5,241,312			901,009
Net transfers⁽¹⁾		(1,186,890	)		648,677			(431,527	)		345,263			132,910
Transfers for policy loans		7,188			(1,084	)		612			—			—
Adjustments to net assets allocated to contracts in payment period		(5,490	)		(355	)		(9,146	)		—			—
Contract charges		(29,315	)		(22,143	)		(21,891	)		(427	)		(215	)
Contract terminations:
Surrender benefits		(4,315,414	)		(1,302,375	)		(2,556,702	)		(26,879	)		(22,211	)
Death benefits		(759,569	)		(382,540	)		(429,700	)		(32,240	)		(38,153	)
Increase (decrease) from transactions		(6,048,462	)		54,689			(3,180,229	)		5,527,029			973,340
Net assets at beginning of year		42,797,010			22,557,752			29,169,455			980,493			404,164
Net assets at end of year	$	40,179,259		$	25,204,928		$	29,240,268		$	7,656,796		$	1,595,099

Accumulation unit activity
Units outstanding at beginning of year		12,743,523			7,906,049			7,804,987			1,145,945			408,962
Units purchased		88,245			747,346			132,145			6,018,498			1,109,331
Units redeemed		(1,867,356	)		(716,360	)		(969,944	)		(918,969	)		(176,020	)
Units outstanding at end of year		10,964,412			7,937,035			6,967,188			6,245,474			1,342,273

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

See accompanying notes to financial statements.



84		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Strategic Inc, Cl 2			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 2
Operations
Investment income (loss) — net	$	1,745,771		$	221,927		$	687,476		$	2,709,042		$	383,637
Net realized gain (loss) on sales of investments		(2,208,486	)		(595,841	)		(1,339,773	)		(1,757,661	)		(355,487	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,175,243			998,723			2,277,490			(2,383,804	)		784,078
Net increase (decrease) in net assets resulting from operations		5,712,528			624,809			1,625,193			(1,432,423	)		812,228

Contract transactions
Contract purchase payments		5,542,181			1,205,052			356,383			104,962			2,142,350
Net transfers⁽¹⁾		2,912,943			(1,295,870	)		140,319			(735,567	)		2,235,440
Transfers for policy loans		(1,962	)		87			9,900			1,464			—
Adjustments to net assets allocated to contracts in payment period		—			(3,277	)		(2,412	)		(989	)		—
Contract charges		(17,013	)		(16,579	)		(28,556	)		(7,877	)		(39,843	)
Contract terminations:
Surrender benefits		(5,115,521	)		(634,433	)		(3,888,027	)		(1,451,161	)		(895,039	)
Death benefits		(1,695,361	)		(402,105	)		(1,005,473	)		(169,649	)		(113,550	)
Increase (decrease) from transactions		1,625,267			(1,147,125	)		(4,417,866	)		(2,258,817	)		3,329,358
Net assets at beginning of year		70,435,881			15,283,045			40,241,502			15,136,544			16,737,956
Net assets at end of year	$	77,773,676		$	14,760,729		$	37,448,829		$	11,445,304		$	20,879,542

Accumulation unit activity
Units outstanding at beginning of year		60,973,747			16,021,201			31,983,695			21,992,569			15,337,665
Units purchased		7,482,764			1,469,138			555,913			192,550			4,043,124
Units redeemed		(6,180,698	)		(2,679,274	)		(4,133,257	)		(3,695,312	)		(990,321	)
Units outstanding at end of year		62,275,813			14,811,065			28,406,351			18,489,807			18,390,468

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			85

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 2			CTIVP Prin Blue Chip Gro, Cl 1
Operations
Investment income (loss) — net	$	1,818,046		$	3,861,747		$	155,925		$	(784,311	)	$	(933,840	)
Net realized gain (loss) on sales of investments		(1,648,898	)		(4,058,384	)		(1,965,615	)		2,943,503			8,496,270
Distributions from capital gains		—			—			1,517,497			—			—
Net change in unrealized appreciation (depreciation) of investments		376,933			1,532,624			2,830,171			2,590,017			25,393,171
Net increase (decrease) in net assets resulting from operations		546,081			1,335,987			2,537,978			4,749,209			32,955,601

Contract transactions
Contract purchase payments		1,369,996			185,083			657,033			3,742,706			757,418
Net transfers⁽¹⁾		(3,204,687	)		(1,840,322	)		(1,365,315	)		(694,198	)		(2,813,082	)
Transfers for policy loans		305			4,602			5,751			(5,945	)		9,063
Adjustments to net assets allocated to contracts in payment period		—			(65,038	)		—			—			(26,431	)
Contract charges		(6,904	)		(130,085	)		(8,417	)		(55,008	)		(86,688	)
Contract terminations:
Surrender benefits		(1,738,041	)		(4,713,530	)		(1,729,111	)		(5,329,623	)		(10,252,308	)
Death benefits		(187,389	)		(1,050,843	)		(314,230	)		(632,491	)		(992,761	)
Increase (decrease) from transactions		(3,766,720	)		(7,610,133	)		(2,754,289	)		(2,974,559	)		(13,404,789	)
Net assets at beginning of year		24,290,556			51,672,881			22,847,047			73,528,496			92,282,015
Net assets at end of year	$	21,069,917		$	45,398,735		$	22,630,736		$	75,303,146		$	111,832,827

Accumulation unit activity
Units outstanding at beginning of year		20,991,208			36,009,447			11,996,073			22,715,553			47,724,125
Units purchased		1,185,541			131,443			383,275			1,532,349			349,171
Units redeemed		(4,467,205	)		(5,406,974	)		(1,768,118	)		(2,308,957	)		(6,241,809	)
Units outstanding at end of year		17,709,544			30,733,916			10,611,230			21,938,945			41,831,487

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

See accompanying notes to financial statements.



86		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 3
Operations
Investment income (loss) — net	$	(495,656	)	$	(446,647	)	$	219,972		$	(672,519	)	$	(394,615	)
Net realized gain (loss) on sales of investments		1,697,421			1,344,700			(339,054	)		3,033,840			2,640,367
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		13,447,982			2,280,216			885,623			2,848,490			1,327,813
Net increase (decrease) in net assets resulting from operations		14,649,747			3,178,269			766,541			5,209,811			3,573,565

Contract transactions
Contract purchase payments		1,989,950			2,493,124			1,185,555			4,858,151			339,704
Net transfers⁽¹⁾		993,823			(2,179,006	)		2,784,264			983,429			321,522
Transfers for policy loans		(16,117	)		491			364			(13,839	)		13,379
Adjustments to net assets allocated to contracts in payment period		—			(4,144	)		—			—			(21,491	)
Contract charges		(60,425	)		(49,394	)		(29,012	)		(35,881	)		(26,325	)
Contract terminations:
Surrender benefits		(2,438,571	)		(1,825,122	)		(1,019,712	)		(3,445,918	)		(3,669,389	)
Death benefits		(825,125	)		(553,269	)		(149,427	)		(3,049,515	)		(530,874	)
Increase (decrease) from transactions		(356,465	)		(2,117,320	)		2,772,032			(703,573	)		(3,573,474	)
Net assets at beginning of year		39,157,361			41,199,490			15,903,225			61,811,468			43,663,526
Net assets at end of year	$	53,450,643		$	42,260,439		$	19,441,798		$	66,317,706		$	43,663,617

Accumulation unit activity
Units outstanding at beginning of year		10,320,790			14,599,752			15,687,710			15,979,103			10,009,941
Units purchased		859,255			969,290			3,968,390			1,883,489			267,858
Units redeemed		(876,936	)		(1,664,823	)		(1,289,665	)		(1,884,911	)		(1,075,445	)
Units outstanding at end of year		10,303,109			13,904,219			18,366,435			15,977,681			9,202,354

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			87

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2			CTIVP Westfield Sel Lg Cp Gr, Cl 2			CVT EAFE Intl Index, Cl F			CVT Nasdaq 100 Index, Cl F			CVT Russ 2000 Sm Cap Ind, Cl F
Operations
Investment income (loss) — net	$	(273,636	)	$	(251,861	)	$	57,317		$	(27,537	)	$	7,647
Net realized gain (loss) on sales of investments		1,030,266			(314,894	)		4,042			95,900			7,896
Distributions from capital gains		—			—			—			—			2,130
Net change in unrealized appreciation (depreciation) of investments		4,752,196			6,370,301			233,727			1,749,799			490,183
Net increase (decrease) in net assets resulting from operations		5,508,826			5,803,546			295,086			1,818,162			507,856

Contract transactions
Contract purchase payments		1,354,947			880,078			1,577,765			5,045,497			2,339,272
Net transfers⁽¹⁾		1,000,819			(1,108,564	)		249,204			746,223			434,468
Transfers for policy loans		(160	)		—			—			—			—
Adjustments to net assets allocated to contracts in payment period		—			—			—			—			—
Contract charges		(19,450	)		(20,342	)		(345	)		(1,038	)		(711	)
Contract terminations:
Surrender benefits		(1,330,935	)		(1,143,491	)		(23,404	)		(61,663	)		(29,833	)
Death benefits		(432,842	)		(440,857	)		—			(180,895	)		—
Increase (decrease) from transactions		572,379			(1,833,176	)		1,803,220			5,548,124			2,743,196
Net assets at beginning of year		23,010,513			20,676,903			1,081,453			1,929,055			1,474,646
Net assets at end of year	$	29,091,718		$	24,647,273		$	3,179,759		$	9,295,341		$	4,725,698

Accumulation unit activity
Units outstanding at beginning of year		7,343,765			6,721,366			1,105,917			2,272,958			1,554,466
Units purchased		886,166			384,238			1,943,023			5,536,224			2,909,078
Units redeemed		(677,232	)		(822,254	)		(247,758	)		(614,645	)		(131,729	)
Units outstanding at end of year		7,552,699			6,283,350			2,801,182			7,194,537			4,331,815

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

See accompanying notes to financial statements.



88		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Emer Mkts, Serv Cl 2			Fid VIP Energy, Serv Cl 2
Operations
Investment income (loss) — net	$	946,725		$	5,926,310		$	(3,473,208	)	$	20,843		$	28,449
Net realized gain (loss) on sales of investments		(398,678	)		(1,059,027	)		12,330,432			2,336			7
Distributions from capital gains		158,371			—			17,074,886			—			—
Net change in unrealized appreciation (depreciation) of investments		22,619			3,070,864			101,779,074			71,236			(11,655	)
Net increase (decrease) in net assets resulting from operations		729,037			7,938,147			127,711,184			94,415			16,801

Contract transactions
Contract purchase payments		582,531			3,229,648			14,446,728			1,131,540			1,409,677
Net transfers⁽¹⁾		(874,824	)		(4,695,456	)		(2,347,041	)		157,754			98,711
Transfers for policy loans		(1,995	)		(3,688	)		(39,299	)		—			—
Adjustments to net assets allocated to contracts in payment period		(1,536	)		64,663			(111,599	)		—			—
Contract charges		(6,926	)		(62,994	)		(224,574	)		(315	)		(564	)
Contract terminations:
Surrender benefits		(1,210,058	)		(7,811,086	)		(38,914,780	)		(5,487	)		(21,528	)
Death benefits		(549,189	)		(1,471,722	)		(9,544,877	)		(74,515	)		—
Increase (decrease) from transactions		(2,061,997	)		(10,750,635	)		(36,735,442	)		1,208,977			1,486,296
Net assets at beginning of year		17,387,662			83,654,722			416,575,542			589,593			792,121
Net assets at end of year	$	16,054,702		$	80,842,234		$	507,551,284		$	1,892,985		$	2,295,218

Accumulation unit activity
Units outstanding at beginning of year		15,554,996			57,322,006			133,029,082			616,797			681,049
Units purchased		622,577			2,353,414			5,443,171			1,466,189			1,501,408
Units redeemed		(2,443,142	)		(9,365,838	)		(15,321,927	)		(253,842	)		(200,289	)
Units outstanding at end of year		13,734,431			50,309,582			123,150,326			1,829,144			1,982,168

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			89

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Gro Opp, Serv Cl 2			Fid VIP Intl Cap Appr, Serv Cl 2			Fid VIP Invest Gr, Serv Cl 2
Operations
Investment income (loss) — net	$	280,544		$	570,860		$	(58,076	)	$	(17,562	)	$	133,013
Net realized gain (loss) on sales of investments		1,407,583			2,823,818			83,582			24,064			(18,143	)
Distributions from capital gains		1,452,803			3,550,988			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,153,308			7,618,714			1,717,462			470,802			135,010
Net increase (decrease) in net assets resulting from operations		6,294,238			14,564,380			1,742,968			477,304			249,880

Contract transactions
Contract purchase payments		96,212			4,314,998			5,267,365			2,424,182			5,876,157
Net transfers⁽¹⁾		(277,373	)		1,218,274			304,237			351,409			1,045,113
Transfers for policy loans		(6,449	)		2,414			—			(12,314	)		—
Adjustments to net assets allocated to contracts in payment period		(39,053	)		(117,720	)		—			—			—
Contract charges		(10,177	)		(68,766	)		(1,706	)		(482	)		(1,009	)
Contract terminations:
Surrender benefits		(2,589,572	)		(6,601,815	)		(39,154	)		(31,302	)		(120,174	)
Death benefits		(677,786	)		(1,442,204	)		(83,592	)		(48,101	)		(4,901	)
Increase (decrease) from transactions		(3,504,198	)		(2,694,819	)		5,447,150			2,683,392			6,795,186
Net assets at beginning of year		37,405,330			84,649,201			1,499,012			637,278			816,615
Net assets at end of year	$	40,195,370		$	96,518,762		$	8,689,130		$	3,797,974		$	7,861,681

Accumulation unit activity
Units outstanding at beginning of year		10,958,490			23,377,712			1,782,995			689,208			858,518
Units purchased		43,116			2,499,565			6,649,889			3,050,436			7,997,827
Units redeemed		(987,263	)		(2,461,635	)		(1,237,008	)		(472,548	)		(974,155	)
Units outstanding at end of year		10,014,343			23,415,642			7,195,876			3,267,096			7,882,190

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

See accompanying notes to financial statements.



90		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Mid Cap, Serv Cl			Fid VIP Mid Cap, Serv Cl 2			Fid VIP Overseas, Serv Cl			Fid VIP Overseas, Serv Cl 2			Fid VIP Strategic Inc, Serv Cl 2
Operations
Investment income (loss) — net	$	(206,404	)	$	(1,819,384	)	$	10,201		$	(38,793	)	$	5,250,529
Net realized gain (loss) on sales of investments		753,285			1,137,791			160,574			726,833			(1,871,036	)
Distributions from capital gains		1,645,337			9,229,636			23,844			101,596			—
Net change in unrealized appreciation (depreciation) of investments		5,763,765			33,456,630			1,384,535			5,812,355			8,724,166
Net increase (decrease) in net assets resulting from operations		7,955,983			42,004,673			1,579,154			6,601,991			12,103,659

Contract transactions
Contract purchase payments		338,964			7,737,631			72,785			351,633			6,981,895
Net transfers⁽¹⁾		(987,516	)		(477,499	)		203,875			1,395,479			11,746,750
Transfers for policy loans		(12,625	)		(6,287	)		(702	)		7,084			11,202
Adjustments to net assets allocated to contracts in payment period		(106,185	)		(88,932	)		(4,218	)		(20,606	)		(46,060	)
Contract charges		(16,618	)		(245,541	)		(2,365	)		(27,135	)		(52,502	)
Contract terminations:
Surrender benefits		(4,945,050	)		(27,680,864	)		(543,926	)		(3,083,072	)		(11,967,581	)
Death benefits		(949,620	)		(4,729,729	)		(124,153	)		(307,223	)		(3,160,221	)
Increase (decrease) from transactions		(6,678,650	)		(25,491,221	)		(398,704	)		(1,683,840	)		3,513,483
Net assets at beginning of year		60,814,675			320,728,967			8,317,638			35,279,400			147,369,751
Net assets at end of year	$	62,092,008		$	337,242,419		$	9,498,088		$	40,197,551		$	162,986,893

Accumulation unit activity
Units outstanding at beginning of year		6,629,881			70,982,436			4,330,413			17,219,181			131,771,278
Units purchased		35,267			2,198,142			129,430			850,427			16,502,194
Units redeemed		(725,856	)		(7,421,615	)		(320,867	)		(1,555,971	)		(13,399,563	)
Units outstanding at end of year		5,939,292			65,758,963			4,138,976			16,513,637			134,873,909

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			91

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Frank Global Real Est, Cl 2			Frank Inc, Cl 2			Frank Inc, Cl 4			Frank Mutual Gbl Dis, Cl 4			Frank Mutual Shares, Cl 2
Operations
Investment income (loss) — net	$	914,912		$	2,450,364		$	159,638		$	6,411		$	546,915
Net realized gain (loss) on sales of investments		(2,985,111	)		(904,621	)		(36,630	)		188			(864,981	)
Distributions from capital gains		—			3,740,594			248,183			22,719			5,180,275
Net change in unrealized appreciation (depreciation) of investments		6,568,447			(1,010,665	)		(53,868	)		28,654			2,218,631
Net increase (decrease) in net assets resulting from operations		4,498,248			4,275,672			317,323			57,972			7,080,840

Contract transactions
Contract purchase payments		442,728			358,428			2,997,611			295,544			498,978
Net transfers⁽¹⁾		(1,492,222	)		3,098,268			422,913			11,385			(624,762	)
Transfers for policy loans		16,748			(7,880	)		—			—			14,492
Adjustments to net assets allocated to contracts in payment period		(23,292	)		(723	)		—			—			(9,354	)
Contract charges		(39,731	)		(25,855	)		(582	)		(33	)		(37,173	)
Contract terminations:
Surrender benefits		(4,587,081	)		(5,757,736	)		(118,612	)		(2,232	)		(5,109,510	)
Death benefits		(819,158	)		(1,170,400	)		(60,855	)		—			(597,871	)
Increase (decrease) from transactions		(6,502,008	)		(3,505,898	)		3,240,475			304,664			(5,865,200	)
Net assets at beginning of year		48,212,512			59,977,508			2,476,105			133,837			61,099,068
Net assets at end of year	$	46,208,752		$	60,747,282		$	6,033,903		$	496,473		$	62,314,708

Accumulation unit activity
Units outstanding at beginning of year		22,063,546			41,039,929			2,560,573			134,234			26,190,555
Units purchased		223,061			2,635,031			4,131,800			290,145			316,910
Units redeemed		(3,179,123	)		(4,991,638	)		(887,622	)		(3,408	)		(2,779,631	)
Units outstanding at end of year		19,107,484			38,683,322			5,804,751			420,971			23,727,834

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

See accompanying notes to financial statements.



92		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Frank Sm Cap Val, Cl 2			Frank Sm Cap Val, Cl 4			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor			GS VIT Multi-Strategy Alt, Serv
Operations
Investment income (loss) — net	$	(487,776	)	$	(13,172	)	$	150,892		$	505,261		$	61,573
Net realized gain (loss) on sales of investments		(2,761,847	)		(14,187	)		(204,389	)		(35,465	)		(631	)
Distributions from capital gains		6,292,755			112,914			2,549,056			—			—
Net change in unrealized appreciation (depreciation) of investments		9,177,480			197,295			7,840,328			116,023			(8,404	)
Net increase (decrease) in net assets resulting from operations		12,220,612			282,850			10,335,887			585,819			52,538

Contract transactions
Contract purchase payments		938,198			1,641,599			469,796			118,551			647,995
Net transfers⁽¹⁾		(1,334,694	)		69,983			(824,586	)		(17,288	)		13,619
Transfers for policy loans		(7,730	)		—			(19,270	)		95			—
Adjustments to net assets allocated to contracts in payment period		(14,013	)		—			(95,593	)		(235	)		—
Contract charges		(58,303	)		(219	)		(96,894	)		(3,037	)		(63	)
Contract terminations:
Surrender benefits		(9,326,492	)		(20,357	)		(8,509,403	)		(418,753	)		(23,100	)
Death benefits		(1,623,521	)		(36,979	)		(1,327,830	)		(110,672	)		—
Increase (decrease) from transactions		(11,426,555	)		1,654,027			(10,403,780	)		(431,339	)		638,451
Net assets at beginning of year		113,286,298			1,191,677			106,671,178			9,492,903			387,108
Net assets at end of year	$	114,080,355		$	3,128,554		$	106,603,285		$	9,647,383		$	1,078,097

Accumulation unit activity
Units outstanding at beginning of year		25,397,806			1,205,405			15,315,665			10,136,404			401,252
Units purchased		293,290			1,931,125			66,874			368,795			976,904
Units redeemed		(3,034,682	)		(297,741	)		(1,518,676	)		(797,647	)		(326,209	)
Units outstanding at end of year		22,656,414			2,838,789			13,863,863			9,707,552			1,051,947

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			93

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT Sm Cap Eq Insights, Serv			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II
Operations
Investment income (loss) — net	$	7,128		$	1,300		$	(178,754	)	$	(99,018	)	$	(336,176	)
Net realized gain (loss) on sales of investments		(59,121	)		3,582			974,884			(20,315	)		(491,258	)
Distributions from capital gains		—			—			—			264,510			927,174
Net change in unrealized appreciation (depreciation) of investments		788,875			120,930			17,585,883			3,787,309			12,561,760
Net increase (decrease) in net assets resulting from operations		736,882			125,812			18,382,013			3,932,486			12,661,500

Contract transactions
Contract purchase payments		37,118			556,775			358,921			54,097			159,988
Net transfers⁽¹⁾		(81,715	)		59,437			(2,776,771	)		(227,470	)		(1,125,146	)
Transfers for policy loans		(2,110	)		—			7,852			(12,569	)		(930	)
Adjustments to net assets allocated to contracts in payment period		(2,293	)		—			(97,335	)		(1,998	)		(186	)
Contract charges		(1,279	)		(73	)		(125,941	)		(4,026	)		(101,620	)
Contract terminations:
Surrender benefits		(254,249	)		(6,288	)		(6,893,522	)		(836,635	)		(3,133,887	)
Death benefits		(38,748	)		(42,007	)		(860,778	)		(76,854	)		(559,335	)
Increase (decrease) from transactions		(343,276	)		567,844			(10,387,574	)		(1,105,455	)		(4,761,116	)
Net assets at beginning of year		4,208,768			314,234			85,875,174			10,393,050			33,926,383
Net assets at end of year	$	4,602,374		$	1,007,890		$	93,869,613		$	13,220,081		$	41,826,767

Accumulation unit activity
Units outstanding at beginning of year		974,690			330,457			26,351,558			3,864,463			13,038,300
Units purchased		7,842			778,900			109,251			16,910			183,023
Units redeemed		(81,313	)		(207,053	)		(2,999,669	)		(364,831	)		(1,679,877	)
Units outstanding at end of year		901,219			902,304			23,461,140			3,516,542			11,541,446

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

See accompanying notes to financial statements.



94		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Core Plus Bond, Ser II			Invesco VI Dis Mid Cap Gro, Ser I
Operations
Investment income (loss) — net	$	(318,742	)	$	610,999		$	(342,839	)	$	49,862		$	(132,483	)
Net realized gain (loss) on sales of investments		(2,135,605	)		3,511,727			153,797			(708	)		(480,650	)
Distributions from capital gains		—			10,464,407			1,525,363			—			—
Net change in unrealized appreciation (depreciation) of investments		3,975,794			(4,788,714	)		11,415,882			92,712			2,403,706
Net increase (decrease) in net assets resulting from operations		1,521,447			9,798,419			12,752,203			141,866			1,790,573

Contract transactions
Contract purchase payments		1,658,017			2,425,627			295,397			3,025,793			94,747
Net transfers⁽¹⁾		(2,090,187	)		(1,590,476	)		(237,978	)		245,034			20,718
Transfers for policy loans		(1,329	)		17,299			35,058			—			6,035
Adjustments to net assets allocated to contracts in payment period		(22,170	)		(30,777	)		(78,405	)		—			(9,494	)
Contract charges		(12,008	)		(176,080	)		(29,801	)		(176	)		(7,925	)
Contract terminations:
Surrender benefits		(3,132,385	)		(8,313,996	)		(4,906,245	)		(43,505	)		(1,118,807	)
Death benefits		(952,689	)		(1,850,318	)		(993,425	)		—			(251,932	)
Increase (decrease) from transactions		(4,552,751	)		(9,518,721	)		(5,915,399	)		3,227,146			(1,266,658	)
Net assets at beginning of year		32,128,877			95,536,227			61,007,102			366,409			15,420,735
Net assets at end of year	$	29,097,573		$	95,815,925		$	67,843,906		$	3,735,421		$	15,944,650

Accumulation unit activity
Units outstanding at beginning of year		26,236,118			27,918,335			13,894,125			387,399			12,594,030
Units purchased		1,604,350			1,005,802			68,600			3,703,474			192,342
Units redeemed		(5,324,161	)		(3,610,555	)		(1,278,681	)		(309,336	)		(1,177,897	)
Units outstanding at end of year		22,516,307			25,313,582			12,684,044			3,781,537			11,608,475

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			95

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Dis Mid Cap Gro, Ser II			Invesco VI Div Divd, Ser I			Invesco VI Div Divd, Ser II			Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser II
Operations
Investment income (loss) — net	$	(92,024	)	$	194,038		$	67,781		$	(338,583	)	$	(1,133,806	)
Net realized gain (loss) on sales of investments		(512,514	)		186,887			70,051			13,689			(1,198,088	)
Distributions from capital gains		—			1,444,228			797,691			27,829			13,436,243
Net change in unrealized appreciation (depreciation) of investments		1,720,511			(478,989	)		(235,363	)		6,143,135			21,378,963
Net increase (decrease) in net assets resulting from operations		1,115,973			1,346,164			700,160			5,846,070			32,483,312

Contract transactions
Contract purchase payments		84,546			122,113			83,814			324,258			2,129,132
Net transfers⁽¹⁾		(185,962	)		(694,976	)		(726,726	)		(607,288	)		(4,613,298	)
Transfers for policy loans		(1,039	)		4,557			660			(6,712	)		8,331
Adjustments to net assets allocated to contracts in payment period		—			(11,646	)		(4,305	)		(9,793	)		(47,988	)
Contract charges		(6,547	)		(10,774	)		(6,472	)		(33,367	)		(66,312	)
Contract terminations:
Surrender benefits		(770,433	)		(1,614,520	)		(1,029,073	)		(3,438,061	)		(7,820,569	)
Death benefits		(42,968	)		(336,142	)		(158,464	)		(384,103	)		(2,263,305	)
Increase (decrease) from transactions		(922,403	)		(2,541,388	)		(1,840,566	)		(4,155,066	)		(12,674,009	)
Net assets at beginning of year		9,954,252			18,878,172			10,597,641			36,629,567			103,292,568
Net assets at end of year	$	10,147,822		$	17,682,948		$	9,457,235		$	38,320,571		$	123,101,871

Accumulation unit activity
Units outstanding at beginning of year		8,247,175			7,439,427			4,379,034			19,003,021			37,551,702
Units purchased		149,876			67,284			34,509			220,718			665,299
Units redeemed		(877,421	)		(1,065,058	)		(789,405	)		(2,215,843	)		(4,655,928	)
Units outstanding at end of year		7,519,630			6,441,653			3,624,138			17,007,896			33,561,073

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

See accompanying notes to financial statements.



96		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Gbl Strat Inc, Ser II			Invesco VI Hlth, Ser II			Invesco VI Main St, Ser II			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I
Operations
Investment income (loss) — net	$	(1,150,235	)	$	(302,952	)	$	(11,607	)	$	(42,159	)	$	(190,627	)
Net realized gain (loss) on sales of investments		(3,807,098	)		(865,319	)		(251,042	)		229,679			(703,243	)
Distributions from capital gains		—			—			154,713			—			—
Net change in unrealized appreciation (depreciation) of investments		14,001,482			1,636,808			561,374			13,919,391			9,090,869
Net increase (decrease) in net assets resulting from operations		9,044,149			468,537			453,438			14,106,911			8,196,999

Contract transactions
Contract purchase payments		783,164			307,915			96,919			3,319,533			153,179
Net transfers⁽¹⁾		1,593,976			(1,255,884	)		(153,317	)		2,974,602			352,722
Transfers for policy loans		17,861			3,404			—			(20,095	)		(2,855	)
Adjustments to net assets allocated to contracts in payment period		76,127			(23,104	)		11,648			(17,006	)		(3,735	)
Contract charges		(160,009	)		(19,351	)		(1,614	)		(43,928	)		(27,647	)
Contract terminations:
Surrender benefits		(11,206,104	)		(3,870,832	)		(224,719	)		(6,274,306	)		(2,199,604	)
Death benefits		(2,684,603	)		(271,522	)		(178,618	)		(1,210,875	)		(284,818	)
Increase (decrease) from transactions		(11,579,588	)		(5,129,374	)		(449,701	)		(1,272,075	)		(2,012,758	)
Net assets at beginning of year		126,018,115			36,734,266			2,295,030			85,386,232			18,661,976
Net assets at end of year	$	123,482,676		$	32,073,429		$	2,298,767		$	98,221,068		$	24,846,217

Accumulation unit activity
Units outstanding at beginning of year		85,983,628			11,723,563			1,596,828			23,898,490			8,033,146
Units purchased		1,883,080			103,196			61,958			1,754,561			186,760
Units redeemed		(9,674,331	)		(1,772,329	)		(351,948	)		(2,180,886	)		(889,830	)
Units outstanding at end of year		78,192,377			10,054,430			1,306,838			23,472,165			7,330,076

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			97

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Serv			Janus Henderson VIT Forty, Serv
Operations
Investment income (loss) — net	$	(19,311	)	$	936,227		$	(103,896	)	$	1,460,489		$	(12,079	)
Net realized gain (loss) on sales of investments		4,058			826,589			231,609			(1,158,227	)		12,967
Distributions from capital gains		—			—			1,082,670			—			—
Net change in unrealized appreciation (depreciation) of investments		654,579			14,202,594			988,480			1,897,360			411,040
Net increase (decrease) in net assets resulting from operations		639,326			15,965,410			2,198,863			2,199,622			411,928

Contract transactions
Contract purchase payments		1,820,825			10,830,370			71,688			2,681,680			1,138,832
Net transfers⁽¹⁾		536,403			3,121,125			(81,903	)		7,051,266			429,266
Transfers for policy loans		—			1,288			(6,665	)		1,887			—
Adjustments to net assets allocated to contracts in payment period		—			389,266			(6,417	)		(5,907	)		—
Contract charges		(541	)		(42,816	)		(5,231	)		(15,785	)		(707	)
Contract terminations:
Surrender benefits		(36,042	)		(7,763,226	)		(1,138,309	)		(3,845,022	)		(29,601	)
Death benefits		(41,736	)		(4,106,614	)		(269,519	)		(985,909	)		—
Increase (decrease) from transactions		2,278,909			2,429,393			(1,436,356	)		4,882,210			1,537,790
Net assets at beginning of year		489,639			113,815,583			13,771,867			49,951,385			477,226
Net assets at end of year	$	3,407,874		$	132,210,386		$	14,534,374		$	57,033,217		$	2,426,944

Accumulation unit activity
Units outstanding at beginning of year		609,554			88,215,273			5,342,739			49,715,333			550,417
Units purchased		2,734,257			10,819,265			25,553			9,598,342			1,511,491
Units redeemed		(414,428	)		(9,423,362	)		(540,306	)		(4,852,431	)		(30,732	)
Units outstanding at end of year		2,929,383			89,611,176			4,827,986			54,461,244			2,031,176

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

See accompanying notes to financial statements.



98		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Janus Hend VIT Gbl Tech Innov, Srv			Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Serv			Lazard Ret Emer Mkts Eq, Serv			Lazard Ret Global Dyn MA, Serv
Operations
Investment income (loss) — net	$	(239,033	)	$	114,585		$	(493,139	)	$	10,671		$	(116,244	)
Net realized gain (loss) on sales of investments		522,945			311,872			1,023,542			525			(338,719	)
Distributions from capital gains		—			—			—			—			609,672
Net change in unrealized appreciation (depreciation) of investments		11,337,753			1,379,979			17,126,752			19,309			812,664
Net increase (decrease) in net assets resulting from operations		11,621,665			1,806,436			17,657,155			30,505			967,373

Contract transactions
Contract purchase payments		1,650,598			1,056,454			378,346			304,997			238,620
Net transfers⁽¹⁾		702,170			(32,911	)		1,947,267			19,056			(917,873	)
Transfers for policy loans		(1,578	)		6,773			5,342			—			—
Adjustments to net assets allocated to contracts in payment period		(17,951	)		(9,386	)		(8,339	)		—			—
Contract charges		(11,512	)		(9,261	)		(48,035	)		(61	)		(5,300	)
Contract terminations:
Surrender benefits		(1,957,281	)		(1,545,008	)		(3,436,331	)		(11,276	)		(752,141	)
Death benefits		(296,193	)		(139,211	)		(821,164	)		(10,681	)		(1,151,142	)
Increase (decrease) from transactions		68,253			(672,550	)		(1,982,914	)		302,035			(2,587,836	)
Net assets at beginning of year		22,289,861			19,075,426			43,310,938			41,692			11,621,587
Net assets at end of year	$	33,979,779		$	20,209,312		$	58,985,179		$	374,232		$	10,001,124

Accumulation unit activity
Units outstanding at beginning of year		9,650,007			10,668,442			15,712,470			43,344			8,730,609
Units purchased		900,228			1,016,717			880,373			423,834			176,065
Units redeemed		(955,521	)		(1,163,712	)		(1,430,297	)		(135,639	)		(2,073,123	)
Units outstanding at end of year		9,594,714			10,521,447			15,162,546			331,539			6,833,551

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			99

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Lord Abt Bond Debenture, Cl VC			Lord Abt Short Dur Inc, Cl VC			LVIP AC Intl, Serv Cl			LVIP AC Intl, Std Cl II			LVIP AC Mid Cap Val, Serv Cl
Operations
Investment income (loss) — net	$	140,215		$	329,240		$	60,782		$	35,724		$	474,917
Net realized gain (loss) on sales of investments		3,217			3,076			146,259			20,279			8,610
Distributions from capital gains		—			—			—			—			4,394,110
Net change in unrealized appreciation (depreciation) of investments		954			(85,833	)		1,605,932			637,186			(3,054,694	)
Net increase (decrease) in net assets resulting from operations		144,386			246,483			1,812,973			693,189			1,822,943

Contract transactions
Contract purchase payments		2,050,225			6,076,160			414,633			45,708			1,549,167
Net transfers⁽¹⁾		238,760			322,618			50,177			(88,277	)		(1,273,345	)
Transfers for policy loans		—			—			1,006			(4,059	)		11,510
Adjustments to net assets allocated to contracts in payment period		—			—			(11,857	)		(4,461	)		(28,434	)
Contract charges		(181	)		(615	)		(12,350	)		(1,718	)		(21,229	)
Contract terminations:
Surrender benefits		(41,362	)		(205,693	)		(1,377,518	)		(608,317	)		(3,328,250	)
Death benefits		(43,199	)		(5,018	)		(119,144	)		(43,326	)		(326,033	)
Increase (decrease) from transactions		2,204,243			6,187,452			(1,055,053	)		(704,450	)		(3,416,614	)
Net assets at beginning of year		887,185			2,272,940			16,057,840			6,232,614			40,248,737
Net assets at end of year	$	3,235,814		$	8,706,875		$	16,815,760		$	6,221,353		$	38,655,066

Accumulation unit activity
Units outstanding at beginning of year		935,199			2,325,756			7,607,881			3,217,369			12,448,475
Units purchased		2,537,100			7,982,880			555,277			56,229			653,517
Units redeemed		(235,721	)		(1,743,435	)		(798,281	)		(394,002	)		(1,609,244	)
Units outstanding at end of year		3,236,578			8,565,201			7,364,877			2,879,596			11,492,748

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

See accompanying notes to financial statements.



100		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	LVIP AC Ultra, Serv Cl			LVIP AC Val, Serv Cl			LVIP AC Val, Std Cl II			LVIP JPM US Eq, Serv Cl⁽²⁾			Mac VIP Asset Strategy, Serv Cl
Operations
Investment income (loss) — net	$	(411,069	)	$	2,201,719		$	426,108		$	(68	)	$	125,586
Net realized gain (loss) on sales of investments		897,741			4,823,145			1,054,964			7,272			(470,911	)
Distributions from capital gains		3,191,809			13,950,631			2,208,136			16,823			—
Net change in unrealized appreciation (depreciation) of investments		11,444,649			(7,586,110	)		(1,535,533	)		479,290			1,835,419
Net increase (decrease) in net assets resulting from operations		15,123,130			13,389,385			2,153,675			503,317			1,490,094

Contract transactions
Contract purchase payments		302,800			6,292,882			155,796			64,875			212,999
Net transfers⁽¹⁾		2,371,774			(4,769,416	)		(372,116	)		3,276,923			57,955
Transfers for policy loans		(7,536	)		10,666			(46,329	)		—			345
Adjustments to net assets allocated to contracts in payment period		(12,794	)		8,847			(28,841	)		—			(17,439	)
Contract charges		(29,207	)		(91,001	)		(5,892	)		(1,748	)		(5,359	)
Contract terminations:
Surrender benefits		(3,629,695	)		(14,139,579	)		(2,265,386	)		(19,001	)		(1,223,614	)
Death benefits		(378,926	)		(3,310,376	)		(368,835	)		(5,394	)		(460,377	)
Increase (decrease) from transactions		(1,383,584	)		(15,997,977	)		(2,931,603	)		3,315,655			(1,435,490	)
Net assets at beginning of year		36,105,898			180,525,593			28,456,286			—			12,502,154
Net assets at end of year	$	49,845,444		$	177,917,001		$	27,678,358		$	3,818,972		$	12,556,758

Accumulation unit activity
Units outstanding at beginning of year		8,896,850			51,027,108			5,778,354			—			9,144,724
Units purchased		645,135			1,828,648			30,998			3,301,977			408,582
Units redeemed		(895,112	)		(6,550,437	)		(615,816	)		(23,389	)		(1,421,181	)
Units outstanding at end of year		8,646,873			46,305,319			5,193,536			3,278,588			8,132,125

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

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			101

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Mac VIP for Inc, Serv Cl			MFS Gbl Real Est, Serv Cl			MFS Intl Gro, Serv Cl			MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl
Operations
Investment income (loss) — net	$	31,863		$	(3,320	)	$	1,611		$	(569,959	)	$	(249,386	)
Net realized gain (loss) on sales of investments		(200	)		(12,434	)		(16,685	)		355,600			(1,593,620	)
Distributions from capital gains		—			50,027			62,895			3,515,571			—
Net change in unrealized appreciation (depreciation) of investments		49,842			51,704			138,423			10,417,133			5,499,874
Net increase (decrease) in net assets resulting from operations		81,505			85,977			186,244			13,718,345			3,656,868

Contract transactions
Contract purchase payments		477,743			517,860			1,895,254			404,279			204,068
Net transfers⁽¹⁾		26,938			76,575			341,042			(2,023,300	)		26,809
Transfers for policy loans		—			—			—			(5,317	)		184
Adjustments to net assets allocated to contracts in payment period		—			—			—			(104,603	)		(17,473	)
Contract charges		(15	)		(277	)		(327	)		(31,208	)		(18,993	)
Contract terminations:
Surrender benefits		(7,909	)		(3,413	)		(14,365	)		(5,103,739	)		(2,144,205	)
Death benefits		—			(41,481	)		(42,739	)		(788,515	)		(211,549	)
Increase (decrease) from transactions		496,757			549,264			2,178,865			(7,652,403	)		(2,161,159	)
Net assets at beginning of year		395,568			394,109			596,758			63,984,791			28,557,521
Net assets at end of year	$	973,830		$	1,029,350		$	2,961,867		$	70,050,733		$	30,053,230

Accumulation unit activity
Units outstanding at beginning of year		413,155			483,095			610,660			29,550,481			8,687,944
Units purchased		664,381			812,119			2,390,983			231,267			115,926
Units redeemed		(165,636	)		(147,036	)		(321,708	)		(3,358,394	)		(729,494	)
Units outstanding at end of year		911,900			1,148,178			2,679,935			26,423,354			8,074,376

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

See accompanying notes to financial statements.



102		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MFS Research Intl, Serv Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl II			NB AMT Sus Eq, Cl S			PIMCO VIT All Asset, Advisor Cl
Operations
Investment income (loss) — net	$	(943	)	$	3,228,424		$	(592,822	)	$	(143,163	)	$	927,616
Net realized gain (loss) on sales of investments		3,375			2,454,215			(14,104,439	)		270,513			(1,496,328	)
Distributions from capital gains		—			7,654,458			—			248,900			—
Net change in unrealized appreciation (depreciation) of investments		106,861			(18,558,050	)		35,215,699			3,126,696			3,939,797
Net increase (decrease) in net assets resulting from operations		109,293			(5,220,953	)		20,518,438			3,502,946			3,371,085

Contract transactions
Contract purchase payments		1,140,993			2,662,775			3,275,137			1,305,620			1,330,749
Net transfers⁽¹⁾		196,489			(6,036,041	)		(874,578	)		216,708			(1,022,525	)
Transfers for policy loans		—			17,236			19,310			7,304			7,729
Adjustments to net assets allocated to contracts in payment period		—			8,527			(9,005	)		—			13,380
Contract charges		(485	)		(79,670	)		(31,501	)		(5,843	)		(45,914	)
Contract terminations:
Surrender benefits		(12,872	)		(13,095,261	)		(3,839,304	)		(897,546	)		(4,458,273	)
Death benefits		(35,613	)		(2,517,699	)		(643,990	)		(210,042	)		(845,225	)
Increase (decrease) from transactions		1,288,512			(19,040,133	)		(2,103,931	)		416,201			(5,020,079	)
Net assets at beginning of year		423,375			153,187,598			48,221,137			13,471,303			51,711,024
Net assets at end of year	$	1,821,180		$	128,926,512		$	66,635,644		$	17,390,450		$	50,062,030

Accumulation unit activity
Units outstanding at beginning of year		438,816			35,725,316			19,127,522			4,438,590			28,885,610
Units purchased		1,523,620			673,877			1,555,529			585,460			798,944
Units redeemed		(269,384	)		(5,524,467	)		(2,162,085	)		(466,518	)		(3,512,243	)
Units outstanding at end of year		1,693,052			30,874,726			18,520,966			4,557,532			26,172,311

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			103

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			Put VT Global Hlth Care, Cl IB			Put VT Intl Eq, Cl IB			Put VT Intl Val, Cl IB
Operations
Investment income (loss) — net	$	57,816		$	1,371,278		$	(131,328	)	$	(80,558	)	$	(2,195	)
Net realized gain (loss) on sales of investments		(422,247	)		(1,214,974	)		34,344			39,639			4,144
Distributions from capital gains		—			—			1,794,273			—			—
Net change in unrealized appreciation (depreciation) of investments		975,568			2,498,188			146,844			1,616,454			206,343
Net increase (decrease) in net assets resulting from operations		611,137			2,654,492			1,844,133			1,575,535			208,292

Contract transactions
Contract purchase payments		34,832			4,163,667			2,167,064			83,484			1,813,230
Net transfers⁽¹⁾		19,302			5,219,629			(504,586	)		208,269			329,305
Transfers for policy loans		888			2,088			(7,296	)		(2,333	)		—
Adjustments to net assets allocated to contracts in payment period		(422	)		—			(7,689	)		(2,170	)		—
Contract charges		(1,362	)		(14,861	)		(15,764	)		(6,466	)		(291	)
Contract terminations:
Surrender benefits		(217,268	)		(3,822,401	)		(1,712,827	)		(915,558	)		(13,269	)
Death benefits		(642,904	)		(739,302	)		(441,058	)		(55,389	)		(59,782	)
Increase (decrease) from transactions		(806,934	)		4,808,820			(522,156	)		(690,163	)		2,069,193
Net assets at beginning of year		5,604,815			52,772,850			23,142,670			9,302,570			274,802
Net assets at end of year	$	5,409,018		$	60,236,162		$	24,464,647		$	10,187,942		$	2,552,287

Accumulation unit activity
Units outstanding at beginning of year		4,495,446			54,368,697			5,651,631			4,961,061			269,952
Units purchased		484,700			9,884,784			1,163,426			155,280			2,346,093
Units redeemed		(1,094,053	)		(5,028,443	)		(754,885	)		(493,935	)		(475,310	)
Units outstanding at end of year		3,886,093			59,225,038			6,060,172			4,622,406			2,140,735

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

See accompanying notes to financial statements.



104		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Lg Cap Val, Cl IB			Put VT Sus Fut, Cl IB			Put VT Sus Leaders, Cl IA			Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl
Operations
Investment income (loss) — net	$	16,728		$	(4,308	)	$	(367,667	)	$	(107,922	)	$	(84,984	)
Net realized gain (loss) on sales of investments		(10,269	)		3,197			1,207,144			493,134			(115,970	)
Distributions from capital gains		166,739			—			2,195,371			988,753			—
Net change in unrealized appreciation (depreciation) of investments		516,026			233,836			13,009,176			5,768,083			1,880,305
Net increase (decrease) in net assets resulting from operations		689,224			232,725			16,044,024			7,142,048			1,679,351

Contract transactions
Contract purchase payments		4,305,556			1,394,095			238,843			2,013,995			82,426
Net transfers⁽¹⁾		626,543			19,412			(242,132	)		(289,434	)		(157,623	)
Transfers for policy loans		—			—			26,707			16,646			(1,221	)
Adjustments to net assets allocated to contracts in payment period		—			—			(96,073	)		(7,038	)		(6,821	)
Contract charges		(747	)		(165	)		(30,491	)		(16,189	)		(3,131	)
Contract terminations:
Surrender benefits		(59,191	)		(2,197	)		(4,935,557	)		(2,116,482	)		(845,428	)
Death benefits		(170,576	)		—			(1,321,037	)		(329,049	)		(27,841	)
Increase (decrease) from transactions		4,701,585			1,411,145			(6,359,740	)		(727,551	)		(959,639	)
Net assets at beginning of year		1,755,770			26,657			67,887,266			29,066,321			10,011,437
Net assets at end of year	$	7,146,579		$	1,670,527		$	77,571,550		$	35,480,818		$	10,731,149

Accumulation unit activity
Units outstanding at beginning of year		1,743,796			29,184			13,259,614			7,391,621			1,702,158
Units purchased		5,259,731			2,267,262			47,457			2,431,573			13,195
Units redeemed		(800,746	)		(801,216	)		(1,170,502	)		(965,527	)		(166,007	)
Units outstanding at end of year		6,202,781			1,495,230			12,136,569			8,857,667			1,549,346

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			105

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Temp Global Bond, Cl 2			Third Ave VST Third Ave Value			VanEck VIP Global Gold, Cl S			VP Aggr, Cl 2			VP Aggr, Cl 4
Operations
Investment income (loss) — net	$	(189,531	)	$	157,749		$	(314,762	)	$	(7,560,892	)	$	(3,897,971	)
Net realized gain (loss) on sales of investments		(1,341,600	)		320,155			(438,280	)		49,793,135			31,974,076
Distributions from capital gains		—			685,181			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,801,129			757,797			3,273,418			71,488,050			35,201,396
Net increase (decrease) in net assets resulting from operations		269,998			1,920,882			2,520,376			113,720,293			63,277,501

Contract transactions
Contract purchase payments		131,440			56,331			1,301,837			32,651,390			3,850,156
Net transfers⁽¹⁾		(1,998,064	)		(76,581	)		1,226,441			(39,984,129	)		(15,196,666	)
Transfers for policy loans		(1,697	)		1,714			(2,669	)		170,766			37,372
Adjustments to net assets allocated to contracts in payment period		—			(16,928	)		—			(45,534	)		—
Contract charges		(6,227	)		(3,509	)		(9,147	)		(3,829,829	)		(2,153,271	)
Contract terminations:
Surrender benefits		(1,405,938	)		(745,427	)		(2,652,483	)		(49,989,037	)		(33,928,750	)
Death benefits		(158,822	)		(109,126	)		(269,345	)		(8,879,020	)		(2,310,888	)
Increase (decrease) from transactions		(3,439,308	)		(893,526	)		(405,366	)		(69,905,393	)		(49,702,047	)
Net assets at beginning of year		20,670,965			10,107,318			27,791,285			745,332,291			417,888,455
Net assets at end of year	$	17,501,655		$	11,134,674		$	29,906,295		$	789,147,191		$	431,463,909

Accumulation unit activity
Units outstanding at beginning of year		25,465,571			2,165,547			28,069,668			353,189,740			195,567,016
Units purchased		178,817			24,530			3,006,810			18,094,606			2,560,531
Units redeemed		(4,440,088	)		(197,135	)		(3,394,366	)		(47,596,582	)		(24,241,294	)
Units outstanding at end of year		21,204,300			1,992,942			27,682,112			323,687,764			173,886,253

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

See accompanying notes to financial statements.



106		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Risk, Cl 2			VP Man Risk US, Cl 2			VP Man Vol Conserv, Cl 2
Operations
Investment income (loss) — net	$	(4,578,937	)	$	(2,882,039	)	$	(2,182,104	)	$	(3,436,923	)	$	(5,460,446	)
Net realized gain (loss) on sales of investments		4,254,856			7,694,859			1,368,065			3,091,411			269,554
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		31,660,461			16,195,936			24,240,754			44,368,796			39,819,965
Net increase (decrease) in net assets resulting from operations		31,336,380			21,008,756			23,426,715			44,023,284			34,629,073

Contract transactions
Contract purchase payments		8,166,753			320,318			532,955			5,572,904			4,563,801
Net transfers⁽¹⁾		10,997,395			4,418,656			13,153,740			(2,215,445	)		3,814,012
Transfers for policy loans		11,871			23,233			5,755			430			9,307
Adjustments to net assets allocated to contracts in payment period		(102,471	)		—			(7,387	)		(48,964	)		(22,191	)
Contract charges		(4,040,948	)		(2,198,473	)		(3,689,270	)		(5,563,555	)		(9,487,020	)
Contract terminations:
Surrender benefits		(48,298,066	)		(34,489,089	)		(8,688,265	)		(12,266,638	)		(47,983,167	)
Death benefits		(13,226,081	)		(8,565,114	)		(1,843,881	)		(1,520,336	)		(7,879,842	)
Increase (decrease) from transactions		(46,491,547	)		(40,490,469	)		(536,353	)		(16,041,604	)		(56,985,100	)
Net assets at beginning of year		453,757,110			309,416,320			209,643,363			338,221,212			548,638,965
Net assets at end of year	$	438,601,943		$	289,934,607		$	232,533,725		$	366,202,892		$	526,282,938

Accumulation unit activity
Units outstanding at beginning of year		364,057,563			246,692,247			196,285,934			289,530,601			510,679,345
Units purchased		17,778,123			3,756,888			12,801,416			8,101,797			20,238,693
Units redeemed		(54,207,584	)		(35,085,576	)		(13,249,793	)		(21,267,259	)		(72,611,913	)
Units outstanding at end of year		327,628,102			215,363,559			195,837,557			276,365,139			458,306,125

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			107

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 2			VP Mod, Cl 2			VP Mod, Cl 4
Operations
Investment income (loss) — net	$	(11,005,252	)	$	(99,076,462	)	$	(111,900,425	)	$	(63,252,979	)	$	(46,408,888	)
Net realized gain (loss) on sales of investments		20,715,314			229,224,709			335,899,978			212,565,035			297,810,487
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		82,228,480			1,142,663,417			955,847,612			563,163,625			300,048,867
Net increase (decrease) in net assets resulting from operations		91,938,542			1,272,811,664			1,179,847,165			712,475,681			551,450,466

Contract transactions
Contract purchase payments		4,253,569			16,997,454			39,585,097			103,983,427			5,870,450
Net transfers⁽¹⁾		3,700,351			(44,268,591	)		(97,982,335	)		166,516,439			18,870,169
Transfers for policy loans		(36,262	)		23,015			(32,011	)		95,890			277,045
Adjustments to net assets allocated to contracts in payment period		(109,678	)		(162,610	)		125,895			(248,808	)		—
Contract charges		(17,804,686	)		(167,389,262	)		(186,915,793	)		(70,644,546	)		(37,759,131	)
Contract terminations:
Surrender benefits		(71,911,628	)		(468,345,058	)		(742,849,567	)		(525,716,853	)		(438,989,203	)
Death benefits		(17,895,736	)		(57,454,157	)		(102,235,394	)		(96,818,316	)		(97,920,141	)
Increase (decrease) from transactions		(99,804,070	)		(720,599,209	)		(1,090,304,108	)		(422,832,767	)		(549,650,811	)
Net assets at beginning of year		1,094,440,598			9,852,364,491			11,208,243,941			6,245,287,406			4,942,959,274
Net assets at end of year	$	1,086,575,070		$	10,404,576,946		$	11,297,786,998		$	6,534,930,320		$	4,944,758,929

Accumulation unit activity
Units outstanding at beginning of year		938,364,051			7,214,937,167			8,355,741,886			3,731,168,083			2,930,321,505
Units purchased		41,678,760			144,870,290			201,381,194			170,978,714			15,466,745
Units redeemed		(125,097,080	)		(650,335,568	)		(1,000,784,915	)		(411,250,196	)		(325,677,645	)
Units outstanding at end of year		854,945,731			6,709,471,889			7,556,338,165			3,490,896,601			2,620,110,605

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

See accompanying notes to financial statements.



108		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 2			VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 2
Operations
Investment income (loss) — net	$	(20,960,851	)	$	(12,100,878	)	$	(10,408,643	)	$	(7,942,928	)	$	216,561
Net realized gain (loss) on sales of investments		147,698,640			104,020,729			32,101,439			44,602,183			(340,520	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		145,760,560			76,870,038			69,654,283			36,847,861			867,894
Net increase (decrease) in net assets resulting from operations		272,498,349			168,789,889			91,347,079			73,507,116			743,935

Contract transactions
Contract purchase payments		61,894,499			8,230,838			23,155,088			940,661			1,713,619
Net transfers⁽¹⁾		(143,626,507	)		(42,412,202	)		702,773			(1,678,269	)		1,177,268
Transfers for policy loans		18,112			(56,140	)		24,494			31,030			217
Adjustments to net assets allocated to contracts in payment period		(284,558	)		—			97,739			—			—
Contract charges		(10,164,166	)		(5,809,035	)		(8,258,053	)		(5,572,457	)		(20,118	)
Contract terminations:
Surrender benefits		(161,080,249	)		(120,676,822	)		(81,860,321	)		(77,927,394	)		(812,477	)
Death benefits		(21,473,704	)		(12,078,084	)		(29,800,483	)		(24,983,666	)		(281,115	)
Increase (decrease) from transactions		(274,716,573	)		(172,801,445	)		(95,938,763	)		(109,190,095	)		1,777,394
Net assets at beginning of year		2,119,615,610			1,312,157,046			1,025,805,453			843,639,695			13,251,918
Net assets at end of year	$	2,117,397,386		$	1,308,145,490		$	1,021,213,769		$	807,956,716		$	15,773,247

Accumulation unit activity
Units outstanding at beginning of year		1,127,205,675			689,542,042			712,620,514			581,044,419			12,422,804
Units purchased		33,287,609			4,101,012			24,284,852			1,719,630			2,889,972
Units redeemed		(170,157,107	)		(89,694,891	)		(88,903,304	)		(74,218,300	)		(1,202,813	)
Units outstanding at end of year		990,336,177			603,948,163			648,002,062			508,545,749			14,109,963

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			109

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 2
Operations
Investment income (loss) — net	$	(120,269	)	$	(163,432	)	$	13,132		$	(272,347	)	$	199,847
Net realized gain (loss) on sales of investments		748,111			2,339,928			(235,214	)		(504,829	)		(68,098	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,590,503			1,604,860			2,765,971			4,829,890			3,307,113
Net increase (decrease) in net assets resulting from operations		2,218,345			3,781,356			2,543,889			4,052,714			3,438,862

Contract transactions
Contract purchase payments		308,256			64,362			603,522			879,142			1,171,799
Net transfers⁽¹⁾		141,470			(415,677	)		2,515,960			(793,183	)		25,853
Transfers for policy loans		(2,598	)		14,494			101			(12,045	)		206
Adjustments to net assets allocated to contracts in payment period		—			(5,067	)		—			—			—
Contract charges		(11,342	)		(34,499	)		(25,835	)		(24,852	)		(19,659	)
Contract terminations:
Surrender benefits		(1,140,605	)		(2,139,909	)		(629,930	)		(1,755,503	)		(1,199,746	)
Death benefits		(115,909	)		(329,214	)		(66,588	)		(385,586	)		(1,256,475	)
Increase (decrease) from transactions		(820,728	)		(2,845,510	)		2,397,230			(2,092,027	)		(1,278,022	)
Net assets at beginning of year		10,090,334			17,356,032			15,089,897			31,851,194			22,303,750
Net assets at end of year	$	11,487,951		$	18,291,878		$	20,031,016		$	33,811,881		$	24,464,590

Accumulation unit activity
Units outstanding at beginning of year		3,470,422			6,635,410			10,608,988			20,431,865			18,872,159
Units purchased		155,049			64,719			1,989,708			609,605			1,222,459
Units redeemed		(414,687	)		(1,036,963	)		(469,595	)		(1,899,321	)		(2,229,111	)
Units outstanding at end of year		3,210,784			5,663,166			12,129,101			19,142,149			17,865,507

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

See accompanying notes to financial statements.



110		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3			VP US Flex Conserv Gro, Cl 2			VP US Flex Gro, Cl 2
Operations
Investment income (loss) — net	$	(155,988	)	$	(113,552	)	$	(399,920	)	$	(2,990,686	)	$	(34,054,592	)
Net realized gain (loss) on sales of investments		(37,569	)		85,675			3,168,574			1,525,315			34,522,187
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,033,088			1,041,619			1,825,394			29,951,884			505,577,431
Net increase (decrease) in net assets resulting from operations		839,531			1,013,742			4,594,048			28,486,513			506,045,026

Contract transactions
Contract purchase payments		1,238,627			553,396			294,428			4,049,696			10,175,065
Net transfers⁽¹⁾		539,253			(431,385	)		307,913			12,398,063			48,374,854
Transfers for policy loans		114			83			688			888			6,319
Adjustments to net assets allocated to contracts in payment period		—			—			(36,954	)		(18,962	)		—
Contract charges		(25,566	)		(18,999	)		(93,595	)		(4,598,699	)		(59,981,855	)
Contract terminations:
Surrender benefits		(622,049	)		(346,015	)		(4,039,812	)		(17,781,399	)		(130,090,437	)
Death benefits		(401,515	)		(135,771	)		(858,101	)		(3,709,241	)		(19,298,932	)
Increase (decrease) from transactions		728,864			(378,691	)		(4,425,433	)		(9,659,654	)		(150,814,986	)
Net assets at beginning of year		14,255,621			10,580,861			47,331,726			282,912,330			3,322,897,778
Net assets at end of year	$	15,824,016		$	11,215,912		$	47,500,341		$	301,739,189		$	3,678,127,818

Accumulation unit activity
Units outstanding at beginning of year		5,632,415			4,738,678			13,574,106			252,348,696			2,536,094,482
Units purchased		852,830			346,019			203,454			15,315,517			61,144,997
Units redeemed		(579,120	)		(487,825	)		(1,412,610	)		(23,303,952	)		(170,434,576	)
Units outstanding at end of year		5,906,125			4,596,872			12,364,950			244,360,261			2,426,804,903

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			111

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP US Flex Mod Gro, Cl 2			Wanger Acorn			Wanger Intl			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	(17,726,277	)	$	(1,363,411	)	$	(594,273	)	$	416,229
Net realized gain (loss) on sales of investments		17,764,885			(12,786,089	)		(4,504,542	)		(416,284	)
Distributions from capital gains		—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		214,728,450			43,103,918			20,328,679			869,057
Net increase (decrease) in net assets resulting from operations		214,767,058			28,954,418			15,229,864			869,002

Contract transactions
Contract purchase payments		13,516,603			1,662,663			1,693,652			741,534
Net transfers⁽¹⁾		13,214,019			(2,828,592	)		(1,623,359	)		(1,009,065	)
Transfers for policy loans		4,828			20,803			37,508			—
Adjustments to net assets allocated to contracts in payment period		(45,475	)		(63,492	)		(961	)		—
Contract charges		(28,927,465	)		(132,939	)		(106,862	)		(2,839	)
Contract terminations:
Surrender benefits		(79,373,918	)		(13,570,909	)		(9,289,644	)		(579,588	)
Death benefits		(14,727,649	)		(1,836,252	)		(1,390,360	)		(98,765	)
Increase (decrease) from transactions		(96,339,057	)		(16,748,718	)		(10,680,026	)		(948,723	)
Net assets at beginning of year		1,742,584,184			147,223,126			100,085,453			10,760,413
Net assets at end of year	$	1,861,012,185		$	159,428,826		$	104,635,291		$	10,680,692

Accumulation unit activity
Units outstanding at beginning of year		1,428,098,853			36,059,676			33,274,331			9,922,168
Units purchased		29,652,615			413,855			600,682			764,069
Units redeemed		(105,059,139	)		(4,047,204	)		(3,815,336	)		(1,650,086	)
Units outstanding at end of year		1,352,692,329			32,426,327			30,059,677			9,036,151

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

See accompanying notes to financial statements.



112		∎ RIVERSOURCE VARIABLE ACCOUNT 10

Notes to Financial Statements

1. ORGANIZATION

RiverSource Variable Account 10 (the Account) was established under Minnesota law as a segregated asset account of RiverSource Life Insurance Company (RiverSource Life). The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended (the 1940 Act) and exists in accordance with the rules and regulations of the Insurance Division, Department of Commerce of the State of Minnesota.

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

RiverSource^® Retirement Advisor Variable Annuity (RAVA)

RiverSource^® Retirement Advisor Advantage Variable Annuity (RAVA Advantage)

RiverSource^® Retirement Advisor Select Variable Annuity (RAVA Select)

RiverSource^® Retirement Advisor Advantage Plus Variable Annuity (RAVA Advantage Plus)

RiverSource^® Retirement Advisor Select Plus Variable Annuity (RAVA Select Plus)

RiverSource^® Retirement Advisor 4 Advantage^® Variable Annuity (RAVA 4 Advantage)

RiverSource^® Retirement Advisor 4 Select^® Variable Annuity (RAVA 4 Select)

RiverSource^® Retirement Advisor 4 Access^® Variable Annuity (RAVA 4 Access)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource^® RAVA 5 Select^® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed prior to April 30, 2012)

RiverSource^® RAVA 5 Select^® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed prior to April 30, 2012)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed prior to April 30, 2012)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 29, 2013)

RiverSource^® RAVA 5 Select^® Variable Annuity (RAVA 5 Select) (Offered for contract applications signed on or after April 29, 2013)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after April 29, 2013)

RiverSource^® RAVA 5 Advantage^® Variable Annuity (RAVA 5 Advantage) (Offered for contract applications signed on or after April 29, 2019)

RiverSource^® RAVA 5 Choice^SM Variable Annuity (RAVA 5 Choice)

RiverSource^® RAVA 5 Access^® Variable Annuity (RAVA 5 Access) (Offered for contract applications signed on or after June 22, 2020)

RiverSource^® RAVA Apex Variable Annuity (RAVA Apex)

RiverSource^® RAVA Vista Variable Annuity (RAVA Vista)

RiverSource^® Flexible Portfolio Annuity (FPA)

RiverSource^® Retirement Group Annuity Contract I (Retirement GAC I)

RiverSource^® Retirement Group Annuity Contract II (Retirement GAC II)

RiverSource^® Retirement Advisor Variable Annuity – Band 3 (RAVA Band 3)*

RiverSource^® Retirement Advisor Advantage Variable Annuity – Band 3 (RAVA Advantage Band 3)*

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

The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			113

and liabilities as of December 31, 2024, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period except as noted below.


Division		Fund
AB VPS Dyn Asset Alloc, Cl B		AB VPS Dynamic Asset Allocation Portfolio (Class B)
AB VPS Intl Val, Cl B		AB VPS International Value Portfolio (Class B)
AB VPS Lg Cap Gro, Cl B		AB VPS Large Cap Growth Portfolio (Class B)
AB VPS Relative Val, Cl B		AB VPS Relative Value Portfolio (Class B)
AB VPS Sus Gbl Thematic, Cl B		AB VPS Sustainable Global Thematic Portfolio (Class B)
Allspg VT Index Asset Alloc, Cl 2		Allspring VT Index Asset Allocation Fund – Class 2
Allspg VT Opp, Cl 2		Allspring VT Opportunity Fund – Class 2
Allspg VT Sm Cap Gro, Cl 2		Allspring VT Small Cap Growth Fund – Class 2
ALPS Alerian Engy Infr, Class III		ALPS/Alerian Energy Infrastructure Portfolio: Class III
BlackRock Adv SMID Cap VI, Cl III		BlackRock Advantage SMID Cap V.I. Fund (Class III)
BlackRock Global Alloc, Cl III		BlackRock Global Allocation V.I. Fund (Class III)
BNY Mellon Sus US Eq, Serv		BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Shares
Calvert VP SRI Bal, Cl F		Calvert VP SRI Balanced Portfolio – Class F
Calvert VP SRI Bal, Cl I		Calvert VP SRI Balanced Portfolio – Class I
CB Var Sm Cap Gro, Cl I		ClearBridge Variable Small Cap Growth Portfolio – Class I
Col VP Bal, Cl 2		Columbia Variable Portfolio – Balanced Fund (Class 2)
Col VP Bal, Cl 3		Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Commodity Strategy, Cl 2		Columbia Variable Portfolio – Commodity Strategy Fund (Class 2)
Col VP Contrarian Core, Cl 2		Columbia Variable Portfolio – Contrarian Core Fund (Class 2)
Col VP Disciplined Core, Cl 2		Columbia Variable Portfolio – Disciplined Core Fund (Class 2)
Col VP Disciplined Core, Cl 3		Columbia Variable Portfolio – Disciplined Core Fund (Class 3)
Col VP Divd Opp, Cl 2		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 2)
Col VP Divd Opp, Cl 3		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 3)
Col VP Emerg Mkts Bond, Cl 2		Columbia Variable Portfolio – Emerging Markets Bond Fund (Class 2)
Col VP Emer Mkts, Cl 2		Columbia Variable Portfolio – Emerging Markets Fund (Class 2)
Col VP Emer Mkts, Cl 3		Columbia Variable Portfolio – Emerging Markets Fund (Class 3)
Col VP Global Strategic Inc, Cl 2		Columbia Variable Portfolio – Global Strategic Income Fund (Class 2) (renamed to Columbia Variable Portfolio – Corporate Bond Fund (Class 2) effective sometime during the second quarter of 2025)
Col VP Global Strategic Inc, Cl 3		Columbia Variable Portfolio – Global Strategic Income Fund (Class 3) (renamed to Columbia Variable Portfolio – Corporate Bond Fund (Class 3) effective sometime during the second quarter of 2025)
Col VP Govt Money Mkt, Cl 2		Columbia Variable Portfolio – Government Money Market Fund (Class 2)
Col VP Govt Money Mkt, Cl 3		Columbia Variable Portfolio – Government Money Market Fund (Class 3)
Col VP Hi Yield Bond, Cl 2		Columbia Variable Portfolio – High Yield Bond Fund (Class 2)
Col VP Hi Yield Bond, Cl 3		Columbia Variable Portfolio – High Yield Bond Fund (Class 3)
Col VP Inc Opp, Cl 2		Columbia Variable Portfolio – Income Opportunities Fund (Class 2)
Col VP Inc Opp, Cl 3		Columbia Variable Portfolio – Income Opportunities Fund (Class 3)
Col VP Inter Bond, Cl 2		Columbia Variable Portfolio – Intermediate Bond Fund (Class 2)
Col VP Inter Bond, Cl 3		Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)
Col VP Lg Cap Gro, Cl 2		Columbia Variable Portfolio – Large Cap Growth Fund (Class 2)
Col VP Lg Cap Gro, Cl 3		Columbia Variable Portfolio – Large Cap Growth Fund (Class 3)
Col VP Lg Cap Index, Cl 2		Columbia Variable Portfolio – Large Cap Index Fund (Class 2)
Col VP Lg Cap Index, Cl 3		Columbia Variable Portfolio – Large Cap Index Fund (Class 3)
Col VP Limited Duration Cr, Cl 2		Columbia Variable Portfolio – Limited Duration Credit Fund (Class 2)
Col VP Long Govt/Cr Bond, Cl 2		Columbia Variable Portfolio – Long Government/Credit Bond Fund (Class 2)
Col VP Overseas Core, Cl 2		Columbia Variable Portfolio – Overseas Core Fund (Class 2)
Col VP Overseas Core, Cl 3		Columbia Variable Portfolio – Overseas Core Fund (Class 3)
Col VP Select Lg Cap Eq, Cl 2		Columbia Variable Portfolio – Select Large Cap Equity Fund (Class 2)
Col VP Select Lg Cap Val, Cl 2		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 2)
Col VP Select Lg Cap Val, Cl 3		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 3)
Col VP Select Mid Cap Gro, Cl 2		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 2)
Col VP Select Mid Cap Gro, Cl 3		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3)
Col VP Select Mid Cap Val, Cl 2		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 2)
Col VP Select Mid Cap Val, Cl 3		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 3)
Col VP Select Sm Cap Val, Cl 2		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 2)



114		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Division		Fund
Col VP Select Sm Cap Val, Cl 3		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3)
Col VP Sel Gbl Tech, Cl 2		Columbia Variable Portfolio – Seligman Global Technology Fund (Class 2)
Col VP Sm Cap Val, Cl 2		Columbia Variable Portfolio – Small Cap Value Fund (Class 2)
Col VP Strategic Inc, Cl 2		Columbia Variable Portfolio – Strategic Income Fund (Class 2)
Col VP US Govt Mtge, Cl 2		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 2)
Col VP US Govt Mtge, Cl 3		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 3)
CS Commodity Return, Cl 1		Credit Suisse Trust – Commodity Return Strategy Portfolio, Class 1
CTIVP AC Div Bond, Cl 2		CTIVP^® – American Century Diversified Bond Fund (Class 2)
CTIVP BR Gl Infl Prot Sec, Cl 2		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 2)
CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 3)
CTIVP CenterSquare Real Est, Cl 2		CTIVP^® – CenterSquare Real Estate Fund (Class 2)
CTIVP MFS Val, Cl 2		CTIVP^® – MFS^® Value Fund (Class 2) (renamed to CTIVP^® – Wellington Large Cap Value Fund (Class 2) effective sometime during the second quarter of 2025)
CTIVP Prin Blue Chip Gro, Cl 1		CTIVP^® – Principal Blue Chip Growth Fund (Class 1) (renamed to CTIVP^® – Principal Large Cap Growth Fund (Class 1) effective sometime during the second quarter of 2025)
CTIVP Prin Blue Chip Gro, Cl 2		CTIVP^® – Principal Blue Chip Growth Fund (Class 2) (renamed to CTIVP^® – Principal Large Cap Growth Fund (Class 2) effective sometime during the second quarter of 2025)
CTIVP T Rowe Price LgCap Val, Cl 2		CTIVP^® – T. Rowe Price Large Cap Value Fund (Class 2)
CTIVP TCW Core Plus Bond, Cl 2		CTIVP^® – TCW Core Plus Bond Fund (Class 2)
CTIVP Vty Sycamore Estb Val, Cl 2		CTIVP^® – Victory Sycamore Established Value Fund (Class 2)
CTIVP Vty Sycamore Estb Val, Cl 3		CTIVP^® – Victory Sycamore Established Value Fund (Class 3)
CTIVP Westfield Mid Cap Gro, Cl 2		CTIVP^® – Westfield Mid Cap Growth Fund (Class 2)
CTIVP Westfield Sel Lg Cp Gr, Cl 2		CTIVP^® – Westfield Select Large Cap Growth Fund (Class 2) (previously CTIVP^® – Morgan Stanley Advantage Fund (Class 2))
CVT EAFE Intl Index, Cl F		CVT EAFE International Index Portfolio – Class F (previously Calvert VP EAFE International Index Portfolio – Class F)
CVT Nasdaq 100 Index, Cl F		CVT Nasdaq 100 Index Portfolio – Class F (previously Calvert VP Nasdaq 100 Index Portfolio – Class F)
CVT Russ 2000 Sm Cap Ind, Cl F		CVT Russell 2000^® Small Cap Index Portfolio – Class F (previously Calvert VP Russell 2000^® Small Cap Index Portfolio – Class F)
DWS Alt Asset Alloc VIP, Cl B		DWS Alternative Asset Allocation VIP, Class B
EV VT Floating-Rate Inc, Init Cl		Eaton Vance VT Floating-Rate Income Fund – Initial Class
Fid VIP Contrafund, Serv Cl 2		Fidelity^® VIP Contrafund^SM Portfolio Service Class 2
Fid VIP Emer Mkts, Serv Cl 2		Fidelity^® VIP Emerging Markets Portfolio Service Class 2
Fid VIP Energy, Serv Cl 2		Fidelity^® VIP Energy Portfolio Service Class 2
Fid VIP Gro & Inc, Serv Cl		Fidelity^® VIP Growth & Income Portfolio Service Class
Fid VIP Gro & Inc, Serv Cl 2		Fidelity^® VIP Growth & Income Portfolio Service Class 2
Fid VIP Gro Opp, Serv Cl 2		Fidelity^® VIP Growth Opportunities Portfolio Service Class 2
Fid VIP Intl Cap Appr, Serv Cl 2		Fidelity^® VIP International Capital Appreciation Portfolio Service Class 2
Fid VIP Invest Gr, Serv Cl 2		Fidelity^® VIP Investment Grade Bond Portfolio Service Class 2
Fid VIP Mid Cap, Serv Cl		Fidelity^® VIP Mid Cap Portfolio Service Class
Fid VIP Mid Cap, Serv Cl 2		Fidelity^® VIP Mid Cap Portfolio Service Class 2
Fid VIP Overseas, Serv Cl		Fidelity^® VIP Overseas Portfolio Service Class
Fid VIP Overseas, Serv Cl 2		Fidelity^® VIP Overseas Portfolio Service Class 2
Fid VIP Strategic Inc, Serv Cl 2		Fidelity^® VIP Strategic Income Portfolio Service Class 2
Frank Global Real Est, Cl 2		Franklin Global Real Estate VIP Fund – Class 2
Frank Inc, Cl 2		Franklin Income VIP Fund – Class 2
Frank Inc, Cl 4		Franklin Income VIP Fund – Class 4
Frank Mutual Gbl Dis, Cl 4		Franklin Mutual Global Discovery VIP Fund – Class 4
Frank Mutual Shares, Cl 2		Franklin Mutual Shares VIP Fund – Class 2
Frank Sm Cap Val, Cl 2		Franklin Small Cap Value VIP Fund – Class 2
Frank Sm Cap Val, Cl 4		Franklin Small Cap Value VIP Fund – Class 4
GS VIT Mid Cap Val, Inst		Goldman Sachs VIT Mid Cap Value Fund – Institutional Shares
GS VIT Multi-Strategy Alt, Advisor		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Advisor Shares⁽¹⁾
GS VIT Multi-Strategy Alt, Serv		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Service Shares⁽²⁾
GS VIT Sm Cap Eq Insights, Inst		Goldman Sachs VIT Small Cap Equity Insights Fund – Institutional Shares
GS VIT Sm Cap Eq Insights, Serv		Goldman Sachs VIT Small Cap Equity Insights Fund – Service Shares
GS VIT U.S. Eq Insights, Inst		Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares
Invesco VI Am Fran, Ser I		Invesco V.I. American Franchise Fund, Series I Shares
Invesco VI Am Fran, Ser II		Invesco V.I. American Franchise Fund, Series II Shares
Invesco VI Bal Risk Alloc, Ser II		Invesco V.I. Balanced-Risk Allocation Fund, Series II Shares
Invesco VI Comstock, Ser II		Invesco V.I. Comstock Fund, Series II Shares



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			115


Division		Fund
Invesco VI Core Eq, Ser I		Invesco V.I. Core Equity Fund, Series I Shares
Invesco VI Core Plus Bond, Ser II		Invesco V.I. Core Plus Bond Fund, Series II Shares
Invesco VI Dis Mid Cap Gro, Ser I		Invesco V.I. Discovery Mid Cap Growth Fund, Series I Shares
Invesco VI Dis Mid Cap Gro, Ser II		Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares
Invesco VI Div Divd, Ser I		Invesco V.I. Diversified Dividend Fund, Series I Shares
Invesco VI Div Divd, Ser II		Invesco V.I. Diversified Dividend Fund, Series II Shares
Invesco VI EQV Intl Eq, Ser II		Invesco V.I. EQV International Equity Fund, Series II Shares
Invesco VI Global, Ser II		Invesco V.I. Global Fund, Series II Shares
Invesco VI Gbl Strat Inc, Ser II		Invesco V.I. Global Strategic Income Fund, Series II Shares
Invesco VI Hlth, Ser II		Invesco V.I. Health Care Fund, Series II Shares
Invesco VI Main St, Ser II		Invesco V.I. Main Street Fund^®, Series II Shares
Invesco VI Mn St Sm Cap, Ser II		Invesco V.I. Main Street Small Cap Fund^®, Series II Shares
Invesco VI Tech, Ser I		Invesco V.I. Technology Fund, Series I Shares
Invesco VI Tech, Ser II		Invesco V.I. Technology Fund, Series II Shares
Janus Henderson VIT Bal, Serv		Janus Henderson VIT Balanced Portfolio: Service Shares
Janus Henderson VIT Enter, Serv		Janus Henderson VIT Enterprise Portfolio: Service Shares
Janus Henderson VIT Flex Bd, Serv		Janus Henderson VIT Flexible Bond Portfolio: Service Shares
Janus Henderson VIT Forty, Serv		Janus Henderson VIT Forty Portfolio: Service Shares
Janus Hend VIT Gbl Tech Innov, Srv		Janus Henderson VIT Global Technology and Innovation Portfolio: Service Shares
Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Overseas Portfolio: Service Shares
Janus Henderson VIT Res, Serv		Janus Henderson VIT Research Portfolio: Service Shares
Lazard Ret Emer Mkts Eq, Serv		Lazard Retirement Emerging Markets Equity Portfolio – Service Shares
Lazard Ret Global Dyn MA, Serv		Lazard Retirement Global Dynamic Multi-Asset Portfolio – Service Shares
Lord Abt Bond Debenture, Cl VC		Lord Abbett Series Fund Bond Debenture Portfolio – Class VC
Lord Abt Short Dur Inc, Cl VC		Lord Abbett Series Fund Short Duration Income Portfolio – Class VC
LVIP AC Intl, Serv Cl		LVIP American Century International Fund, Service Class⁽³⁾
LVIP AC Intl, Std Cl II		LVIP American Century International Fund, Standard Class II⁽⁴⁾
LVIP AC Mid Cap Val, Serv Cl		LVIP American Century Mid Cap Value Fund, Service Class⁽⁵⁾
LVIP AC Ultra, Serv Cl		LVIP American Century Ultra^® Fund, Service Class⁽⁶⁾
LVIP AC Val, Serv Cl		LVIP American Century Value Fund, Service Class⁽⁷⁾
LVIP AC Val, Std Cl II		LVIP American Century Value Fund, Standard Class II⁽⁸⁾
LVIP JPM US Eq, Serv Cl		LVIP JPMorgan U.S. Equity Fund – Service Class^(9),(10)
Mac VIP Asset Strategy, Serv Cl		Macquarie VIP Asset Strategy Series – Service Class (previously Delaware Ivy VIP Asset Strategy, Class II)
Mac VIP for Inc, Serv Cl		Macquarie VIP Fund for Income Series – Service Class (previously Delaware VIP^® Fund for Income Series – Service Class)
Mac VIP Intl Core Eq, Serv Cl		Macquarie VIP International Core Equity Series – Service Class^(11),(12)(previously Delaware Ivy VIP International Core Equity – Class II)
MFS Gbl Real Est, Serv Cl		MFS^® Global Real Estate Portfolio – Service Class
MFS Intl Gro, Serv Cl		MFS^® International Growth Portfolio – Service Class
MFS Mass Inv Gro Stock, Serv Cl		MFS^® Massachusetts Investors Growth Stock Portfolio – Service Class
MFS New Dis, Serv Cl		MFS^® New Discovery Series – Service Class
MFS Research Intl, Serv Cl		MFS^® Research International Portfolio – Service Class
MFS Utilities, Serv Cl		MFS^® Utilities Series – Service Class
MS VIF Dis, Cl II		Morgan Stanley VIF Discovery Portfolio, Class II Shares
NB AMT Sus Eq, Cl S		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)
PIMCO VIT All Asset, Advisor Cl		PIMCO VIT All Asset Portfolio, Advisor Class
PIMCO VIT Glb Man As Alloc, Adv Cl		PIMCO VIT Global Managed Asset Allocation Portfolio, Advisor Class
PIMCO VIT Tot Return, Advisor Cl		PIMCO VIT Total Return Portfolio, Advisor Class
Put VT Global Hlth Care, Cl IB		Putnam VT Global Health Care Fund – Class IB Shares
Put VT Intl Eq, Cl IB		Putnam VT International Equity Fund – Class IB Shares
Put VT Intl Val, Cl IB		Putnam VT International Value Fund – Class IB Shares
Put VT Lg Cap Val, Cl IB		Putnam VT Large Cap Value Fund – Class IB Shares
Put VT Sus Fut, Cl IB		Putnam VT Sustainable Future Fund – Class IB Shares
Put VT Sus Leaders, Cl IA		Putnam VT Sustainable Leaders Fund – Class IA Shares
Put VT Sus Leaders, Cl IB		Putnam VT Sustainable Leaders Fund – Class IB Shares
Royce Micro-Cap, Invest Cl		Royce Capital Fund – Micro-Cap Portfolio, Investment Class
Temp Global Bond, Cl 2		Templeton Global Bond VIP Fund – Class 2
Third Ave VST Third Ave Value		Third Avenue VST Third Avenue Value Portfolio



116		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Division		Fund
VanEck VIP Global Gold, Cl S		VanEck VIP Global Gold Fund (Class S Shares)
VP Aggr, Cl 2		Variable Portfolio – Aggressive Portfolio (Class 2)
VP Aggr, Cl 4		Variable Portfolio – Aggressive Portfolio (Class 4)
VP Conserv, Cl 2		Variable Portfolio – Conservative Portfolio (Class 2)
VP Conserv, Cl 4		Variable Portfolio – Conservative Portfolio (Class 4)
VP Man Risk, Cl 2		Variable Portfolio – Managed Risk Fund (Class 2)
VP Man Risk US, Cl 2		Variable Portfolio – Managed Risk U.S. Fund (Class 2)
VP Man Vol Conserv, Cl 2		Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
VP Man Vol Conserv Gro, Cl 2		Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
VP Man Vol Gro, Cl 2		Variable Portfolio – Managed Volatility Growth Fund (Class 2)
VP Man Vol Mod Gro, Cl 2		Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
VP Mod, Cl 2		Variable Portfolio – Moderate Portfolio (Class 2)
VP Mod, Cl 4		Variable Portfolio – Moderate Portfolio (Class 4)
VP Mod Aggr, Cl 2		Variable Portfolio – Moderately Aggressive Portfolio (Class 2)
VP Mod Aggr, Cl 4		Variable Portfolio – Moderately Aggressive Portfolio (Class 4)
VP Mod Conserv, Cl 2		Variable Portfolio – Moderately Conservative Portfolio (Class 2)
VP Mod Conserv, Cl 4		Variable Portfolio – Moderately Conservative Portfolio (Class 4)
VP Ptnrs Core Bond, Cl 2		Variable Portfolio – Partners Core Bond Fund (Class 2)
VP Ptnrs Core Eq, Cl 2		Variable Portfolio – Partners Core Equity Fund (Class 2)
VP Ptnrs Core Eq, Cl 3		Variable Portfolio – Partners Core Equity Fund (Class 3)
VP Ptnrs Intl Core Eq, Cl 2		Variable Portfolio – Partners International Core Equity Fund (Class 2)
VP Ptnrs Intl Gro, Cl 2		Variable Portfolio – Partners International Growth Fund (Class 2)
VP Ptnrs Intl Val, Cl 2		Variable Portfolio – Partners International Value Fund (Class 2)
VP Ptnrs Sm Cap Gro, Cl 2		Variable Portfolio – Partners Small Cap Growth Fund (Class 2)
VP Ptnrs Sm Cap Val, Cl 2		Variable Portfolio – Partners Small Cap Value Fund (Class 2)
VP Ptnrs Sm Cap Val, Cl 3		Variable Portfolio – Partners Small Cap Value Fund (Class 3)
VP US Flex Conserv Gro, Cl 2		Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2)
VP US Flex Gro, Cl 2		Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
VP US Flex Mod Gro, Cl 2		Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
Wanger Acorn		Wanger Acorn (renamed to Columbia Variable Portfolio – Acorn Fund effective sometime during the second quarter of 2025)
Wanger Intl		Wanger International (renamed to Columbia Variable Portfolio – Acorn International Fund effective sometime during the second quarter of 2025)
WA Var Global Hi Yd Bond, Cl II		Western Asset Variable Global High Yield Bond Portfolio – Class II

⁽¹⁾

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Advisor Shares is scheduled to liquidate sometime during the second quarter of 2025.

⁽²⁾

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio – Service Shares is scheduled to liquidate sometime during the second quarter of 2025.

⁽³⁾

American Century VP International, Class II reorganized into LVIP American Century International Fund, Service Class on April 26, 2024.

⁽⁴⁾

American Century VP International, Class I reorganized into LVIP American Century International Fund, Standard Class II on April 26, 2024.

⁽⁵⁾

American Century VP Mid Cap Value, Class II reorganized into LVIP American Century Mid Cap Value Fund, Service Class on April 26, 2024.

⁽⁶⁾

American Century VP Ultra^®, Class II reorganized into LVIP American Century Ultra^® Fund, Service Class on April 26, 2024.

⁽⁷⁾

American Century VP Value, Class II reorganized into LVIP American Century Value Fund, Service Class on April 26, 2024.

⁽⁸⁾

American Century VP Value, Class I reorganized into LVIP American Century Value Fund, Standard Class II on April 26, 2024.

⁽⁹⁾

JPMorgan Insurance Trust U.S. Equity Portfolio – Class 2 Shares merged into LVIP JPMorgan U.S. Equity Fund – Service Class on April 28, 2023.

⁽¹⁰⁾

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

⁽¹¹⁾

For the period April 26, 2024 (commencement of operations) to December 31, 2024.

⁽¹²⁾

Delaware VIP^® International Series – Service Class merged into Delaware Ivy VIP International Core Equity – Class II on April 26, 2024. Subsequent to the merger, the fund was renamed to Macquerie VIP International Core Equity Series – Service Class.

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

RiverSource Life serves as issuer of the contracts.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

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

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



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			117

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

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

Level 2 – Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The Funds in the Accounts have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not therefore categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2024.

Variable Payout

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

Federal Income Taxes

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

Subsequent Events

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

Use of Estimates

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

Segment Reporting

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The standard was adopted on January 1, 2024. The adoption of the standard did not have an impact on the statement of assets and liabilities, the statement of operations or the statement of changes in net assets, as the standard is disclosure-related only.

The Chairman and President of RiverSource Life Insurance Company acts as the Account’s chief operating decision maker (“CODM”) in assessing performance and making decisions about resource allocation. The CODM has determined that the Account has a single operating segment because the CODM monitors net income, investment performance and overall operating results of the Account as a whole in making decisions about resource allocation. The financial information provided to and reviewed by the CODM is consistent with that presented within the Account’s financial statements.

3. VARIABLE ACCOUNT EXPENSES

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

Product

Mortality and expense risk fee

RAVA

0.75% to 0.95%

(depending on the contract selected)



118		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Product		Mortality and expense risk fee
RAVA Select		1.00% to 1.20% (depending on the contract selected)
RAVA Advantage Band 3		0.55%
RAVA Advantage Plus		0.55% to 0.95% (depending on the contract selected)
RAVA Select Plus		0.75% to 1.20% (depending on the contract selected)
RAVA 4 Advantage		0.85% to 1.05% (depending on the contract selected)
RAVA 4 Select		1.10% to 1.30% (depending on the contract selected)
RAVA 4 Access		1.25% to 1.45% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)		0.95% to 1.50% (depending on the contract selected)
RAVA 5 Select (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)		1.30% to 1.75% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed on or after April 30, 2012 but prior to April 29, 2013)		1.45% to 1.90% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed prior to April 30, 2012)		0.85% to 1.40% (depending on the contract selected)
RAVA 5 Select (Offered for contract applications signed prior to April 30, 2012)		1.20% to 1.65% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed prior to April 30, 2012)		1.35% to 1.80% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed on or after April 29, 2013)		0.95% to 1.45% (depending on the contract selected)
RAVA 5 Select (Offered for contract applications signed on or after April 29, 2013)		0.95% to 1.70% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed on or after April 29, 2013)		0.95% to 1.85% (depending on the contract selected)
RAVA 5 Advantage (Offered for contract applications signed on or after April 29, 2019)		0.95% to 1.45% (depending on the contract selected)
RAVA 5 Choice		0.95% to 1.55% (depending on the contract selected)
RAVA 5 Access (Offered for contract applications signed on or after June 22, 2020)		0.95% to 1.30% (depending on the contract selected)
RAVA Apex		0.65% to 1.50% (depending on the contract selected)
RAVA Vista		0.90% to 1.55% (depending on the contract selected)
FPA		1.25%
Retirement GAC I		0.60%
Retirement GAC II		0.95%
RAVA Band 3		0.55%
RAVA Advantage		0.75% to 0.95% (depending on the contract selected)

4. CONTRACT CHARGES

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

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



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			119

5. SURRENDER CHARGES

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

6. RELATED PARTY TRANSACTIONS

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

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


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

7. INVESTMENT TRANSACTIONS

The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2024 were as follows:


Division	Purchases
AB VPS Dyn Asset Alloc, Cl B	$	849,572
AB VPS Intl Val, Cl B		3,034,032
AB VPS Lg Cap Gro, Cl B		28,850,648
AB VPS Relative Val, Cl B		7,745,805
AB VPS Sus Gbl Thematic, Cl B		924,916
Allspg VT Index Asset Alloc, Cl 2		1,618,541
Allspg VT Opp, Cl 2		4,485,339
Allspg VT Sm Cap Gro, Cl 2		4,571,897
ALPS Alerian Engy Infr, Class III		7,789,055
BlackRock Adv SMID Cap VI, Cl III		1,029,390
BlackRock Global Alloc, Cl III		12,373,332
BNY Mellon Sus US Eq, Serv		620,958
Calvert VP SRI Bal, Cl F		1,050,305
Calvert VP SRI Bal, Cl I		2,089,161
CB Var Sm Cap Gro, Cl I		1,324,960
Col VP Bal, Cl 2		45,229,794
Col VP Bal, Cl 3		38,036,299
Col VP Commodity Strategy, Cl 2		2,174,576
Col VP Contrarian Core, Cl 2		24,330,203
Col VP Disciplined Core, Cl 2		6,950,389
Col VP Disciplined Core, Cl 3		2,193,485
Col VP Divd Opp, Cl 2		13,006,584
Col VP Divd Opp, Cl 3		2,248,047
Col VP Emerg Mkts Bond, Cl 2		1,917,357
Col VP Emer Mkts, Cl 2		3,739,452
Col VP Emer Mkts, Cl 3		2,307,638
Col VP Global Strategic Inc, Cl 2		2,714,338
Col VP Global Strategic Inc, Cl 3		2,865,201
Col VP Govt Money Mkt, Cl 2		56,267,983
Col VP Govt Money Mkt, Cl 3		63,734,380
Col VP Hi Yield Bond, Cl 2		10,886,985
Col VP Hi Yield Bond, Cl 3		8,883,978
Col VP Inc Opp, Cl 2		5,692,756
Col VP Inc Opp, Cl 3		6,583,063
Col VP Inter Bond, Cl 2		24,831,263
Col VP Inter Bond, Cl 3		21,397,067
Col VP Lg Cap Gro, Cl 2		19,756,955
Col VP Lg Cap Gro, Cl 3		5,404,455


Division	Purchases
Col VP Lg Cap Index, Cl 2	$	59,976,495
Col VP Lg Cap Index, Cl 3		22,558,382
Col VP Limited Duration Cr, Cl 2		26,724,088
Col VP Long Govt/Cr Bond, Cl 2		7,477,574
Col VP Overseas Core, Cl 2		6,651,180
Col VP Overseas Core, Cl 3		4,183,477
Col VP Select Lg Cap Eq, Cl 2		1,399,747
Col VP Select Lg Cap Val, Cl 2		8,395,081
Col VP Select Lg Cap Val, Cl 3		1,946,043
Col VP Select Mid Cap Gro, Cl 2		6,521,748
Col VP Select Mid Cap Gro, Cl 3		1,615,965
Col VP Select Mid Cap Val, Cl 2		4,451,544
Col VP Select Mid Cap Val, Cl 3		740,502
Col VP Select Sm Cap Val, Cl 2		3,021,894
Col VP Select Sm Cap Val, Cl 3		680,012
Col VP Sel Gbl Tech, Cl 2		12,274,563
Col VP Sm Cap Val, Cl 2		1,021,922
Col VP Strategic Inc, Cl 2		14,727,454
Col VP US Govt Mtge, Cl 2		3,093,505
Col VP US Govt Mtge, Cl 3		2,981,698
CS Commodity Return, Cl 1		1,015,560
CTIVP AC Div Bond, Cl 2		6,980,407
CTIVP BR Gl Infl Prot Sec, Cl 2		2,240,779
CTIVP BR Gl Infl Prot Sec, Cl 3		3,399,910
CTIVP CenterSquare Real Est, Cl 2		2,591,201
CTIVP MFS Val, Cl 2		13,043,234
CTIVP Prin Blue Chip Gro, Cl 1		1,571,974
CTIVP Prin Blue Chip Gro, Cl 2		7,948,096
CTIVP T Rowe Price LgCap Val, Cl 2		4,117,018
CTIVP TCW Core Plus Bond, Cl 2		7,728,397
CTIVP Vty Sycamore Estb Val, Cl 2		8,222,153
CTIVP Vty Sycamore Estb Val, Cl 3		1,793,614
CTIVP Westfield Mid Cap Gro, Cl 2		3,730,692
CTIVP Westfield Sel Lg Cp Gr, Cl 2		1,519,268
CVT EAFE Intl Index, Cl F		2,171,529
CVT Nasdaq 100 Index, Cl F		14,418,284
CVT Russ 2000 Sm Cap Ind, Cl F		6,182,260
DWS Alt Asset Alloc VIP, Cl B		2,740,679



120		∎ RIVERSOURCE VARIABLE ACCOUNT 10


Division	Purchases
EV VT Floating-Rate Inc, Init Cl	$	10,286,825
Fid VIP Contrafund, Serv Cl 2		104,374,010
Fid VIP Emer Mkts, Serv Cl 2		1,080,045
Fid VIP Energy, Serv Cl 2		912,297
Fid VIP Gro & Inc, Serv Cl		4,330,161
Fid VIP Gro & Inc, Serv Cl 2		14,236,491
Fid VIP Gro Opp, Serv Cl 2		13,871,183
Fid VIP Intl Cap Appr, Serv Cl 2		4,961,497
Fid VIP Invest Gr, Serv Cl 2		9,165,345
Fid VIP Mid Cap, Serv Cl		8,940,361
Fid VIP Mid Cap, Serv Cl 2		60,227,415
Fid VIP Overseas, Serv Cl		1,463,251
Fid VIP Overseas, Serv Cl 2		7,324,578
Fid VIP Strategic Inc, Serv Cl 2		42,762,036
Frank Global Real Est, Cl 2		2,494,452
Frank Inc, Cl 2		10,115,263
Frank Inc, Cl 4		7,559,340
Frank Mutual Gbl Dis, Cl 4		168,024
Frank Mutual Shares, Cl 2		3,538,416
Frank Sm Cap Val, Cl 2		6,616,018
Frank Sm Cap Val, Cl 4		1,968,341
GS VIT Mid Cap Val, Inst		7,469,548
GS VIT Multi-Strategy Alt, Advisor		1,017,984
GS VIT Multi-Strategy Alt, Serv		608,842
GS VIT Sm Cap Eq Insights, Inst		678,135
GS VIT Sm Cap Eq Insights, Serv		1,848,013
GS VIT U.S. Eq Insights, Inst		14,958,012
Invesco VI Am Fran, Ser I		122,994
Invesco VI Am Fran, Ser II		665,556
Invesco VI Bal Risk Alloc, Ser II		3,566,083
Invesco VI Comstock, Ser II		12,885,146
Invesco VI Core Eq, Ser I		6,591,624
Invesco VI Core Plus Bond, Ser II		4,278,206
Invesco VI Dis Mid Cap Gro, Ser I		471,408
Invesco VI Dis Mid Cap Gro, Ser II		625,325
Invesco VI Div Divd, Ser I		1,347,578
Invesco VI Div Divd, Ser II		781,750
Invesco VI EQV Intl Eq, Ser II		1,649,420
Invesco VI Global, Ser II		13,360,865
Invesco VI Gbl Strat Inc, Ser II		6,476,039
Invesco VI Hlth, Ser II		1,220,454
Invesco VI Main St, Ser II		511,764
Invesco VI Mn St Sm Cap, Ser II		15,286,234
Invesco VI Tech, Ser I		3,024,966
Invesco VI Tech, Ser II		3,937,838
Janus Henderson VIT Bal, Serv		24,470,186
Janus Henderson VIT Enter, Serv		983,651
Janus Henderson VIT Flex Bd, Serv		17,278,084
Janus Henderson VIT Forty, Serv		3,143,529
Janus Hend VIT Gbl Tech Innov, Srv		4,480,597
Janus Henderson VIT Overseas, Serv		4,793,592
Janus Henderson VIT Res, Serv		5,988,645
Lazard Ret Emer Mkts Eq, Serv		606,473
Lazard Ret Global Dyn MA, Serv		384,207
Lord Abt Bond Debenture, Cl VC		4,019,146
Lord Abt Short Dur Inc, Cl VC		5,634,313
LVIP AC Intl, Serv Cl		871,260
LVIP AC Intl, Std Cl II		193,345
LVIP AC Mid Cap Val, Serv Cl		5,080,564


Division	Purchases
LVIP AC Ultra, Serv Cl	$	6,083,764
LVIP AC Val, Serv Cl		19,046,872
LVIP AC Val, Std Cl II		2,597,283
LVIP JPM US Eq, Serv Cl		804,292
Mac VIP Asset Strategy, Serv Cl		1,534,944
Mac VIP for Inc, Serv Cl		797,405
Mac VIP Intl Core Eq, Serv Cl		1,398,920
MFS Gbl Real Est, Serv Cl		1,024,020
MFS Intl Gro, Serv Cl		3,179,903
MFS Mass Inv Gro Stock, Serv Cl		7,559,128
MFS New Dis, Serv Cl		357,051
MFS Research Intl, Serv Cl		1,516,349
MFS Utilities, Serv Cl		11,658,606
MS VIF Dis, Cl II		3,103,124
NB AMT Sus Eq, Cl S		1,990,079
PIMCO VIT All Asset, Advisor Cl		5,169,684
PIMCO VIT Glb Man As Alloc, Adv Cl		646,413
PIMCO VIT Tot Return, Advisor Cl		17,321,102
Put VT Global Hlth Care, Cl IB		4,650,150
Put VT Intl Eq, Cl IB		1,043,598
Put VT Intl Val, Cl IB		1,832,228
Put VT Lg Cap Val, Cl IB		9,915,691
Put VT Sus Fut, Cl IB		733,929
Put VT Sus Leaders, Cl IA		860,401
Put VT Sus Leaders, Cl IB		1,913,391
Royce Micro-Cap, Invest Cl		786,870
Temp Global Bond, Cl 2		1,244,385
Third Ave VST Third Ave Value		1,190,277
VanEck VIP Global Gold, Cl S		5,427,069
VP Aggr, Cl 2		47,523,111
VP Aggr, Cl 4		4,341,621
VP Conserv, Cl 2		41,268,211
VP Conserv, Cl 4		9,922,838
VP Man Risk, Cl 2		4,165,632
VP Man Risk US, Cl 2		12,530,560
VP Man Vol Conserv, Cl 2		69,119,154
VP Man Vol Conserv Gro, Cl 2		52,508,468
VP Man Vol Gro, Cl 2		28,806,640
VP Man Vol Mod Gro, Cl 2		33,374,168
VP Mod, Cl 2		59,951,538
VP Mod, Cl 4		5,696,452
VP Mod Aggr, Cl 2		61,871,467
VP Mod Aggr, Cl 4		5,611,120
VP Mod Conserv, Cl 2		41,689,665
VP Mod Conserv, Cl 4		8,627,026
VP Ptnrs Core Bond, Cl 2		5,767,054
VP Ptnrs Core Eq, Cl 2		1,262,838
VP Ptnrs Core Eq, Cl 3		267,166
VP Ptnrs Intl Core Eq, Cl 2		4,464,484
VP Ptnrs Intl Gro, Cl 2		3,277,390
VP Ptnrs Intl Val, Cl 2		3,193,477
VP Ptnrs Sm Cap Gro, Cl 2		3,590,999
VP Ptnrs Sm Cap Val, Cl 2		1,422,286
VP Ptnrs Sm Cap Val, Cl 3		488,209
VP US Flex Conserv Gro, Cl 2		35,565,735
VP US Flex Gro, Cl 2		90,098,104
VP US Flex Mod Gro, Cl 2		48,125,885
Wanger Acorn		3,125,544
Wanger Intl		4,706,896
WA Var Global Hi Yd Bond, Cl II		3,816,272



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			121

8. FINANCIAL HIGHLIGHTS

The table below shows certain financial information regarding the divisions.


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
AB VPS Dyn Asset Alloc, Cl B
2024		6,929		$1.53	to	$1.30		$9,958		1.08	%		0.55	%	to	1.90	%		9.82	%	to	8.34	%
2023		7,078		$1.39	to	$1.20		$9,303		0.61	%		0.55	%	to	1.90	%		12.85	%	to	11.35	%
2022		7,606		$1.23	to	$1.08		$8,891		2.55	%		0.55	%	to	1.90	%		(19.12	%)	to	(20.21	%)
2021		8,157		$1.52	to	$1.35		$11,850		1.61	%		0.55	%	to	1.90	%		8.68	%	to	7.22	%
2020		7,782		$1.40	to	$1.26		$10,461		1.52	%		0.55	%	to	1.90	%		4.29	%	to	2.89	%
AB VPS Intl Val, Cl B
2024		34,655		$2.26	to	$0.94		$60,906		2.26	%		0.55	%	to	1.45	%		4.23	%	to	3.29	%
2023		39,261		$2.17	to	$0.91		$66,348		0.68	%		0.55	%	to	1.45	%		14.20	%	to	13.18	%
2022		43,733		$1.90	to	$0.80		$64,852		4.13	%		0.55	%	to	1.45	%		(14.27	%)	to	(15.03	%)
2021		46,915		$2.22	to	$0.94		$81,262		1.65	%		0.55	%	to	1.45	%		10.25	%	to	9.26	%
2020		52,865		$2.01	to	$0.86		$83,459		1.53	%		0.55	%	to	1.45	%		1.65	%	to	0.74	%
AB VPS Lg Cap Gro, Cl B
2024		24,856		$6.16	to	$5.24		$178,730		—			0.60	%	to	1.90	%		24.20	%	to	22.59	%
2023		25,046		$4.96	to	$4.27		$148,095		—			0.60	%	to	1.90	%		33.98	%	to	32.26	%
2022		25,048		$3.70	to	$3.23		$111,582		—			0.60	%	to	1.90	%		(29.11	%)	to	(30.03	%)
2021		24,175		$5.22	to	$4.62		$152,637		—			0.60	%	to	1.90	%		27.88	%	to	26.23	%
2020		24,181		$4.08	to	$3.66		$119,644		—			0.60	%	to	1.90	%		34.34	%	to	32.60	%
AB VPS Relative Val, Cl B
2024		17,990		$4.51	to	$1.22		$74,116		1.25	%		0.55	%	to	1.55	%		12.14	%	to	11.02	%
2023		19,455		$4.02	to	$1.10		$71,874		1.28	%		0.55	%	to	1.55	%		11.11	%	to	10.01	%
2022		21,769		$3.62	to	$1.00		$72,788		1.10	%		0.55	%	to	1.55	%		(4.94	%)	to	(0.06	%)⁽⁷⁾
2021		23,359		$3.80	to	$2.96		$82,840		0.63	%		0.55	%	to	1.45	%		27.14	%	to	26.00	%
2020		26,311		$2.99	to	$2.35		$73,638		1.34	%		0.55	%	to	1.45	%		1.91	%	to	1.00	%
AB VPS Sus Gbl Thematic, Cl B
2024		3,119		$3.26	to	$1.12		$9,497		—			0.55	%	to	1.55	%		5.38	%	to	4.32	%
2023		3,352		$3.09	to	$1.07		$9,733		0.03	%		0.55	%	to	1.55	%		15.07	%	to	13.93	%
2022		3,065		$2.69	to	$0.94		$7,697		—			0.55	%	to	1.55	%		(27.57	%)	to	(6.14	%)⁽⁷⁾
2021		3,296		$3.71	to	$3.27		$11,645		—			0.55	%	to	1.45	%		21.90	%	to	20.81	%
2020		3,590		$3.05	to	$2.71		$10,374		0.42	%		0.55	%	to	1.45	%		38.32	%	to	37.08	%
Allspg VT Index Asset Alloc, Cl 2
2024		4,982		$4.27	to	$3.88		$20,332		1.30	%		0.55	%	to	1.20	%		14.25	%	to	13.49	%
2023		5,574		$3.73	to	$3.42		$20,062		0.96	%		0.55	%	to	1.20	%		16.07	%	to	15.31	%
2022		5,962		$3.22	to	$2.96		$18,562		0.63	%		0.55	%	to	1.20	%		(17.48	%)	to	(18.01	%)
2021		6,570		$3.90	to	$3.61		$24,848		0.59	%		0.55	%	to	1.20	%		15.36	%	to	14.61	%
2020		7,351		$3.38	to	$3.15		$24,171		0.82	%		0.55	%	to	1.20	%		15.94	%	to	15.20	%
Allspg VT Opp, Cl 2
2024		7,151		$6.38	to	$3.22		$39,823		0.05	%		0.55	%	to	1.90	%		14.41	%	to	12.87	%
2023		8,454		$5.58	to	$2.86		$41,208		—			0.55	%	to	1.90	%		25.81	%	to	24.13	%
2022		9,954		$4.43	to	$2.30		$38,727		—			0.55	%	to	1.90	%		(21.24	%)	to	(22.30	%)
2021		11,269		$5.63	to	$2.96		$55,858		0.04	%		0.55	%	to	1.90	%		24.09	%	to	22.43	%
2020		12,694		$4.54	to	$2.42		$50,846		0.44	%		0.55	%	to	1.90	%		20.34	%	to	18.73	%
Allspg VT Sm Cap Gro, Cl 2
2024		16,953		$4.86	to	$2.50		$74,640		—			0.55	%	to	1.90	%		18.05	%	to	16.46	%
2023		18,920		$4.12	to	$2.15		$70,724		—			0.55	%	to	1.90	%		3.54	%	to	2.15	%
2022		19,710		$3.97	to	$2.10		$71,369		—			0.55	%	to	1.90	%		(34.78	%)	to	(35.66	%)
2021		21,888		$6.09	to	$3.27		$122,035		—			0.55	%	to	1.90	%		7.05	%	to	5.61	%
2020		23,583		$5.69	to	$3.10		$123,475		—			0.55	%	to	1.90	%		56.92	%	to	54.82	%



122		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
ALPS Alerian Engy Infr, Class III
2024		31,729		$1.84	to	$1.57		$55,373		3.96	%		0.55	%	to	1.90	%		39.82	%	to	37.94	%
2023		34,442		$1.32	to	$1.14		$43,193		3.05	%		0.55	%	to	1.90	%		13.28	%	to	11.77	%
2022		38,045		$1.16	to	$1.02		$42,306		4.78	%		0.55	%	to	1.90	%		16.68	%	to	15.12	%
2021		31,011		$1.00	to	$0.89		$29,707		2.06	%		0.55	%	to	1.90	%		37.02	%	to	35.18	%
2020		31,725		$0.73	to	$0.66		$22,314		2.78	%		0.55	%	to	1.90	%		(25.54	%)	to	(26.54	%)
BlackRock Adv SMID Cap VI, Cl III
2024		1,898		$1.26	to	$1.23		$2,374		1.57	%		0.65	%	to	1.55	%		10.98	%	to	9.99	%
2023		1,529		$1.14	to	$1.12		$1,730		3.19	%		0.65	%	to	1.55	%		17.86	%	to	16.82	%
2022		341		$0.97	to	$0.96		$329		5.43	%		0.65	%	to	1.55	%		(4.28	%)⁽⁷⁾	to	(4.84	%)⁽⁷⁾
BlackRock Global Alloc, Cl III
2024		41,198		$1.89	to	$1.59		$73,474		0.79	%		0.55	%	to	1.90	%		8.33	%	to	6.86	%
2023		44,971		$1.75	to	$1.49		$74,396		2.48	%		0.55	%	to	1.90	%		11.88	%	to	10.37	%
2022		48,231		$1.56	to	$1.35		$71,677		—			0.55	%	to	1.90	%		(16.53	%)	to	(17.64	%)
2021		51,484		$1.87	to	$1.64		$92,142		0.83	%		0.55	%	to	1.90	%		5.83	%	to	4.41	%
2020		49,337		$1.77	to	$1.57		$83,868		1.34	%		0.55	%	to	1.90	%		20.05	%	to	18.43	%
BNY Mellon Sus US Eq, Serv
2024		2,827		$1.40	to	$1.37		$3,941		0.36	%		0.65	%	to	1.55	%		23.77	%	to	22.65	%
2023		2,647		$1.13	to	$1.12		$2,990		0.14	%		0.65	%	to	1.55	%		22.71	%	to	21.61	%
2022		258		$0.92	to	$0.92		$239		—			0.65	%	to	1.55	%		(7.93	%)⁽⁷⁾	to	(8.48	%)⁽⁷⁾
Calvert VP SRI Bal, Cl F
2024		1,931		$1.30	to	$1.26		$2,479		1.93	%		0.65	%	to	1.55	%		18.15	%	to	17.07	%
2023		1,315		$1.10	to	$1.08		$1,433		2.01	%		0.65	%	to	1.55	%		15.67	%	to	14.64	%
2022		344		$0.95	to	$0.94		$326		3.11	%		0.65	%	to	1.55	%		(5.21	%)⁽⁷⁾	to	(5.79	%)⁽⁷⁾
Calvert VP SRI Bal, Cl I
2024		7,427		$3.41	to	$3.33		$24,000		1.71	%		0.55	%	to	1.20	%		18.95	%	to	18.18	%
2023		7,788		$2.87	to	$2.82		$21,222		1.58	%		0.55	%	to	1.20	%		16.19	%	to	15.43	%
2022		8,225		$2.47	to	$2.44		$19,357		1.18	%		0.55	%	to	1.20	%		(15.88	%)	to	(16.42	%)
2021		9,172		$2.93	to	$2.92		$25,775		1.16	%		0.55	%	to	1.20	%		14.49	%	to	13.74	%
2020		9,850		$2.56	to	$2.57		$24,246		1.51	%		0.55	%	to	1.20	%		14.63	%	to	13.88	%
CB Var Sm Cap Gro, Cl I
2024		3,586		$3.91	to	$3.34		$13,111		—			0.55	%	to	1.45	%		3.92	%	to	2.99	%
2023		4,265		$3.77	to	$3.24		$15,058		—			0.55	%	to	1.45	%		7.81	%	to	6.85	%
2022		4,501		$3.49	to	$3.03		$14,793		—			0.55	%	to	1.45	%		(29.24	%)	to	(29.87	%)
2021		4,824		$4.94	to	$4.33		$22,500		—			0.55	%	to	1.45	%		11.99	%	to	10.99	%
2020		5,487		$4.41	to	$3.90		$22,942		—			0.55	%	to	1.45	%		42.48	%	to	41.20	%
Col VP Bal, Cl 2
2024		125,290		$1.20	to	$1.16		$148,565		—			0.60	%	to	1.55	%		13.62	%	to	12.54	%
2023		91,069		$1.06	to	$1.03		$95,274		—			0.60	%	to	1.55	%		20.38	%	to	19.24	%
2022		70,090		$0.88	to	$0.86		$61,116		—			0.60	%	to	1.55	%		(17.36	%)	to	(18.14	%)
2021		23,656		$1.06	to	$1.06		$25,051		—			0.60	%	to	1.55	%		6.03	%⁽⁶⁾	to	5.37	%⁽⁶⁾
Col VP Bal, Cl 3
2024		165,422		$3.93	to	$2.46		$600,830		—			0.55	%	to	1.90	%		13.80	%	to	12.27	%
2023		177,389		$3.46	to	$2.19		$568,979		—			0.55	%	to	1.90	%		20.57	%	to	18.96	%
2022		183,169		$2.87	to	$1.84		$489,962		—			0.55	%	to	1.90	%		(17.20	%)	to	(18.31	%)
2021		198,849		$3.46	to	$2.25		$643,716		—			0.55	%	to	1.90	%		14.11	%	to	12.58	%
2020		202,406		$3.03	to	$2.00		$577,612		—			0.55	%	to	1.90	%		16.94	%	to	15.37	%
Col VP Commodity Strategy, Cl 2
2024		19,868		$0.85	to	$0.72		$15,901		3.47	%		0.55	%	to	1.90	%		6.50	%	to	5.07	%
2023		21,658		$0.80	to	$0.69		$16,350		20.62	%		0.55	%	to	1.90	%		(7.64	%)	to	(8.88	%)
2022		29,909		$0.86	to	$0.76		$24,623		28.61	%		0.55	%	to	1.90	%		18.05	%	to	16.47	%
2021		15,752		$0.73	to	$0.65		$11,016		—			0.55	%	to	1.90	%		31.29	%	to	29.53	%
2020		8,170		$0.56	to	$0.50		$4,373		20.03	%		0.55	%	to	1.90	%		(2.09	%)	to	(3.40	%)



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			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⁾
Col VP Contrarian Core, Cl 2
2024		46,249		$4.20	to	$3.59		$183,739		—			0.55	%	to	1.90	%		22.42	%	to	20.77	%
2023		45,709		$3.43	to	$2.97		$149,161		—			0.55	%	to	1.90	%		31.17	%	to	29.41	%
2022		45,630		$2.62	to	$2.29		$114,015		—			0.55	%	to	1.90	%		(19.30	%)	to	(20.38	%)
2021		46,001		$3.24	to	$2.88		$143,414		—			0.55	%	to	1.90	%		23.28	%	to	21.63	%
2020		46,707		$2.63	to	$2.37		$118,781		—			0.55	%	to	1.90	%		21.33	%	to	19.71	%
Col VP Disciplined Core, Cl 2
2024		10,915		$4.34	to	$3.70		$62,880		—			0.60	%	to	1.90	%		24.98	%	to	23.35	%
2023		11,160		$3.48	to	$3.00		$52,064		—			0.60	%	to	1.90	%		23.34	%	to	21.75	%
2022		10,728		$2.82	to	$2.47		$40,774		—			0.60	%	to	1.90	%		(19.42	%)	to	(20.46	%)
2021		10,168		$3.50	to	$3.10		$48,058		—			0.60	%	to	1.90	%		31.64	%	to	29.94	%
2020		10,030		$2.66	to	$2.39		$36,162		—			0.60	%	to	1.90	%		13.15	%	to	11.69	%
Col VP Disciplined Core, Cl 3
2024		77,504		$4.37	to	$4.41		$373,861		—			0.55	%	to	1.45	%		25.20	%	to	24.08	%
2023		87,846		$3.49	to	$3.55		$339,236		—			0.55	%	to	1.45	%		23.55	%	to	22.45	%
2022		96,320		$2.83	to	$2.90		$302,302		—			0.55	%	to	1.45	%		(19.27	%)	to	(20.00	%)
2021		105,498		$3.50	to	$3.63		$411,739		—			0.55	%	to	1.45	%		31.84	%	to	30.66	%
2020		116,774		$2.65	to	$2.77		$347,019		—			0.55	%	to	1.45	%		13.36	%	to	12.34	%
Col VP Divd Opp, Cl 2
2024		32,781		$2.90	to	$2.48		$110,046		—			0.60	%	to	1.90	%		14.43	%	to	12.94	%
2023		33,217		$2.53	to	$2.19		$98,976		—			0.60	%	to	1.90	%		4.22	%	to	2.87	%
2022		33,985		$2.43	to	$2.13		$97,769		—			0.60	%	to	1.90	%		(1.98	%)	to	(3.24	%)
2021		27,966		$2.48	to	$2.20		$82,699		—			0.60	%	to	1.90	%		25.14	%	to	23.53	%
2020		26,193		$1.98	to	$1.78		$62,077		—			0.60	%	to	1.90	%		0.30	%	to	(1.00	%)
Col VP Divd Opp, Cl 3
2024		81,547		$5.35	to	$2.80		$362,701		—			0.55	%	to	1.45	%		14.64	%	to	13.61	%
2023		93,884		$4.67	to	$2.46		$365,624		—			0.55	%	to	1.45	%		4.38	%	to	3.45	%
2022		106,455		$4.47	to	$2.38		$398,253		—			0.55	%	to	1.45	%		(1.78	%)	to	(2.66	%)
2021		112,748		$4.55	to	$2.45		$432,848		—			0.55	%	to	1.45	%		25.33	%	to	24.20	%
2020		128,498		$3.63	to	$1.97		$395,051		—			0.55	%	to	1.45	%		0.47	%	to	(0.43	%)
Col VP Emerg Mkts Bond, Cl 2
2024		8,977		$1.13	to	$0.96		$9,588		4.93	%		0.55	%	to	1.90	%		5.55	%	to	4.13	%
2023		9,315		$1.07	to	$0.92		$9,458		5.25	%		0.55	%	to	1.90	%		9.42	%	to	7.95	%
2022		10,088		$0.97	to	$0.85		$9,401		4.03	%		0.55	%	to	1.90	%		(16.62	%)	to	(17.73	%)
2021		11,854		$1.17	to	$1.04		$13,330		3.68	%		0.55	%	to	1.90	%		(2.99	%)	to	(4.29	%)
2020		12,122		$1.21	to	$1.09		$14,140		3.23	%		0.55	%	to	1.90	%		6.58	%	to	5.14	%
Col VP Emer Mkts, Cl 2
2024		35,524		$1.29	to	$1.10		$46,106		1.03	%		0.60	%	to	1.90	%		4.82	%	to	3.46	%
2023		38,481		$1.23	to	$1.06		$47,969		—			0.60	%	to	1.90	%		8.54	%	to	7.15	%
2022		40,466		$1.14	to	$0.99		$46,712		—			0.60	%	to	1.90	%		(33.47	%)	to	(34.33	%)
2021		37,968		$1.71	to	$1.51		$66,169		0.84	%		0.60	%	to	1.90	%		(8.03	%)	to	(9.22	%)
2020		32,764		$1.86	to	$1.66		$62,343		0.43	%		0.60	%	to	1.90	%		32.37	%	to	30.66	%
Col VP Emer Mkts, Cl 3
2024		24,752		$3.22	to	$1.74		$62,439		1.15	%		0.55	%	to	1.45	%		4.92	%	to	3.97	%
2023		28,396		$3.07	to	$1.67		$68,435		—			0.55	%	to	1.45	%		8.71	%	to	7.74	%
2022		31,922		$2.82	to	$1.55		$71,144		—			0.55	%	to	1.45	%		(33.34	%)	to	(33.94	%)
2021		35,031		$4.23	to	$2.35		$117,350		0.99	%		0.55	%	to	1.45	%		(7.84	%)	to	(8.67	%)
2020		38,326		$4.59	to	$2.57		$139,658		0.56	%		0.55	%	to	1.45	%		32.63	%	to	31.44	%
Col VP Global Strategic Inc, Cl 2
2024		10,102		$0.95	to	$0.81		$9,819		3.06	%		0.60	%	to	1.90	%		2.69	%	to	1.35	%
2023		9,372		$0.93	to	$0.80		$8,915		3.11	%		0.60	%	to	1.90	%		8.82	%	to	7.41	%
2022		9,863		$0.85	to	$0.74		$8,660		3.18	%		0.60	%	to	1.90	%		(14.14	%)	to	(15.25	%)
2021		9,729		$0.99	to	$0.88		$9,991		3.67	%		0.60	%	to	1.90	%		0.43	%	to	(0.87	%)
2020		9,357		$0.99	to	$0.88		$9,602		5.12	%		0.60	%	to	1.90	%		3.96	%	to	2.62	%



124		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Global Strategic Inc, Cl 3
2024		25,477		$1.86	to	$1.14		$40,324		3.34	%		0.55	%	to	1.45	%		2.68	%	to	1.75	%
2023		28,567		$1.82	to	$1.12		$44,431		3.26	%		0.55	%	to	1.45	%		9.21	%	to	8.23	%
2022		31,815		$1.66	to	$1.03		$45,420		3.43	%		0.55	%	to	1.45	%		(14.08	%)	to	(14.85	%)
2021		35,882		$1.93	to	$1.21		$59,979		3.92	%		0.55	%	to	1.45	%		0.59	%	to	(0.32	%)
2020		38,477		$1.92	to	$1.22		$64,308		5.22	%		0.55	%	to	1.45	%		4.11	%	to	3.17	%
Col VP Govt Money Mkt, Cl 2
2024		153,002		$1.06	to	$0.90		$150,363		4.60	%		0.60	%	to	1.90	%		4.10	%	to	2.75	%
2023		157,215		$1.02	to	$0.87		$148,910		4.38	%		0.60	%	to	1.90	%		3.84	%	to	2.50	%
2022		160,765		$0.98	to	$0.85		$146,821		1.24	%		0.60	%	to	1.90	%		0.50	%	to	(0.79	%)
2021		102,600		$0.98	to	$0.86		$93,666		0.01	%		0.60	%	to	1.90	%		(0.59	%)	to	(1.87	%)
2020		100,549		$0.98	to	$0.88		$92,735		0.13	%		0.60	%	to	1.90	%		(0.36	%)	to	(1.66	%)
Col VP Govt Money Mkt, Cl 3
2024		128,739		$1.32	to	$0.97		$149,438		4.72	%		0.55	%	to	1.45	%		4.29	%	to	3.35	%
2023		112,497		$1.26	to	$0.94		$126,338		4.50	%		0.55	%	to	1.45	%		4.02	%	to	3.09	%
2022		125,779		$1.21	to	$0.91		$135,605		1.22	%		0.55	%	to	1.45	%		0.61	%	to	(0.29	%)
2021		101,435		$1.21	to	$0.91		$110,390		0.01	%		0.55	%	to	1.45	%		(0.53	%)	to	(1.41	%)
2020		123,715		$1.21	to	$0.93		$135,583		0.18	%		0.55	%	to	1.45	%		(0.27	%)	to	(1.16	%)
Col VP Hi Yield Bond, Cl 2
2024		27,143		$1.74	to	$1.47		$51,990		5.66	%		0.60	%	to	1.90	%		6.24	%	to	4.85	%
2023		26,480		$1.64	to	$1.41		$48,187		5.28	%		0.60	%	to	1.90	%		11.20	%	to	9.77	%
2022		27,215		$1.47	to	$1.28		$44,830		5.01	%		0.60	%	to	1.90	%		(11.31	%)	to	(12.45	%)
2021		28,938		$1.66	to	$1.46		$54,019		4.95	%		0.60	%	to	1.90	%		4.17	%	to	2.82	%
2020		27,679		$1.59	to	$1.42		$49,734		5.59	%		0.60	%	to	1.90	%		5.67	%	to	4.31	%
Col VP Hi Yield Bond, Cl 3
2024		33,899		$3.57	to	$2.34		$107,337		5.70	%		0.55	%	to	1.45	%		6.36	%	to	5.40	%
2023		38,417		$3.36	to	$2.22		$115,280		5.38	%		0.55	%	to	1.45	%		11.47	%	to	10.47	%
2022		43,790		$3.01	to	$2.01		$118,266		5.08	%		0.55	%	to	1.45	%		(11.19	%)	to	(11.99	%)
2021		50,238		$3.39	to	$2.28		$153,394		4.93	%		0.55	%	to	1.45	%		4.29	%	to	3.35	%
2020		55,713		$3.25	to	$2.21		$163,849		5.64	%		0.55	%	to	1.45	%		5.96	%	to	5.01	%
Col VP Inc Opp, Cl 2
2024		15,313		$1.68	to	$1.42		$28,100		5.36	%		0.60	%	to	1.90	%		5.08	%	to	3.71	%
2023		15,262		$1.60	to	$1.37		$26,797		4.92	%		0.60	%	to	1.90	%		10.70	%	to	9.27	%
2022		15,640		$1.44	to	$1.25		$24,877		5.14	%		0.60	%	to	1.90	%		(10.75	%)	to	(11.89	%)
2021		15,562		$1.61	to	$1.42		$27,881		8.91	%		0.60	%	to	1.90	%		3.52	%	to	2.18	%
2020		15,674		$1.56	to	$1.39		$27,225		4.58	%		0.60	%	to	1.90	%		5.04	%	to	3.68	%
Col VP Inc Opp, Cl 3
2024		25,911		$2.83	to	$2.24		$67,081		5.36	%		0.55	%	to	1.45	%		5.31	%	to	4.36	%
2023		29,011		$2.69	to	$2.14		$71,590		5.03	%		0.55	%	to	1.45	%		10.90	%	to	9.91	%
2022		32,732		$2.43	to	$1.95		$73,104		5.16	%		0.55	%	to	1.45	%		(10.70	%)	to	(11.50	%)
2021		37,714		$2.72	to	$2.20		$94,708		8.85	%		0.55	%	to	1.45	%		3.90	%	to	2.97	%
2020		42,052		$2.61	to	$2.14		$101,999		4.60	%		0.55	%	to	1.45	%		5.16	%	to	4.21	%
Col VP Inter Bond, Cl 2
2024		69,888		$1.18	to	$1.00		$84,550		4.55	%		0.60	%	to	1.90	%		1.12	%	to	(0.19	%)
2023		60,739		$1.17	to	$1.00		$72,989		2.14	%		0.60	%	to	1.90	%		5.46	%	to	4.09	%
2022		48,671		$1.11	to	$0.97		$55,788		2.91	%		0.60	%	to	1.90	%		(17.71	%)	to	(18.78	%)
2021		50,375		$1.35	to	$1.19		$70,444		3.08	%		0.60	%	to	1.90	%		(1.18	%)	to	(2.45	%)
2020		47,138		$1.36	to	$1.22		$66,938		2.67	%		0.60	%	to	1.90	%		11.60	%	to	10.16	%
Col VP Inter Bond, Cl 3
2024		110,218		$2.12	to	$1.39		$201,848		4.63	%		0.55	%	to	1.45	%		1.28	%	to	0.37	%
2023		119,388		$2.09	to	$1.38		$216,758		2.22	%		0.55	%	to	1.45	%		5.61	%	to	4.67	%
2022		126,393		$1.98	to	$1.32		$218,263		3.03	%		0.55	%	to	1.45	%		(17.62	%)	to	(18.36	%)
2021		145,682		$2.41	to	$1.62		$306,148		3.17	%		0.55	%	to	1.45	%		(0.90	%)	to	(1.79	%)
2020		160,950		$2.43	to	$1.65		$342,523		2.75	%		0.55	%	to	1.45	%		11.83	%	to	10.83	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			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⁾
Col VP Lg Cap Gro, Cl 2
2024		21,980		$5.67	to	$4.81		$152,642		—			0.60	%	to	1.90	%		30.22	%	to	28.53	%
2023		21,127		$4.36	to	$3.74		$115,306		—			0.60	%	to	1.90	%		41.92	%	to	40.09	%
2022		19,630		$3.07	to	$2.67		$76,441		—			0.60	%	to	1.90	%		(31.94	%)	to	(32.82	%)
2021		19,443		$4.51	to	$3.97		$111,805		—			0.60	%	to	1.90	%		27.58	%	to	25.94	%
2020		17,772		$3.53	to	$3.15		$80,335		—			0.60	%	to	1.90	%		33.61	%	to	31.88	%
Col VP Lg Cap Gro, Cl 3
2024		34,111		$4.32	to	$5.67		$152,156		—			0.55	%	to	1.45	%		30.47	%	to	29.29	%
2023		38,438		$3.31	to	$4.38		$131,653		—			0.55	%	to	1.45	%		42.17	%	to	40.90	%
2022		42,115		$2.33	to	$3.11		$101,467		—			0.55	%	to	1.45	%		(31.82	%)	to	(32.43	%)
2021		47,378		$3.42	to	$4.60		$168,058		—			0.55	%	to	1.45	%		27.83	%	to	26.69	%
2020		55,016		$2.67	to	$3.63		$152,397		—			0.55	%	to	1.45	%		33.83	%	to	32.63	%
Col VP Lg Cap Index, Cl 2
2024		124,306		$1.43	to	$1.38		$174,897		—			0.60	%	to	1.55	%		23.65	%	to	22.48	%
2023		88,753		$1.16	to	$1.13		$101,415		—			0.60	%	to	1.55	%		24.90	%	to	23.73	%
2022		54,509		$0.93	to	$0.91		$50,101		—			0.60	%	to	1.55	%		(19.03	%)	to	(19.79	%)
2021		23,421		$1.14	to	$1.14		$26,667		—			0.60	%	to	1.55	%		13.93	%⁽⁶⁾	to	13.22	%⁽⁶⁾
Col VP Lg Cap Index, Cl 3
2024		119,957		$5.02	to	$3.98		$588,804		—			0.55	%	to	1.90	%		23.85	%	to	22.18	%
2023		132,545		$4.05	to	$3.26		$528,874		—			0.55	%	to	1.90	%		25.13	%	to	23.46	%
2022		141,826		$3.24	to	$2.64		$454,456		—			0.55	%	to	1.90	%		(18.89	%)	to	(19.98	%)
2021		149,903		$3.99	to	$3.30		$595,823		—			0.55	%	to	1.90	%		27.52	%	to	25.81	%
2020		152,958		$3.13	to	$2.62		$479,900		—			0.55	%	to	1.90	%		17.25	%	to	15.68	%
Col VP Limited Duration Cr, Cl 2
2024		70,718		$1.10	to	$1.01		$82,194		3.63	%		0.55	%	to	1.90	%		4.06	%	to	2.65	%
2023		66,869		$1.06	to	$0.99		$74,958		3.05	%		0.55	%	to	1.90	%		6.08	%	to	4.66	%
2022		70,475		$1.00	to	$0.94		$74,819		0.52	%		0.55	%	to	1.90	%		(6.87	%)	to	(8.12	%)
2021		59,735		$1.07	to	$1.03		$68,215		1.39	%		0.55	%	to	1.90	%		(1.38	%)	to	(2.71	%)
2020		54,109		$1.09	to	$1.06		$62,924		2.54	%		0.55	%	to	1.90	%		4.99	%	to	3.58	%
Col VP Long Govt/Cr Bond, Cl 2
2024		15,316		$1.01	to	$0.87		$14,776		3.43	%		0.55	%	to	1.90	%		(4.92	%)	to	(6.21	%)
2023		14,703		$1.07	to	$0.92		$15,002		3.29	%		0.55	%	to	1.90	%		6.10	%	to	4.67	%
2022		10,846		$1.01	to	$0.88		$10,487		2.36	%		0.55	%	to	1.90	%		(28.09	%)	to	(29.06	%)
2021		12,912		$1.40	to	$1.24		$17,456		1.65	%		0.55	%	to	1.90	%		(4.00	%)	to	(5.28	%)
2020		19,114		$1.46	to	$1.31		$27,008		2.51	%		0.55	%	to	1.90	%		16.43	%	to	14.87	%
Col VP Overseas Core, Cl 2
2024		19,658		$1.71	to	$1.48		$36,134		4.13	%		0.60	%	to	1.90	%		2.62	%	to	1.28	%
2023		20,026		$1.66	to	$1.47		$36,445		1.66	%		0.60	%	to	1.90	%		14.64	%	to	13.16	%
2022		19,479		$1.45	to	$1.29		$31,077		0.76	%		0.60	%	to	1.90	%		(15.41	%)	to	(16.50	%)
2021		19,064		$1.71	to	$1.55		$36,106		1.09	%		0.60	%	to	1.90	%		9.09	%	to	7.68	%
2020		14,948		$1.57	to	$1.44		$26,029		1.43	%		0.60	%	to	1.90	%		8.19	%	to	6.78	%
Col VP Overseas Core, Cl 3
2024		24,605		$1.85	to	$1.62		$47,222		4.30	%		0.55	%	to	1.45	%		2.77	%	to	1.85	%
2023		27,311		$1.80	to	$1.59		$51,120		1.83	%		0.55	%	to	1.45	%		14.84	%	to	13.81	%
2022		30,269		$1.57	to	$1.40		$49,413		0.80	%		0.55	%	to	1.45	%		(15.27	%)	to	(16.03	%)
2021		32,569		$1.85	to	$1.66		$63,000		1.18	%		0.55	%	to	1.45	%		9.28	%	to	8.30	%
2020		36,058		$1.69	to	$1.54		$64,166		1.56	%		0.55	%	to	1.45	%		8.33	%	to	7.36	%
Col VP Select Lg Cap Eq, Cl 2
2024		3,262		$1.44	to	$1.41		$4,653		—			0.65	%	to	1.55	%		23.02	%	to	21.91	%
2023		2,393		$1.17	to	$1.16		$2,785		—			0.65	%	to	1.55	%		26.94	%	to	25.81	%
2022		544		$0.92	to	$0.92		$501		—			0.65	%	to	1.55	%		(8.22	%)⁽⁷⁾	to	(8.76	%)⁽⁷⁾



126		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Select Lg Cap Val, Cl 2
2024		16,649		$3.42	to	$2.94		$70,423		—		0.60	%	to	1.90	%		11.90	%	to	10.45	%
2023		17,249		$3.05	to	$2.67		$66,072		—		0.60	%	to	1.90	%		4.48	%	to	3.14	%
2022		17,438		$2.92	to	$2.58		$64,723		—		0.60	%	to	1.90	%		(2.65	%)	to	(3.90	%)
2021		13,936		$3.00	to	$2.69		$53,745		—		0.60	%	to	1.90	%		25.23	%	to	23.61	%
2020		9,450		$2.40	to	$2.18		$29,243		—		0.60	%	to	1.90	%		6.17	%	to	4.80	%
Col VP Select Lg Cap Val, Cl 3
2024		9,378		$4.80	to	$3.50		$39,763		—		0.55	%	to	1.45	%		12.13	%	to	11.12	%
2023		11,454		$4.28	to	$3.15		$43,542		—		0.55	%	to	1.45	%		4.65	%	to	3.72	%
2022		13,975		$4.09	to	$3.04		$50,932		—		0.55	%	to	1.45	%		(2.49	%)	to	(3.36	%)
2021		12,549		$4.20	to	$3.15		$47,197		—		0.55	%	to	1.45	%		25.46	%	to	24.33	%
2020		10,598		$3.34	to	$2.53		$31,993		—		0.55	%	to	1.45	%		6.37	%	to	5.41	%
Col VP Select Mid Cap Gro, Cl 2
2024		10,803		$3.53	to	$3.00		$43,319		—		0.60	%	to	1.90	%		22.62	%	to	21.03	%
2023		10,620		$2.88	to	$2.48		$35,129		—		0.60	%	to	1.90	%		24.18	%	to	22.58	%
2022		10,060		$2.32	to	$2.02		$27,061		—		0.60	%	to	1.90	%		(31.42	%)	to	(32.31	%)
2021		9,970		$3.38	to	$2.99		$39,277		—		0.60	%	to	1.90	%		15.57	%	to	14.08	%
2020		9,288		$2.92	to	$2.62		$31,803		—		0.60	%	to	1.90	%		34.27	%	to	32.54	%
Col VP Select Mid Cap Gro, Cl 3
2024		16,253		$5.56	to	$3.97		$72,846		—		0.55	%	to	1.45	%		22.85	%	to	21.74	%
2023		18,490		$4.53	to	$3.26		$67,844		—		0.55	%	to	1.45	%		24.40	%	to	23.29	%
2022		19,888		$3.64	to	$2.64		$58,878		—		0.55	%	to	1.45	%		(31.30	%)	to	(31.91	%)
2021		22,032		$5.30	to	$3.88		$95,791		—		0.55	%	to	1.45	%		15.77	%	to	14.73	%
2020		24,410		$4.57	to	$3.38		$92,335		—		0.55	%	to	1.45	%		34.49	%	to	33.29	%
Col VP Select Mid Cap Val, Cl 2
2024		11,099		$3.27	to	$2.79		$43,249		—		0.60	%	to	1.90	%		11.59	%	to	10.14	%
2023		11,612		$2.93	to	$2.54		$40,998		—		0.60	%	to	1.90	%		9.39	%	to	7.98	%
2022		12,350		$2.68	to	$2.35		$40,200		—		0.60	%	to	1.90	%		(10.20	%)	to	(11.36	%)
2021		11,773		$2.99	to	$2.65		$42,971		—		0.60	%	to	1.90	%		31.18	%	to	29.49	%
2020		10,747		$2.28	to	$2.05		$29,999		—		0.60	%	to	1.90	%		6.61	%	to	5.23	%
Col VP Select Mid Cap Val, Cl 3
2024		9,549		$4.84	to	$3.27		$39,071		—		0.55	%	to	1.45	%		11.79	%	to	10.78	%
2023		10,964		$4.33	to	$2.95		$40,179		—		0.55	%	to	1.45	%		9.58	%	to	8.60	%
2022		12,744		$3.95	to	$2.72		$42,797		—		0.55	%	to	1.45	%		(10.06	%)	to	(10.86	%)
2021		13,270		$4.39	to	$3.05		$49,753		—		0.55	%	to	1.45	%		31.41	%	to	30.23	%
2020		15,060		$3.34	to	$2.34		$43,098		—		0.55	%	to	1.45	%		6.82	%	to	5.86	%
Col VP Select Sm Cap Val, Cl 2
2024		7,696		$2.88	to	$2.48		$27,184		—		0.60	%	to	1.90	%		12.98	%	to	11.51	%
2023		7,937		$2.55	to	$2.22		$25,205		—		0.60	%	to	1.90	%		12.17	%	to	10.73	%
2022		7,906		$2.27	to	$2.01		$22,558		—		0.60	%	to	1.90	%		(15.43	%)	to	(16.53	%)
2021		6,959		$2.68	to	$2.40		$23,615		—		0.60	%	to	1.90	%		29.84	%	to	28.16	%
2020		5,865		$2.07	to	$1.88		$15,402		—		0.60	%	to	1.90	%		8.27	%	to	6.87	%
Col VP Select Sm Cap Val, Cl 3
2024		6,036		$5.67	to	$2.95		$28,661		—		0.55	%	to	1.45	%		13.18	%	to	12.16	%
2023		6,967		$5.01	to	$2.63		$29,240		—		0.55	%	to	1.45	%		12.36	%	to	11.35	%
2022		7,805		$4.45	to	$2.36		$29,169		—		0.55	%	to	1.45	%		(15.29	%)	to	(16.04	%)
2021		8,094		$5.26	to	$2.82		$36,039		—		0.55	%	to	1.45	%		30.08	%	to	28.92	%
2020		8,684		$4.04	to	$2.18		$30,099		—		0.55	%	to	1.45	%		8.46	%	to	7.48	%
Col VP Sel Gbl Tech, Cl 2
2024		12,575		$1.55	to	$1.52		$19,314		—		0.65	%	to	1.55	%		25.76	%	to	24.62	%
2023		6,245		$1.23	to	$1.22		$7,657		—		0.65	%	to	1.55	%		43.93	%	to	42.65	%
2022		1,146		$0.86	to	$0.85		$980		—		0.65	%	to	1.55	%		(15.93	%)⁽⁷⁾	to	(16.44	%)⁽⁷⁾



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			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⁾
Col VP Sm Cap Val, Cl 2
2024		1,931		$1.29	to	$1.26		$2,467		0.58	%		0.65	%	to	1.55	%		7.97	%	to	6.99	%
2023		1,342		$1.20	to	$1.18		$1,595		0.49	%		0.65	%	to	1.55	%		20.87	%	to	19.80	%
2022		409		$0.99	to	$0.98		$404		0.18	%		0.65	%	to	1.55	%		(1.99	%)⁽⁷⁾	to	(2.56	%)⁽⁷⁾
Col VP Strategic Inc, Cl 2
2024		63,542		$1.40	to	$1.19		$82,044		4.33	%		0.60	%	to	1.90	%		3.88	%	to	2.53	%
2023		62,276		$1.35	to	$1.16		$77,774		3.47	%		0.60	%	to	1.90	%		8.56	%	to	7.15	%
2022		60,974		$1.25	to	$1.09		$70,436		2.71	%		0.60	%	to	1.90	%		(12.05	%)	to	(13.19	%)
2021		60,277		$1.42	to	$1.25		$79,642		5.31	%		0.60	%	to	1.90	%		1.03	%	to	(0.28	%)
2020		54,322		$1.40	to	$1.25		$71,367		3.34	%		0.60	%	to	1.90	%		5.99	%	to	4.62	%
Col VP US Govt Mtge, Cl 2
2024		12,085		$1.06	to	$0.90		$12,123		2.85	%		0.60	%	to	1.90	%		0.72	%	to	(0.59	%)
2023		14,811		$1.05	to	$0.90		$14,761		2.54	%		0.60	%	to	1.90	%		4.80	%	to	3.45	%
2022		16,021		$1.01	to	$0.87		$15,283		1.79	%		0.60	%	to	1.90	%		(14.83	%)	to	(15.93	%)
2021		15,497		$1.18	to	$1.04		$17,497		1.80	%		0.60	%	to	1.90	%		(1.78	%)	to	(3.05	%)
2020		14,174		$1.20	to	$1.07		$16,346		2.42	%		0.60	%	to	1.90	%		4.23	%	to	2.87	%
Col VP US Govt Mtge, Cl 3
2024		24,788		$1.53	to	$1.04		$32,864		3.17	%		0.55	%	to	1.45	%		0.88	%	to	(0.02	%)
2023		28,406		$1.51	to	$1.04		$37,449		2.67	%		0.55	%	to	1.45	%		4.97	%	to	4.04	%
2022		31,984		$1.44	to	$1.00		$40,242		1.98	%		0.55	%	to	1.45	%		(14.73	%)	to	(15.50	%)
2021		37,439		$1.69	to	$1.19		$55,348		1.89	%		0.55	%	to	1.45	%		(1.61	%)	to	(2.49	%)
2020		41,015		$1.72	to	$1.22		$61,786		2.50	%		0.55	%	to	1.45	%		4.38	%	to	3.44	%
CS Commodity Return, Cl 1
2024		16,536		$0.68	to	$0.60		$10,638		2.97	%		0.55	%	to	1.45	%		4.25	%	to	3.31	%
2023		18,490		$0.65	to	$0.58		$11,445		21.54	%		0.55	%	to	1.45	%		(9.61	%)	to	(10.42	%)
2022		21,993		$0.72	to	$0.65		$15,137		15.31	%		0.55	%	to	1.45	%		15.40	%	to	14.37	%
2021		21,050		$0.62	to	$0.57		$12,605		4.76	%		0.55	%	to	1.45	%		27.20	%	to	26.06	%
2020		21,423		$0.49	to	$0.45		$10,128		5.96	%		0.55	%	to	1.45	%		(2.02	%)	to	(2.90	%)
CTIVP AC Div Bond, Cl 2
2024		22,239		$1.13	to	$0.96		$25,373		4.01	%		0.60	%	to	1.90	%		0.93	%	to	(0.39	%)
2023		18,390		$1.12	to	$0.96		$20,880		3.12	%		0.60	%	to	1.90	%		4.70	%	to	3.35	%
2022		15,338		$1.07	to	$0.93		$16,738		2.93	%		0.60	%	to	1.90	%		(16.02	%)	to	(17.10	%)
2021		14,286		$1.28	to	$1.12		$18,609		2.04	%		0.60	%	to	1.90	%		(0.31	%)	to	(1.59	%)
2020		15,575		$1.28	to	$1.14		$20,436		1.74	%		0.60	%	to	1.90	%		7.60	%	to	6.20	%
CTIVP BR Gl Infl Prot Sec, Cl 2
2024		15,275		$1.12	to	$0.95		$17,742		1.75	%		0.60	%	to	1.90	%		(1.80	%)	to	(3.07	%)
2023		17,710		$1.14	to	$0.98		$21,070		8.95	%		0.60	%	to	1.90	%		3.27	%	to	1.94	%
2022		20,991		$1.11	to	$0.96		$24,291		4.59	%		0.60	%	to	1.90	%		(18.17	%)	to	(19.24	%)
2021		19,577		$1.35	to	$1.19		$27,836		0.57	%		0.60	%	to	1.90	%		3.80	%	to	2.46	%
2020		13,758		$1.30	to	$1.16		$18,927		0.45	%		0.60	%	to	1.90	%		8.31	%	to	6.92	%
CTIVP BR Gl Infl Prot Sec, Cl 3
2024		27,066		$1.56	to	$1.29		$39,226		1.86	%		0.55	%	to	1.45	%		(1.60	%)	to	(2.49	%)
2023		30,734		$1.58	to	$1.32		$45,399		8.82	%		0.55	%	to	1.45	%		3.39	%	to	2.46	%
2022		36,009		$1.53	to	$1.29		$51,673		4.45	%		0.55	%	to	1.45	%		(18.04	%)	to	(18.77	%)
2021		39,791		$1.87	to	$1.59		$69,964		0.69	%		0.55	%	to	1.45	%		3.91	%	to	2.97	%
2020		39,638		$1.80	to	$1.55		$67,369		0.56	%		0.55	%	to	1.45	%		8.52	%	to	7.54	%
CTIVP CenterSquare Real Est, Cl 2
2024		9,907		$2.03	to	$1.75		$22,873		2.34	%		0.60	%	to	1.90	%		9.20	%	to	7.78	%
2023		10,611		$1.86	to	$1.62		$22,631		1.78	%		0.60	%	to	1.90	%		12.88	%	to	11.43	%
2022		11,996		$1.65	to	$1.45		$22,847		1.34	%		0.60	%	to	1.90	%		(24.78	%)	to	(25.76	%)
2021		11,723		$2.19	to	$1.96		$29,846		1.10	%		0.60	%	to	1.90	%		40.36	%	to	38.55	%
2020		12,537		$1.56	to	$1.41		$22,818		4.18	%		0.60	%	to	1.90	%		(5.75	%)	to	(6.97	%)



128		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
CTIVP MFS Val, Cl 2
2024		22,384		$3.18	to	$2.73		$84,490		—			0.60	%	to	1.90	%		10.77	%	to	9.33	%
2023		21,939		$2.87	to	$2.50		$75,303		—			0.60	%	to	1.90	%		7.13	%	to	5.75	%
2022		22,716		$2.68	to	$2.36		$73,528		—			0.60	%	to	1.90	%		(6.91	%)	to	(8.11	%)
2021		21,551		$2.88	to	$2.57		$75,491		—			0.60	%	to	1.90	%		24.36	%	to	22.76	%
2020		21,073		$2.32	to	$2.09		$59,610		—			0.60	%	to	1.90	%		2.72	%	to	1.39	%
CTIVP Prin Blue Chip Gro, Cl 1
2024		35,334		$3.31	to	$3.06		$113,673		—			0.55	%	to	1.45	%		20.75	%	to	19.66	%
2023		41,831		$2.74	to	$2.56		$111,833		—			0.55	%	to	1.45	%		38.77	%	to	37.54	%
2022		47,724		$1.98	to	$1.86		$92,282		—			0.55	%	to	1.45	%		(28.40	%)	to	(29.04	%)
2021		53,190		$2.76	to	$2.62		$144,175		—			0.55	%	to	1.45	%		17.92	%	to	16.87	%
2020		62,336		$2.34	to	$2.24		$143,801		—			0.55	%	to	1.45	%		31.21	%	to	30.04	%
CTIVP Prin Blue Chip Gro, Cl 2
2024		10,234		$4.93	to	$4.18		$63,767		—			0.60	%	to	1.90	%		20.39	%	to	18.83	%
2023		10,303		$4.09	to	$3.52		$53,451		—			0.60	%	to	1.90	%		38.38	%	to	36.59	%
2022		10,321		$2.96	to	$2.58		$39,157		—			0.60	%	to	1.90	%		(28.62	%)	to	(29.54	%)
2021		9,638		$4.15	to	$3.66		$51,911		—			0.60	%	to	1.90	%		17.57	%	to	16.05	%
2020		9,749		$3.53	to	$3.15		$44,895		—			0.60	%	to	1.90	%		30.82	%	to	29.13	%
CTIVP T Rowe Price LgCap Val, Cl 2
2024		13,384		$2.77	to	$2.38		$44,813		—			0.60	%	to	1.90	%		11.01	%	to	9.56	%
2023		13,904		$2.49	to	$2.17		$42,260		—			0.60	%	to	1.90	%		8.63	%	to	7.23	%
2022		14,600		$2.29	to	$2.03		$41,199		—			0.60	%	to	1.90	%		(5.73	%)	to	(6.95	%)
2021		12,161		$2.43	to	$2.18		$36,641		—			0.60	%	to	1.90	%		24.23	%	to	22.63	%
2020		10,703		$1.96	to	$1.78		$26,085		—			0.60	%	to	1.90	%		1.81	%	to	0.50	%
CTIVP TCW Core Plus Bond, Cl 2
2024		22,049		$1.07	to	$0.91		$23,280		3.85	%		0.60	%	to	1.90	%		(0.10	%)	to	(1.39	%)
2023		18,366		$1.07	to	$0.92		$19,442		2.31	%		0.60	%	to	1.90	%		4.91	%	to	3.57	%
2022		15,688		$1.02	to	$0.89		$15,903		0.89	%		0.60	%	to	1.90	%		(14.82	%)	to	(15.92	%)
2021		15,052		$1.20	to	$1.05		$17,938		1.13	%		0.60	%	to	1.90	%		(1.99	%)	to	(3.26	%)
2020		17,213		$1.22	to	$1.09		$21,080		2.20	%		0.60	%	to	1.90	%		8.02	%	to	6.63	%
CTIVP Vty Sycamore Estb Val, Cl 2
2024		15,890		$3.87	to	$3.31		$70,731		—			0.60	%	to	1.90	%		8.97	%	to	7.55	%
2023		15,978		$3.55	to	$3.08		$66,318		—			0.60	%	to	1.90	%		9.02	%	to	7.61	%
2022		15,979		$3.25	to	$2.86		$61,811		—			0.60	%	to	1.90	%		(3.58	%)	to	(4.82	%)
2021		14,888		$3.37	to	$3.01		$60,951		—			0.60	%	to	1.90	%		30.76	%	to	29.07	%
2020		13,877		$2.58	to	$2.33		$43,610		—			0.60	%	to	1.90	%		7.16	%	to	5.77	%
CTIVP Vty Sycamore Estb Val, Cl 3
2024		8,117		$5.86	to	$4.23		$41,898		—			0.55	%	to	1.45	%		9.16	%	to	8.18	%
2023		9,202		$5.36	to	$3.91		$43,664		—			0.55	%	to	1.45	%		9.21	%	to	8.23	%
2022		10,010		$4.91	to	$3.61		$43,664		—			0.55	%	to	1.45	%		(3.42	%)	to	(4.28	%)
2021		10,178		$5.09	to	$3.77		$46,158		—			0.55	%	to	1.45	%		31.03	%	to	29.85	%
2020		10,052		$3.88	to	$2.90		$34,992		—			0.55	%	to	1.45	%		7.31	%	to	6.35	%
CTIVP Westfield Mid Cap Gro, Cl 2
2024		6,962		$3.55	to	$3.02		$30,938		—			0.60	%	to	1.90	%		16.49	%	to	14.97	%
2023		7,553		$3.05	to	$2.63		$29,092		—			0.60	%	to	1.90	%		24.43	%	to	22.83	%
2022		7,344		$2.45	to	$2.14		$23,011		—			0.60	%	to	1.90	%		(26.23	%)	to	(27.18	%)
2021		7,227		$3.32	to	$2.94		$30,841		—			0.60	%	to	1.90	%		15.72	%	to	14.22	%
2020		7,361		$2.87	to	$2.57		$27,283		—			0.60	%	to	1.90	%		26.42	%	to	24.79	%
CTIVP Westfield Sel Lg Cp Gr, Cl 2
2024		5,436		$3.88	to	$3.27		$26,788		—			0.60	%	to	1.90	%		26.39	%	to	24.75	%
2023		6,283		$3.07	to	$2.62		$24,647		—			0.60	%	to	1.90	%		29.84	%	to	28.17	%
2022		6,721		$2.37	to	$2.05		$20,677		—			0.60	%	to	1.90	%		(41.57	%)	to	(42.32	%)
2021		7,330		$4.05	to	$3.55		$38,806		—			0.60	%	to	1.90	%		(4.92	%)	to	(6.15	%)
2020		6,352		$4.26	to	$3.78		$35,501		—			0.60	%	to	1.90	%		74.44	%	to	72.19	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			129


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
CVT EAFE Intl Index, Cl F
2024		4,153		$1.17	to	$1.14		$4,802		3.00	%		0.65	%	to	1.55	%		2.28	%	to	1.35	%
2023		2,801		$1.14	to	$1.12		$3,180		3.77	%		0.65	%	to	1.55	%		16.77	%	to	15.73	%
2022		1,106		$0.98	to	$0.97		$1,081		8.22	%		0.65	%	to	1.55	%		(2.06	%)⁽⁷⁾	to	(2.64	%)⁽⁷⁾
CVT Nasdaq 100 Index, Cl F
2024		14,744		$1.61	to	$1.57		$23,550		0.42	%		0.65	%	to	1.55	%		24.07	%	to	22.95	%
2023		7,195		$1.30	to	$1.28		$9,295		0.47	%		0.65	%	to	1.55	%		53.03	%	to	51.66	%
2022		2,273		$0.85	to	$0.84		$1,929		0.44	%		0.65	%	to	1.55	%		(16.49	%)⁽⁷⁾	to	(16.98	%)⁽⁷⁾
CVT Russ 2000 Sm Cap Ind, Cl F
2024		8,641		$1.21	to	$1.18		$10,352		1.55	%		0.65	%	to	1.55	%		10.28	%	to	9.29	%
2023		4,332		$1.10	to	$1.08		$4,726		1.24	%		0.65	%	to	1.55	%		15.61	%	to	14.57	%
2022		1,554		$0.95	to	$0.94		$1,475		1.76	%		0.65	%	to	1.55	%		(6.07	%)⁽⁷⁾	to	(6.63	%)⁽⁷⁾
DWS Alt Asset Alloc VIP, Cl B
2024		12,997		$1.29	to	$1.09		$15,821		3.24	%		0.55	%	to	1.90	%		4.72	%	to	3.32	%
2023		13,734		$1.23	to	$1.05		$16,055		6.64	%		0.55	%	to	1.90	%		5.09	%	to	3.69	%
2022		15,555		$1.17	to	$1.02		$17,388		6.64	%		0.55	%	to	1.90	%		(8.25	%)	to	(9.47	%)
2021		12,269		$1.28	to	$1.12		$15,007		1.58	%		0.55	%	to	1.90	%		11.73	%	to	10.24	%
2020		10,984		$1.14	to	$1.02		$12,104		2.51	%		0.55	%	to	1.90	%		4.74	%	to	3.34	%
EV VT Floating-Rate Inc, Init Cl
2024		44,900		$1.84	to	$1.13		$76,705		7.79	%		0.55	%	to	1.55	%		7.04	%	to	5.97	%
2023		50,310		$1.72	to	$1.06		$80,842		8.19	%		0.55	%	to	1.55	%		10.60	%	to	9.51	%
2022		57,322		$1.55	to	$0.97		$83,655		4.66	%		0.55	%	to	1.55	%		(3.27	%)	to	(2.68	%)⁽⁷⁾
2021		52,307		$1.61	to	$1.39		$79,386		2.90	%		0.55	%	to	1.45	%		3.06	%	to	2.13	%
2020		53,306		$1.56	to	$1.36		$78,848		3.33	%		0.55	%	to	1.45	%		1.41	%	to	0.53	%
Fid VIP Contrafund, Serv Cl 2
2024		115,087		$5.76	to	$4.12		$616,762		0.03	%		0.55	%	to	1.90	%		32.71	%	to	30.92	%
2023		123,150		$4.34	to	$3.15		$507,551		0.26	%		0.55	%	to	1.90	%		32.39	%	to	30.62	%
2022		133,029		$3.28	to	$2.41		$416,576		0.26	%		0.55	%	to	1.90	%		(26.89	%)	to	(27.87	%)
2021		143,617		$4.48	to	$3.34		$618,452		0.03	%		0.55	%	to	1.90	%		26.81	%	to	25.11	%
2020		156,503		$3.53	to	$2.67		$534,239		0.08	%		0.55	%	to	1.90	%		29.52	%	to	27.78	%
Fid VIP Emer Mkts, Serv Cl 2
2024		2,227		$1.13	to	$1.11		$2,504		1.32	%		0.65	%	to	1.55	%		9.00	%	to	8.01	%
2023		1,829		$1.04	to	$1.03		$1,893		2.66	%		0.65	%	to	1.55	%		8.77	%	to	7.81	%
2022		617		$0.96	to	$0.95		$590		5.28	%		0.65	%	to	1.55	%		(4.74	%)⁽⁷⁾	to	(5.30	%)⁽⁷⁾
Fid VIP Energy, Serv Cl 2
2024		2,329		$1.20	to	$1.18		$2,775		2.19	%		0.65	%	to	1.55	%		3.34	%	to	2.41	%
2023		1,982		$1.17	to	$1.15		$2,295		2.81	%		0.65	%	to	1.55	%		0.05	%	to	(0.84	%)
2022		681		$1.16	to	$1.16		$792		5.09	%		0.65	%	to	1.55	%		15.45	%⁽⁷⁾	to	14.76	%⁽⁷⁾
Fid VIP Gro & Inc, Serv Cl
2024		8,759		$5.19	to	$4.69		$42,673		1.32	%		0.55	%	to	0.95	%		21.46	%	to	20.97	%
2023		10,014		$4.27	to	$3.88		$40,195		1.56	%		0.55	%	to	0.95	%		17.93	%	to	17.46	%
2022		10,958		$3.62	to	$3.30		$37,405		1.56	%		0.55	%	to	0.95	%		(5.54	%)	to	(5.92	%)
2021		11,782		$3.84	to	$3.51		$42,718		2.29	%		0.55	%	to	0.95	%		25.07	%	to	24.58	%
2020		12,829		$3.07	to	$2.82		$37,319		2.01	%		0.55	%	to	0.95	%		7.14	%	to	6.72	%
Fid VIP Gro & Inc, Serv Cl 2
2024		22,743		$5.52	to	$1.40		$109,129		1.26	%		0.55	%	to	1.55	%		21.29	%	to	20.07	%
2023		23,416		$4.55	to	$1.16		$96,519		1.50	%		0.55	%	to	1.55	%		17.72	%	to	16.55	%
2022		23,378		$3.87	to	$1.00		$84,649		1.46	%		0.55	%	to	1.55	%		(5.69	%)	to	(0.41	%)⁽⁷⁾
2021		24,392		$4.10	to	$3.74		$95,670		2.17	%		0.55	%	to	1.20	%		24.95	%	to	24.14	%
2020		27,581		$3.28	to	$3.01		$86,752		1.91	%		0.55	%	to	1.20	%		7.00	%	to	6.31	%
Fid VIP Gro Opp, Serv Cl 2
2024		15,519		$1.67	to	$1.63		$25,706		—			0.65	%	to	1.55	%		37.66	%	to	36.42	%
2023		7,196		$1.22	to	$1.20		$8,689		—			0.65	%	to	1.55	%		44.36	%	to	43.08	%
2022		1,783		$0.84	to	$0.84		$1,499		—			0.65	%	to	1.55	%		(17.23	%)⁽⁷⁾	to	(17.72	%)⁽⁷⁾



130		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Fid VIP Intl Cap Appr, Serv Cl 2
2024		6,502		$1.25	to	$1.22		$8,079		0.79	%		0.65	%	to	1.55	%		7.22	%	to	6.25	%
2023		3,267		$1.17	to	$1.15		$3,798		0.25	%		0.65	%	to	1.55	%		26.37	%	to	25.22	%
2022		689		$0.93	to	$0.92		$637		0.22	%		0.65	%	to	1.55	%		(6.69	%)⁽⁷⁾	to	(7.24	%)⁽⁷⁾
Fid VIP Invest Gr, Serv Cl 2
2024		15,685		$1.01	to	$0.99		$15,716		4.08	%		0.65	%	to	1.55	%		0.84	%	to	(0.08	%)
2023		7,882		$1.00	to	$0.99		$7,862		4.31	%		0.65	%	to	1.55	%		5.32	%	to	4.38	%
2022		859		$0.95	to	$0.95		$817		7.27	%		0.65	%	to	1.55	%		(4.16	%)⁽⁷⁾	to	(4.73	%)⁽⁷⁾
Fid VIP Mid Cap, Serv Cl
2024		5,239		$12.91	to	$11.66		$63,821		0.46	%		0.55	%	to	0.95	%		16.71	%	to	16.24	%
2023		5,939		$11.06	to	$10.03		$62,092		0.50	%		0.55	%	to	0.95	%		14.38	%	to	13.92	%
2022		6,630		$9.67	to	$8.81		$60,815		0.40	%		0.55	%	to	0.95	%		(15.32	%)	to	(15.66	%)
2021		7,266		$11.42	to	$10.44		$78,981		0.50	%		0.55	%	to	0.95	%		24.82	%	to	24.32	%
2020		8,169		$9.15	to	$8.40		$71,389		0.55	%		0.55	%	to	0.95	%		17.39	%	to	16.92	%
Fid VIP Mid Cap, Serv Cl 2
2024		59,996		$8.17	to	$2.71		$357,178		0.34	%		0.55	%	to	1.90	%		16.53	%	to	14.95	%
2023		65,759		$7.01	to	$2.36		$337,242		0.38	%		0.55	%	to	1.90	%		14.17	%	to	12.65	%
2022		70,982		$6.14	to	$2.09		$320,729		0.27	%		0.55	%	to	1.90	%		(15.43	%)	to	(16.56	%)
2021		76,803		$7.27	to	$2.51		$412,423		0.36	%		0.55	%	to	1.90	%		24.62	%	to	22.95	%
2020		84,028		$5.83	to	$2.04		$364,896		0.40	%		0.55	%	to	1.90	%		17.22	%	to	15.65	%
Fid VIP Overseas, Serv Cl
2024		3,938		$2.54	to	$2.29		$9,394		1.59	%		0.55	%	to	0.95	%		4.38	%	to	3.96	%
2023		4,139		$2.43	to	$2.21		$9,498		0.95	%		0.55	%	to	0.95	%		19.75	%	to	19.27	%
2022		4,330		$2.03	to	$1.85		$8,318		0.96	%		0.55	%	to	0.95	%		(25.00	%)	to	(25.30	%)
2021		4,660		$2.71	to	$2.48		$11,967		0.44	%		0.55	%	to	0.95	%		18.92	%	to	18.44	%
2020		5,118		$2.28	to	$2.09		$11,088		0.34	%		0.55	%	to	0.95	%		14.86	%	to	14.40	%
Fid VIP Overseas, Serv Cl 2
2024		16,335		$3.00	to	$1.78		$41,147		1.39	%		0.55	%	to	1.45	%		4.23	%	to	3.29	%
2023		16,514		$2.88	to	$1.72		$40,198		0.80	%		0.55	%	to	1.45	%		19.56	%	to	18.50	%
2022		17,219		$2.41	to	$1.46		$35,279		0.80	%		0.55	%	to	1.45	%		(25.09	%)	to	(25.76	%)
2021		19,522		$3.22	to	$1.96		$53,906		0.32	%		0.55	%	to	1.45	%		18.74	%	to	17.67	%
2020		21,628		$2.71	to	$1.67		$50,424		0.22	%		0.55	%	to	1.45	%		14.70	%	to	13.67	%
Fid VIP Strategic Inc, Serv Cl 2
2024		146,803		$1.33	to	$1.14		$185,773		3.72	%		0.55	%	to	1.90	%		5.20	%	to	3.78	%
2023		134,874		$1.27	to	$1.10		$162,987		4.45	%		0.55	%	to	1.90	%		8.58	%	to	7.13	%
2022		131,771		$1.17	to	$1.02		$147,370		3.39	%		0.55	%	to	1.90	%		(12.00	%)	to	(13.18	%)
2021		138,730		$1.33	to	$1.18		$177,205		2.56	%		0.55	%	to	1.90	%		2.97	%	to	1.58	%
2020		127,920		$1.29	to	$1.16		$159,418		3.05	%		0.55	%	to	1.90	%		6.57	%	to	5.14	%
Frank Global Real Est, Cl 2
2024		17,445		$3.46	to	$1.08		$41,247		1.83	%		0.55	%	to	1.45	%		(0.87	%)	to	(1.76	%)
2023		19,107		$3.49	to	$1.10		$46,209		2.88	%		0.55	%	to	1.45	%		10.82	%	to	9.83	%
2022		22,064		$3.15	to	$1.00		$48,213		2.42	%		0.55	%	to	1.45	%		(26.47	%)	to	(27.12	%)
2021		23,528		$4.28	to	$1.37		$70,706		0.89	%		0.55	%	to	1.45	%		26.09	%	to	24.97	%
2020		26,984		$3.40	to	$1.10		$64,477		3.29	%		0.55	%	to	1.45	%		(5.91	%)	to	(6.75	%)
Frank Inc, Cl 2
2024		35,827		$1.77	to	$1.51		$59,763		5.13	%		0.55	%	to	1.90	%		6.61	%	to	5.18	%
2023		38,683		$1.66	to	$1.43		$60,747		5.16	%		0.55	%	to	1.90	%		8.03	%	to	6.58	%
2022		41,040		$1.53	to	$1.34		$59,978		4.85	%		0.55	%	to	1.90	%		(5.99	%)	to	(7.25	%)
2021		38,475		$1.63	to	$1.45		$60,037		4.60	%		0.55	%	to	1.90	%		16.12	%	to	14.56	%
2020		38,728		$1.40	to	$1.27		$52,301		5.97	%		0.55	%	to	1.90	%		0.14	%	to	(1.21	%)
Frank Inc, Cl 4
2024		10,989		$1.11	to	$1.09		$12,123		5.20	%		0.65	%	to	1.55	%		6.38	%	to	5.42	%
2023		5,805		$1.05	to	$1.03		$6,034		4.84	%		0.65	%	to	1.55	%		7.85	%	to	6.88	%
2022		2,561		$0.97	to	$0.96		$2,476		7.34	%		0.65	%	to	1.55	%		(3.02	%)⁽⁷⁾	to	(3.59	%)⁽⁷⁾



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			131


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Frank Mutual Gbl Dis, Cl 4
2024		503		$1.23	to	$1.20		$614		1.66	%		0.65	%	to	1.55	%		3.90	%	to	2.97	%
2023		421		$1.18	to	$1.17		$496		2.88	%		0.65	%	to	1.55	%		19.36	%	to	18.29	%
2022		134		$0.99	to	$0.99		$134		1.49	%		0.65	%	to	1.55	%		(0.78	%)⁽⁷⁾	to	(1.37	%)⁽⁷⁾
Frank Mutual Shares, Cl 2
2024		20,758		$3.46	to	$2.01		$60,103		1.93	%		0.55	%	to	1.90	%		10.66	%	to	9.17	%
2023		23,728		$3.12	to	$1.84		$62,315		1.87	%		0.55	%	to	1.90	%		12.84	%	to	11.33	%
2022		26,191		$2.77	to	$1.66		$61,099		1.83	%		0.55	%	to	1.90	%		(7.94	%)	to	(9.17	%)
2021		28,365		$3.01	to	$1.82		$72,024		2.85	%		0.55	%	to	1.90	%		18.51	%	to	16.93	%
2020		32,570		$2.54	to	$1.56		$69,793		2.71	%		0.55	%	to	1.90	%		(5.56	%)	to	(6.83	%)
Frank Sm Cap Val, Cl 2
2024		19,525		$8.36	to	$2.55		$110,503		0.93	%		0.55	%	to	1.90	%		11.09	%	to	9.59	%
2023		22,656		$7.52	to	$2.33		$114,080		0.52	%		0.55	%	to	1.90	%		12.13	%	to	10.63	%
2022		25,398		$6.71	to	$2.10		$113,286		1.00	%		0.55	%	to	1.90	%		(10.56	%)	to	(11.75	%)
2021		26,794		$7.50	to	$2.38		$134,339		1.02	%		0.55	%	to	1.90	%		24.68	%	to	23.00	%
2020		28,578		$6.02	to	$1.94		$115,452		1.50	%		0.55	%	to	1.90	%		4.61	%	to	3.22	%
Frank Sm Cap Val, Cl 4
2024		4,048		$1.23	to	$1.20		$4,926		0.77	%		0.65	%	to	1.55	%		10.88	%	to	9.88	%
2023		2,839		$1.11	to	$1.09		$3,129		0.42	%		0.65	%	to	1.55	%		11.95	%	to	10.93	%
2022		1,205		$0.99	to	$0.98		$1,192		0.83	%		0.65	%	to	1.55	%		(1.65	%)⁽⁷⁾	to	(2.23	%)⁽⁷⁾
GS VIT Mid Cap Val, Inst
2024		12,052		$9.59	to	$6.06		$103,251		0.98	%		0.55	%	to	1.20	%		11.78	%	to	11.05	%
2023		13,864		$8.58	to	$5.45		$106,603		1.00	%		0.55	%	to	1.20	%		10.81	%	to	10.09	%
2022		15,316		$7.74	to	$4.95		$106,671		0.68	%		0.55	%	to	1.20	%		(10.48	%)	to	(11.06	%)
2021		16,894		$8.65	to	$5.57		$131,913		0.46	%		0.55	%	to	1.20	%		30.23	%	to	29.39	%
2020		19,376		$6.64	to	$4.31		$116,602		0.62	%		0.55	%	to	1.20	%		7.81	%	to	7.11	%
GS VIT Multi-Strategy Alt, Advisor
2024		9,160		$1.07	to	$0.93		$9,288		2.51	%		0.55	%	to	1.90	%		2.54	%	to	1.16	%
2023		9,708		$1.04	to	$0.92		$9,647		6.44	%		0.55	%	to	1.90	%		6.94	%	to	5.51	%
2022		10,136		$0.97	to	$0.87		$9,493		3.47	%		0.55	%	to	1.90	%		(7.36	%)	to	(8.59	%)
2021		7,940		$1.05	to	$0.95		$8,057		1.38	%		0.55	%	to	1.90	%		4.08	%	to	2.68	%
2020		7,250		$1.01	to	$0.93		$7,104		1.83	%		0.55	%	to	1.90	%		5.99	%	to	4.57	%
GS VIT Multi-Strategy Alt, Serv
2024		1,559		$1.06	to	$1.03		$1,633		3.18	%		0.65	%	to	1.55	%		2.61	%	to	1.70	%
2023		1,052		$1.03	to	$1.01		$1,078		9.18	%		0.65	%	to	1.55	%		7.07	%	to	6.12	%
2022		401		$0.96	to	$0.96		$387		12.27	%		0.65	%	to	1.55	%		(3.71	%)⁽⁷⁾	to	(4.27	%)⁽⁷⁾
GS VIT Sm Cap Eq Insights, Inst
2024		844		$6.45	to	$5.83		$5,093		0.97	%		0.55	%	to	0.95	%		18.40	%	to	17.92	%
2023		901		$5.45	to	$4.94		$4,602		1.00	%		0.55	%	to	0.95	%		18.62	%	to	18.15	%
2022		975		$4.59	to	$4.18		$4,209		0.31	%		0.55	%	to	0.95	%		(19.82	%)	to	(20.14	%)
2021		1,088		$5.73	to	$5.24		$5,878		0.45	%		0.55	%	to	0.95	%		23.11	%	to	22.62	%
2020		1,238		$4.65	to	$4.27		$5,451		0.22	%		0.55	%	to	0.95	%		7.99	%	to	7.56	%
GS VIT Sm Cap Eq Insights, Serv
2024		2,063		$1.33	to	$1.30		$2,706		1.14	%		0.65	%	to	1.55	%		18.04	%	to	16.98	%
2023		902		$1.12	to	$1.11		$1,008		1.29	%		0.65	%	to	1.55	%		18.18	%	to	17.13	%
2022		330		$0.95	to	$0.95		$314		0.25	%		0.65	%	to	1.55	%		(5.77	%)⁽⁷⁾	to	(6.32	%)⁽⁷⁾
GS VIT U.S. Eq Insights, Inst
2024		19,943		$5.40	to	$4.38		$101,544		0.62	%		0.55	%	to	1.45	%		27.62	%	to	26.47	%
2023		23,461		$4.23	to	$3.46		$93,870		0.68	%		0.55	%	to	1.45	%		23.13	%	to	22.03	%
2022		26,352		$3.44	to	$2.84		$85,875		0.79	%		0.55	%	to	1.45	%		(20.18	%)	to	(20.89	%)
2021		29,415		$4.30	to	$3.59		$120,460		0.78	%		0.55	%	to	1.45	%		28.70	%	to	27.54	%
2020		34,242		$3.34	to	$2.81		$109,201		0.84	%		0.55	%	to	1.45	%		16.90	%	to	15.86	%



132		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Am Fran, Ser I
2024		3,022		$5.20	to	$4.94		$15,204		—			0.55	%	to	0.95	%		34.14	%	to	33.61	%
2023		3,517		$3.87	to	$3.70		$13,220		—			0.55	%	to	0.95	%		40.16	%	to	39.60	%
2022		3,864		$2.76	to	$2.65		$10,393		—			0.55	%	to	0.95	%		(31.49	%)	to	(31.76	%)
2021		4,117		$4.03	to	$3.88		$16,208		—			0.55	%	to	0.95	%		11.31	%	to	10.87	%
2020		4,758		$3.62	to	$3.50		$16,877		0.07	%		0.55	%	to	0.95	%		41.57	%	to	41.01	%
Invesco VI Am Fran, Ser II
2024		9,428		$5.03	to	$4.49		$45,554		—			0.55	%	to	1.45	%		33.82	%	to	32.61	%
2023		11,541		$3.76	to	$3.39		$41,827		—			0.55	%	to	1.45	%		39.83	%	to	38.58	%
2022		13,038		$2.69	to	$2.44		$33,926		—			0.55	%	to	1.45	%		(31.67	%)	to	(32.28	%)
2021		14,122		$3.94	to	$3.61		$53,938		—			0.55	%	to	1.45	%		11.04	%	to	10.04	%
2020		16,180		$3.55	to	$3.28		$55,833		—			0.55	%	to	1.45	%		41.22	%	to	39.95	%
Invesco VI Bal Risk Alloc, Ser II
2024		19,882		$1.39	to	$1.19		$26,351		5.69	%		0.55	%	to	1.90	%		2.99	%	to	1.60	%
2023		22,516		$1.35	to	$1.17		$29,098		—			0.55	%	to	1.90	%		5.82	%	to	4.40	%
2022		26,236		$1.28	to	$1.12		$32,129		7.41	%		0.55	%	to	1.90	%		(14.98	%)	to	(16.12	%)
2021		25,890		$1.50	to	$1.34		$37,476		3.03	%		0.55	%	to	1.90	%		8.66	%	to	7.21	%
2020		25,880		$1.38	to	$1.25		$34,796		7.46	%		0.55	%	to	1.90	%		9.39	%	to	7.92	%
Invesco VI Comstock, Ser II
2024		22,813		$4.84	to	$1.26		$97,684		1.49	%		0.55	%	to	1.55	%		14.23	%	to	13.09	%
2023		25,314		$4.23	to	$1.12		$95,816		1.55	%		0.55	%	to	1.55	%		11.48	%	to	10.37	%
2022		27,918		$3.80	to	$1.01		$95,536		1.35	%		0.55	%	to	1.55	%		0.29	%	to	0.68	%⁽⁷⁾
2021		29,782		$3.79	to	$2.71		$102,722		1.57	%		0.55	%	to	1.45	%		32.31	%	to	31.13	%
2020		36,170		$2.86	to	$2.07		$94,658		2.13	%		0.55	%	to	1.45	%		(1.63	%)	to	(2.51	%)
Invesco VI Core Eq, Ser I
2024		11,324		$6.56	to	$6.56		$75,004		0.69	%		1.25	%	to	1.25	%		24.04	%	to	24.04	%
2023		12,684		$5.29	to	$5.29		$67,844		0.73	%		1.25	%	to	1.25	%		21.84	%	to	21.84	%
2022		13,894		$4.34	to	$4.34		$61,007		0.91	%		1.25	%	to	1.25	%		(21.53	%)	to	(21.53	%)
2021		15,101		$5.53	to	$5.53		$84,521		0.66	%		1.25	%	to	1.25	%		26.15	%	to	26.15	%
2020		16,461		$4.38	to	$4.38		$73,056		1.34	%		1.25	%	to	1.25	%		12.44	%	to	12.44	%
Invesco VI Core Plus Bond, Ser II
2024		7,052		$1.01	to	$0.99		$7,083		4.33	%		0.65	%	to	1.55	%		2.05	%	to	1.14	%
2023		3,782		$0.99	to	$0.98		$3,735		3.83	%		0.65	%	to	1.55	%		5.16	%	to	4.23	%
2022		387		$0.95	to	$0.94		$366		1.32	%		0.65	%	to	1.55	%		(4.93	%)⁽⁷⁾	to	(5.50	%)⁽⁷⁾
Invesco VI Dis Mid Cap Gro, Ser I
2024		10,489		$1.71	to	$1.66		$17,744		—			0.55	%	to	1.20	%		23.55	%	to	22.74	%
2023		11,608		$1.38	to	$1.35		$15,945		—			0.55	%	to	1.20	%		12.53	%	to	11.81	%
2022		12,594		$1.23	to	$1.21		$15,421		—			0.55	%	to	1.20	%		(31.36	%)	to	(31.80	%)
2021		14,159		$1.79	to	$1.77		$25,333		—			0.55	%	to	1.20	%		18.45	%	to	17.68	%
2020		15,946		$1.51	to	$1.50		$24,155		0.05	%		0.55	%	to	1.20	%		51.03	%⁽⁵⁾	to	50.36	%⁽⁵⁾
Invesco VI Dis Mid Cap Gro, Ser II
2024		6,804		$1.69	to	$1.62		$11,272		—			0.55	%	to	1.45	%		23.24	%	to	22.13	%
2023		7,520		$1.37	to	$1.32		$10,148		—			0.55	%	to	1.45	%		12.23	%	to	11.23	%
2022		8,247		$1.22	to	$1.19		$9,954		—			0.55	%	to	1.45	%		(31.51	%)	to	(32.12	%)
2021		9,306		$1.78	to	$1.75		$16,458		—			0.55	%	to	1.45	%		18.14	%	to	17.08	%
2020		10,622		$1.51	to	$1.50		$15,963		—			0.55	%	to	1.45	%		50.65	%⁽⁵⁾	to	49.72	%⁽⁵⁾
Invesco VI Div Divd, Ser I
2024		5,577		$3.20	to	$2.92		$17,184		1.84	%		0.55	%	to	1.20	%		12.59	%	to	11.86	%
2023		6,442		$2.84	to	$2.61		$17,683		1.96	%		0.55	%	to	1.20	%		8.45	%	to	7.75	%
2022		7,439		$2.62	to	$2.43		$18,878		1.89	%		0.55	%	to	1.20	%		(2.22	%)	to	(2.85	%)
2021		7,765		$2.68	to	$2.50		$20,232		2.10	%		0.55	%	to	1.20	%		18.24	%	to	17.48	%
2020		8,941		$2.26	to	$2.13		$19,755		2.93	%		0.55	%	to	1.20	%		(0.41	%)	to	(1.05	%)



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			133


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Div Divd, Ser II
2024		3,107		$2.96	to	$2.73		$9,066		1.62	%		0.85	%	to	1.45	%		12.00	%	to	11.33	%
2023		3,624		$2.65	to	$2.45		$9,457		1.70	%		0.85	%	to	1.45	%		7.85	%	to	7.21	%
2022		4,379		$2.45	to	$2.29		$10,598		1.68	%		0.85	%	to	1.45	%		(2.75	%)	to	(3.33	%)
2021		4,426		$2.52	to	$2.37		$11,041		1.92	%		0.85	%	to	1.45	%		17.59	%	to	16.89	%
2020		5,209		$2.15	to	$2.03		$11,057		2.70	%		0.85	%	to	1.45	%		(0.98	%)	to	(1.57	%)
Invesco VI EQV Intl Eq, Ser II
2024		14,981		$2.47	to	$1.87		$33,563		1.49	%		0.55	%	to	1.45	%		(0.21	%)	to	(1.11	%)
2023		17,008		$2.48	to	$1.89		$38,321		—			0.55	%	to	1.45	%		17.22	%	to	16.18	%
2022		19,003		$2.12	to	$1.63		$36,630		1.41	%		0.55	%	to	1.45	%		(18.95	%)	to	(19.68	%)
2021		20,910		$2.61	to	$2.02		$49,860		1.03	%		0.55	%	to	1.45	%		5.03	%	to	4.09	%
2020		23,326		$2.49	to	$1.94		$53,197		2.08	%		0.55	%	to	1.45	%		13.11	%	to	12.10	%
Invesco VI Global, Ser II
2024		30,209		$5.07	to	$2.77		$127,717		—			0.55	%	to	1.90	%		15.15	%	to	13.60	%
2023		33,561		$4.40	to	$2.44		$123,102		—			0.55	%	to	1.90	%		33.71	%	to	31.92	%
2022		37,552		$3.29	to	$1.85		$103,293		—			0.55	%	to	1.90	%		(32.31	%)	to	(33.22	%)
2021		41,188		$4.87	to	$2.77		$168,530		—			0.55	%	to	1.90	%		14.54	%	to	13.00	%
2020		44,144		$4.25	to	$2.45		$158,216		0.44	%		0.55	%	to	1.90	%		26.64	%	to	24.94	%
Invesco VI Gbl Strat Inc, Ser II
2024		70,761		$1.77	to	$0.91		$113,889		2.66	%		0.55	%	to	1.90	%		2.22	%	to	0.85	%
2023		78,192		$1.73	to	$0.90		$123,483		—			0.55	%	to	1.90	%		8.01	%	to	6.56	%
2022		85,984		$1.60	to	$0.85		$126,018		—			0.55	%	to	1.90	%		(12.20	%)	to	(13.37	%)
2021		98,263		$1.83	to	$0.98		$164,758		4.16	%		0.55	%	to	1.90	%		(4.09	%)	to	(5.38	%)
2020		109,621		$1.91	to	$1.03		$192,491		5.23	%		0.55	%	to	1.90	%		2.43	%	to	1.06	%
Invesco VI Hlth, Ser II
2024		8,537		$3.41	to	$3.05		$28,023		—			0.55	%	to	1.45	%		3.30	%	to	2.37	%
2023		10,054		$3.30	to	$2.98		$32,073		—			0.55	%	to	1.45	%		2.20	%	to	1.29	%
2022		11,724		$3.23	to	$2.95		$36,734		—			0.55	%	to	1.45	%		(14.01	%)	to	(14.78	%)
2021		12,805		$3.75	to	$3.46		$46,666		0.00	%		0.55	%	to	1.45	%		11.43	%	to	10.43	%
2020		14,173		$3.37	to	$3.13		$46,553		0.10	%		0.55	%	to	1.45	%		13.57	%	to	12.56	%
Invesco VI Main St, Ser II
2024		1,199		$2.16	to	$2.06		$2,580		—			0.85	%	to	1.45	%		22.34	%	to	21.61	%
2023		1,307		$1.76	to	$1.69		$2,299		0.48	%		0.85	%	to	1.45	%		21.79	%	to	21.07	%
2022		1,597		$1.45	to	$1.40		$2,295		1.10	%		0.85	%	to	1.45	%		(20.98	%)	to	(21.46	%)
2021		1,925		$1.83	to	$1.78		$3,503		0.51	%		0.85	%	to	1.45	%		26.15	%	to	25.40	%
2020		2,060		$1.45	to	$1.42		$2,976		1.13	%		0.85	%	to	1.45	%		12.73	%	to	12.06	%
Invesco VI Mn St Sm Cap, Ser II
2024		22,985		$5.58	to	$2.96		$107,467		—			0.55	%	to	1.90	%		11.79	%	to	10.28	%
2023		23,472		$5.00	to	$2.68		$98,221		0.96	%		0.55	%	to	1.90	%		17.18	%	to	15.61	%
2022		23,898		$4.26	to	$2.32		$85,386		0.25	%		0.55	%	to	1.90	%		(16.50	%)	to	(17.62	%)
2021		26,168		$5.11	to	$2.82		$112,646		0.18	%		0.55	%	to	1.90	%		21.59	%	to	19.96	%
2020		27,781		$4.20	to	$2.35		$98,850		0.37	%		0.55	%	to	1.90	%		18.98	%	to	17.38	%
Invesco VI Tech, Ser I
2024		6,567		$4.70	to	$4.75		$29,890		—			0.55	%	to	1.20	%		33.53	%	to	32.66	%
2023		7,330		$3.52	to	$3.58		$24,846		—			0.55	%	to	1.20	%		46.14	%	to	45.20	%
2022		8,033		$2.41	to	$2.46		$18,662		—			0.55	%	to	1.20	%		(40.28	%)	to	(40.67	%)
2021		8,637		$4.03	to	$4.15		$33,694		—			0.55	%	to	1.20	%		13.78	%	to	13.05	%
2020		10,030		$3.55	to	$3.67		$34,515		—			0.55	%	to	1.20	%		45.31	%	to	44.37	%
Invesco VI Tech, Ser II
2024		5,149		$1.56	to	$1.52		$7,935		—			0.65	%	to	1.55	%		32.99	%	to	31.78	%
2023		2,929		$1.17	to	$1.15		$3,408		—			0.65	%	to	1.55	%		45.77	%	to	44.47	%
2022		610		$0.80	to	$0.80		$490		—			0.65	%	to	1.55	%		(20.88	%)⁽⁷⁾	to	(21.36	%)⁽⁷⁾



134		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Janus Henderson VIT Bal, Serv
2024		93,103		$1.73	to	$1.58		$156,291		1.78	%		0.55	%	to	1.90	%		14.51	%	to	12.97	%
2023		89,611		$1.51	to	$1.40		$132,210		1.82	%		0.55	%	to	1.90	%		14.51	%	to	12.97	%
2022		88,215		$1.32	to	$1.24		$113,816		0.98	%		0.55	%	to	1.90	%		(17.07	%)	to	(18.18	%)
2021		87,752		$1.59	to	$1.52		$137,239		0.69	%		0.55	%	to	1.90	%		16.27	%	to	14.70	%
2020		74,253		$1.37	to	$1.32		$100,413		1.60	%		0.55	%	to	1.90	%		13.40	%	to	11.88	%
Janus Henderson VIT Enter, Serv
2024		4,236		$3.67	to	$3.32		$14,590		0.62	%		0.55	%	to	0.95	%		14.69	%	to	14.23	%
2023		4,828		$3.20	to	$2.91		$14,534		0.09	%		0.55	%	to	0.95	%		17.13	%	to	16.67	%
2022		5,343		$2.73	to	$2.49		$13,772		0.08	%		0.55	%	to	0.95	%		(16.61	%)	to	(16.94	%)
2021		5,926		$3.27	to	$3.00		$18,370		0.24	%		0.55	%	to	0.95	%		15.90	%	to	15.44	%
2020		6,521		$2.82	to	$2.60		$17,484		—			0.55	%	to	0.95	%		18.53	%	to	18.06	%
Janus Henderson VIT Flex Bd, Serv
2024		60,128		$1.11	to	$0.95		$63,357		4.30	%		0.55	%	to	1.90	%		1.07	%	to	(0.29	%)
2023		54,461		$1.10	to	$0.95		$57,033		3.72	%		0.55	%	to	1.90	%		4.72	%	to	3.33	%
2022		49,715		$1.05	to	$0.92		$49,951		1.97	%		0.55	%	to	1.90	%		(14.37	%)	to	(15.51	%)
2021		54,882		$1.23	to	$1.09		$64,705		1.63	%		0.55	%	to	1.90	%		(1.66	%)	to	(2.97	%)
2020		55,739		$1.25	to	$1.12		$67,139		2.47	%		0.55	%	to	1.90	%		9.65	%	to	8.18	%
Janus Henderson VIT Forty, Serv
2024		3,637		$1.53	to	$1.49		$5,506		0.01	%		0.65	%	to	1.55	%		27.30	%	to	26.15	%
2023		2,031		$1.20	to	$1.18		$2,427		0.20	%		0.65	%	to	1.55	%		38.75	%	to	37.51	%
2022		550		$0.87	to	$0.86		$477		0.21	%		0.65	%	to	1.55	%		(14.36	%)⁽⁷⁾	to	(14.87	%)⁽⁷⁾
Janus Hend VIT Gbl Tech Innov, Srv
2024		9,868		$4.83	to	$1.68		$43,523		—			0.55	%	to	1.55	%		31.03	%	to	29.72	%
2023		9,595		$3.69	to	$1.29		$33,980		—			0.55	%	to	1.55	%		53.43	%	to	51.91	%
2022		9,650		$2.40	to	$0.85		$22,290		—			0.55	%	to	1.55	%		(37.47	%)	to	(16.26	%)⁽⁷⁾
2021		11,042		$3.84	to	$8.59		$41,320		0.11	%		0.55	%	to	1.20	%		17.10	%	to	16.34	%
2020		12,474		$3.28	to	$7.38		$39,831		—			0.55	%	to	1.20	%		49.90	%	to	48.93	%
Janus Henderson VIT Overseas, Serv
2024		11,882		$2.17	to	$1.13		$22,946		1.34	%		0.55	%	to	1.55	%		4.99	%	to	3.94	%
2023		10,521		$2.07	to	$1.09		$20,209		1.43	%		0.55	%	to	1.55	%		9.98	%	to	8.89	%
2022		10,668		$1.88	to	$1.00		$19,075		1.70	%		0.55	%	to	1.55	%		(9.34	%)	to	(0.29	%)⁽⁷⁾
2021		10,886		$2.08	to	$3.21		$21,627		1.02	%		0.55	%	to	1.20	%		12.67	%	to	11.94	%
2020		11,852		$1.84	to	$2.86		$20,942		1.20	%		0.55	%	to	1.20	%		15.39	%	to	14.64	%
Janus Henderson VIT Res, Serv
2024		13,692		$5.60	to	$4.44		$71,065		—			0.55	%	to	1.90	%		34.21	%	to	32.41	%
2023		15,163		$4.17	to	$3.35		$58,985		0.06	%		0.55	%	to	1.90	%		42.03	%	to	40.13	%
2022		15,712		$2.94	to	$2.39		$43,311		—			0.55	%	to	1.90	%		(30.45	%)	to	(31.38	%)
2021		16,792		$4.23	to	$3.48		$66,914		0.02	%		0.55	%	to	1.90	%		19.39	%	to	17.79	%
2020		18,250		$3.54	to	$2.96		$61,214		0.22	%		0.55	%	to	1.90	%		31.85	%	to	30.08	%
Lazard Ret Emer Mkts Eq, Serv
2024		789		$1.21	to	$1.18		$946		3.79	%		0.65	%	to	1.55	%		6.73	%	to	5.77	%
2023		332		$1.13	to	$1.11		$374		7.35	%		0.65	%	to	1.55	%		21.48	%	to	20.40	%
2022		43		$0.93	to	$0.93		$42		3.94	%		0.65	%	to	1.55	%		(6.40	%)⁽⁷⁾	to	(6.96	%)⁽⁷⁾
Lazard Ret Global Dyn MA, Serv
2024		5,920		$1.67	to	$1.42		$9,309		—			0.55	%	to	1.90	%		8.00	%	to	6.54	%
2023		6,834		$1.54	to	$1.33		$10,001		—			0.55	%	to	1.90	%		10.21	%	to	8.73	%
2022		8,731		$1.40	to	$1.23		$11,622		0.08	%		0.55	%	to	1.90	%		(17.83	%)	to	(18.93	%)
2021		10,498		$1.70	to	$1.51		$17,083		2.74	%		0.55	%	to	1.90	%		11.32	%	to	9.83	%
2020		11,732		$1.53	to	$1.38		$17,230		0.61	%		0.55	%	to	1.90	%		0.26	%	to	(1.09	%)
Lord Abt Bond Debenture, Cl VC
2024		6,208		$1.07	to	$1.04		$6,556		7.23	%		0.65	%	to	1.55	%		6.03	%	to	5.07	%
2023		3,237		$1.01	to	$0.99		$3,236		8.46	%		0.65	%	to	1.55	%		5.87	%	to	4.91	%
2022		935		$0.95	to	$0.95		$887		20.62	%		0.65	%	to	1.55	%		(4.49	%)⁽⁷⁾	to	(5.05	%)⁽⁷⁾



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			135


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Lord Abt Short Dur Inc, Cl VC
2024		12,218		$1.07	to	$1.04		$12,919		5.37	%		0.65	%	to	1.55	%		4.45	%	to	3.51	%
2023		8,565		$1.02	to	$1.01		$8,707		6.76	%		0.65	%	to	1.55	%		4.37	%	to	3.45	%
2022		2,326		$0.98	to	$0.97		$2,273		11.65	%		0.65	%	to	1.55	%		(1.84	%)⁽⁷⁾	to	(2.43	%)⁽⁷⁾
LVIP AC Intl, Serv Cl
2024		6,797		$2.52	to	$1.04		$15,613		1.36	%		0.55	%	to	1.55	%		1.89	%	to	0.88	%
2023		7,365		$2.47	to	$1.03		$16,816		1.25	%		0.55	%	to	1.55	%		11.81	%	to	10.71	%
2022		7,608		$2.21	to	$0.93		$16,058		1.35	%		0.55	%	to	1.55	%		(25.27	%)	to	(6.43	%)⁽⁷⁾
2021		8,507		$2.96	to	$3.01		$24,400		0.02	%		0.55	%	to	1.20	%		8.01	%	to	7.31	%
2020		9,218		$2.74	to	$2.81		$24,485		0.38	%		0.55	%	to	1.20	%		24.97	%	to	24.15	%
LVIP AC Intl, Std Cl II
2024		2,521		$2.35	to	$2.12		$5,543		1.61	%		0.55	%	to	0.95	%		2.03	%	to	1.63	%
2023		2,880		$2.30	to	$2.09		$6,221		1.41	%		0.55	%	to	0.95	%		11.96	%	to	11.51	%
2022		3,217		$2.05	to	$1.87		$6,233		1.50	%		0.55	%	to	0.95	%		(25.17	%)	to	(25.47	%)
2021		3,597		$2.75	to	$2.51		$9,341		0.16	%		0.55	%	to	0.95	%		8.15	%	to	7.72	%
2020		3,871		$2.54	to	$2.33		$9,327		0.49	%		0.55	%	to	0.95	%		25.19	%	to	24.69	%
LVIP AC Mid Cap Val, Serv Cl
2024		10,175		$3.56	to	$1.11		$36,954		2.33	%		0.55	%	to	1.55	%		7.93	%	to	6.86	%
2023		11,493		$3.30	to	$1.04		$38,655		2.17	%		0.55	%	to	1.55	%		5.45	%	to	4.40	%
2022		12,448		$3.13	to	$0.99		$40,249		2.11	%		0.55	%	to	1.55	%		(1.92	%)	to	(0.64	%)⁽⁷⁾
2021		12,841		$3.19	to	$3.46		$42,771		1.00	%		0.55	%	to	1.45	%		22.34	%	to	21.25	%
2020		14,793		$2.61	to	$2.85		$40,391		1.63	%		0.55	%	to	1.45	%		0.56	%	to	(0.35	%)
LVIP AC Ultra, Serv Cl
2024		7,087		$7.73	to	$6.85		$51,965		—			0.55	%	to	1.45	%		27.91	%	to	26.76	%
2023		8,647		$6.05	to	$5.40		$49,845		—			0.55	%	to	1.45	%		42.49	%	to	41.21	%
2022		8,897		$4.24	to	$3.83		$36,106		—			0.55	%	to	1.45	%		(32.83	%)	to	(33.43	%)
2021		9,890		$6.32	to	$5.75		$60,002		—			0.55	%	to	1.45	%		22.32	%	to	21.23	%
2020		11,057		$5.16	to	$4.74		$54,981		—			0.55	%	to	1.45	%		48.73	%	to	47.40	%
LVIP AC Val, Serv Cl
2024		40,099		$5.06	to	$2.65		$167,819		2.70	%		0.55	%	to	1.90	%		8.69	%	to	7.23	%
2023		46,305		$4.65	to	$2.47		$177,917		2.23	%		0.55	%	to	1.90	%		8.42	%	to	6.98	%
2022		51,027		$4.29	to	$2.31		$180,526		1.96	%		0.55	%	to	1.90	%		(0.24	%)	to	(1.57	%)
2021		49,692		$4.30	to	$2.35		$178,573		1.59	%		0.55	%	to	1.90	%		23.60	%	to	21.95	%
2020		53,117		$3.48	to	$1.92		$155,093		2.14	%		0.55	%	to	1.90	%		0.28	%	to	(1.06	%)
LVIP AC Val, Std Cl II
2024		4,394		$6.13	to	$5.54		$25,432		2.81	%		0.55	%	to	0.95	%		8.88	%	to	8.44	%
2023		5,194		$5.63	to	$5.11		$27,678		2.38	%		0.55	%	to	0.95	%		8.50	%	to	8.07	%
2022		5,778		$5.19	to	$4.73		$28,456		2.09	%		0.55	%	to	0.95	%		(0.01	%)	to	(0.41	%)
2021		6,246		$5.19	to	$4.75		$30,851		1.73	%		0.55	%	to	0.95	%		23.83	%	to	23.33	%
2020		6,916		$4.19	to	$3.85		$27,765		2.28	%		0.55	%	to	0.95	%		0.42	%	to	0.02	%
LVIP JPM US Eq, Serv Cl
2024		3,347		$1.44	to	$1.41		$4,772		0.37	%		0.65	%	to	1.55	%		22.88	%	to	21.77	%
2023		3,279		$1.17	to	$1.15		$3,819		1.03	%		0.65	%	to	1.55	%		16.04	%⁽⁸⁾	to	15.34	%⁽⁸⁾
Mac VIP Asset Strategy, Serv Cl
2024		7,222		$1.80	to	$1.53		$12,398		1.85	%		0.55	%	to	1.90	%		11.82	%	to	10.32	%
2023		8,132		$1.61	to	$1.39		$12,557		2.06	%		0.55	%	to	1.90	%		13.31	%	to	11.80	%
2022		9,145		$1.42	to	$1.24		$12,502		1.52	%		0.55	%	to	1.90	%		(15.21	%)	to	(16.34	%)
2021		10,019		$1.67	to	$1.49		$16,237		1.59	%		0.55	%	to	1.90	%		9.84	%	to	8.37	%
2020		10,756		$1.52	to	$1.37		$15,965		2.00	%		0.55	%	to	1.90	%		13.25	%	to	11.73	%
Mac VIP for Inc, Serv Cl
2024		1,483		$1.13	to	$1.11		$1,664		6.93	%		0.65	%	to	1.55	%		5.61	%	to	4.66	%
2023		912		$1.07	to	$1.06		$974		5.86	%		0.65	%	to	1.55	%		12.12	%	to	11.12	%
2022		413		$0.96	to	$0.95		$396		—			0.65	%	to	1.55	%		(3.70	%)⁽⁷⁾	to	(4.27	%)⁽⁷⁾
Mac VIP Intl Core Eq, Serv Cl
2024		1,295		$0.99	to	$0.98		$1,280		1.67	%		0.65	%	to	1.55	%		(0.96	%)⁽⁹⁾	to	(1.57	%)⁽⁹⁾



136		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
MFS Gbl Real Est, Serv Cl
2024		1,873		$0.87	to	$0.85		$1,613		1.71	%		0.65	%	to	1.55	%		(3.56	%)	to	(4.43	%)
2023		1,148		$0.90	to	$0.89		$1,029		0.55	%		0.65	%	to	1.55	%		10.49	%	to	9.50	%
2022		483		$0.82	to	$0.81		$394		1.65	%		0.65	%	to	1.55	%		(16.74	%)⁽⁷⁾	to	(17.24	%)⁽⁷⁾
MFS Intl Gro, Serv Cl
2024		4,684		$1.20	to	$1.17		$5,571		0.88	%		0.65	%	to	1.55	%		8.05	%	to	7.09	%
2023		2,680		$1.11	to	$1.10		$2,962		1.17	%		0.65	%	to	1.55	%		13.66	%	to	12.66	%
2022		611		$0.98	to	$0.97		$597		0.40	%		0.65	%	to	1.55	%		(1.98	%)⁽⁷⁾	to	(2.56	%)⁽⁷⁾
MFS Mass Inv Gro Stock, Serv Cl
2024		22,853		$3.15	to	$2.88		$69,636		0.13	%		0.55	%	to	1.45	%		15.34	%	to	14.30	%
2023		26,423		$2.73	to	$2.52		$70,051		0.05	%		0.55	%	to	1.45	%		23.03	%	to	21.93	%
2022		29,550		$2.22	to	$2.07		$63,985		—			0.55	%	to	1.45	%		(19.89	%)	to	(20.61	%)
2021		31,273		$2.77	to	$2.61		$84,817		0.03	%		0.55	%	to	1.45	%		24.97	%	to	23.85	%
2020		35,260		$2.22	to	$2.10		$76,753		0.22	%		0.55	%	to	1.45	%		21.53	%	to	20.44	%
MFS New Dis, Serv Cl
2024		6,949		$4.15	to	$4.24		$27,284		—			0.55	%	to	1.20	%		5.85	%	to	5.16	%
2023		8,074		$3.92	to	$4.03		$30,053		—			0.55	%	to	1.20	%		13.63	%	to	12.89	%
2022		8,688		$3.45	to	$3.57		$28,558		—			0.55	%	to	1.20	%		(30.38	%)	to	(30.83	%)
2021		9,511		$4.96	to	$5.16		$45,049		—			0.55	%	to	1.20	%		1.02	%	to	0.36	%
2020		10,533		$4.91	to	$5.15		$49,536		—			0.55	%	to	1.20	%		44.78	%	to	43.85	%
MFS Research Intl, Serv Cl
2024		2,556		$1.11	to	$1.08		$2,798		1.49	%		0.65	%	to	1.55	%		2.12	%	to	1.20	%
2023		1,693		$1.08	to	$1.07		$1,821		1.00	%		0.65	%	to	1.55	%		12.09	%	to	11.10	%
2022		439		$0.97	to	$0.96		$423		2.42	%		0.65	%	to	1.55	%		(3.09	%)⁽⁷⁾	to	(3.66	%)⁽⁷⁾
MFS Utilities, Serv Cl
2024		26,564		$5.70	to	$2.06		$123,093		2.07	%		0.55	%	to	1.90	%		10.73	%	to	9.24	%
2023		30,875		$5.15	to	$1.89		$128,927		3.30	%		0.55	%	to	1.90	%		(2.86	%)	to	(4.17	%)
2022		35,725		$5.30	to	$1.97		$153,188		2.24	%		0.55	%	to	1.90	%		(0.07	%)	to	(1.41	%)
2021		35,894		$5.31	to	$2.00		$154,358		1.52	%		0.55	%	to	1.90	%		13.20	%	to	11.68	%
2020		40,895		$4.69	to	$1.79		$155,077		2.21	%		0.55	%	to	1.90	%		5.04	%	to	3.63	%
MS VIF Dis, Cl II
2024		15,275		$5.34	to	$3.20		$77,103		—			0.55	%	to	1.90	%		40.95	%	to	39.05	%
2023		18,521		$3.79	to	$2.30		$66,636		—			0.55	%	to	1.90	%		43.34	%	to	41.43	%
2022		19,128		$2.64	to	$1.63		$48,221		—			0.55	%	to	1.90	%		(63.17	%)	to	(63.67	%)
2021		18,790		$7.18	to	$4.48		$129,812		—			0.55	%	to	1.90	%		(11.68	%)	to	(12.87	%)
2020		19,577		$8.13	to	$5.14		$154,281		—			0.55	%	to	1.90	%		150.66	%	to	147.31	%
NB AMT Sus Eq, Cl S
2024		4,104		$4.06	to	$3.48		$19,494		—			0.60	%	to	1.90	%		24.77	%	to	23.15	%
2023		4,558		$3.25	to	$2.83		$17,390		0.08	%		0.60	%	to	1.90	%		25.81	%	to	24.19	%
2022		4,439		$2.59	to	$2.28		$13,471		0.12	%		0.60	%	to	1.90	%		(19.14	%)	to	(20.18	%)
2021		4,556		$3.20	to	$2.85		$17,173		0.18	%		0.60	%	to	1.90	%		22.43	%	to	20.85	%
2020		4,405		$2.61	to	$2.36		$13,612		0.38	%		0.60	%	to	1.90	%		18.56	%	to	17.03	%
PIMCO VIT All Asset, Advisor Cl
2024		22,865		$2.11	to	$1.30		$44,867		6.26	%		0.55	%	to	1.90	%		3.00	%	to	1.62	%
2023		26,172		$2.04	to	$1.28		$50,062		2.82	%		0.55	%	to	1.90	%		7.43	%	to	5.98	%
2022		28,886		$1.90	to	$1.21		$51,711		7.56	%		0.55	%	to	1.90	%		(12.35	%)	to	(13.53	%)
2021		28,910		$2.17	to	$1.40		$59,799		10.91	%		0.55	%	to	1.90	%		15.41	%	to	13.86	%
2020		32,326		$1.88	to	$1.23		$58,128		4.85	%		0.55	%	to	1.90	%		7.32	%	to	5.88	%
PIMCO VIT Glb Man As Alloc, Adv Cl
2024		3,611		$1.63	to	$1.37		$5,518		3.40	%		0.55	%	to	1.90	%		10.14	%	to	8.66	%
2023		3,886		$1.48	to	$1.26		$5,409		2.10	%		0.55	%	to	1.90	%		12.25	%	to	10.73	%
2022		4,495		$1.32	to	$1.14		$5,605		1.90	%		0.55	%	to	1.90	%		(18.84	%)	to	(19.93	%)
2021		4,798		$1.63	to	$1.43		$7,409		2.38	%		0.55	%	to	1.90	%		11.99	%	to	10.47	%
2020		4,148		$1.45	to	$1.29		$5,747		7.83	%		0.55	%	to	1.90	%		16.08	%	to	14.51	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			137


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
PIMCO VIT Tot Return, Advisor Cl
2024		67,842		$1.09	to	$0.93		$70,000		3.92	%		0.55	%	to	1.90	%		1.87	%	to	0.50	%
2023		59,225		$1.07	to	$0.93		$60,236		3.48	%		0.55	%	to	1.90	%		5.25	%	to	3.84	%
2022		54,369		$1.02	to	$0.89		$52,773		2.52	%		0.55	%	to	1.90	%		(14.85	%)	to	(15.99	%)
2021		56,072		$1.19	to	$1.06		$64,182		1.72	%		0.55	%	to	1.90	%		(1.91	%)	to	(3.22	%)
2020		54,942		$1.22	to	$1.10		$64,444		1.99	%		0.55	%	to	1.90	%		7.94	%	to	6.50	%
Put VT Global Hlth Care, Cl IB
2024		6,586		$4.95	to	$1.09		$23,746		0.46	%		0.55	%	to	1.55	%		0.87	%	to	(0.16	%)
2023		6,060		$4.91	to	$1.09		$24,465		0.30	%		0.55	%	to	1.55	%		8.54	%	to	7.47	%
2022		5,652		$4.52	to	$1.01		$23,143		0.41	%		0.55	%	to	1.55	%		(5.19	%)	to	2.06	%⁽⁷⁾
2021		5,821		$4.77	to	$4.35		$26,302		1.11	%		0.55	%	to	1.20	%		18.75	%	to	17.98	%
2020		6,500		$4.01	to	$3.69		$24,820		0.48	%		0.55	%	to	1.20	%		15.64	%	to	14.89	%
Put VT Intl Eq, Cl IB
2024		4,328		$2.39	to	$2.26		$9,747		2.13	%		0.55	%	to	1.20	%		2.40	%	to	1.74	%
2023		4,622		$2.33	to	$2.22		$10,188		0.04	%		0.55	%	to	1.20	%		17.86	%	to	17.10	%
2022		4,961		$1.98	to	$1.89		$9,303		1.58	%		0.55	%	to	1.20	%		(15.23	%)	to	(15.78	%)
2021		5,340		$2.33	to	$2.25		$11,852		1.17	%		0.55	%	to	1.20	%		8.22	%	to	7.52	%
2020		5,740		$2.16	to	$2.09		$11,820		1.62	%		0.55	%	to	1.20	%		11.48	%	to	10.76	%
Put VT Intl Val, Cl IB
2024		3,282		$1.25	to	$1.22		$4,074		2.16	%		0.65	%	to	1.55	%		4.52	%	to	3.59	%
2023		2,141		$1.20	to	$1.18		$2,552		0.83	%		0.65	%	to	1.55	%		17.91	%	to	16.87	%
2022		270		$1.02	to	$1.01		$275		—			0.65	%	to	1.55	%		1.80	%⁽⁷⁾	to	1.19	%⁽⁷⁾
Put VT Lg Cap Val, Cl IB
2024		12,873		$1.37	to	$1.34		$17,488		0.89	%		0.65	%	to	1.55	%		18.37	%	to	17.29	%
2023		6,203		$1.16	to	$1.14		$7,147		1.44	%		0.65	%	to	1.55	%		14.92	%	to	13.90	%
2022		1,744		$1.01	to	$1.00		$1,756		—			0.65	%	to	1.55	%		0.54	%⁽⁷⁾	to	(0.06	%)⁽⁷⁾
Put VT Sus Fut, Cl IB
2024		2,003		$1.28	to	$1.25		$2,545		—			0.65	%	to	1.55	%		14.14	%	to	13.11	%
2023		1,495		$1.12	to	$1.10		$1,671		—			0.65	%	to	1.55	%		27.69	%	to	26.55	%
2022		29		$0.88	to	$0.87		$27		—			0.65	%	to	1.55	%		(12.79	%)⁽⁷⁾	to	(13.31	%)⁽⁷⁾
Put VT Sus Leaders, Cl IA
2024		10,942		$7.74	to	$7.74		$85,174		0.38	%		1.25	%	to	1.25	%		21.79	%	to	21.79	%
2023		12,137		$6.35	to	$6.35		$77,572		0.75	%		1.25	%	to	1.25	%		24.85	%	to	24.85	%
2022		13,260		$5.09	to	$5.09		$67,887		0.84	%		1.25	%	to	1.25	%		(23.68	%)	to	(23.68	%)
2021		14,649		$6.67	to	$6.67		$98,211		0.34	%		1.25	%	to	1.25	%		22.30	%	to	22.30	%
2020		15,847		$5.45	to	$5.45		$86,886		0.63	%		1.25	%	to	1.25	%		27.46	%	to	27.46	%
Put VT Sus Leaders, Cl IB
2024		8,345		$6.38	to	$1.39		$38,596		0.20	%		0.55	%	to	1.55	%		22.34	%	to	21.12	%
2023		8,858		$5.22	to	$1.15		$35,481		0.51	%		0.55	%	to	1.55	%		25.42	%	to	24.17	%
2022		7,392		$4.16	to	$0.93		$29,066		0.55	%		0.55	%	to	1.55	%		(23.33	%)	to	(7.80	%)⁽⁷⁾
2021		7,904		$5.43	to	$5.04		$41,649		0.14	%		0.55	%	to	1.20	%		22.86	%	to	22.06	%
2020		8,424		$4.42	to	$4.13		$36,224		0.42	%		0.55	%	to	1.20	%		28.19	%	to	27.36	%
Royce Micro-Cap, Invest Cl
2024		1,358		$8.35	to	$7.54		$10,610		—			0.55	%	to	0.95	%		13.04	%	to	12.59	%
2023		1,549		$7.38	to	$6.70		$10,731		—			0.55	%	to	0.95	%		18.13	%	to	17.66	%
2022		1,702		$6.25	to	$5.69		$10,011		—			0.55	%	to	0.95	%		(22.86	%)	to	(23.17	%)
2021		1,881		$8.10	to	$7.41		$14,415		—			0.55	%	to	0.95	%		29.27	%	to	28.75	%
2020		2,174		$6.27	to	$5.76		$12,923		—			0.55	%	to	0.95	%		23.12	%	to	22.62	%
Temp Global Bond, Cl 2
2024		18,021		$0.77	to	$0.65		$13,063		—			0.55	%	to	1.90	%		(11.86	%)	to	(13.05	%)
2023		21,204		$0.87	to	$0.75		$17,502		—			0.55	%	to	1.90	%		2.32	%	to	0.95	%
2022		25,466		$0.85	to	$0.75		$20,671		—			0.55	%	to	1.90	%		(5.47	%)	to	(6.74	%)
2021		28,021		$0.90	to	$0.80		$24,169		—			0.55	%	to	1.90	%		(5.51	%)	to	(6.78	%)
2020		29,605		$0.95	to	$0.86		$27,164		8.50	%		0.55	%	to	1.90	%		(5.80	%)	to	(7.07	%)



138		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Third Ave VST Third Ave Value
2024		1,724		$5.74	to	$5.18		$9,341		2.47	%		0.55	%	to	0.95	%		(2.81	%)	to	(3.20	%)
2023		1,993		$5.90	to	$5.35		$11,135		2.34	%		0.55	%	to	0.95	%		20.15	%	to	19.67	%
2022		2,166		$4.91	to	$4.47		$10,107		1.49	%		0.55	%	to	0.95	%		15.47	%	to	15.01	%
2021		2,361		$4.25	to	$3.89		$9,570		0.69	%		0.55	%	to	0.95	%		21.39	%	to	20.91	%
2020		2,673		$3.50	to	$3.22		$8,951		2.67	%		0.55	%	to	0.95	%		(2.93	%)	to	(3.32	%)
VanEck VIP Global Gold, Cl S
2024		26,810		$1.30	to	$1.11		$32,803		2.98	%		0.55	%	to	1.90	%		13.78	%	to	12.25	%
2023		27,682		$1.14	to	$0.99		$29,906		—			0.55	%	to	1.90	%		9.80	%	to	8.34	%
2022		28,070		$1.04	to	$0.91		$27,791		—			0.55	%	to	1.90	%		(13.83	%)	to	(14.99	%)
2021		26,221		$1.21	to	$1.07		$30,258		11.86	%		0.55	%	to	1.90	%		(14.48	%)	to	(15.63	%)
2020		24,609		$1.41	to	$1.27		$33,396		2.86	%		0.55	%	to	1.90	%		37.87	%	to	36.02	%
VP Aggr, Cl 2
2024		291,232		$2.94	to	$2.08		$791,147		—			0.55	%	to	1.90	%		12.57	%	to	11.06	%
2023		323,688		$2.61	to	$1.87		$789,147		—			0.55	%	to	1.90	%		16.58	%	to	15.02	%
2022		353,190		$2.24	to	$1.63		$745,332		—			0.55	%	to	1.90	%		(18.63	%)	to	(19.72	%)
2021		379,327		$2.75	to	$2.03		$993,245		—			0.55	%	to	1.90	%		15.12	%	to	13.58	%
2020		447,140		$2.39	to	$1.79		$1,022,254		—			0.55	%	to	1.90	%		14.36	%	to	12.82	%
VP Aggr, Cl 4
2024		151,299		$2.94	to	$2.57		$421,014		—			0.55	%	to	1.45	%		12.59	%	to	11.58	%
2023		173,886		$2.61	to	$2.31		$431,464		—			0.55	%	to	1.45	%		16.55	%	to	15.51	%
2022		195,567		$2.24	to	$2.00		$417,888		—			0.55	%	to	1.45	%		(18.64	%)	to	(19.36	%)
2021		212,647		$2.75	to	$2.48		$560,596		—			0.55	%	to	1.45	%		15.14	%	to	14.11	%
2020		244,947		$2.39	to	$2.17		$563,163		—			0.55	%	to	1.45	%		14.33	%	to	13.30	%
VP Conserv, Cl 2
2024		296,587		$1.48	to	$1.12		$410,773		—			0.55	%	to	1.90	%		3.85	%	to	2.45	%
2023		327,628		$1.43	to	$1.10		$438,602		—			0.55	%	to	1.90	%		7.87	%	to	6.43	%
2022		364,058		$1.32	to	$1.03		$453,757		—			0.55	%	to	1.90	%		(16.01	%)	to	(17.13	%)
2021		386,140		$1.57	to	$1.24		$575,776		—			0.55	%	to	1.90	%		2.25	%	to	0.88	%
2020		444,639		$1.54	to	$1.23		$651,949		—			0.55	%	to	1.90	%		8.70	%	to	7.25	%
VP Conserv, Cl 4
2024		186,069		$1.48	to	$1.30		$259,183		—			0.55	%	to	1.45	%		3.91	%	to	2.98	%
2023		215,364		$1.43	to	$1.26		$289,935		—			0.55	%	to	1.45	%		7.80	%	to	6.84	%
2022		246,692		$1.32	to	$1.18		$309,416		—			0.55	%	to	1.45	%		(15.96	%)	to	(16.71	%)
2021		279,904		$1.57	to	$1.42		$419,557		—			0.55	%	to	1.45	%		2.25	%	to	1.34	%
2020		345,597		$1.54	to	$1.40		$508,729		—			0.55	%	to	1.45	%		8.64	%	to	7.66	%
VP Man Risk, Cl 2
2024		180,267		$1.33	to	$1.20		$231,905		—			0.55	%	to	1.90	%		8.81	%	to	7.35	%
2023		195,838		$1.22	to	$1.12		$232,534		—			0.55	%	to	1.90	%		11.64	%	to	10.15	%
2022		196,286		$1.09	to	$1.02		$209,643		—			0.55	%	to	1.90	%		(17.84	%)	to	(18.94	%)
2021		203,989		$1.33	to	$1.25		$266,275		—			0.55	%	to	1.90	%		10.12	%	to	8.64	%
2020		185,210		$1.21	to	$1.16		$220,500		—			0.55	%	to	1.90	%		7.20	%	to	5.76	%
VP Man Risk US, Cl 2
2024		256,473		$1.51	to	$1.37		$375,871		—			0.55	%	to	1.90	%		11.09	%	to	9.59	%
2023		276,365		$1.36	to	$1.25		$366,203		—			0.55	%	to	1.90	%		13.92	%	to	12.39	%
2022		289,531		$1.19	to	$1.11		$338,221		—			0.55	%	to	1.90	%		(17.67	%)	to	(18.77	%)
2021		246,733		$1.45	to	$1.37		$351,655		—			0.55	%	to	1.90	%		12.72	%	to	11.21	%
2020		207,706		$1.29	to	$1.23		$263,829		—			0.55	%	to	1.90	%		9.19	%	to	7.72	%
VP Man Vol Conserv, Cl 2
2024		431,746		$1.24	to	$1.07		$512,434		—			0.55	%	to	1.90	%		3.74	%	to	2.34	%
2023		458,306		$1.19	to	$1.04		$526,283		—			0.55	%	to	1.90	%		7.28	%	to	5.84	%
2022		510,679		$1.11	to	$0.99		$548,639		—			0.55	%	to	1.90	%		(16.45	%)	to	(17.57	%)
2021		529,357		$1.33	to	$1.20		$683,876		—			0.55	%	to	1.90	%		2.06	%	to	0.69	%
2020		649,932		$1.30	to	$1.19		$826,131		—			0.55	%	to	1.90	%		7.53	%	to	6.09	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			139


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Man Vol Conserv Gro, Cl 2
2024		772,013		$1.37	to	$1.21		$1,038,610		—		0.55	%	to	1.90	%		6.22	%	to	4.78	%
2023		854,946		$1.29	to	$1.16		$1,086,575		—		0.55	%	to	1.90	%		9.37	%	to	7.91	%
2022		938,364		$1.18	to	$1.07		$1,094,441		—		0.55	%	to	1.90	%		(17.52	%)	to	(18.62	%)
2021		1,036,906		$1.43	to	$1.32		$1,472,908		—		0.55	%	to	1.90	%		4.88	%	to	3.47	%
2020		1,128,542		$1.37	to	$1.27		$1,535,498		—		0.55	%	to	1.90	%		8.55	%	to	7.10	%
VP Man Vol Gro, Cl 2
2024		6,028,853		$1.68	to	$1.56		$10,374,473		—		0.55	%	to	1.90	%		11.36	%	to	9.86	%
2023		6,709,472		$1.51	to	$1.42		$10,404,577		—		0.55	%	to	1.90	%		13.96	%	to	12.44	%
2022		7,214,937		$1.32	to	$1.26		$9,852,364		—		0.55	%	to	1.90	%		(19.87	%)	to	(20.94	%)
2021		7,665,951		$1.65	to	$1.59		$13,115,191		—		0.55	%	to	1.90	%		11.28	%	to	9.79	%
2020		7,572,902		$1.48	to	$1.45		$11,679,063		—		0.55	%	to	1.90	%		10.69	%	to	9.20	%
VP Man Vol Mod Gro, Cl 2
2024		6,634,278		$1.53	to	$1.47		$10,776,992		—		0.55	%	to	1.90	%		8.81	%	to	7.34	%
2023		7,556,338		$1.41	to	$1.37		$11,297,787		—		0.55	%	to	1.90	%		11.66	%	to	10.16	%
2022		8,355,742		$1.26	to	$1.24		$11,208,244		—		0.55	%	to	1.90	%		(18.60	%)	to	(19.69	%)
2021		9,058,517		$1.55	to	$1.55		$14,986,546		—		0.55	%	to	1.90	%		8.10	%	to	6.65	%
2020		9,435,051		$1.43	to	$1.45		$14,491,911		—		0.55	%	to	1.90	%		9.77	%	to	8.30	%
VP Mod, Cl 2
2024		3,167,397		$2.15	to	$1.56		$6,385,038		—		0.55	%	to	1.90	%		8.12	%	to	6.66	%
2023		3,490,897		$1.99	to	$1.46		$6,534,930		—		0.55	%	to	1.90	%		12.34	%	to	10.84	%
2022		3,731,168		$1.77	to	$1.32		$6,245,287		—		0.55	%	to	1.90	%		(17.06	%)	to	(18.18	%)
2021		3,901,973		$2.13	to	$1.61		$7,909,032		—		0.55	%	to	1.90	%		8.41	%	to	6.95	%
2020		3,989,791		$1.97	to	$1.50		$7,493,232		—		0.55	%	to	1.90	%		12.25	%	to	10.74	%
VP Mod, Cl 4
2024		2,304,588		$2.15	to	$1.89		$4,683,191		—		0.55	%	to	1.45	%		8.11	%	to	7.14	%
2023		2,620,111		$1.99	to	$1.76		$4,944,759		—		0.55	%	to	1.45	%		12.32	%	to	11.32	%
2022		2,930,322		$1.77	to	$1.58		$4,942,959		—		0.55	%	to	1.45	%		(17.04	%)	to	(17.78	%)
2021		3,257,133		$2.14	to	$1.92		$6,649,080		—		0.55	%	to	1.45	%		8.45	%	to	7.47	%
2020		3,634,891		$1.97	to	$1.79		$6,870,098		—		0.55	%	to	1.45	%		12.17	%	to	11.17	%
VP Mod Aggr, Cl 2
2024		867,014		$2.51	to	$1.79		$2,036,640		—		0.55	%	to	1.90	%		10.39	%	to	8.90	%
2023		990,336		$2.28	to	$1.65		$2,117,397		—		0.55	%	to	1.90	%		14.31	%	to	12.78	%
2022		1,127,206		$1.99	to	$1.46		$2,119,616		—		0.55	%	to	1.90	%		(18.04	%)	to	(19.14	%)
2021		1,295,509		$2.43	to	$1.80		$2,993,307		—		0.55	%	to	1.90	%		11.69	%	to	10.19	%
2020		1,529,551		$2.18	to	$1.64		$3,180,301		—		0.55	%	to	1.90	%		13.41	%	to	11.89	%
VP Mod Aggr, Cl 4
2024		522,434		$2.52	to	$2.20		$1,243,730		—		0.55	%	to	1.45	%		10.37	%	to	9.37	%
2023		603,948		$2.28	to	$2.02		$1,308,145		—		0.55	%	to	1.45	%		14.28	%	to	13.26	%
2022		689,542		$2.00	to	$1.78		$1,312,157		—		0.55	%	to	1.45	%		(18.02	%)	to	(18.75	%)
2021		783,176		$2.43	to	$2.19		$1,824,824		—		0.55	%	to	1.45	%		11.72	%	to	10.72	%
2020		903,028		$2.18	to	$1.98		$1,890,515		—		0.55	%	to	1.45	%		13.39	%	to	12.37	%
VP Mod Conserv, Cl 2
2024		579,639		$1.78	to	$1.31		$962,902		—		0.55	%	to	1.90	%		5.82	%	to	4.40	%
2023		648,002		$1.68	to	$1.26		$1,021,214		—		0.55	%	to	1.90	%		9.90	%	to	8.43	%
2022		712,621		$1.53	to	$1.16		$1,025,805		—		0.55	%	to	1.90	%		(16.55	%)	to	(17.66	%)
2021		787,086		$1.83	to	$1.41		$1,363,432		—		0.55	%	to	1.90	%		5.16	%	to	3.75	%
2020		848,396		$1.74	to	$1.36		$1,404,346		—		0.55	%	to	1.90	%		10.40	%	to	8.92	%
VP Mod Conserv, Cl 4
2024		437,246		$1.78	to	$1.56		$732,042		—		0.55	%	to	1.45	%		5.81	%	to	4.86	%
2023		508,546		$1.68	to	$1.49		$807,957		—		0.55	%	to	1.45	%		9.88	%	to	8.90	%
2022		581,044		$1.53	to	$1.36		$843,640		—		0.55	%	to	1.45	%		(16.56	%)	to	(17.31	%)
2021		665,339		$1.83	to	$1.65		$1,162,608		—		0.55	%	to	1.45	%		5.21	%	to	4.26	%
2020		755,456		$1.74	to	$1.58		$1,259,908		—		0.55	%	to	1.45	%		10.38	%	to	9.39	%



140		∎ RIVERSOURCE VARIABLE ACCOUNT 10


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Ptnrs Core Bond, Cl 2
2024		16,420		$1.12	to	$0.95		$18,541		3.47	%		0.60	%	to	1.90	%		1.41	%	to	0.09	%
2023		14,110		$1.11	to	$0.95		$15,773		2.55	%		0.60	%	to	1.90	%		5.42	%	to	4.07	%
2022		12,423		$1.05	to	$0.91		$13,252		1.45	%		0.60	%	to	1.90	%		(14.11	%)	to	(15.22	%)
2021		11,968		$1.22	to	$1.08		$14,907		1.16	%		0.60	%	to	1.90	%		(2.01	%)	to	(3.26	%)
2020		11,429		$1.25	to	$1.11		$14,577		1.88	%		0.60	%	to	1.90	%		7.33	%	to	5.94	%
VP Ptnrs Core Eq, Cl 2
2024		2,989		$3.85	to	$3.29		$13,035		—			0.60	%	to	1.90	%		22.36	%	to	20.77	%
2023		3,211		$3.14	to	$2.72		$11,488		—			0.60	%	to	1.90	%		23.69	%	to	22.10	%
2022		3,470		$2.54	to	$2.23		$10,090		—			0.60	%	to	1.90	%		(18.05	%)	to	(19.10	%)
2021		3,521		$3.10	to	$2.75		$12,507		—			0.60	%	to	1.90	%		28.41	%	to	26.75	%
2020		3,800		$2.42	to	$2.17		$10,567		—			0.60	%	to	1.90	%		16.03	%	to	14.53	%
VP Ptnrs Core Eq, Cl 3
2024		4,592		$4.19	to	$3.62		$18,107		—			0.55	%	to	1.45	%		22.58	%	to	21.48	%
2023		5,663		$3.41	to	$2.98		$18,292		—			0.55	%	to	1.45	%		23.87	%	to	22.76	%
2022		6,635		$2.76	to	$2.43		$17,356		—			0.55	%	to	1.45	%		(17.89	%)	to	(18.62	%)
2021		7,412		$3.36	to	$2.98		$23,707		—			0.55	%	to	1.45	%		28.63	%	to	27.48	%
2020		8,699		$2.61	to	$2.34		$21,712		—			0.55	%	to	1.45	%		16.20	%	to	15.16	%
VP Ptnrs Intl Core Eq, Cl 2
2024		12,770		$1.62	to	$1.42		$22,017		1.07	%		0.60	%	to	1.90	%		4.95	%	to	3.59	%
2023		12,129		$1.55	to	$1.37		$20,031		1.13	%		0.60	%	to	1.90	%		16.65	%	to	15.14	%
2022		10,609		$1.33	to	$1.19		$15,090		1.68	%		0.60	%	to	1.90	%		(20.12	%)	to	(21.15	%)
2021		8,261		$1.66	to	$1.51		$14,774		1.57	%		0.60	%	to	1.90	%		12.51	%	to	11.05	%
2020		5,101		$1.48	to	$1.36		$8,115		0.22	%		0.60	%	to	1.90	%		10.29	%	to	8.88	%
VP Ptnrs Intl Gro, Cl 2
2024		18,090		$1.56	to	$1.35		$31,174		0.46	%		0.60	%	to	1.90	%		(2.00	%)	to	(3.28	%)
2023		19,142		$1.59	to	$1.39		$33,812		0.24	%		0.60	%	to	1.90	%		13.77	%	to	12.31	%
2022		20,432		$1.40	to	$1.24		$31,851		—			0.60	%	to	1.90	%		(27.31	%)	to	(28.25	%)
2021		20,542		$1.93	to	$1.73		$44,210		—			0.60	%	to	1.90	%		9.67	%	to	8.25	%
2020		18,933		$1.76	to	$1.60		$37,314		0.09	%		0.60	%	to	1.90	%		21.57	%	to	20.00	%
VP Ptnrs Intl Val, Cl 2
2024		17,300		$1.42	to	$1.26		$24,437		2.56	%		0.60	%	to	1.90	%		3.68	%	to	2.33	%
2023		17,866		$1.37	to	$1.23		$24,465		1.94	%		0.60	%	to	1.90	%		16.27	%	to	14.77	%
2022		18,872		$1.18	to	$1.07		$22,304		2.17	%		0.60	%	to	1.90	%		(12.29	%)	to	(13.41	%)
2021		17,333		$1.34	to	$1.24		$23,456		1.93	%		0.60	%	to	1.90	%		10.98	%	to	9.53	%
2020		14,868		$1.21	to	$1.13		$18,225		0.74	%		0.60	%	to	1.90	%		(4.71	%)	to	(5.94	%)
VP Ptnrs Sm Cap Gro, Cl 2
2024		6,895		$2.32	to	$1.98		$19,636		—			0.60	%	to	1.90	%		17.99	%	to	16.46	%
2023		5,906		$1.97	to	$1.70		$15,824		—			0.60	%	to	1.90	%		6.30	%	to	4.93	%
2022		5,632		$1.85	to	$1.62		$14,256		—			0.60	%	to	1.90	%		(29.55	%)	to	(30.46	%)
2021		4,587		$2.63	to	$2.33		$16,540		—			0.60	%	to	1.90	%		7.37	%	to	5.99	%
2020		3,948		$2.45	to	$2.20		$13,307		—			0.60	%	to	1.90	%		37.61	%	to	35.83	%
VP Ptnrs Sm Cap Val, Cl 2
2024		4,412		$2.18	to	$1.87		$11,351		—			0.60	%	to	1.90	%		7.05	%	to	5.67	%
2023		4,597		$2.04	to	$1.77		$11,216		—			0.60	%	to	1.90	%		10.42	%	to	9.00	%
2022		4,739		$1.85	to	$1.63		$10,581		—			0.60	%	to	1.90	%		(13.68	%)	to	(14.79	%)
2021		4,206		$2.14	to	$1.91		$10,987		—			0.60	%	to	1.90	%		23.01	%	to	21.43	%
2020		3,231		$1.74	to	$1.57		$6,905		—			0.60	%	to	1.90	%		3.36	%	to	2.03	%
VP Ptnrs Sm Cap Val, Cl 3
2024		10,814		$4.87	to	$2.41		$44,446		—			0.55	%	to	1.45	%		7.23	%	to	6.27	%
2023		12,365		$4.54	to	$2.27		$47,500		—			0.55	%	to	1.45	%		10.65	%	to	9.66	%
2022		13,574		$4.10	to	$2.07		$47,332		—			0.55	%	to	1.45	%		(13.54	%)	to	(14.31	%)
2021		14,915		$4.75	to	$2.42		$60,409		—			0.55	%	to	1.45	%		23.21	%	to	22.10	%
2020		17,789		$3.85	to	$1.98		$58,544		—			0.55	%	to	1.45	%		3.55	%	to	2.62	%



RIVERSOURCE VARIABLE ACCOUNT 10 ∎			141


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP US Flex Conserv Gro, Cl 2
2024		227,809		$1.29	to	$1.24		$304,818		—			0.55	%	to	1.90	%		8.81	%	to	7.34	%
2023		244,360		$1.18	to	$1.16		$301,739		—			0.55	%	to	1.90	%		10.61	%	to	9.14	%
2022		252,349		$1.07	to	$1.06		$282,912		—			0.55	%	to	1.90	%		(17.19	%)	to	(18.30	%)
2021		252,398		$1.29	to	$1.30		$343,216		—			0.55	%	to	1.90	%		6.91	%	to	5.47	%
2020		298,161		$1.21	to	$1.23		$381,005		—			0.55	%	to	1.90	%		5.29	%	to	3.88	%
VP US Flex Gro, Cl 2
2024		2,318,767		$1.59	to	$1.63		$4,077,644		—			0.55	%	to	1.90	%		16.50	%	to	14.93	%
2023		2,426,805		$1.37	to	$1.42		$3,678,128		—			0.55	%	to	1.90	%		16.16	%	to	14.61	%
2022		2,536,094		$1.18	to	$1.24		$3,322,898		—			0.55	%	to	1.90	%		(19.17	%)	to	(20.26	%)
2021		2,507,111		$1.45	to	$1.55		$4,081,955		—			0.55	%	to	1.90	%		14.87	%	to	13.32	%
2020		2,383,120		$1.27	to	$1.37		$3,392,122		—			0.55	%	to	1.90	%		4.23	%	to	2.83	%
VP US Flex Mod Gro, Cl 2
2024		1,270,198		$1.44	to	$1.43		$1,959,031		—			0.55	%	to	1.90	%		12.57	%	to	11.05	%
2023		1,352,692		$1.28	to	$1.29		$1,861,012		—			0.55	%	to	1.90	%		13.24	%	to	11.73	%
2022		1,428,099		$1.13	to	$1.15		$1,742,584		—			0.55	%	to	1.90	%		(17.99	%)	to	(19.09	%)
2021		1,457,022		$1.38	to	$1.43		$2,177,512		—			0.55	%	to	1.90	%		10.86	%	to	9.38	%
2020		1,429,369		$1.24	to	$1.30		$1,935,524		—			0.55	%	to	1.90	%		4.95	%	to	3.54	%
Wanger Acorn
2024		29,224		$6.87	to	$1.24		$157,104		—			0.55	%	to	1.55	%		13.55	%	to	12.41	%
2023		32,426		$6.05	to	$1.10		$159,429		—			0.55	%	to	1.55	%		21.07	%	to	19.87	%
2022		36,060		$5.00	to	$0.92		$147,223		—			0.55	%	to	1.55	%		(33.83	%)	to	(9.83	%)⁽⁷⁾
2021		39,685		$7.55	to	$3.70		$246,177		0.72	%		0.55	%	to	1.45	%		8.30	%	to	7.33	%
2020		45,839		$6.97	to	$3.45		$263,234		—			0.55	%	to	1.45	%		23.55	%	to	22.44	%
Wanger Intl
2024		26,765		$4.07	to	$0.93		$84,296		1.37	%		0.55	%	to	1.55	%		(8.75	%)	to	(9.67	%)
2023		30,060		$4.46	to	$1.03		$104,635		0.31	%		0.55	%	to	1.55	%		16.32	%	to	15.16	%
2022		33,274		$3.83	to	$0.90		$100,085		0.91	%		0.55	%	to	1.55	%		(34.21	%)	to	(9.03	%)⁽⁷⁾
2021		36,342		$5.82	to	$2.73		$166,989		0.55	%		0.55	%	to	1.45	%		18.16	%	to	17.10	%
2020		41,614		$4.93	to	$2.33		$162,608		2.05	%		0.55	%	to	1.45	%		13.74	%	to	12.72	%
WA Var Global Hi Yd Bond, Cl II
2024		10,347		$1.32	to	$1.13		$12,853		6.10	%		0.55	%	to	1.90	%		6.12	%	to	4.68	%
2023		9,036		$1.25	to	$1.08		$10,681		4.99	%		0.55	%	to	1.90	%		9.35	%	to	7.89	%
2022		9,922		$1.14	to	$1.00		$10,760		6.23	%		0.55	%	to	1.90	%		(14.35	%)	to	(15.49	%)
2021		9,903		$1.33	to	$1.18		$12,619		4.22	%		0.55	%	to	1.90	%		0.49	%	to	(0.86	%)
2020		8,499		$1.33	to	$1.19		$10,857		3.76	%		0.55	%	to	1.90	%		6.53	%	to	5.11	%

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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

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

⁽⁶⁾	New subaccount operations commenced on May 3, 2021.

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

⁽⁸⁾	New subaccount operations commenced on April 28, 2023.

⁽⁹⁾	New subaccount operations commenced on April 26, 2024.



142		∎ RIVERSOURCE VARIABLE ACCOUNT 10

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of RiverSource Life Insurance Company and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of income, of comprehensive income, of shareholder’s equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

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

Critical Audit Matters

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

Valuation of market risk benefits

As described in Notes 2 and 12 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to

F-1

other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate. As of December 31, 2024, the market risk benefits asset was $2,182 million and the market risk benefits liability was $1,263 million.

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

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


/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 20, 2025

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

F-2

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


December 31,	2024			2023
Assets
Investments:
Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2024, $23,127; 2023, $19,871; allowance for credit losses: 2024, $1; 2023, $2)	$	22,259		$	19,374
Mortgage loans, at amortized cost (allowance for credit losses: 2024, $10; 2023, $10)		1,797			1,725
Policy loans		982			912
Other investments (allowance for credit losses: 2024, nil; 2023, nil)		115			165
Total investments		25,153			22,176
Investments of consolidated investment entities, at fair value		2,387			2,099
Cash and cash equivalents		2,483			2,598
Cash of consolidated investment entities, at fair value		373			87
Market risk benefits		2,182			1,427
Reinsurance recoverables (allowance for credit losses: 2024, $20; 2023, $27)		4,046			4,284
Receivables		6,042			6,702
Receivables of consolidated investment entities, at fair value		31			28
Accrued investment income		216			176
Deferred acquisition costs		2,661			2,696
Other assets		10,482			6,977
Other assets of consolidated investment entities, at fair value		2			1
Separate account assets		75,576			74,634
Total assets	$	131,634		$	123,885

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	41,863		$	37,535
Market risk benefits		1,263			1,762
Short-term borrowings		201			201
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,429			2,155
Other liabilities		8,298			5,896
Other liabilities of consolidated investment entities, at fair value		314			45
Separate account liabilities		75,576			74,634
Total liabilities		130,444			122,728
Shareholder’s equity:
Common stock, $30 par value; 100,000 shares authorized, issued and outstanding		3			3
Additional paid-in capital		2,466			2,466
Accumulated deficit		(400	)		(618	)
Accumulated other comprehensive income (loss), net of tax		(879	)		(694	)
Total shareholder’s equity		1,190			1,157
Total liabilities and shareholder’s equity	$	131,634		$	123,885

See Notes to Consolidated Financial Statements.

F-3

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF INCOME

(in millions)


Years Ended December 31,	2024			2023			2022
Revenues
Premiums	$	472		$	448		$	306
Net investment income		1,546			1,304			827
Policy and contract charges		2,060			2,020			2,078
Other revenues		578			590			644
Net realized investment gains (losses)		(81	)		(70	)		(100	)
Total revenues		4,575			4,292			3,755

Benefits and expenses
Benefits, claims, losses and settlement expenses		1,299			1,348			236
Interest credited to fixed accounts		616			654			665
Remeasurement (gains) losses of future policy benefit reserves		(44	)		(20	)		1
Change in fair value of market risk benefits		628			798			311
Amortization of deferred acquisition costs		234			239			241
Interest and debt expense		192			192			108
Other insurance and operating expenses		729			697			682
Total benefits and expenses		3,654			3,908			2,244
Pretax income (loss)		921			384			1,511
Income tax provision (benefit)		103			(10	)		209
Net income	$	818		$	394		$	1,302

See Notes to Consolidated Financial Statements.

F-4

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


Years Ended December 31,	2024			2023			2022

Net income	$	818		$	394		$	1,302
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities		(276	)		509			(2,035	)
Effect of changes in discount rate assumptions on certain long-duration contracts		153			(54	)		861
Effect of changes in instrument-specific credit risk on market risk benefits		(62	)		(65	)		407
Total other comprehensive income (loss), net of tax		(185	)		390			(767	)
Total comprehensive income (loss)	$	633		$	784		$	535

See Notes to Consolidated Financial Statements.

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, 2022	$	3	$	2,466	$	(1,114	)	$	(317	)	$	1,038
Net income		—		—		1,302			—			1,302
Other comprehensive loss, net of tax		—		—		—			(767	)		(767	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)

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

Balances at December 31, 2023		3		2,466		(618	)		(694	)		1,157
Net income		—		—		818			—			818
Other comprehensive loss, net of tax		—		—		—			(185	)		(185	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)
Balances at December 31, 2024	$	3	$	2,466	$	(400	)	$	(879	)	$	1,190

See Notes to Consolidated Financial Statements.

F-6

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


Years Ended December 31,	2024			2023			2022
Cash Flows from Operating Activities
Net income	$	818		$	394		$	1,302
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net		(195	)		(205	)		(201	)
Deferred income tax (benefit) expense		404			100			154
Contractholder and policyholder charges, non-cash		(407	)		(403	)		(395	)
Loss from equity method investments		28			26			48
Net realized investment (gains) losses		12			46			(3	)
Impairments and provision for loan losses		(1	)		(20	)		91
Net losses (gains) of consolidated investment entities		(13	)		23			17
Changes in operating assets and liabilities:
Deferred acquisition costs		35			63			62
Policyholder account balances, future policy benefits and claims, and market risk benefits, net		4,238			3,474			1,013
Derivatives, net of collateral		(1,669	)		(666	)		311
Reinsurance recoverables		89			100			84
Receivables		291			333			279
Accrued investment income		(40	)		(31	)		(21	)
Current income tax, net		(15	)		(323	)		72
Other operating assets and liabilities of consolidated investment entities		1			(5	)		2
Other, net		92			134			136
Net cash provided by (used in) operating activities		3,668			3,040			2,951

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		1,106			617			1,309
Maturities, sinking fund payments and calls		1,775			963			1,563
Purchases		(6,039	)		(4,187	)		(5,600	)
Proceeds from sales, maturities and repayments of mortgage loans		123			118			141
Funding of mortgage loans		(196	)		(74	)		(124	)
Proceeds from sales and collections of other investments		34			29			24
Purchase of other investments		(14	)		(15	)		(46	)
Purchase of investments by consolidated investment entities		(1,125	)		(427	)		(961	)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities		1,117			643			615
Purchase of equipment and software		(10	)		(10	)		(13	)
Change in policy loans, net		(70	)		(65	)		(13	)
Cash paid for deposit receivable		(33	)		(39	)		(45	)
Cash received for deposit receivable		592			774			550
Advance on line of credit to Ameriprise Financial, Inc.		(450	)		(850	)		(1,034	)
Repayment from Ameriprise Financial, Inc. on line of credit		450			850			1,034
Cash paid for written options with deferred premiums		(57	)		(59	)		(619	)
Cash received from written options with deferred premiums		22			43			204
Other, net		(1	)		25			21
Net cash provided by (used in) investing activities		(2,776	)		(1,664	)		(2,994	)

Cash Flows from Financing Activities
Policyholder account balances:
Deposits and other additions		1,470			1,476			1,169
Net transfers from (to) separate accounts		(176	)		(132	)		(162	)
Surrenders and other benefits		(1,765	)		(2,102	)		(1,459	)
Proceeds from line of credit with Ameriprise Financial, Inc.		3			—			—
Payments on line of credit with Ameriprise Financial, Inc.		(3	)		—			—
Cash paid for purchased options with deferred premiums		(148	)		(53	)		(197	)
Cash received for purchased options with deferred premiums		229			251			378
Borrowings by consolidated investment entities		1,273			—			341
Repayments of debt by consolidated investment entities		(1,004	)		(275	)		(4	)
Cash dividends to Ameriprise Financial, Inc.		(600	)		(600	)		(600	)
Net cash provided by (used in) financing activities		(721	)		(1,435	)		(534	)
Net increase (decrease) in cash and cash equivalents		171			(59	)		(577	)
Cash and cash equivalents at beginning of period		2,685			2,744			3,321
Cash and cash equivalents at end of period	$	2,856		$	2,685		$	2,744

Supplemental Disclosures:
Income taxes paid (received), net	$	(286	)	$	215		$	(17	)
Interest paid excluding consolidated investment entities		38			28			3
Interest paid by consolidated investment entities		176			177			75

See Notes to Consolidated Financial Statements.

F-7

RiverSource Life Insurance Company

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS AND BASIS OF PRESENTATION

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

•

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

•

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

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

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

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16.

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

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

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

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

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

F-8

RiverSource Life Insurance Company

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

•

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

•

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

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

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

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

Amounts Based on Estimates and Assumptions

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

Investments

Available-for-Sale Securities

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

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

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

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

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

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

F-9

RiverSource Life Insurance Company

securities and asset backed securities), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.

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

Other Investments

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

Financing Receivables

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

Commercial Loans

Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans are recorded within Mortgage loans and syndicated loans are recorded within Other investments. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company’s investment in loan syndications originated by unrelated third parties.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income.

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on policy loans is recorded in Net investment income.

Deposit Receivables

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.

See Note 7 for additional information on financing receivables.

Allowance for Credit Losses

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.

Commercial Loans

The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized investment gains (losses) and is reduced/increased by net charge-offs/recoveries.

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation

F-10

RiverSource Life Insurance Company

is inherently subjective as it requires estimates, which may be susceptible to significant change. While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

Deposit Receivables

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

Nonaccrual Loans

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

Loan Modifications

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

Charge-off and Foreclosure

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

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

Cash and Cash Equivalents

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

Reinsurance

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

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

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

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the

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RiverSource Life Insurance Company

Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.

See Note 9 for additional information on reinsurance.

Land, Buildings, Equipment and Software

Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.

As of December 31, 2024 and 2023, land, buildings, equipment and software were $113 million and $117 million, net of accumulated depreciation of $258 million and $244 million as of December 31, 2024 and 2023, respectively. Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $14 million, $15 million and $13 million, respectively.

Derivative Instruments and Hedging Activities

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

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

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

For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.

For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.

The equity component of indexed annuity, structured variable annuity and IUL obligations are considered embedded derivatives. Additionally, certain annuities contain guaranteed minimum accumulation benefits (“GMAB”) and guaranteed minimum withdrawal benefits (“GMWB”) provisions accounted for as market risk benefits.

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RiverSource Life Insurance Company

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

Market Risk Benefits

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

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

Deferred Acquisition Costs

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

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

The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.

DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.

DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including UL insurance, VUL insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to DI insurance is amortized based on original monthly benefit.

The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

Deferred Sales Inducement Costs

Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs (“DSIC”) is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

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RiverSource Life Insurance Company

Separate Account Assets and Liabilities

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

Policyholder Account Balances, Future Policy Benefits and Claims

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

Non-Traditional Long-Duration Products

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

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

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

See Note 12 for information regarding variable annuity guarantees.

Embedded Derivatives

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

Traditional Long-Duration Products

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

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

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

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

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RiverSource Life Insurance Company

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

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

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

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

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

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

Deferred Profit Liability

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

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

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

Unearned Revenue Liability

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

Income Taxes

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

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

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

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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 generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed. These fees and charges are recorded in Policy and contract charges.

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

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

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

3. RECENT ACCOUNTING PRONOUNCEMENTS

Adoption of New Accounting Standards

Segment Reporting — Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the standard on January 1, 2024. The adoption of the standard did not have an impact on the Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.

Future Adoption of New Accounting Standards

Income Taxes — Improvements to Income Tax Disclosures

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

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RiverSource Life Insurance Company

Expenses — Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing changes to footnote disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

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


	Years Ended December 31,
(in millions)	2024		2023		2022
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	158	$	152	$	164
Unaffiliated		16		14		14
Total		174		166		178
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		41		39		42
Unaffiliated		19		17		18
		60		56		60
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)		320		307		334
Unaffiliated		5		4		4
		325		311		338
Total		385		367		398
Total revenue from contracts with customers		559		533		576
Revenue from other sources⁽¹⁾		4,016		3,759		3,179
Total revenues	$	4,575	$	4,292	$	3,755

⁽¹⁾	Amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers.

Policy and Contract Charges

The Company earns revenue for providing distribution-related services to affiliated and unaffiliated mutual funds that are available as underlying investments in its variable annuity and variable life insurance products. The performance obligation is satisfied at the time the mutual fund is distributed. Revenue is recognized over the time the mutual fund is held in the variable product and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund. The revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control, including market volatility and how long the fund(s) remain in the insurance policy or annuity contract. The revenue will not be recognized until it is probable that a significant reversal will not occur. These fees are accrued and collected on a monthly basis.

Other Revenues

Administrative Fees

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

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The

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RiverSource Life Insurance Company

affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $50 million and $49 million as of December 31, 2024 and 2023, respectively.

5. VARIABLE INTEREST ENTITIES

The Company provides asset management services to CLOs which are considered to be VIEs that are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $2 million and $24 million as of December 31, 2024 and 2023, respectively.

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

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.

Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.

The Company’s maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.

A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in Other investments and was $46 million and $70 million as of December 31, 2024 and 2023, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of December 31, 2024 and 2023, respectively. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Fair Value of Assets and Liabilities

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

F-18

RiverSource Life Insurance Company

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:


	December 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	50	$	—	$	50
Common stocks		—		2		1		3
Syndicated loans		—		2,216		118		2,334
Total investments		—		2,268		119		2,387
Receivables		—		31		—		31
Other assets		—		2		—		2
Total assets at fair value	$	—	$	2,301	$	119	$	2,420
Liabilities
Debt⁽¹⁾	$	—	$	2,429	$	—	$	2,429
Other liabilities		—		314		—		314
Total liabilities at fair value	$	—	$	2,743	$	—	$	2,743


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	40	$	—	$	40
Common stocks		—		5		—		5
Syndicated loans		—		1,991		63		2,054
Total investments		—		2,036		63		2,099
Receivables		—		28		—		28
Other assets		—		1		—		1
Total assets at fair value	$	—	$	2,065	$	63	$	2,128
Liabilities
Debt⁽¹⁾	$	—	$	2,155	$	—	$	2,155
Other liabilities		—		45		—		45
Total liabilities at fair value	$	—	$	2,200	$	—	$	2,200

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:


(in millions)	Common Stocks			Syndicated Loans
Balance at January 1, 2024	$	—		$	63
Total gains (losses) included in:
Net income		(1	)⁽¹⁾		(7	)⁽¹⁾
Purchases		—			168
Sales		(1	)		—
Settlements		—			(5	)
Transfers into Level 3		4			103
Transfers out of Level 3		(1	)		(204	)
Balance at December 31, 2024	$	1		$	118
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2024	$	—	⁽¹⁾	$	—	⁽¹⁾

F-19

RiverSource Life Insurance Company


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


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

⁽¹⁾	Included in Net investment income.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of December 31, 2024 and 2023 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

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

Receivables

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

Liabilities

Debt

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

Other Liabilities

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

F-20

RiverSource Life Insurance Company

Fair Value Option

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

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


	December 31,
(in millions)	2024			2023
Syndicated loans
Unpaid principal balance	$	2,406		$	2,190
Excess unpaid principal over fair value		(72	)		(136	)
Fair value	$	2,334		$	2,054
Fair value of loans more than 90 days past due	$	1		$	—
Fair value of loans in nonaccrual status		1			13
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both		5			40
Debt
Unpaid principal balance	$	2,633		$	2,362
Excess unpaid principal over fair value		(204	)		(207	)
Carrying value⁽¹⁾	$	2,429		$	2,155

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.

During 2024, the Company launched two new CLOs that issued debt of $816 million in total.

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

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2024, 2023 and 2022.

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


	Carrying Value				Weighted Average Interest Rate
	December 31,				December 31,
(in millions)	2024		2023		2024			2023
Debt of consolidated CLOs due 2030-2038	$	2,429	$	2,155		5.9	%		6.6	%

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

6. INVESTMENTS

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


	December 31, 2024
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	13,803	$	199	$	(709	)	$	—		$	13,293
Residential mortgage backed securities		4,302		15		(278	)		—			4,039
Commercial mortgage backed securities		2,211		3		(114	)		—			2,100
State and municipal obligations		627		29		(19	)		(1	)		636
Asset backed securities		2,176		15		(8	)		—			2,183
Foreign government bonds and obligations		7		—		—			—			7
U.S. government and agency obligations		1		—		—			—			1
Total	$	23,127	$	261	$	(1,128	)	$	(1	)	$	22,259

F-21

RiverSource Life Insurance Company


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

As of December 31, 2024 and 2023, accrued interest of $208 million and $168 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.

As of December 31, 2024 and 2023, fixed maturity securities comprised approximately 88% and 87%, respectively, of the Company’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2024 and 2023, $497 million and $265 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.

A summary of fixed maturity securities by rating was as follows:


	December 31, 2024							December 31, 2023
Ratings (in millions, except percentages)	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
AAA	$	4,416	$	4,284		19	%	$	4,558	$	4,337		22	%
AA		4,455		4,256		19			3,961		3,799		20
A		2,689		2,650		12			2,213		2,279		12
BBB		11,279		10,786		49			8,813		8,633		44
Below investment grade		288		283		1			326		326		2
Total fixed maturities	$	23,127	$	22,259		100	%	$	19,871	$	19,374		100	%

As of December 31, 2024 and 2023, approximately 55% and 61%, respectively, of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2024, the Company had holdings in Ameriprise Advisor Financing 2, LLC (“AAF 2”), an affiliate of the Company, totaling $567 million that was 48% of the Company’s total shareholder’s equity. During June of 2024, the Company invested $310 million in new asset backed securities issued by Ameriprise Installment Financing, LLC. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2024, the fair value of these asset backed securities was $312 million which represents 26% of the Company’s total shareholder’s equity. Also, the Company had an additional 47 issuers with holdings totaling $8.7 billion that individually were between 10% and 27% of the Company’s total shareholder’s equity as of December 31, 2024. As of December 31, 2023, the Company had holdings in AAF 2 totaling $554 million that was 48% of the Company’s total shareholder’s equity. Also, the Company had an additional 34 issuers with holdings totaling $5.8 billion that individually were between 10% and 23% of the Company’s total shareholder’s equity as of December 31, 2023. There were no other holdings of any other issuer greater than 10% of the Company’s total shareholder’s equity as of December 31, 2024 and 2023.

F-22

RiverSource Life Insurance Company

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:


	December 31, 2024
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		275	$	5,272	$	(177	)		277	$	3,975	$	(532	)		552	$	9,247	$	(709	)
Residential mortgage backed securities		75		1,245		(25	)		189		1,633		(253	)		264		2,878		(278	)
Commercial mortgage backed securities		16		265		(5	)		166		1,589		(109	)		182		1,854		(114	)
State and municipal obligations		20		56		(2	)		44		133		(17	)		64		189		(19	)
Asset backed securities		6		57		(1	)		15		73		(7	)		21		130		(8	)
Foreign government bonds and obligations		—		—		—			2		6		—			2		6		—
Total		392	$	6,895	$	(210	)		693	$	7,409	$	(918	)		1,085	$	14,304	$	(1,128	)

	December 31, 2023
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		43	$	410	$	(8	)		340	$	4,735	$	(489	)		383	$	5,145	$	(497	)
Residential mortgage backed securities		30		389		(4	)		204		2,114		(260	)		234		2,503		(264	)
Commercial mortgage backed securities		20		264		(4	)		196		2,062		(189	)		216		2,326		(193	)
State and municipal obligations		5		29		(1	)		47		137		(18	)		52		166		(19	)
Asset backed securities		5		102		—			32		684		(21	)		37		786		(21	)
U.S. government and agency obligations		1		—		—			—		—		—			1		—		—
Foreign government bonds and obligations		—		—		—			2		6		—			2		6		—
Total		104	$	1,194	$	(17	)		821	$	9,738	$	(977	)		925	$	10,932	$	(994	)

As part of the Company’s ongoing monitoring process, management determined that the increase in gross unrealized loss on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2024 is primarily attributable to higher interest rates. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2024 and 2023, approximately 96% and 94%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:


(in millions)	Corporate Debt Securities			State and Municipal Obligations			Total
Balance at January 1, 2022	$	—		$	1		$	1
Additions for which credit losses were not previously recorded		20			—			20
Additional increases (decreases) on securities that had an allowance recorded in a previous period		—			1			1
Balance at December 31, 2022		20			2			22
Additions for which credit losses were not previously recorded		1			—			1
Reductions for securities sold during the period (realized)		(20	)		(1	)		(21	)
Balance at December 31, 2023		1			1			2
Reductions for securities sold during the period (realized)		(1	)		—			(1	)
Balance at December 31, 2024	$	—		$	1		$	1

F-23

RiverSource Life Insurance Company

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized investment gains (losses) were as follows:


	Years Ended December 31,
(in millions)	2024			2023			2022
Gross realized investment gains	$	34		$	11		$	28
Gross realized investment losses		(46	)		(57	)		(25	)
Credit reversals (losses)		1			20			(21	)
Other impairments		—			(1	)		(70	)
Total	$	(11	)	$	(27	)	$	(88	)

Credit losses recorded during the year ended December 31, 2022 and subsequently reversed due to sale of the security during the year ended December 31, 2023 relate to a corporate debt security in the communications industry. Other impairments for the years ended December 31, 2023 and 2022 related to Available-for-Sale securities which the Company intended to sell.

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

Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:


(in millions)	Amortized Cost		Fair Value
Due within one year	$	296	$	294
Due after one year through five years		2,362		2,300
Due after five years through 10 years		5,507		5,216
Due after 10 years		6,273		6,127
		14,438		13,937
Residential mortgage backed securities		4,302		4,039
Commercial mortgage backed securities		2,211		2,100
Asset backed securities		2,176		2,183
Total	$	23,127	$	22,259

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

The following is a summary of Net investment income:


	Years Ended December 31,
(in millions)	2024		2023		2022
Fixed maturities	$	1,026	$	830	$	615
Mortgage loans		73		69		73
Other investments		473		431		159
		1,572		1,330		847
Less: investment expenses		26		26		20
Total	$	1,546	$	1,304	$	827

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


	Years Ended December 31,
(in millions)	2024			2023			2022
Fixed maturities	$	(11	)	$	(27	)	$	(88	)
Mortgage loans		(1	)		1			(1	)
Other investments		(69	)		(44	)		(11	)
Total	$	(81	)	$	(70	)	$	(100	)

7. FINANCING RECEIVABLES

Financing receivables are comprised of commercial loans, policy loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.

F-24

RiverSource Life Insurance Company

Allowance for Credit Losses

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


(in millions)	Commercial Loans
Balance at January 1, 2022	$	12
Provisions		1
Charge-offs		(2	)
Balance at December 31, 2022		11
Provisions		(1	)
Balance at December 31, 2023		10
Provisions		—
Balance at December 31, 2024	$	10

As of December 31, 2024 and 2023, accrued interest on commercial loans was $17 million and $15 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

During the years ended December 31, 2024, 2023 and 2022, the Company purchased $3 million, $1 million and $42 million, respectively, of syndicated loans, and sold $2 million, $1 million and nil, respectively, of syndicated loans.

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

Credit Quality Information

There were no nonperforming loans as of both December 31, 2024 and 2023. All loans were considered to be performing.

Commercial Loans

Commercial Mortgage Loans

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

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2024 and 2023. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2024 and 2023.

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


	December 31, 2024
Loan-to-Value Ratio (in millions)	2024		2023		2022		2021		2020		Prior		Total
> 100%	$	—	$	—	$	—	$	—	$	—	$	15	$	15
80% - 100%		—		—		—		—		10		48		58
60% - 80%		83		39		13		9		6		121		271
40% - 60%		87		22		39		67		37		338		590
< 40%		13		7		47		94		46		666		873
Total	$	183	$	68	$	99	$	170	$	99	$	1,188	$	1,807


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

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2024, write-offs of commercial mortgage loans were not material.

F-25

RiverSource Life Insurance Company

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


	Loans				Percentage
	December 31,				December 31,
(in millions)	2024		2023		2024			2023
East North Central	$	177	$	180		10	%		10	%
East South Central		40		47		2			3
Middle Atlantic		118		97		7			6
Mountain		149		130		8			8
New England		24		21		1			1
Pacific		602		595		33			34
South Atlantic		477		452		26			26
West North Central		117		105		7			6
West South Central		103		108		6			6
Total	$	1,807	$	1,735		100	%		100	%

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


	Loans				Percentage
	December 31,				December 31,
(in millions)	2024		2023		2024			2023
Apartments	$	494	$	454		27	%		26	%
Hotel		33		13		2			1
Industrial		337		293		19			17
Mixed use		58		54		3			3
Office		208		230		12			13
Retail		533		546		29			32
Other		144		145		8			8
Total	$	1,807	$	1,735		100	%		100	%

Syndicated Loans

The investment in syndicated loans as of December 31, 2024 and 2023 was $36 million and $57 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2024 and 2023. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2024, write-offs of syndicated loans were not material.

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


	December 31, 2024
Internal Risk Rating (in millions)	2024		2023		2022		2021		2020		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		—		—		4		—		—		4
Risk 2		10		1		—		1		—		5		17
Risk 1		11		1		—		2		1		—		15
Total	$	21	$	2	$	—	$	7	$	1	$	5	$	36


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

F-26

RiverSource Life Insurance Company

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Deposit Receivables

Deposit receivables were $5.8 billion and $6.5 billion as of December 31, 2024 and 2023, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2024 and 2023.

Modifications with Borrowers Experiencing Financial Difficulty

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the years ended December 31, 2024 and 2023.

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

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


(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Balance at January 1, 2024	$	1,481		$	208		$	35		$	5		$	110		$	534
Capitalization of acquisition costs		24			98			—			—			—			64
Amortization		(117	)		(30	)		(7	)		(1	)		(7	)		(45	)
Balance at December 31, 2024	$	1,388		$	276		$	28		$	4		$	103		$	553

(in millions)	Indexed Universal Life Insurance			Other Life Insurance			Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Total, All Products
Balance at January 1, 2024	$	223		$	2		$	6		$	17		$	75		$	2,696
Capitalization of acquisition costs		3			—			5			2			3			199
Amortization		(16	)		—			(1	)		(2	)		(8	)		(234	)
Balance at December 31, 2024	$	210		$	2		$	10		$	17		$	70		$	2,661

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

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

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


(in millions)	Variable Annuities			Fixed Annuities			Total, All Products
Balance at January 1, 2024	$	134		$	12		$	146
Amortization		(13	)		(2	)		(15	)
Balance at December 31, 2024	$	121		$	10		$	131


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

F-27

RiverSource Life Insurance Company

9. REINSURANCE

The Company reinsures a portion of its insurance risks through reinsurance agreements with unaffiliated reinsurance companies. The Company reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life of NY are not subject to this reinsurance agreement.

Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.

The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 (RiverSource Life of NY began in 2002) and new individual UL and VUL insurance policies beginning in 2002 (2003 for RiverSource Life of NY). Policies issued prior to these dates are not subject to these same reinsurance levels.

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

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

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

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are about 90% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 (2010 for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold prior to 2007 (2010 for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2024 and 2023, traditional life and UL insurance policies in force were $198.1 billion and $198.8 billion, respectively, of which $143.5 billion and $144.7 billion as of December 31, 2024 and 2023 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:


	Years Ended December 31,
(in millions)	2024			2023			2022
Direct premiums	$	696		$	674		$	530
Reinsurance ceded		(224	)		(226	)		(224	)
Net premiums	$	472		$	448		$	306

Policy and contract charges are presented on the Consolidated Statements of Income net of $188 million, $180 million and $165 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2024, 2023 and 2022, respectively.

The amount of claims recovered through reinsurance on all contracts was $466 million, $438 million and $435 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Reinsurance recoverables include approximately $2.6 billion and $2.8 billion related to LTC risk ceded to Genworth as of December 31, 2024 and 2023, respectively.

Policyholder account balances, future policy benefits and claims include $351 million and $376 million related to previously assumed reinsurance arrangements as of December 31, 2024 and 2023, respectively.

F-28

RiverSource Life Insurance Company

10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS

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


	December 31,		December 31,
(in millions)	2024		2023
Policyholder account balances
Policyholder account balances	$	32,542	$	27,947
Future policy benefits
Reserve for future policy benefits		7,418		7,763
Deferred profit liability		118		81
Additional liabilities for insurance guarantees		1,389		1,321
Other insurance and annuity liabilities		192		213
Total future policy benefits		9,117		9,378
Policy claims and other policyholders’ funds		204		210
Total policyholder account balances, future policy benefits and claims	$	41,863	$	37,535

Variable Annuities

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

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

Structured Variable Annuities

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

Fixed Annuities

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

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

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

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

Insurance Liabilities

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

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

F-29

RiverSource Life Insurance Company

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

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

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


(in millions, except percentages)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2024	$	4,173		$	10,742		$	5,982		$	307		$	444
Contract deposits		56			4,005			39			—			101
Policy charges		(14	)		(3	)		—			—			—
Surrenders and other benefits		(628	)		(383	)		(856	)		(16	)		(110	)
Net transfer from (to) separate account liabilities		(32	)		—			—			—			—
Variable account index-linked adjustments		—			1,968			—			—			—
Interest credited		125			1			204			14			12
Balance at December 31, 2024	$	3,680		$	16,330		$	5,369		$	305		$	447
Weighted-average crediting rate		3.3	%		1.9	%		3.7	%		2.0	%		N/A
Cash surrender value⁽¹⁾	$	3,658		$	15,467		$	5,365		$	279			N/A

(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2024	$	1,474		$	1,569		$	2,755		$	501		$	27,947
Contract deposits		117			333			181			—			4,832
Policy charges		(173	)		(93	)		(124	)		—			(407	)
Surrenders and other benefits		(62	)		(80	)		(79	)		(52	)		(2,266	)
Net transfer from (to) separate account liabilities		—			(145	)		—			—			(177	)
Variable account index-linked adjustments		—			—			—			—			1,968
Interest credited		49			63			161			16			645
Balance at December 31, 2024	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Weighted-average crediting rate		3.6	%		3.9	%		2.3	%		4.0	%
Net amount at risk	$	8,312		$	57,473		$	13,593		$	130
Cash surrender value⁽¹⁾	$	1,280		$	1,092		$	2,447		$	298

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

F-30

RiverSource Life Insurance Company


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

⁽¹⁾

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

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

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.


							December 31, 2024
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	24	$	95	$	65	$	17	$	—	$	201
		2	%	–	2.99	%		112		—		—		—		—		112
		3	%	–	3.99	%		1,894		7		—		1		—		1,902
		4	%	–	5.00	%		1,412		—		—		—		—		1,412

		Total					$	3,442	$	102	$	65	$	18	$	—	$	3,627

Fixed accounts of structured variable annuities		1	%	–	1.99	%	$	2	$	20	$	9	$	—	$	—	$	31
		2	%	–	2.99	%		13		—		—		—		—		13
		3	%	–	3.99	%		1		—		—		—		—		1
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	16	$	20	$	9	$	—	$	—	$	45

Fixed annuities		1	%	–	1.99	%	$	85	$	237	$	152	$	89	$	14	$	577
		2	%	–	2.99	%		22		14		2		—		—		38
		3	%	–	3.99	%		2,410		—		—		—		—		2,410
		4	%	–	5.00	%		2,331		—		—		—		—		2,331

		Total					$	4,848	$	251	$	154	$	89	$	14	$	5,356

Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	—	$	2	$	5	$	14	$	—	$	21
		2	%	–	2.99	%		—		—		—		—		—		—
		3	%	–	3.99	%		—		—		—		—		—		—
		4	%	–	5.00	%		—		—		—		—		—		—

		Total					$	—	$	2	$	5	$	14	$	—	$	21

Universal life insurance		1	%	–	1.99	%	$	—	$	—	$	—	$	—	$	—	$	—
		2	%	–	2.99	%		50		4		15		—		—		69
		3	%	–	3.99	%		821		—		4		6		—		831
		4	%	–	5.00	%		473		4		—		—		—		477

		Total					$	1,344	$	8	$	19	$	6	$	—	$	1,377

F-31

RiverSource Life Insurance Company


							December 31, 2024
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	—		$	—		$	4		$	1		$	41		$	46
		2	%	–	2.99	%		7			14			—			1			12			34
		3	%	–	3.99	%		108			1			2			12			—			123
		4	%	–	5.00	%		564			21			—			—			—			585

		Total					$	679		$	36		$	6		$	14		$	53		$	788

Non-indexed accounts of indexed universal life insurance		1	%	–	1.99	%	$	—		$	—		$	4		$	2		$	—		$	6
		2	%	–	2.99	%		—			125			—			—			—			125
		3	%	–	3.99	%		—			—			—			—			—			—
		4	%	–	5.00	%		—			—			—			—			—			—

		Total					$	—		$	125		$	4		$	2		$	—		$	131

Other life insurance		1	%	–	1.99	%	$	—		$	—		$	—		$	—		$	—		$	—
		2	%	–	2.99	%		—			—			—			—			—			—
		3	%	–	3.99	%		28			—			—			—			—			28
		4	%	–	5.00	%		268			—			—			—			—			268

		Total					$	296		$	—		$	—		$	—		$	—		$	296

Total		1	%	–	1.99	%	$	111		$	354		$	239		$	123		$	55		$	882
		2	%	–	2.99	%		204			157			17			1			12			391
		3	%	–	3.99	%		5,262			8			6			19			—			5,295
		4	%	–	5.00	%		5,048			25			—			—			—			5,073

		Total					$	10,625		$	544		$	262		$	143		$	67		$	11,641

Percentage of total account values that reset in:
Next 12 months								100.0	%		100.0	%		99.9	%		100.0	%		99.8	%		100.0	%
> 12 months to 24 months								—			—			—			—			—			—
> 24 months								—			—			0.1			—			0.2			—
Total								100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%


							December 31, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	43	$	131	$	52	$	15	$	2	$	243
		2	%	–	2.99	%		137		1		—		—		—		138
		3	%	–	3.99	%		2,214		—		—		1		—		2,215
		4	%	–	5.00	%		1,514		—		—		—		—		1,514

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

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

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

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

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

F-32

RiverSource Life Insurance Company


							December 31, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
Non-indexed accounts of fixed indexed annuities		1	%	–	1.99	%	$	—		$	2		$	7		$	13		$	—		$	22
		2	%	–	2.99	%		—			—			—			—			—			—
		3	%	–	3.99	%		—			—			—			—			—			—
		4	%	–	5.00	%		—			—			—			—			—			—

		Total					$	—		$	2		$	7		$	13		$	—		$	22

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

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

Fixed accounts of variable universal life insurance		1	%	–	1.99	%	$	—		$	2		$	4		$	—		$	24		$	30
		2	%	–	2.99	%		13			12			—			1			8			34
		3	%	–	3.99	%		122			2			3			6			—			133
		4	%	–	5.00	%		607			6			—			—			—			613

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

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

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

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

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

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

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

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

F-33

RiverSource Life Insurance Company

The following tables summarize the balances of and changes in the liability for future policy benefits:


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2024	$	—		$	703		$	104		$	1,146		$	1,953
Beginning balance at original discount rate		—			708			105			1,137			1,950
Effect of changes in cash flow assumptions		—			57			(39	)		55			73
Effect of actual variances from expected experience		—			(16	)		(13	)		(26	)		(55	)
Adjusted beginning of year balance	$	—		$	749		$	53		$	1,166		$	1,968
Issuances		201			63			9			—			273
Interest accrual		1			38			3			55			97
Net premiums collected		(202	)		(76	)		(6	)		(149	)		(433	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	774		$	59		$	1,072		$	1,905
Effect of changes in discount rate assumptions		—			(37	)		(6	)		(15	)		(58	)
Balance at December 31, 2024	$	—		$	737		$	53		$	1,057		$	1,847
Present Value of Future Policy Benefits:
Balance at January 1, 2024	$	1,164		$	1,325		$	661		$	6,561		$	9,711
Beginning balance at original discount rate		1,222			1,291			621			6,507			9,641
Effect of changes in cash flow assumptions		(24	)		67			(61	)		58			40
Effect of actual variances from expected experience		(8	)		(16	)		(25	)		(48	)		(97	)
Adjusted beginning of year balance	$	1,190		$	1,342		$	535		$	6,517		$	9,584
Issuances		201			63			9			—			273
Interest accrual		56			73			34			323			486
Benefit payments		(158	)		(125	)		(43	)		(432	)		(758	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,289		$	1,353		$	535		$	6,408		$	9,585
Effect of changes in discount rate assumptions		(85	)		(31	)		10			(221	)		(327	)
Balance at December 31, 2024	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Adjustment due to reserve flooring	$	—		$	7		$	—		$	—		$	7
Net liability for future policy benefits	$	1,204		$	592		$	492		$	5,130		$	7,418
Less: reinsurance recoverable		759			424			20			2,591			3,794
Net liability for future policy benefits, after reinsurance recoverable	$	445		$	168		$	472		$	2,539		$	3,624
Discounted expected future gross premiums	$	—		$	1,672		$	836		$	1,247		$	3,755
Expected future gross premiums	$	—		$	2,921		$	1,196		$	1,713		$	5,830
Expected future benefit payments	$	1,846		$	2,286		$	899		$	10,522		$	15,553
Weighted average interest accretion rate		4.5	%		6.0	%		6.3	%		5.0	%
Weighted average discount rate		5.4	%		5.6	%		5.6	%		5.7	%
Weighted average duration of liability (in years)		6			7			7			8

F-34

RiverSource Life Insurance Company


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

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions.

The balances of and changes in additional liabilities related to insurance guarantees were as follows:


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2024	$	1,225		$	81		$	15		$	1,321
Interest accrual		37			6			1			44
Benefit accrual		133			8			3			144
Benefit payments		(69	)		(13	)		(5	)		(87	)
Effect of actual variances from expected experience		(2	)		(1	)		(1	)		(4	)
Impact of change in net unrealized (gains) losses on securities		(23	)		(1	)		(5	)		(29	)
Balance at December 31, 2024	$	1,301		$	80		$	8		$	1,389
Weighted average interest accretion rate		3.0	%		7.0	%		3.9	%
Weighted average discount rate		3.2	%		7.1	%		4.0	%
Weighted average duration of reserves (in years)		10			8			6

F-35

RiverSource Life Insurance Company


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

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


	Years Ended December 31,
	2024				2023
(in millions)	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
Life contingent payout annuities	$	226	$	55	$	196	$	49
Term and whole life insurance		172		35		169		37
Disability income insurance		119		31		124		32
Long term care insurance		179		268		185		270
Total	$	696	$	389	$	674	$	388

The following tables summarize the balances of and changes in unearned revenue:


(in millions)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Total, All Products
Balance at January 1, 2024	$	27		$	196		$	266		$	489
Deferral of revenue		—			70			51			121
Amortization		(1	)		(17	)		(22	)		(40	)
Balance at December 31, 2024	$	26		$	249		$	295		$	570
Balance at January 1, 2023	$	27		$	150		$	233		$	410
Deferral of revenue		1			59			52			112
Amortization		(1	)		(13	)		(19	)		(33	)
Balance at December 31, 2023	$	27		$	196		$	266		$	489

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

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

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


(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2024	$	65,839		$	8,795		$	74,634
Premiums and deposits		933			500			1,433
Policy charges		(1,365	)		(307	)		(1,672	)
Surrenders and other benefits		(6,990	)		(412	)		(7,402	)
Investment return		7,293			1,199			8,492
Net transfer from (to) general account		27			64			91
Balance at December 31, 2024	$	65,737		$	9,839		$	75,576
Cash surrender value	$	64,411		$	9,220		$	73,631

F-36

RiverSource Life Insurance Company



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

12. MARKET RISK BENEFITS

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract.

The Company has the following primary GMDB provisions:

•

Return of premium – provides purchase payments minus adjusted partial surrenders.

•

Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

•

Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.

The Company has GMWB riders in force, which contain one or more of the following provisions:

•

Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

•

Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).

•

Withdrawals at a specified rate per year for joint contractholders while either is alive.

•

Withdrawals based on performance of the contract.

•

Withdrawals based on the age withdrawals begin.

•

Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

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

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

F-37

RiverSource Life Insurance Company

The following tables summarize the balances of and changes in market risk benefits:


	Years Ended December 31,
(in millions, except age)	2024			2023			2022
Balance at beginning of period	$	335		$	1,103		$	2,901
Issuances		24			17			27
Interest accrual and time decay		(66	)		(53	)		(237	)
Reserve increase from attributed fees collected		790			788			810
Reserve release for benefit payments and derecognition		(11	)		(35	)		(29	)
Effect of changes in interest rates and bond markets		(1,078	)		(367	)		(4,193	)
Effect of changes in equity markets and subaccount performance		(1,228	)		(1,267	)		2,258
Effect of changes in equity index volatility		59			(67	)		205
Actual policyholder behavior different from expected behavior		71			5			17
Effect of changes in other future expected assumptions		106			128			(139	)
Effect of changes in the instrument-specific credit risk on market risk benefits		79			83			(517	)
Balance at end of period	$	(919	)	$	335		$	1,103
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	2,182		$	1,427		$	1,015
Liability position		(1,263	)		(1,762	)		(2,118	)
Net asset (liability) position	$	919		$	(335	)	$	(1,103	)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	462		$	913		$	2,781
Living benefits	$	2,429		$	2,513		$	3,364
Composite (greater of)	$	2,829		$	3,308		$	5,830
Weighted average attained age of contractholders		69			69			68
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period	$	(2,111	)	$	(1,551	)	$	(2,044	)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period	$	85		$	84		$	(505	)

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:


	December 31, 2024
	Fair Value			Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	(919	)	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	52.8	%		11.9	%
					Surrender rate⁽²⁾		0.4	%	–	75.0	%		3.3	%
					Market volatility⁽³⁾		0.0	%	–	24.6	%		10.3	%
					Nonperformance risk⁽⁴⁾		65 bps						65	bps
					Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.7	%

	December 31, 2023
	Fair Value			Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	335		Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		11.6	%
					Surrender rate⁽²⁾		0.3	%	–	75.0	%		3.7	%
					Market volatility⁽³⁾		0.0	%	–	25.2	%		10.6	%
					Nonperformance risk⁽⁴⁾		85 bps						85	bps
					Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.6	%

⁽¹⁾

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

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

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

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

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

F-38

RiverSource Life Insurance Company

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2024 and 2023, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2024

•

Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.

•

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

Year ended December 31, 2023

•

Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $18 million.

•

Updates to surrender assumptions resulted in a decrease to pretax income of $110 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

Determination of Fair Value

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company’s nonperformance risk. These measurements are classified as Level 3.

13. DEBT

Short-Term Borrowings

RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to collateralized borrowings. The Company has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $964 million and $1.1 billion as of December 31, 2024 and 2023, respectively. The amount of the Company’s liability including accrued interest was $201 million as of both December 31, 2024 and 2023. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2024 and 2023. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2024 and 2023 was 4.6% and 5.6%, respectively.

Lines of Credit

RiverSource Life Insurance Company, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets (excluding separate accounts) as of the prior year end. The interest rate under the agreement is a Daily Simple Secured Overnight Financing Rate plus 0.1% (“Adjusted Daily Simple SOFR”) plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2024 and 2023.

RiverSource Life of NY, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed the lesser of $25 million or 3% of RiverSource Life of NY’s statutory admitted assets (excluding separate accounts) as of the prior year end. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt

F-39

RiverSource Life Insurance Company

of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. The credit agreement is amended to extend the maturity on an annual basis with Ameriprise Financial, subject to the New York Department of Financial Services’ non-disapproval. There were no amounts outstanding on this line of credit as of both December 31, 2024 and 2023.

RTA, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender not to exceed $100 million. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2024 and 2023.

Long-Term Debt

The Company has a $500 million unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The surplus note is subordinate in right of payment to the prior payment in full of the Company’s obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life Insurance Company’s statutory surplus. Interest payments, which commenced on June 30, 2021, are due semiannually in arrears on June 30 and December 31. Subject to the preceding conditions, the Company may prepay all or a portion of the principal at any time. The outstanding balance was $500 million as of both December 31, 2024 and 2023 and is recorded in Long-term debt.

14. FAIR VALUES OF ASSETS AND LIABILITIES

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

Valuation Hierarchy

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

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

Level 1

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

Level 2

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

Level 3

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

F-40

RiverSource Life Insurance Company

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


	December 31, 2024
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	12,721	$	572	$	13,293
Residential mortgage backed securities		—		4,039		—		4,039
Commercial mortgage backed securities		—		2,100		—		2,100
State and municipal obligations		—		636		—		636
Asset backed securities		—		1,302		881		2,183
Foreign government bonds and obligations		—		7		—		7
U.S. government and agency obligations		1		—		—		1
Total Available-for-Sale securities		1		20,805		1,453		22,259
Cash equivalents		1,215		1,227		—		2,442
Market risk benefits		—		—		2,182		2,182	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		55		55
Other assets:
Interest rate derivative contracts		—		179		—		179
Equity derivative contracts		114		8,829		—		8,943
Foreign exchange derivative contracts		2		40		—		42
Credit derivative contracts		—		59		—		59
Total other assets		116		9,107		—		9,223
Separate account assets at net asset value (“NAV”)								75,576	⁽²⁾
Total assets at fair value	$	1,332	$	31,139	$	3,690	$	111,737

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	53	$	53
IUL embedded derivatives		—		—		1,002		1,002
Structured variable annuity embedded derivatives		—		—		2,461		2,461
Total policyholder account balances, future policy benefits and claims		—		—		3,516		3,516	⁽³⁾
Market risk benefits		—		—		1,263		1,263	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		1		323		—		324
Equity derivative contracts		172		5,159		—		5,331
Foreign exchange derivative contracts		—		7		—		7
Total other liabilities		173		5,489		—		5,662
Total liabilities at fair value	$	173	$	5,489	$	4,779	$	10,441

F-41

RiverSource Life Insurance Company


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	10,283	$	452	$	10,735
Residential mortgage backed securities		—		3,642		—		3,642
Commercial mortgage backed securities		—		2,597		—		2,597
State and municipal obligations		—		758		—		758
Asset backed securities		—		976		555		1,531
Foreign government bonds and obligations		—		12		—		12
U.S. government and agency obligations		99		—		—		99
Total Available-for-Sale securities		99		18,268		1,007		19,374
Cash equivalents		558		2,012		—		2,570
Market risk benefits		—		—		1,427		1,427	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		51		51
Other assets:
Interest rate derivative contracts		1		184		—		185
Equity derivative contracts		65		4,945		—		5,010
Foreign exchange derivative contracts		1		20		—		21
Credit derivative contracts		—		1		—		1
Total other assets		67		5,150		—		5,217
Separate account assets at NAV								74,634	⁽²⁾
Total assets at fair value	$	724	$	25,430	$	2,485	$	103,273

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

⁽¹⁾	See Note 12 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

⁽²⁾	Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

⁽³⁾	The Company’s adjustment for nonperformance risk resulted in a $211 million and $195 million cumulative decrease to the embedded derivatives as of December 31, 2024 and 2023, respectively.

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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			Residential Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2024	$	452		$	—		$	555		$	1,007		$	51
Total gains (losses) included in:
Net income		1			—			—			1	⁽¹⁾		8
Other comprehensive income (loss)		1			—			15			16			—
Purchases		227			64			334			625			—
Settlements		(109	)		(1	)		—			(110	)		(4	)
Transfers out of Level 3		—			(63	)		(23	)		(86	)		—
Balance at December 31, 2024	$	572		$	—		$	881		$	1,453		$	55
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024	$	1		$	—		$	—		$	1	⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024	$	(2	)	$	—		$	15		$	13		$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2024	$	49		$	873		$	1,011		$	1,933
Total (gains) losses included in:
Net income		8	⁽²⁾		255	⁽²⁾		1,670	⁽³⁾		1,933
Issues		—			23			114			137
Settlements		(4	)		(149	)		(334	)		(487	)
Balance at December 31, 2024	$	53		$	1,002		$	2,461		$	3,516
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024	$	—		$	255	⁽²⁾	$	1,670	⁽³⁾	$	1,925


	Available-for-Sale Securities								Receivables
(in millions)	Corporate Debt Securities			Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2023	$	395		$	545	$	940		$	48
Total gains (losses) included in:
Net income		—			—		—	⁽¹⁾		6
Other comprehensive income (loss)		12			10		22			—
Purchases		110			—		110			—
Settlements		(65	)		—		(65	)		(3	)
Balance at December 31, 2023	$	452		$	555	$	1,007		$	51
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023	$	11		$	10	$	21		$	—

F-43

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, 2023	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Total (gains) losses included in:
Net income		8	⁽²⁾		198	⁽²⁾		1,166	⁽³⁾		1,372
Issues		—			59			104			163
Settlements		(3	)		(123	)		(122	)		(248	)
Balance at December 31, 2023	$	49		$	873		$	1,011		$	1,933
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023	$	—		$	198	⁽²⁾	$	1,166	⁽³⁾	$	1,364


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2022	$	496		$	—		$	291		$	787		$	59
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		(8	)
Other comprehensive income (loss)		(44	)		—			(25	)		(69	)		—
Purchases		29			30			564			623			—
Settlements		(85	)		—			(285	)		(370	)		(3	)
Transfers out of Level 3		—			(30	)		—			(30	)		—
Balance at December 31, 2022	$	395		$	—		$	545		$	940		$	48
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022	$	(42	)	$	—		$	(21	)	$	(63	)	$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2022	$	56		$	905		$	406		$	1,367
Total (gains) losses included in:
Net income		(9	)⁽²⁾		(105	)⁽²⁾		(633	)⁽³⁾		(747	)
Issues		—			51			90			141
Settlements		(3	)		(112	)		—			(115	)
Balance at December 31, 2022	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022	$	—		$	(105	)⁽²⁾	$	(633	)⁽³⁾	$	(738	)

⁽¹⁾	Included in Net investment income.

⁽²⁾	Included in Interest credited to fixed accounts.

⁽³⁾	Included in Benefits, claims, losses and settlement expenses.

⁽⁴⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.

The increase to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $14 million, $51 million and $45 million, net of the reinsurance accrual, for the years ended December 31, 2024, 2023 and 2022, respectively.

F-44

RiverSource Life Insurance Company

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:



	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	572	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		0.8%	–	1.7%		1.2	%
Asset backed securities	$	881	Discounted cash flow	Annual default rate⁽²⁾		2.2%	–	4.4%		3.6	%
				Loss severity		25.0%				25.0	%
				Constant prepayment rate⁽²⁾		0.0%	–	1.0%		0.4	%
				Yield/spread to U.S. Treasuries⁽³⁾		190 bps	–	360 bps		205	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	55	Discounted cash flow	Surrender rate⁽⁴⁾		0.0%	–	89.1%		10.6	%
Fixed deferred indexed annuity embedded derivatives	$	53	Discounted cash flow	Surrender rate⁽⁴⁾		0.0%	–	89.1%		10.6	%
				Nonperformance risk⁽⁵⁾		65 bps				65	bps
IUL embedded derivatives	$	1,002	Discounted cash flow	Nonperformance risk⁽⁵⁾		65 bps				65	bps
Structured variable annuity embedded derivatives	$	2,461	Discounted cash flow	Surrender rate⁽⁴⁾		0.5%	–	75.0%		1.7	%
				Nonperformance risk⁽⁵⁾		65 bps				65	bps



	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	451	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		1.0%	–	2.4%		1.2	%
Asset backed securities	$	555	Discounted cash flow	Annual default rate⁽²⁾		3.1%				3.1	%
				Loss severity		25.0%				25.0	%
				Yield/spread to U.S. Treasuries⁽³⁾		275 bps	–	515 bps		284	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	51	Discounted cash flow	Surrender rate⁽⁴⁾		0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	49	Discounted cash flow	Surrender rate⁽⁴⁾		0.0%	–	66.8%		1.4	%
				Nonperformance risk⁽⁵⁾		85 bps				85	bps
IUL embedded derivatives	$	873	Discounted cash flow	Nonperformance risk⁽⁵⁾		85 bps				85	bps
Structured variable annuity embedded derivatives	$	1,011	Discounted cash flow	Surrender rate⁽⁴⁾		0.5%	–	75.0%		2.6	%
				Nonperformance risk⁽⁵⁾		85 bps				85	bps

⁽¹⁾	The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

⁽²⁾	The weighted average for both the annual default rate and the constant prepayment rate for asset backed securities are weighted based on the balances of each security.

⁽³⁾	The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each tranche’s balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches.

⁽⁴⁾	The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

⁽⁵⁾	The nonperformance risk is the spread added to the U.S. Treasury curve.

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company or fair values estimated based on a transaction near the balance sheet date.

Uncertainty of Fair Value Measurements

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

Significant increases (decreases) in the annual default rate, loss severity, and constant prepayment rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.

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

F-45

RiverSource Life Insurance Company

Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in the affiliated asset backed securities is classified as Level 3.

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

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Receivables

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

F-46

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, 2024 and 2023. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

Other Liabilities

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2024 and 2023. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Fair Value on a Nonrecurring Basis

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $27 million and $41 million as of December 31, 2024 and 2023, respectively, and is classified as Level 3 in the fair value hierarchy.

F-47

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


	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

Other investments include syndicated loans and the Company’s membership in the FHLB. Receivables include deposit receivables. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 13 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships. Separate account liabilities are related to certain annuity products that are classified as investment contracts.

15. RELATED PARTY TRANSACTIONS

Revenues

See Note 4 for information about revenues from contracts with customers earned by the Company from related party transactions with affiliates.

The Company is the lessor of one real estate property which it leases to Ameriprise Financial under an operating lease that expires November 30, 2029. The Company earned $5 million in rental income for each of the years ended December 31, 2024, 2023 and 2022, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the next four annual periods and $4 million in the period ending November 30, 2029.

Expenses

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $352 million, $338 million and $320 million for the years ended December 31, 2024, 2023 and 2022, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

F-48

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 Ameriprise Financial for federal income taxes was $277 million and $269 million as of December 31, 2024 and 2023, respectively, which is reflected in Other assets.

Investments

In June of 2024, the Company invested $310 million in AA, A and BBB rated asset backed securities issued by Ameriprise Installment Financing, LLC. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2024, the fair value of these asset backed securities was $312 million. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $10 million for the year ending December 31, 2024 and is reported in Net investment income.

In September of 2022, the Company redeemed the outstanding AA and A rated securities issued by Ameriprise Advisor Financing, LLC (“AAF”) at par and invested $564 million in new AA, A and BBB rated asset backed securities issued by AAF 2. As of December 31, 2024 and 2023, the fair value of these asset backed securities was $567 million and $554 million, respectively. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $34 million, $34 million and $17 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is reported in Net investment income.

Lines of Credit

RiverSource Life Insurance Company, as the lender, has a revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is not to exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets as of the prior year end. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of both December 31, 2024 and 2023. See Note 13 for information about additional lines of credit with an affiliate.

Long-Term Debt

See Note 13 for information about a surplus note to an affiliate.

Dividends, Return of Capital, or Distributions

Cash dividends and return of capital or distributions paid and received by RiverSource Life Insurance Company were as follows:


	Years Ended December 31,
(in millions)	2024		2023		2022
Dividends paid to Ameriprise Financial	$	600	$	600	$	600
Dividend received from RiverSource Life of NY		50		50		63
Return of capital received from RTA		40		75		80

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

16. REGULATORY REQUIREMENTS

The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

F-49

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 (“MN DOC”), RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $736 million and $582 million as of December 31, 2024 and 2023, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the MN DOC, and are subject to potential disapproval. Statutory capital and surplus was $2.7 billion and $3.1 billion as of December 31, 2024 and 2023, respectively.

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


	Years Ended December 31,
(in millions)	2024			2023		2022
Statutory net gain from operations	$	1,097		$	1,331	$	1,615
Statutory net income (loss)		(91	)		845		1,769

Government debt securities of $4 million as of both December 31, 2024 and 2023 were on deposit with various states as required by law.

17. OFFSETTING ASSETS AND LIABILITIES

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

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


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


	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

⁽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-50

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


	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

⁽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-51

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, 2024						December 31, 2023
	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	$	39,082	$	179	$	324	$	42,516	$	185	$	305
Equity contracts		108,205		8,943		5,331		81,905		5,010		3,450
Credit contracts		2,914		59		—		3,375		1		106
Foreign exchange contracts		2,938		42		7		2,952		21		4
Total non-designated hedges		153,139		9,223		5,662		130,748		5,217		3,865
Embedded derivatives
IUL		N/A		—		1,002		N/A		—		873
Fixed deferred indexed annuities and deposit receivables		N/A		55		53		N/A		51		52
Structured variable annuities ⁽³⁾		N/A		—		2,461		N/A		—		1,011
Total embedded derivatives		N/A		55		3,516		N/A		51		1,936
Total derivatives	$	153,139	$	9,278	$	9,178	$	130,748	$	5,268	$	5,801

N/A Not applicable.

⁽¹⁾	The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.

⁽²⁾	The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims.

⁽³⁾

The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position.

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

As of both December 31, 2024 and 2023, investment securities with a fair value of $1.5 billion were pledged to meet contractual obligations under derivative contracts, of which $84 million and $145 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2024 and 2023, investment securities with a fair value of $2.2 billion and $376 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.0 billion and $314 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2024 and 2023, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2024 and 2023, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:


(in millions)	Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 2024
Interest rate contracts	$	(10	)	$	—		$	(1,128	)
Equity contracts		1,419			71			(1,021	)
Credit contracts		—			—			124
Foreign exchange contracts		—			—			64
IUL embedded derivatives		—			(106	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			16			—
Structured variable annuity embedded derivatives		(1,670	)		—			—
Total gain (loss)	$	(261	)	$	(19	)	$	(1,961	)

F-52

RiverSource Life Insurance Company


(in millions)	Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits

Year Ended December 31, 2023
Interest rate contracts	$	(5	)	$	—		$	(422	)
Equity contracts		770			79			(1,239	)
Credit contracts		—			—			7
Foreign exchange contracts		—			—			5
IUL embedded derivatives		—			(75	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			(3	)		—
Structured variable annuity embedded derivatives		(1,166	)		—			—
Total gain (loss)	$	(401	)	$	1		$	(1,649	)

Year Ended December 31, 2022
Interest rate contracts	$	(26	)	$	—		$	(2,874	)
Equity contracts		(164	)		(126	)		899
Credit contracts		—			—			279
Foreign exchange contracts		—			—			105
IUL embedded derivatives		—			217			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			4			—
Structured variable annuity embedded derivatives		633			—			—
Total gain (loss)	$	443		$	95		$	(1,591	)

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2024:


(in millions)	Premiums Payable		Premiums Receivable
2025	$	119	$	20
2026		246		88
2027		19		—
2028		29		—
2029		135		—
2030-2031		234		—
Total	$	782	$	108

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

F-53

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, 2024 and 2023, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $67 million and $62 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2024 and 2023 was $67 million and $55 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2024 and 2023 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil and $7 million as of December 31, 2024 and 2023, respectively.

19. SHAREHOLDER’S EQUITY

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


	Year Ended December 31, 2024
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(383	)	$	82		$	(301	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		11			(2	)		9
Impact of benefit reserves and reinsurance recoverables		20			(4	)		16
Net unrealized gains (losses) on securities		(352	)		76			(276	)
Effect of changes in discount rate assumptions on certain long-duration contracts		194			(41	)		153
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)		(79	)		17			(62	)
Total other comprehensive income (loss)	$	(237	)	$	52		$	(185	)


	Year Ended December 31, 2023
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	652		$	(144	)	$	508
Reclassification of net (gains) losses on securities included in net income⁽²⁾		27			(7	)		20
Impact of benefit reserves and reinsurance recoverables		(24	)		5			(19	)
Net unrealized gains (losses) on securities		655			(146	)		509
Effect of changes in discount rate assumptions on certain long-duration contracts		(69	)		15			(54	)
Effect of changes in instrument-specific credit risk on MRBs		(83	)		18			(65	)
Total other comprehensive income (loss)	$	503		$	(113	)	$	390

F-54

RiverSource Life Insurance Company


	Year Ended December 31, 2022
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(2,784	)	$	595		$	(2,189	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		88			(19	)		69
Impact of benefit reserves and reinsurance recoverables		103			(18	)		85
Net unrealized gains (losses) on securities		(2,593	)		558			(2,035	)
Effect of changes in discount rate assumptions on certain long-duration contracts		1,095			(234	)		861
Effect of changes in instrument-specific credit risk on MRBs		517			(110	)		407
Total other comprehensive income (loss)	$	(981	)	$	214		$	(767	)

⁽¹⁾	Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

⁽²⁾	Reclassification amounts are recorded in Net realized investment gains (losses).

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

The following table presents the changes in the balances of each component of AOCI, net of tax:


(in millions)	Net Unrealized Gains (Losses) on Securities			Effect of Changes in Discount Rate Assumptions			Effect of Changes in Instrument- Specific Credit Risk on MRBs			Other			Total
Balance at January 1, 2022	$	1,044		$	(933	)	$	(427	)	$	(1	)	$	(317	)
OCI before reclassifications		(2,104	)		861			407			—			(836	)
Amounts reclassified from AOCI		69			—			—			—			69
Total OCI		(2,035	)		861			407			—			(767	)
Balance at December 31, 2022		(991	)		(72	)		(20	)		(1	)		(1,084	)
OCI before reclassifications		489			(54	)		(65	)		—			370
Amounts reclassified from AOCI		20			—			—			—			20
Total OCI		509			(54	)		(65	)		—			390
Balance at December 31, 2023		(482	)		(126	)		(85	)		(1	)		(694	)
OCI before reclassifications		(285	)		153			(62	)		—			(194	)
Amounts reclassified from AOCI		9			—			—			—			9
Total OCI		(276	)		153			(62	)		—			(185	)
Balance at December 31, 2024	$	(758	)	$	27		$	(147	)	$	(1	)	$	(879	)

20. INCOME TAXES

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


	Years Ended December 31,
(in millions)	2024			2023			2022
Current income tax
Federal	$	(297	)	$	(112	)	$	57
State		(4	)		2			(2	)
Total current income tax		(301	)		(110	)		55
Deferred income tax
Federal		402			98			150
State		2			2			4
Total deferred income tax		404			100			154
Total income tax provision (benefit)	$	103		$	(10	)	$	209

F-55

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,
	2024			2023			2022
Tax at U.S. statutory rate		21.0	%		21.0	%		21.0	%
Changes in taxes resulting from:
Dividends received deduction		(3.4	)		(8.2	)		(2.3	)
Low income housing tax credits		(2.7	)		(8.0	)		(2.9	)
Foreign tax credit, net of addback		(2.2	)		(7.0	)		(1.7	)
Audit adjustments		(1.0	)		(3.4	)		—
Unrecognized tax benefits		—			1.6			—
Other, net		(0.5	)		1.5			(0.3	)
Income tax provision (benefit)		11.2	%		(2.5	)%		13.8	%

The increase in the Company’s effective tax rate for the year ended December 31, 2024 compared to 2023 is primarily due to higher pretax income in the current year and the related impact on tax preferred items, a decrease in foreign tax credits, net of addback, and a decrease in low income housing tax credits, partially offset by a decrease in unrecognized tax benefits and a decrease in state income taxes, net of federal benefit, which is included in Other, net.

The decrease in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily due to lower pretax income.

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2024 and 2023. The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:


	December 31,
(in millions)	2024		2023
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	801	$	1,244
Investments including net unrealized on Available-for-Sale securities		177		118
Net operating loss		35		28
Other		4		2
Gross deferred income tax assets		1,017		1,392
Less: valuation allowance		32		30
Total deferred income tax assets		985		1,362
Deferred income tax liabilities
Deferred acquisition costs		355		380
Other		57		56
Gross deferred income tax liabilities		412		436
Net deferred income tax assets	$	573	$	926

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $35 million, net of federal benefit, which will expire beginning December 31, 2025. Based on analysis of the Company’s tax position as of December 31, 2024, management believes it is more likely than not that the Company will not realize certain state net operating losses of $30 million and state deferred tax assets of $2 million, both net of federal benefit; therefore, a valuation allowance of $32 million has been established.

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


(in millions)	2024			2023			2022
Balance at January 1	$	27		$	37		$	37
Reductions for tax positions related to the current year		(3	)		(3	)		(1	)
Additions for tax positions of prior years		—			65			1
Reductions for tax positions of prior years		—			(71	)		—
Reductions due to lapse of statutes of limitations		(2	)		(1	)		—
Balance at December 31	$	22		$	27		$	37

F-56

RiverSource Life Insurance Company

If recognized, approximately $17 million, $19 million and $20 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $1 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $2 million, $8 million and nil in interest and penalties for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the Company had a payable of $13 million and $11 million, respectively, related to accrued interest and penalties.

The Company files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. The Internal Revenue Service (“IRS”) is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial or its subsidiaries, including the Company, are currently under examination by various jurisdictions for years ranging from 2017 through 2023.

21. COMMITMENTS AND CONTINGENCIES

Commitments

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


(in millions)	2024		2023
Commercial mortgage loans	$	58	$	15

Contingencies

The Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.

As with other insurance companies, the level of regulatory activity concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous pending matters, that include information requests, exams, or disputes regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure practices related to, various products, including the Company’s insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates are cooperating with the applicable regulators.

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

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

F-57

RiverSource Life Insurance Company

Guaranty Fund Assessments

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

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2024 and 2023, the estimated liability was $11 million and $34 million, respectively. As of December 31, 2024 and 2023, the related premium tax asset was $9 million and $29 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

F-58




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

ANN9123_12_D01_(05/25)		© 2008-2025 RiverSource Life Insurance Company. All rights reserved.