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2023 Annual Report

RiverSource Variable Life Separate Account

This wrapper contains financial statements provided for owners of:

•

RiverSource^® Single Premium Variable Life Insurance

•

RiverSource^® Single Premium Variable Life Insurance Policy

•

RiverSource Succession Select^® Variable Life Insurance

•

RiverSource^® Variable Second-To-Die Life Insurance

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

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ANN9125_12_C01_(05/24)

Issued by: RiverSource Life Insurance Company

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND

THE POLICY OWNERS OF RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Opinions on the Financial Statements

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2024

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



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			1

Statement of Assets and Liabilities


December 31, 2023	AB VPS Dyn Asset Alloc, Cl B		AB VPS Intl Val, Cl B		AB VPS Lg Cap Gro, Cl A		AB VPS Lg Cap Gro, Cl B		AB VPS Relative Val, Cl B
Assets
Investments, at fair value^(1),(2)	$	643,717	$	38,105,154	$	18,395,939	$	74,888,091	$	33,146,097
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		86		16,083		15,586		628		10,168
Receivable for share redemptions		90		12,783		—		34,810		11,063
Total assets		643,893		38,134,020		18,411,525		74,923,529		33,167,328

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		90		12,783		—		21,025		11,063
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		13,785		—
Payable for investments purchased		86		16,083		15,586		628		10,168
Total liabilities		176		28,866		15,586		35,438		21,231
Net assets applicable to Variable Life contracts in accumulation period		643,620		38,105,154		18,395,939		74,888,091		33,146,097
Net assets applicable to seed money		97		—		—		—		—
Total net assets	$	643,717	$	38,105,154	$	18,395,939	$	74,888,091	$	33,146,097
⁽¹⁾ Investment shares		72,328		2,590,425		246,925		1,118,400		1,151,706
⁽²⁾ Investments, at cost	$	743,764	$	36,851,590	$	17,633,353	$	67,617,626	$	32,754,190

December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2		Allspg VT Intl Eq, Cl 2		Allspg VT Opp, Cl 1		Allspg VT Opp, Cl 2		Allspg VT Sm Cap Gro, Cl 1
Assets
Investments, at fair value^(1),(2)	$	14,027,804	$	19,843,129	$	713,695	$	16,501,599	$	5,562,060
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,343		3,827		2,371		—		8,207
Receivable for share redemptions		5,182		7,957		—		8,068		—
Total assets		14,034,329		19,854,913		716,066		16,509,667		5,570,267

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		4,325		7,957		—		5,679		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		857		—		—		2,389		—
Payable for investments purchased		1,343		3,827		2,371		—		8,207
Total liabilities		6,525		11,784		2,371		8,068		8,207
Net assets applicable to Variable Life contracts in accumulation period		14,027,804		19,843,129		713,695		16,501,599		5,562,060
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	14,027,804	$	19,843,129	$	713,695	$	16,501,599	$	5,562,060
⁽¹⁾ Investment shares		750,953		10,124,045		27,492		634,921		662,939
⁽²⁾ Investments, at cost	$	14,421,579	$	27,645,570	$	686,818	$	15,617,569	$	7,113,962

See accompanying notes to financial statements.



2		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Allspg VT Sm Cap Gro, Cl 2		ALPS Alerian Engy Infr, Class I		ALPS Alerian Engy Infr, Class III		AC VP Intl, Cl I		AC VP Intl, Cl II
Assets
Investments, at fair value^(1),(2)	$	24,229,139	$	2,147,383	$	15,383,455	$	12,087,618	$	10,425,928
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		13,052		—		17,041		—		2,449
Receivable for share redemptions		6,334		6,257		4,238		21,419		3,062
Total assets		24,248,525		2,153,640		15,404,734		12,109,037		10,431,439

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		6,321		—		4,238		5,168		3,062
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		13		6,257		—		16,251		—
Payable for investments purchased		13,052		—		17,041		—		2,449
Total liabilities		19,386		6,257		21,279		21,419		5,511
Net assets applicable to Variable Life contracts in accumulation period		24,229,139		2,147,383		15,383,455		12,087,618		10,425,928
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	24,229,139	$	2,147,383	$	15,383,455	$	12,087,618	$	10,425,928
⁽¹⁾ Investment shares		3,082,588		198,281		1,421,761		1,142,497		987,304
⁽²⁾ Investments, at cost	$	31,360,400	$	1,979,555	$	13,593,281	$	11,480,244	$	10,978,447

December 31, 2023 (continued)	AC VP Val, Cl I		AC VP Val, Cl II		BlackRock Global Alloc, Cl I		BlackRock Global Alloc, Cl III		Calvert VP EAFE Intl Index, Cl F
Assets
Investments, at fair value^(1),(2)	$	63,388,901	$	40,227,391	$	8,370,266	$	13,138,911	$	504,733
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,750		2,251		2,046		615		—
Receivable for share redemptions		26,784		11,384		—		3,390		—
Total assets		63,417,435		40,241,026		8,372,312		13,142,916		504,733

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		25,002		10,448		—		3,390		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		1,782		936		—		—		—
Payable for investments purchased		1,750		2,251		2,046		615		—
Total liabilities		28,534		13,635		2,046		4,005		—
Net assets applicable to Variable Life contracts in accumulation period		63,388,901		40,227,391		8,370,266		13,138,911		504,733
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	63,388,901	$	40,227,391	$	8,370,266	$	13,138,911	$	504,733
⁽¹⁾ Investment shares		5,200,074		3,294,627		513,198		1,008,359		5,335
⁽²⁾ Investments, at cost	$	46,607,619	$	35,497,569	$	8,612,150	$	14,573,947	$	471,615

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			3

Statement of Assets and Liabilities


December 31, 2023 (continued)	Calvert VP EAFE Intl Index, Cl I		Calvert VP Nasdaq 100 Index, Cl F		Calvert VP Nasdaq 100 Index, Cl I		Calv VP Russ 2000 Sm Cap Ind, Cl F		Calv VP Russ 2000 Sm Cap Ind, Cl I
Assets
Investments, at fair value^(1),(2)	$	3,929,641	$	1,049,569	$	5,370,571	$	170,288	$	3,219,766
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		846		—		31,797		—		10,701
Receivable for share redemptions		—		2,341		—		—		—
Total assets		3,930,487		1,051,910		5,402,368		170,288		3,230,467

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		2,341		—		—		—
Payable for investments purchased		846		—		31,797		—		10,701
Total liabilities		846		2,341		31,797		—		10,701
Net assets applicable to Variable Life contracts in accumulation period		3,929,641		1,049,569		5,370,571		170,288		3,219,766
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	3,929,641	$	1,049,569	$	5,370,571	$	170,288	$	3,219,766
⁽¹⁾ Investment shares		41,196		7,515		37,512		2,159		40,368
⁽²⁾ Investments, at cost	$	3,513,728	$	913,415	$	4,228,116	$	160,660	$	2,890,257

December 31, 2023 (continued)	Calvert VP SRI Bal, Cl I		Col VP Bal, Cl 1		Col VP Bal, Cl 3		Col VP Commodity Strategy, Cl 1		Col VP Commodity Strategy, Cl 2
Assets
Investments, at fair value^(1),(2)	$	15,641,073	$	27,148,118	$	219,202,644	$	1,448,828	$	814,000
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		125,959		7,307		—		2,668
Receivable for share redemptions		6,188		—		131,276		6,054		—
Total assets		15,647,261		27,274,077		219,341,227		1,454,882		816,668

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,997		—		108,832		—		—
Minimum death benefit guarantee risk charge		—		—		741		—		—
Contract terminations		191		—		21,703		6,054		—
Payable for investments purchased		—		125,959		7,307		—		2,668
Total liabilities		6,188		125,959		138,583		6,054		2,668
Net assets applicable to Variable Life contracts in accumulation period		15,641,073		27,148,118		219,202,644		1,448,828		814,000
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	15,641,073	$	27,148,118	$	219,202,644	$	1,448,828	$	814,000
⁽¹⁾ Investment shares		6,599,609		636,234		5,194,375		385,327		221,798
⁽²⁾ Investments, at cost	$	14,696,116	$	24,216,437	$	110,151,949	$	1,963,061	$	1,146,699

See accompanying notes to financial statements.



4		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Contrarian Core, Cl 1		Col VP Contrarian Core, Cl 2		Col VP Disciplined Core, Cl 1		Col VP Disciplined Core, Cl 2		Col VP Disciplined Core, Cl 3
Assets
Investments, at fair value^(1),(2)	$	9,923,019	$	6,932,178	$	5,200,264	$	3,287,641	$	324,581,272
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		12,222		1		48,231		291		8
Receivable for share redemptions		—		—		—		—		219,107
Total assets		9,935,241		6,932,179		5,248,495		3,287,932		324,800,387

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		—		180,532
Minimum death benefit guarantee risk charge		—		—		—		—		374
Contract terminations		—		—		—		—		38,201
Payable for investments purchased		12,222		1		48,231		291		8
Total liabilities		12,222		1		48,231		291		219,115
Net assets applicable to Variable Life contracts in accumulation period		9,923,019		6,932,178		5,200,264		3,287,641		324,581,272
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	9,923,019	$	6,932,178	$	5,200,264	$	3,287,641	$	324,581,272
⁽¹⁾ Investment shares		226,760		163,033		58,045		37,955		3,686,748
⁽²⁾ Investments, at cost	$	8,239,419	$	4,233,829	$	4,383,686	$	2,293,905	$	89,072,230

December 31, 2023 (continued)	Col VP Divd Opp, Cl 1		Col VP Divd Opp, Cl 2		Col VP Divd Opp, Cl 3		Col VP Emerg Mkts Bond, Cl 1		Col VP Emerg Mkts Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	8,274,443	$	5,013,525	$	200,757,579	$	1,125,388	$	670,278
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		25,515		1,652		29,162		496		179
Receivable for share redemptions		—		—		140,628		—		—
Total assets		8,299,958		5,015,177		200,927,369		1,125,884		670,457

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		76,210		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		64,418		—		—
Payable for investments purchased		25,515		1,652		29,162		496		179
Total liabilities		25,515		1,652		169,790		496		179
Net assets applicable to Variable Life contracts in accumulation period		8,274,443		5,013,525		200,757,579		1,125,388		670,278
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	8,274,443	$	5,013,525	$	200,757,579	$	1,125,388	$	670,278
⁽¹⁾ Investment shares		210,868		132,283		5,206,369		143,179		85,386
⁽²⁾ Investments, at cost	$	7,371,656	$	3,820,261	$	97,279,590	$	1,129,518	$	763,695

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			5

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Emer Mkts, Cl 1		Col VP Emer Mkts, Cl 2		Col VP Emer Mkts, Cl 3		Col VP Global Strategic Inc, Cl 2		Col VP Global Strategic Inc, Cl 3
Assets
Investments, at fair value^(1),(2)	$	8,424,584	$	7,462,149	$	41,192,655	$	336,595	$	17,510,602
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,116		5,762		27,518		6		3,389
Receivable for share redemptions		—		—		17,480		—		12,699
Total assets		8,425,700		7,467,911		41,237,653		336,601		17,526,690

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		14,675		—		6,396
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		2,805		—		6,303
Payable for investments purchased		1,116		5,762		27,518		6		3,389
Total liabilities		1,116		5,762		44,998		6		16,088
Net assets applicable to Variable Life contracts in accumulation period		8,424,584		7,462,149		41,192,655		336,595		17,510,602
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	8,424,584	$	7,462,149	$	41,192,655	$	336,595	$	17,510,602
⁽¹⁾ Investment shares		856,157		775,691		4,224,888		43,999		2,262,352
⁽²⁾ Investments, at cost	$	11,152,750	$	11,192,009	$	60,016,485	$	359,059	$	20,793,908

December 31, 2023 (continued)	Col VP Govt Money Mkt, Cl 1		Col VP Govt Money Mkt, Cl 2		Col VP Govt Money Mkt, Cl 3		Col VP Hi Yield Bond, Cl 1		Col VP Hi Yield Bond, Cl 2
Assets
Investments, at fair value^(1),(2)	$	17,931,050	$	8,357,590	$	48,672,304	$	3,579,410	$	2,246,592
Dividends receivable		2,477		1,091		6,615		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		37,798		7,648		3,693		—
Receivable for share redemptions		19,060		—		493,163		—		2,917
Total assets		17,952,587		8,396,479		49,179,730		3,583,103		2,249,509

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		18,272		—		—
Minimum death benefit guarantee risk charge		—		—		15		—		—
Contract terminations		19,060		—		474,876		—		2,917
Payable for investments purchased		—		37,799		7,648		3,693		—
Total liabilities		19,060		37,799		500,811		3,693		2,917
Net assets applicable to Variable Life contracts in accumulation period		17,933,527		8,358,680		48,678,919		3,579,410		2,246,592
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	17,933,527	$	8,358,680	$	48,678,919	$	3,579,410	$	2,246,592
⁽¹⁾ Investment shares		17,931,050		8,357,590		48,672,304		585,828		372,569
⁽²⁾ Investments, at cost	$	17,931,050	$	8,357,590	$	48,672,251	$	3,648,480	$	2,376,706

See accompanying notes to financial statements.



6		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 3		Col VP Inc Opp, Cl 1		Col VP Inc Opp, Cl 2		Col VP Inc Opp, Cl 3		Col VP Inter Bond, Cl 1
Assets
Investments, at fair value^(1),(2)	$	46,807,604	$	1,212,625	$	1,079,433	$	17,221,231	$	6,120,459
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		14,984		816		26,978		26,484		48,195
Receivable for share redemptions		29,518		—		—		6,441		—
Total assets		46,852,106		1,213,441		1,106,411		17,254,156		6,168,654

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		17,379		—		—		6,441		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		12,139		—		—		—		—
Payable for investments purchased		14,984		816		26,978		26,484		48,195
Total liabilities		44,502		816		26,978		32,925		48,195
Net assets applicable to Variable Life contracts in accumulation period		46,807,604		1,212,625		1,079,433		17,221,231		6,120,459
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	46,807,604	$	1,212,625	$	1,079,433	$	17,221,231	$	6,120,459
⁽¹⁾ Investment shares		7,685,978		190,964		171,339		2,690,817		712,510
⁽²⁾ Investments, at cost	$	50,741,207	$	1,262,335	$	1,216,138	$	20,074,567	$	6,446,949

December 31, 2023 (continued)	Col VP Inter Bond, Cl 2		Col VP Inter Bond, Cl 3		Col VP Lg Cap Gro, Cl 1		Col VP Lg Cap Gro, Cl 2		Col VP Lg Cap Gro, Cl 3
Assets
Investments, at fair value^(1),(2)	$	2,976,577	$	90,254,199	$	16,132,606	$	9,687,883	$	87,092,623
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		228		25,354		9,214		—		—
Receivable for share redemptions		—		36,764		—		198		86,674
Total assets		2,976,805		90,316,317		16,141,820		9,688,081		87,179,297

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		35,893		—		—		32,241
Minimum death benefit guarantee risk charge		—		69		—		—		—
Contract terminations		—		802		—		198		54,433
Payable for investments purchased		228		25,354		9,214		—		—
Total liabilities		228		62,118		9,214		198		86,674
Net assets applicable to Variable Life contracts in accumulation period		2,976,577		90,254,199		16,132,606		9,687,883		87,092,623
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	2,976,577	$	90,254,199	$	16,132,606	$	9,687,883	$	87,092,623
⁽¹⁾ Investment shares		348,138		10,494,674		432,742		268,958		2,374,390
⁽²⁾ Investments, at cost	$	3,419,526	$	107,239,127	$	13,431,524	$	6,337,908	$	37,145,318

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			7

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Lg Cap Index, Cl 1		Col VP Lg Cap Index, Cl 3		Col VP Limited Duration Cr, Cl 1		Col VP Limited Duration Cr, Cl 2		Col VP Long Govt/Cr Bond, Cl 1
Assets
Investments, at fair value^(1),(2)	$	74,619,130	$	187,839,472	$	2,152,155	$	14,863,218	$	823,032
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		48,120		58,164		—		5,391		400
Receivable for share redemptions		—		70,663		910		4,990		—
Total assets		74,667,250		187,968,299		2,153,065		14,873,599		823,432

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		59,550		—		4,845		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		11,113		910		145		—
Payable for investments purchased		48,120		58,164		—		5,391		400
Total liabilities		48,120		128,827		910		10,381		400
Net assets applicable to Variable Life contracts in accumulation period		74,619,130		187,839,472		2,152,155		14,863,218		823,032
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	74,619,130	$	187,839,472	$	2,152,155	$	14,863,218	$	823,032
⁽¹⁾ Investment shares		1,848,381		4,723,145		227,021		1,576,163		104,181
⁽²⁾ Investments, at cost	$	63,549,956	$	102,313,239	$	2,127,614	$	15,029,384	$	829,141

December 31, 2023 (continued)	Col VP Long Govt/Cr Bond, Cl 2		Col VP Overseas Core, Cl 1		Col VP Overseas Core, Cl 2		Col VP Overseas Core, Cl 3		Col VP Select Lg Cap Val, Cl 1
Assets
Investments, at fair value^(1),(2)	$	1,059,122	$	7,414,052	$	3,717,486	$	56,156,320	$	8,278,953
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		5,023		586		6,499		15,263
Receivable for share redemptions		—		—		—		30,406		—
Total assets		1,059,122		7,419,075		3,718,072		56,193,225		8,294,216

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		30,406		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		—		—
Payable for investments purchased		—		5,023		586		6,499		15,263
Total liabilities		—		5,023		586		36,905		15,263
Net assets applicable to Variable Life contracts in accumulation period		1,059,122		7,414,052		3,717,486		56,156,320		8,278,953
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	1,059,122	$	7,414,052	$	3,717,486	$	56,156,320	$	8,278,953
⁽¹⁾ Investment shares		134,406		555,360		281,202		4,222,280		213,871
⁽²⁾ Investments, at cost	$	1,146,130	$	7,183,724	$	3,752,947	$	48,029,242	$	7,634,930

See accompanying notes to financial statements.



8		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


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 1		Col VP Select Mid Cap Gro, Cl 2		Col VP Select Mid Cap Gro, Cl 3
Assets
Investments, at fair value^(1),(2)	$	6,438,109	$	34,552,646	$	5,516,111	$	3,024,188	$	19,930,999
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,310		54,840		—		277		—
Receivable for share redemptions		—		17,963		2,442		—		23,157
Total assets		6,440,419		34,625,449		5,518,553		3,024,465		19,954,156

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		13,006		—		—		7,075
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		4,957		2,442		—		16,082
Payable for investments purchased		2,310		54,840		—		277		—
Total liabilities		2,310		72,803		2,442		277		23,157
Net assets applicable to Variable Life contracts in accumulation period		6,438,109		34,552,646		5,516,111		3,024,188		19,930,999
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	6,438,109	$	34,552,646	$	5,516,111	$	3,024,188	$	19,930,999
⁽¹⁾ Investment shares		171,958		908,563		121,500		68,872		446,583
⁽²⁾ Investments, at cost	$	5,266,524	$	26,288,465	$	5,011,149	$	2,233,480	$	12,133,376

December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 1		Col VP Select Mid Cap Val, Cl 2		Col VP Select Mid Cap Val, Cl 3		Col VP Select Sm Cap Val, Cl 1		Col VP Select Sm Cap Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	4,151,941	$	4,552,071	$	19,887,691	$	3,430,101	$	2,952,633
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		10,185		1,754		728		3,573		2,068
Receivable for share redemptions		—		—		12,611		—		—
Total assets		4,162,126		4,553,825		19,901,030		3,433,674		2,954,701

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		7,283		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		5,328		—		—
Payable for investments purchased		10,185		1,754		728		3,573		2,068
Total liabilities		10,185		1,754		13,339		3,573		2,068
Net assets applicable to Variable Life contracts in accumulation period		4,151,941		4,552,071		19,887,691		3,430,101		2,952,633
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	4,151,941	$	4,552,071	$	19,887,691	$	3,430,101	$	2,952,633
⁽¹⁾ Investment shares		112,702		127,509		548,475		99,366		88,455
⁽²⁾ Investments, at cost	$	3,685,706	$	3,178,965	$	13,598,319	$	3,137,095	$	2,391,579

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			9

Statement of Assets and Liabilities


December 31, 2023 (continued)	Col VP Select Sm Cap Val, Cl 3		Col VP Sel Gbl Tech, Cl 1		Col VP Sel Gbl Tech, Cl 2		Col VP Strategic Inc, Cl 1		Col VP Strategic Inc, Cl 2
Assets
Investments, at fair value^(1),(2)	$	21,281,206	$	5,139,175	$	2,135,323	$	5,875,877	$	2,756,470
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,173		2,159		—		5,202		676
Receivable for share redemptions		16,923		—		463		—		—
Total assets		21,300,302		5,141,334		2,135,786		5,881,079		2,757,146

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,933		—		—		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		8,990		—		463		—		—
Payable for investments purchased		2,173		2,159		—		5,202		676
Total liabilities		19,096		2,159		463		5,202		676
Net assets applicable to Variable Life contracts in accumulation period		21,281,206		5,139,175		2,135,323		5,875,877		2,756,470
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	21,281,206	$	5,139,175	$	2,135,323	$	5,875,877	$	2,756,470
⁽¹⁾ Investment shares		626,655		178,630		88,309		1,588,075		755,197
⁽²⁾ Investments, at cost	$	13,981,646	$	4,338,125	$	1,873,402	$	6,199,259	$	3,050,306

December 31, 2023 (continued)	Col VP US Govt Mtge, Cl 1		Col VP US Govt Mtge, Cl 2		Col VP US Govt Mtge, Cl 3		CS Commodity Return, Cl 1		CTIVP AC Div Bond, Cl 1
Assets
Investments, at fair value^(1),(2)	$	773,085	$	494,315	$	17,412,155	$	7,066,005	$	1,655,481
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		7		20,108		4,843		14,412		—
Receivable for share redemptions		—		—		6,531		2,591		2,377
Total assets		773,092		514,423		17,423,529		7,083,008		1,657,858

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		6,499		2,591		—
Minimum death benefit guarantee risk charge		—		—		32		—		—
Contract terminations		—		—		—		—		2,377
Payable for investments purchased		7		20,108		4,843		14,412		—
Total liabilities		7		20,108		11,374		17,003		2,377
Net assets applicable to Variable Life contracts in accumulation period		773,085		494,315		17,412,155		7,066,005		1,655,481
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	773,085	$	494,315	$	17,412,155	$	7,066,005	$	1,655,481
⁽¹⁾ Investment shares		86,572		55,479		1,949,849		399,887		180,336
⁽²⁾ Investments, at cost	$	810,325	$	548,470	$	19,579,950	$	9,773,938	$	1,750,531

See accompanying notes to financial statements.



10		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	CTIVP AC Div Bond, Cl 2		CTIVP BR Gl Infl Prot Sec, Cl 1		CTIVP BR Gl Infl Prot Sec, Cl 2		CTIVP BR Gl Infl Prot Sec, Cl 3		CTIVP CenterSquare Real Est, Cl 1
Assets
Investments, at fair value^(1),(2)	$	411,551	$	1,100,519	$	784,394	$	9,562,783	$	2,822,005
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		134		1,046		2,251		—
Receivable for share redemptions		—		—		—		3,425		2,063
Total assets		411,551		1,100,653		785,440		9,568,459		2,824,068

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		3,425		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		—		2,063
Payable for investments purchased		—		134		1,046		2,251		—
Total liabilities		—		134		1,046		5,676		2,063
Net assets applicable to Variable Life contracts in accumulation period		411,551		1,100,519		784,394		9,562,783		2,822,005
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	411,551	$	1,100,519	$	784,394	$	9,562,783	$	2,822,005
⁽¹⁾ Investment shares		45,027		244,560		179,085		2,139,325		445,111
⁽²⁾ Investments, at cost	$	468,883	$	1,303,580	$	971,459	$	12,213,132	$	3,252,445

December 31, 2023 (continued)	CTIVP CenterSquare Real Est, Cl 2		CTIVP MFS Val, Cl 1		CTIVP MFS Val, Cl 2		CTIVP MS Adv, Cl 1		CTIVP MS Adv, Cl 2
Assets
Investments, at fair value^(1),(2)	$	2,322,534	$	11,194,219	$	6,162,454	$	5,517,441	$	2,990,973
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		3,304		499		8,600		—
Receivable for share redemptions		1,044		—		—		—		13,420
Total assets		2,323,578		11,197,523		6,162,953		5,526,041		3,004,393

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		1,044		—		—		—		13,420
Payable for investments purchased		—		3,304		499		8,600		—
Total liabilities		1,044		3,304		499		8,600		13,420
Net assets applicable to Variable Life contracts in accumulation period		2,322,534		11,194,219		6,162,454		5,517,441		2,990,973
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	2,322,534	$	11,194,219	$	6,162,454	$	5,517,441	$	2,990,973
⁽¹⁾ Investment shares		369,830		291,289		165,836		119,116		66,837
⁽²⁾ Investments, at cost	$	2,972,085	$	9,859,980	$	4,638,375	$	5,741,238	$	2,905,195

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			11

Statement of Assets and Liabilities


December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 1		CTIVP Prin Blue Chip Gro, Cl 2		CTIVP T Rowe Price LgCap Val, Cl 1		CTIVP T Rowe Price LgCap Val, Cl 2		CTIVP TCW Core Plus Bond, Cl 1
Assets
Investments, at fair value^(1),(2)	$	4,266,136	$	3,149,921	$	3,322,002	$	2,195,330	$	4,109,630
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		2,165		150		3,363		—		2,866
Receivable for share redemptions		—		—		—		694		—
Total assets		4,268,301		3,150,071		3,325,365		2,196,024		4,112,496

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		694		—
Payable for investments purchased		2,165		150		3,363		—		2,866
Total liabilities		2,165		150		3,363		694		2,866
Net assets applicable to Variable Life contracts in accumulation period		4,266,136		3,149,921		3,322,002		2,195,330		4,109,630
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	4,266,136	$	3,149,921	$	3,322,002	$	2,195,330	$	4,109,630
⁽¹⁾ Investment shares		72,295		55,204		94,671		64,740		436,730
⁽²⁾ Investments, at cost	$	3,515,451	$	2,082,471	$	2,825,111	$	1,661,670	$	4,235,535

December 31, 2023 (continued)	CTIVP TCW Core Plus Bond, Cl 2		CTIVP Vty Sycamore Estb Val, Cl 1		CTIVP Vty Sycamore Estb Val, Cl 2		CTIVP Vty Sycamore Estb Val, Cl 3		CTIVP Westfield Mid Cap Gro, Cl 1
Assets
Investments, at fair value^(1),(2)	$	376,605	$	9,312,398	$	7,391,846	$	39,815,675	$	2,893,241
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,887		—		859		6,443		4,304
Receivable for share redemptions		—		1,828		—		14,531		—
Total assets		380,492		9,314,226		7,392,705		39,836,649		2,897,545

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		14,531		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		1,828		—		—		—
Payable for investments purchased		3,887		—		859		6,443		4,304
Total liabilities		3,887		1,828		859		20,974		4,304
Net assets applicable to Variable Life contracts in accumulation period		376,605		9,312,398		7,391,846		39,815,675		2,893,241
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	376,605	$	9,312,398	$	7,391,846	$	39,815,675	$	2,893,241
⁽¹⁾ Investment shares		40,193		201,611		165,477		876,032		64,711
⁽²⁾ Investments, at cost	$	411,524	$	8,007,684	$	5,123,769	$	26,371,666	$	2,564,704

See accompanying notes to financial statements.



12		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2		Del Ivy VIP Asset Strategy, Cl II		DWS Alt Asset Alloc VIP, Cl A		DWS Alt Asset Alloc VIP, Cl B		EV VT Floating-Rate Inc, Init Cl
Assets
Investments, at fair value^(1),(2)	$	2,514,369	$	1,983,644	$	1,726,717	$	4,134,787	$	19,852,748
Dividends receivable		—		—		—		—		138,550
Accounts receivable from RiverSource Life for contract purchase payments		—		1,571		438		793		8,383
Receivable for share redemptions		401		391		—		1,125		8,970
Total assets		2,514,770		1,985,606		1,727,155		4,136,705		20,008,651

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		391		—		1,125		7,381
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		401		—		—		—		1,588
Payable for investments purchased		—		1,571		438		793		146,934
Total liabilities		401		1,962		438		1,918		155,903
Net assets applicable to Variable Life contracts in accumulation period		2,514,369		1,983,540		1,726,717		4,134,697		19,852,748
Net assets applicable to seed money		—		104		—		90		—
Total net assets	$	2,514,369	$	1,983,644	$	1,726,717	$	4,134,787	$	19,852,748
⁽¹⁾ Investment shares		58,257		226,443		135,535		325,062		2,295,115
⁽²⁾ Investments, at cost	$	1,724,105	$	2,093,325	$	1,812,376	$	4,400,094	$	20,543,602

December 31, 2023 (continued)	Fid VIP Contrafund, Init Cl		Fid VIP Contrafund, Serv Cl 2		Fid VIP Gro & Inc, Serv Cl		Fid VIP Gro & Inc, Serv Cl 2		Fid VIP Mid Cap, Init Cl
Assets
Investments, at fair value^(1),(2)	$	21,012,917	$	141,468,506	$	58,697,888	$	42,563,302	$	12,136,647
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		4,143		8,418		—		7,834		1,611
Receivable for share redemptions		—		57,638		33,041		12,909		—
Total assets		21,017,060		141,534,562		58,730,929		42,584,045		12,138,258

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		45,770		25,556		12,909		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		11,868		7,485		—		—
Payable for investments purchased		4,143		8,418		—		7,834		1,611
Total liabilities		4,143		66,056		33,041		20,743		1,611
Net assets applicable to Variable Life contracts in accumulation period		21,012,917		141,468,506		58,697,888		42,563,302		12,136,647
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	21,012,917	$	141,468,506	$	58,697,888	$	42,563,302	$	12,136,647
⁽¹⁾ Investment shares		432,098		3,020,895		2,199,246		1,629,529		333,058
⁽²⁾ Investments, at cost	$	19,473,586	$	108,273,150	$	39,081,337	$	34,969,591	$	11,924,301

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			13

Statement of Assets and Liabilities


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, Init Cl
Assets
Investments, at fair value^(1),(2)	$	93,435,304	$	89,347,034	$	18,753,069	$	18,423,859	$	6,185,462
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		3,954		—		—		19,137
Receivable for share redemptions		47,520		25,523		17,247		6,888		—
Total assets		93,482,824		89,376,511		18,770,316		18,430,747		6,204,599

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		41,420		25,006		8,460		5,495		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		6,100		517		8,787		1,393		—
Payable for investments purchased		—		3,954		—		—		19,137
Total liabilities		47,520		29,477		17,247		6,888		19,137
Net assets applicable to Variable Life contracts in accumulation period		93,435,304		89,347,034		18,753,069		18,423,859		6,185,462
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	93,435,304	$	89,347,034	$	18,753,069	$	18,423,859	$	6,185,462
⁽¹⁾ Investment shares		2,601,930		2,575,585		730,260		722,221		590,216
⁽²⁾ Investments, at cost	$	84,538,165	$	88,005,340	$	14,684,364	$	15,874,710	$	6,297,633

December 31, 2023 (continued)	Fid VIP Strategic Inc, Serv Cl 2		Frank Global Real Est, Cl 2		Frank Inc, Cl 1		Frank Inc, Cl 2		Frank Mutual Shares, Cl 1
Assets
Investments, at fair value^(1),(2)	$	1,850,588	$	36,919,139	$	2,748,427	$	11,074,727	$	450,299
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		453		3,162		57
Receivable for share redemptions		63		41,480		—		3,705		—
Total assets		1,850,651		36,960,619		2,748,880		11,081,594		450,356

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		13,527		—		3,483		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		63		27,953		—		222		—
Payable for investments purchased		—		—		453		3,162		57
Total liabilities		63		41,480		453		6,867		57
Net assets applicable to Variable Life contracts in accumulation period		1,850,588		36,919,139		2,748,427		11,074,727		450,299
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	1,850,588	$	36,919,139	$	2,748,427	$	11,074,727	$	450,299
⁽¹⁾ Investment shares		178,801		2,941,764		184,334		779,910		28,609
⁽²⁾ Investments, at cost	$	1,987,947	$	41,639,316	$	2,723,539	$	11,622,505	$	470,862

See accompanying notes to financial statements.



14		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Frank Mutual Shares, Cl 2		Frank Sm Cap Val, Cl 1		Frank Sm Cap Val, Cl 2		GS VIT Mid Cap Val, Inst		GS VIT Multi-Strategy Alt, Advisor
Assets
Investments, at fair value^(1),(2)	$	17,014,583	$	6,171,918	$	47,554,979	$	87,191,417	$	1,890,809
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		3,360		2,155		1,709		896		1,069
Receivable for share redemptions		6,136		—		41,233		62,330		418
Total assets		17,024,079		6,174,073		47,597,921		87,254,643		1,892,296

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,296		—		15,482		33,307		418
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		840		—		25,751		29,023		—
Payable for investments purchased		3,360		2,155		1,709		896		1,069
Total liabilities		9,496		2,155		42,942		63,226		1,487
Net assets applicable to Variable Life contracts in accumulation period		17,014,583		6,171,918		47,554,979		87,191,417		1,890,809
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	17,014,583	$	6,171,918	$	47,554,979	$	87,191,417	$	1,890,809
⁽¹⁾ Investment shares		1,109,888		435,870		3,583,646		5,446,060		213,892
⁽²⁾ Investments, at cost	$	19,414,658	$	6,307,556	$	53,618,691	$	86,378,601	$	1,961,948

December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst		GS VIT U.S. Eq Insights, Inst		Invesco VI Am Fran, Ser I		Invesco VI Am Fran, Ser II		Invesco VI Bal Risk Alloc, Ser I
Assets
Investments, at fair value^(1),(2)	$	6,041,556	$	54,892,363	$	15,867,737	$	14,109,167	$	615,936
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		194
Receivable for share redemptions		2,803		37,123		9,708		6,584		—
Total assets		6,044,359		54,929,486		15,877,445		14,115,751		616,130

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		2,576		21,306		6,706		4,382		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		227		15,817		3,002		2,202		—
Payable for investments purchased		—		—		—		—		194
Total liabilities		2,803		37,123		9,708		6,584		194
Net assets applicable to Variable Life contracts in accumulation period		6,041,556		54,892,363		15,867,737		14,109,167		615,936
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	6,041,556	$	54,892,363	$	15,867,737	$	14,109,167	$	615,936
⁽¹⁾ Investment shares		491,983		2,810,669		269,127		265,160		70,960
⁽²⁾ Investments, at cost	$	6,142,249	$	48,419,186	$	15,051,436	$	14,484,759	$	658,512

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			15

Statement of Assets and Liabilities


December 31, 2023 (continued)	Invesco VI Bal Risk Alloc, Ser II		Invesco VI Comstock, Ser II		Invesco VI Core Eq, Ser I		Invesco VI Dis Mid Cap Gro, Ser I		Invesco VI Div Divd, Ser I
Assets
Investments, at fair value^(1),(2)	$	4,496,926	$	12,339,068	$	104,070,966	$	13,709,603	$	18,820,518
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		4,533		1,500		11,580		6,437		3,684
Receivable for share redemptions		1,425		8,617		60,869		5,278		6,697
Total assets		4,502,884		12,349,185		104,143,415		13,721,318		18,830,899

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,425		4,676		57,437		5,169		6,660
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		3,941		3,432		109		37
Payable for investments purchased		4,533		1,500		11,580		6,437		3,684
Total liabilities		5,958		10,117		72,449		11,715		10,381
Net assets applicable to Variable Life contracts in accumulation period		4,496,826		12,339,068		104,070,966		13,709,603		18,820,518
Net assets applicable to seed money		100		—		—		—		—
Total net assets	$	4,496,926	$	12,339,068	$	104,070,966	$	13,709,603	$	18,820,518
⁽¹⁾ Investment shares		530,298		630,187		3,553,123		218,271		776,424
⁽²⁾ Investments, at cost	$	5,361,974	$	11,693,678	$	99,341,088	$	16,327,358	$	19,247,719

December 31, 2023 (continued)	Invesco VI EQV Intl Eq, Ser II		Invesco VI Global, Ser I		Invesco VI Global, Ser II		Invesco VI Gbl Strat Inc, Ser I		Invesco VI Gbl Strat Inc, Ser II
Assets
Investments, at fair value^(1),(2)	$	20,525,149	$	6,451,281	$	30,674,190	$	801,973	$	30,475,871
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		104		10,162		167		1,139		31,531
Receivable for share redemptions		20,765		—		23,832		—		15,194
Total assets		20,546,018		6,461,443		30,698,189		803,112		30,522,596

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,512		—		9,969		—		10,655
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		13,253		—		13,863		—		4,539
Payable for investments purchased		104		10,162		167		1,139		31,531
Total liabilities		20,869		10,162		23,999		1,139		46,725
Net assets applicable to Variable Life contracts in accumulation period		20,525,149		6,451,281		30,674,190		801,973		30,475,871
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	20,525,149	$	6,451,281	$	30,674,190	$	801,973	$	30,475,871
⁽¹⁾ Investment shares		613,240		176,457		864,062		186,940		6,894,993
⁽²⁾ Investments, at cost	$	20,292,145	$	7,022,645	$	33,013,848	$	790,301	$	34,455,261

See accompanying notes to financial statements.



16		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	Invesco VI Mn St Sm Cap, Ser I		Invesco VI Mn St Sm Cap, Ser II		Invesco VI Tech, Ser I		Invesco VI Tech, Ser II		Janus Henderson VIT Bal, Inst
Assets
Investments, at fair value^(1),(2)	$	5,987,535	$	30,299,554	$	18,077,780	$	605,322	$	17,770,341
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		5,891		11,989		8,440		—		3,926
Receivable for share redemptions		—		11,626		22,114		1,436		—
Total assets		5,993,426		30,323,169		18,108,334		606,758		17,774,267

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		8,731		6,103		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		2,895		16,011		1,436		—
Payable for investments purchased		5,891		11,989		8,440		—		3,926
Total liabilities		5,891		23,615		30,554		1,436		3,926
Net assets applicable to Variable Life contracts in accumulation period		5,987,535		30,299,554		18,077,780		605,322		17,770,341
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	5,987,535	$	30,299,554	$	18,077,780	$	605,322	$	17,770,341
⁽¹⁾ Investment shares		222,502		1,152,074		977,177		38,167		392,455
⁽²⁾ Investments, at cost	$	5,845,865	$	27,905,232	$	19,536,050	$	542,762	$	16,704,499

December 31, 2023 (continued)	Janus Henderson VIT Bal, Serv		Janus Henderson VIT Enter, Serv		Janus Henderson VIT Flex Bd, Inst		Janus Henderson VIT Flex Bd, Serv		Janus Hend VIT Gbl Tech Innov, Srv
Assets
Investments, at fair value^(1),(2)	$	5,137,711	$	22,304,143	$	1,921,534	$	1,167,076	$	52,440,928
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		1,752		2,232		346		—		—
Receivable for share redemptions		—		9,346		—		15,726		39,202
Total assets		5,139,463		22,315,721		1,921,880		1,182,802		52,480,130

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		9,346		—		—		19,631
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		15,726		19,571
Payable for investments purchased		1,752		2,232		346		—		—
Total liabilities		1,752		11,578		346		15,726		39,202
Net assets applicable to Variable Life contracts in accumulation period		5,137,711		22,304,143		1,921,534		1,167,076		52,440,928
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	5,137,711	$	22,304,143	$	1,921,534	$	1,167,076	$	52,440,928
⁽¹⁾ Investment shares		106,924		326,227		191,197		104,577		3,265,313
⁽²⁾ Investments, at cost	$	4,505,657	$	19,951,838	$	2,011,316	$	1,287,568	$	40,663,774

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			17

Statement of Assets and Liabilities


December 31, 2023 (continued)	Janus Henderson VIT Overseas, Serv		Janus Henderson VIT Res, Inst		Janus Henderson VIT Res, Serv		Lazard Ret Global Dyn MA, Inv		Lazard Ret Global Dyn MA, Serv
Assets
Investments, at fair value^(1),(2)	$	39,311,819	$	7,098,221	$	16,640,612	$	506,745	$	1,302,582
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		17,805		—		5,249		24		108
Receivable for share redemptions		14,872		2,336		6,212		—		440
Total assets		39,344,496		7,100,557		16,652,073		506,769		1,303,130

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		14,872		—		5,224		—		404
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		2,336		988		—		36
Payable for investments purchased		17,805		—		5,249		24		108
Total liabilities		32,677		2,336		11,461		24		548
Net assets applicable to Variable Life contracts in accumulation period		39,311,819		7,098,221		16,640,612		506,745		1,302,480
Net assets applicable to seed money		—		—		—		—		102
Total net assets	$	39,311,819	$	7,098,221	$	16,640,612	$	506,745	$	1,302,582
⁽¹⁾ Investment shares		980,834		157,214		386,452		42,123		108,730
⁽²⁾ Investments, at cost	$	35,272,697	$	6,501,930	$	13,789,711	$	520,727	$	1,384,497

December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl		MFS New Dis, Serv Cl		MFS Utilities, Init Cl		MFS Utilities, Serv Cl		MS VIF Dis, Cl I
Assets
Investments, at fair value^(1),(2)	$	49,189,910	$	28,058,352	$	3,130,174	$	23,337,994	$	7,367,046
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		400		2,235		4,750		5,816		14,814
Receivable for share redemptions		21,781		10,547		—		7,721		—
Total assets		49,212,091		28,071,134		3,134,924		23,351,531		7,381,860

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		18,459		10,376		—		7,573		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		3,322		171		—		148		—
Payable for investments purchased		400		2,235		4,750		5,816		14,814
Total liabilities		22,181		12,782		4,750		13,537		14,814
Net assets applicable to Variable Life contracts in accumulation period		49,189,910		28,058,352		3,130,174		23,337,994		7,367,046
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	49,189,910	$	28,058,352	$	3,130,174	$	23,337,994	$	7,367,046
⁽¹⁾ Investment shares		2,225,788		2,778,055		97,060		739,949		1,605,021
⁽²⁾ Investments, at cost	$	44,206,454	$	39,980,338	$	3,403,025	$	23,373,835	$	11,441,191

See accompanying notes to financial statements.



18		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	MS VIF Dis, Cl II		MS VIF Global Real Est, Cl II		NB AMT Sus Eq, Cl I		NB AMT Sus Eq, Cl S		NB AMT US Eq Index PW Strat, Cl S
Assets
Investments, at fair value^(1),(2)	$	22,415,858	$	5,677,154	$	2,293,344	$	877,301	$	1,243,364
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		—		—		—		231
Receivable for share redemptions		30,390		13,488		547		193		368
Total assets		22,446,248		5,690,642		2,293,891		877,494		1,243,963

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		5,906		2,055		—		—		368
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		24,484		11,433		547		193		—
Payable for investments purchased		—		—		—		—		231
Total liabilities		30,390		13,488		547		193		599
Net assets applicable to Variable Life contracts in accumulation period		22,415,858		5,677,154		2,293,344		877,301		1,243,262
Net assets applicable to seed money		—		—		—		—		102
Total net assets	$	22,415,858	$	5,677,154	$	2,293,344	$	877,301	$	1,243,364
⁽¹⁾ Investment shares		5,534,780		752,938		68,766		26,196		131,852
⁽²⁾ Investments, at cost	$	47,051,271	$	6,768,422	$	2,020,340	$	743,402	$	1,258,323

December 31, 2023 (continued)	PIMCO VIT All Asset, Advisor Cl		PIMCO VIT All Asset, Inst Cl		PIMCO VIT Glb Man As Alloc, Adv Cl		PIMCO VIT Tot Return, Advisor Cl		PIMCO VIT Tot Return, Inst Cl
Assets
Investments, at fair value^(1),(2)	$	12,130,857	$	1,138,170	$	866,781	$	15,066,202	$	3,765,629
Dividends receivable		—		—		—		42,044		11,043
Accounts receivable from RiverSource Life for contract purchase payments		1,340		327		—		4,519		917
Receivable for share redemptions		8,064		—		—		13,752		—
Total assets		12,140,261		1,138,497		866,781		15,126,517		3,777,589

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		4,443		—		—		5,161		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		3,621		—		—		8,591		—
Payable for investments purchased		1,340		327		—		46,563		11,960
Total liabilities		9,404		327		—		60,315		11,960
Net assets applicable to Variable Life contracts in accumulation period		12,130,857		1,138,170		866,781		15,066,202		3,765,629
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	12,130,857	$	1,138,170	$	866,781	$	15,066,202	$	3,765,629
⁽¹⁾ Investment shares		1,318,571		123,714		92,211		1,641,199		410,199
⁽²⁾ Investments, at cost	$	13,764,820	$	1,118,490	$	837,264	$	16,795,295	$	3,887,546

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			19

Statement of Assets and Liabilities


December 31, 2023 (continued)	Put VT Global Hlth Care, Cl IA		Put VT Global Hlth Care, Cl IB		Put VT Hi Yield, Cl IB		Put VT Intl Eq, Cl IB		Put VT Sus Leaders, Cl IA
Assets
Investments, at fair value^(1),(2)	$	1,255,659	$	28,809,795	$	4,959,775	$	7,749,762	$	137,265,627
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		1,037		3,841		3,111		8,075
Receivable for share redemptions		11,223		14,419		2,133		2,865		90,250
Total assets		1,266,882		28,825,251		4,965,749		7,755,738		137,363,952

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		10,442		2,133		2,759		72,929
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		11,223		3,977		—		106		17,321
Payable for investments purchased		—		1,037		3,841		3,111		8,075
Total liabilities		11,223		15,456		5,974		5,976		98,325
Net assets applicable to Variable Life contracts in accumulation period		1,255,659		28,809,795		4,959,775		7,749,762		137,265,627
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	1,255,659	$	28,809,795	$	4,959,775	$	7,749,762	$	137,265,627
⁽¹⁾ Investment shares		73,430		1,776,190		893,653		507,516		3,317,999
⁽²⁾ Investments, at cost	$	1,178,478	$	27,895,051	$	5,532,893	$	7,273,888	$	102,658,171

December 31, 2023 (continued)	Put VT Sus Leaders, Cl IB		Royce Micro-Cap, Invest Cl		Temp Global Bond, Cl 1		Temp Global Bond, Cl 2		Third Ave VST Third Ave Value
Assets
Investments, at fair value^(1),(2)	$	5,502,806	$	29,907,776	$	771,558	$	2,831,330	$	28,721,566
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		534		—		349		2,226		678
Receivable for share redemptions		2,303		19,503		—		867		13,256
Total assets		5,505,643		29,927,279		771,907		2,834,423		28,735,500

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,601		13,042		—		862		12,733
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		702		6,461		—		5		523
Payable for investments purchased		534		—		349		2,226		678
Total liabilities		2,837		19,503		349		3,093		13,934
Net assets applicable to Variable Life contracts in accumulation period		5,502,626		29,907,776		771,558		2,831,330		28,721,566
Net assets applicable to seed money		180		—		—		—		—
Total net assets	$	5,502,806	$	29,907,776	$	771,558	$	2,831,330	$	28,721,566
⁽¹⁾ Investment shares		138,960		3,261,481		56,858		220,509		1,234,274
⁽²⁾ Investments, at cost	$	5,072,433	$	31,404,368	$	772,134	$	3,181,843	$	19,441,977

See accompanying notes to financial statements.



20		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	VanEck VIP Global Gold, Cl S		VP Aggr, Cl 1		VP Aggr, Cl 2		VP Aggr, Cl 4		VP Conserv, Cl 1
Assets
Investments, at fair value^(1),(2)	$	6,332,657	$	100,692,346	$	377,076,432	$	360,393,862	$	2,942,726
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		475		394,636		16,415		28,605		622
Receivable for share redemptions		4,751		—		148,419		117,384		—
Total assets		6,337,883		101,086,982		377,241,266		360,539,851		2,943,348

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,883		—		84,441		116,914		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		2,868		—		63,978		470		—
Payable for investments purchased		475		394,636		16,415		28,605		622
Total liabilities		5,226		394,636		164,834		145,989		622
Net assets applicable to Variable Life contracts in accumulation period		6,332,657		100,692,346		377,076,432		360,393,862		2,942,726
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	6,332,657	$	100,692,346	$	377,076,432	$	360,393,862	$	2,942,726
⁽¹⁾ Investment shares		755,687		3,546,754		13,414,316		12,802,624		189,000
⁽²⁾ Investments, at cost	$	6,560,624	$	91,252,912	$	265,665,991	$	228,065,224	$	2,882,104

December 31, 2023 (continued)	VP Conserv, Cl 2		VP Conserv, Cl 4		VP Man Vol Conserv, Cl 1		VP Man Vol Conserv, Cl 2		VP Man Vol Conserv Gro, Cl 1
Assets
Investments, at fair value^(1),(2)	$	20,767,457	$	21,135,695	$	602,146	$	2,646,926	$	1,661,504
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		549		—		—		413
Receivable for share redemptions		44,425		8,857		—		775		—
Total assets		20,811,882		21,145,101		602,146		2,647,701		1,661,917

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		7,345		7,856		—		775		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		37,080		1,001		—		—		—
Payable for investments purchased		—		549		—		—		413
Total liabilities		44,425		9,406		—		775		413
Net assets applicable to Variable Life contracts in accumulation period		20,767,457		21,135,695		602,146		2,646,926		1,661,504
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	20,767,457	$	21,135,695	$	602,146	$	2,646,926	$	1,661,504
⁽¹⁾ Investment shares		1,350,290		1,375,127		46,714		207,602		116,433
⁽²⁾ Investments, at cost	$	20,098,390	$	19,691,374	$	600,348	$	2,611,101	$	1,612,536

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			21

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2		VP Man Vol Gro, Cl 1		VP Man Vol Gro, Cl 2		VP Man Vol Mod Gro, Cl 1		VP Man Vol Mod Gro, Cl 2
Assets
Investments, at fair value^(1),(2)	$	3,437,560	$	27,703,914	$	44,069,135	$	16,843,470	$	38,487,630
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		8,963		4,139		2,374		3,324
Receivable for share redemptions		1,237		—		18,445		—		11,861
Total assets		3,438,797		27,712,877		44,091,719		16,845,844		38,502,815

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		1,237		—		11,060		—		10,766
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		7,385		—		1,095
Payable for investments purchased		—		8,963		4,139		2,374		3,324
Total liabilities		1,237		8,963		22,584		2,374		15,185
Net assets applicable to Variable Life contracts in accumulation period		3,437,560		27,703,914		44,069,135		16,843,470		38,487,630
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	3,437,560	$	27,703,914	$	44,069,135	$	16,843,470	$	38,487,630
⁽¹⁾ Investment shares		243,626		1,594,011		2,562,159		974,174		2,249,423
⁽²⁾ Investments, at cost	$	3,100,879	$	25,900,162	$	35,850,645	$	16,264,600	$	32,862,703

December 31, 2023 (continued)	VP Mod, Cl 1		VP Mod, Cl 2		VP Mod, Cl 4		VP Mod Aggr, Cl 1		VP Mod Aggr, Cl 2
Assets
Investments, at fair value^(1),(2)	$	66,441,409	$	380,800,330	$	505,007,785	$	201,148,730	$	719,979,396
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		66,216		62,692		13,993		394,380		96,735
Receivable for share redemptions		—		144,313		386,852		—		168,454
Total assets		66,507,625		381,007,335		505,408,630		201,543,110		720,244,585

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		121,791		183,523		—		166,332
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		22,522		203,329		—		2,122
Payable for investments purchased		66,216		62,692		13,993		394,380		96,735
Total liabilities		66,216		207,005		400,845		394,380		265,189
Net assets applicable to Variable Life contracts in accumulation period		66,441,409		380,800,330		505,007,785		201,148,730		719,979,396
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	66,441,409	$	380,800,330	$	505,007,785	$	201,148,730	$	719,979,396
⁽¹⁾ Investment shares		3,066,055		17,761,209		23,521,555		8,104,300		29,327,063
⁽²⁾ Investments, at cost	$	62,780,477	$	282,686,746	$	341,502,893	$	185,448,485	$	517,114,380

See accompanying notes to financial statements.



22		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Mod Aggr, Cl 4		VP Mod Conserv, Cl 1		VP Mod Conserv, Cl 2		VP Mod Conserv, Cl 4		VP Ptnrs Core Bond, Cl 1
Assets
Investments, at fair value^(1),(2)	$	996,385,583	$	4,285,027	$	42,843,719	$	56,234,239	$	1,268,222
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		4,092		1,390		190		46
Receivable for share redemptions		447,544		—		19,764		22,560		—
Total assets		996,833,127		4,289,119		42,864,873		56,256,989		1,268,268

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		337,967		—		15,996		20,462		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		109,577		—		3,768		2,098		—
Payable for investments purchased		—		4,092		1,390		190		46
Total liabilities		447,544		4,092		21,154		22,750		46
Net assets applicable to Variable Life contracts in accumulation period		996,385,583		4,285,027		42,843,719		56,234,239		1,268,222
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	996,385,583	$	4,285,027	$	42,843,719	$	56,234,239	$	1,268,222
⁽¹⁾ Investment shares		40,519,950		234,154		2,367,056		3,101,723		130,341
⁽²⁾ Investments, at cost	$	640,436,831	$	4,126,855	$	37,002,352	$	44,585,901	$	1,309,588

December 31, 2023 (continued)	VP Ptnrs Core Bond, Cl 2		VP Ptnrs Core Eq, Cl 1		VP Ptnrs Core Eq, Cl 2		VP Ptnrs Core Eq, Cl 3		VP Ptnrs Intl Core Eq, Cl 1
Assets
Investments, at fair value^(1),(2)	$	620,940	$	1,220,879	$	548,506	$	6,787,963	$	2,999,145
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		96		249		—		81		—
Receivable for share redemptions		—		—		344		5,807		3,044
Total assets		621,036		1,221,128		548,850		6,793,851		3,002,189

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		2,431		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		344		3,376		3,044
Payable for investments purchased		96		249		—		81		—
Total liabilities		96		249		344		5,888		3,044
Net assets applicable to Variable Life contracts in accumulation period		620,940		1,220,879		548,506		6,787,963		2,999,145
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	620,940	$	1,220,879	$	548,506	$	6,787,963	$	2,999,145
⁽¹⁾ Investment shares		64,147		32,775		15,211		185,312		293,746
⁽²⁾ Investments, at cost	$	663,282	$	1,067,365	$	357,487	$	3,786,918	$	3,070,416

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			23

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP Ptnrs Intl Core Eq, Cl 2		VP Ptnrs Intl Gro, Cl 1		VP Ptnrs Intl Gro, Cl 2		VP Ptnrs Intl Val, Cl 1		VP Ptnrs Intl Val, Cl 2
Assets
Investments, at fair value^(1),(2)	$	2,184,782	$	5,383,385	$	6,361,798	$	2,401,915	$	3,756,258
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		204		3,549		1,607		779		1,789
Receivable for share redemptions		—		—		—		—		—
Total assets		2,184,986		5,386,934		6,363,405		2,402,694		3,758,047

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		—		—
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		—		—
Payable for investments purchased		204		3,549		1,607		779		1,789
Total liabilities		204		3,549		1,607		779		1,789
Net assets applicable to Variable Life contracts in accumulation period		2,184,782		5,383,385		6,361,798		2,401,915		3,756,258
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	2,184,782	$	5,383,385	$	6,361,798	$	2,401,915	$	3,756,258
⁽¹⁾ Investment shares		216,315		468,528		560,511		239,235		376,002
⁽²⁾ Investments, at cost	$	2,347,276	$	5,601,874	$	6,581,217	$	2,206,771	$	3,538,377

December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 1		VP Ptnrs Sm Cap Gro, Cl 2		VP Ptnrs Sm Cap Val, Cl 1		VP Ptnrs Sm Cap Val, Cl 2		VP Ptnrs Sm Cap Val, Cl 3
Assets
Investments, at fair value^(1),(2)	$	992,075	$	833,365	$	704,267	$	1,179,725	$	13,821,803
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		633		3,763		—		14,208
Receivable for share redemptions		825		—		—		854		4,402
Total assets		992,900		833,998		708,030		1,180,579		13,840,413

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		—		4,364
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		825		—		—		854		38
Payable for investments purchased		—		633		3,763		—		14,208
Total liabilities		825		633		3,763		854		18,610
Net assets applicable to Variable Life contracts in accumulation period		992,075		833,365		704,267		1,179,725		13,821,803
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	992,075	$	833,365	$	704,267	$	1,179,725	$	13,821,803
⁽¹⁾ Investment shares		34,162		29,689		19,343		33,534		386,408
⁽²⁾ Investments, at cost	$	1,054,640	$	795,673	$	648,774	$	1,067,172	$	9,919,625

See accompanying notes to financial statements.



24		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Assets and Liabilities


December 31, 2023 (continued)	VP US Flex Conserv Gro, Cl 1		VP US Flex Gro, Cl 1		VP US Flex Mod Gro, Cl 1		Wanger Acorn		Wanger Intl
Assets
Investments, at fair value^(1),(2)	$	414,183	$	9,547,362	$	4,826,643	$	93,892,992	$	69,983,995
Dividends receivable		—		—		—		—		—
Accounts receivable from RiverSource Life for contract purchase payments		—		1,786		13,529		1,255		—
Receivable for share redemptions		—		—		—		35,688		59,143
Total assets		414,183		9,549,148		4,840,172		93,929,935		70,043,138

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		—		—		—		34,115		25,483
Minimum death benefit guarantee risk charge		—		—		—		—		—
Contract terminations		—		—		—		1,573		33,660
Payable for investments purchased		—		1,786		13,529		1,255		—
Total liabilities		—		1,786		13,529		36,943		59,143
Net assets applicable to Variable Life contracts in accumulation period		414,183		9,547,362		4,826,643		93,892,992		69,983,995
Net assets applicable to seed money		—		—		—		—		—
Total net assets	$	414,183	$	9,547,362	$	4,826,643	$	93,892,992	$	69,983,995
⁽¹⁾ Investment shares		30,794		579,682		322,637		7,043,735		3,433,955
⁽²⁾ Investments, at cost	$	400,421	$	8,903,544	$	4,526,969	$	139,204,066	$	87,646,492

December 31, 2023 (continued)							WA Var Global Hi Yd Bond, Cl I		WA Var Global Hi Yd Bond, Cl II
Assets
Investments, at fair value^(1),(2)							$	1,036,133	$	287,564
Dividends receivable								—		—
Accounts receivable from RiverSource Life for contract purchase payments								901		—
Receivable for share redemptions								—		7,478
Total assets								1,037,034		295,042

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee								—		—
Minimum death benefit guarantee risk charge								—		—
Contract terminations								—		7,478
Payable for investments purchased								901		—
Total liabilities								901		7,478
Net assets applicable to Variable Life contracts in accumulation period								1,036,133		287,564
Net assets applicable to seed money								—		—
Total net assets							$	1,036,133	$	287,564
⁽¹⁾ Investment shares								172,115		45,937
⁽²⁾ Investments, at cost							$	1,111,385	$	331,216

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			25

Statement of Operations


Year ended December 31, 2023	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl A			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B
Investment income
Dividend income	$	3,430		$	258,935		$	—		$	—		$	407,859
Variable account expenses		984			161,700			—			233,909			136,713
Investment income (loss) — net		2,446			97,235			—			(233,909	)		271,146

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		50,990			5,506,431			177,649			7,532,029			6,339,625
Cost of investments sold		64,110			5,493,889			186,916			7,499,400			6,485,128
Net realized gain (loss) on sales of investments		(13,120	)		12,542			(9,267	)		32,629			(145,503	)
Distributions from capital gains		—			—			959,355			4,811,866			2,576,285
Net change in unrealized appreciation (depreciation) of investments		79,706			4,834,815			3,223,223			14,303,515			724,364
Net gain (loss) on investments		66,586			4,847,357			4,173,311			19,148,010			3,155,146
Net increase (decrease) in net assets resulting from operations	$	69,032		$	4,944,592		$	4,173,311		$	18,914,101		$	3,426,292

Year ended December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 2			Allspg VT Opp, Cl 1			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 1
Investment income
Dividend income	$	128,058		$	277,503		$	—		$	—		$	—
Variable account expenses		52,939			97,274			—			67,484			—
Investment income (loss) — net		75,119			180,229			—			(67,484	)		—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,411,740			2,397,719			91,800			3,133,830			214,540
Cost of investments sold		2,646,007			3,527,507			95,670			3,226,680			296,491
Net realized gain (loss) on sales of investments		(234,267	)		(1,129,788	)		(3,870	)		(92,850	)		(81,951	)
Distributions from capital gains		413,404			—			36,255			1,295,069			—
Net change in unrealized appreciation (depreciation) of investments		1,755,275			3,610,870			79,352			2,387,825			270,675
Net gain (loss) on investments		1,934,412			2,481,082			111,737			3,590,044			188,724
Net increase (decrease) in net assets resulting from operations	$	2,009,531		$	2,661,311		$	111,737		$	3,522,560		$	188,724

Year ended December 31, 2023 (continued)	Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class I			ALPS Alerian Engy Infr, Class III			AC VP Intl, Cl I			AC VP Intl, Cl II
Investment income
Dividend income	$	—		$	71,062		$	461,071		$	167,794		$	126,917
Variable account expenses		81,329			—			55,891			65,025			38,982
Investment income (loss) — net		(81,329	)		71,062			405,180			102,769			87,935

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,109,704			855,368			5,363,442			1,574,619			1,977,019
Cost of investments sold		4,202,673			855,280			4,869,138			1,546,280			2,175,099
Net realized gain (loss) on sales of investments		(1,092,969	)		88			494,304			28,339			(198,080	)
Distributions from capital gains		—			22,346			165,158			—			—
Net change in unrealized appreciation (depreciation) of investments		2,046,718			112,473			991,139			1,246,652			1,262,088
Net gain (loss) on investments		953,749			134,907			1,650,601			1,274,991			1,064,008
Net increase (decrease) in net assets resulting from operations	$	872,420		$	205,969		$	2,055,781		$	1,377,760		$	1,151,943

See accompanying notes to financial statements.



26		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	AC VP Val, Cl I			AC VP Val, Cl II			BlackRock Global Alloc, Cl I			BlackRock Global Alloc, Cl III			Calvert VP EAFE Intl Index, Cl F
Investment income
Dividend income	$	1,440,016		$	857,465		$	178,409		$	317,935		$	8,678
Variable account expenses		307,864			130,500			—			41,876			—
Investment income (loss) — net		1,132,152			726,965			178,409			276,059			8,678

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		5,594,116			7,987,996			164,201			1,599,911			6,747
Cost of investments sold		4,127,385			7,117,882			182,809			1,862,595			6,532
Net realized gain (loss) on sales of investments		1,466,731			870,114			(18,608	)		(262,684	)		215
Distributions from capital gains		4,689,259			2,996,929			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(2,286,259	)		(1,359,034	)		668,752			1,435,086			31,189
Net gain (loss) on investments		3,869,731			2,508,009			650,144			1,172,402			31,404
Net increase (decrease) in net assets resulting from operations	$	5,001,883		$	3,234,974		$	828,553		$	1,448,461		$	40,082

Year ended December 31, 2023 (continued)	Calvert VP EAFE Intl Index, Cl I			Calvert VP Nasdaq 100 Index, Cl F			Calvert VP Nasdaq 100 Index, Cl I			Calv VP Russ 2000 Sm Cap Ind, Cl F			Calv VP Russ 2000 Sm Cap Ind, Cl I
Investment income
Dividend income	$	94,326		$	1,820		$	13,204		$	827		$	22,782
Variable account expenses		—			—			—			—			—
Investment income (loss) — net		94,326			1,820			13,204			827			22,782

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		59,785			66,255			158,084			2,221			70,508
Cost of investments sold		53,141			58,797			135,785			2,388			70,822
Net realized gain (loss) on sales of investments		6,644			7,458			22,299			(167	)		(314	)
Distributions from capital gains		—			—			—			53			1,451
Net change in unrealized appreciation (depreciation) of investments		315,763			152,391			1,292,202			15,015			370,580
Net gain (loss) on investments		322,407			159,849			1,314,501			14,901			371,717
Net increase (decrease) in net assets resulting from operations	$	416,733		$	161,669		$	1,327,705		$	15,728		$	394,499

Year ended December 31, 2023 (continued)	Calvert VP SRI Bal, Cl I			Col VP Bal, Cl 1			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 1			Col VP Commodity Strategy, Cl 2
Investment income
Dividend income	$	233,569		$	—		$	—		$	309,759		$	188,105
Variable account expenses		72,107			—			1,299,471			—			—
Investment income (loss) — net		161,462			—			(1,299,471	)		309,759			188,105

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,276,124			716,007			23,339,050			833,860			507,284
Cost of investments sold		2,302,480			683,344			13,053,227			997,361			631,352
Net realized gain (loss) on sales of investments		(26,356	)		32,663			10,285,823			(163,501	)		(124,068	)
Distributions from capital gains		55,952			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		2,054,197			3,896,093			28,693,236			(251,278	)		(150,444	)
Net gain (loss) on investments		2,083,793			3,928,756			38,979,059			(414,779	)		(274,512	)
Net increase (decrease) in net assets resulting from operations	$	2,245,255		$	3,928,756		$	37,679,588		$	(105,020	)	$	(86,407	)

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			27

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Contrarian Core, Cl 1			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 1			Col VP Disciplined Core, Cl 2			Col VP Disciplined Core, Cl 3
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		—			—			—			—			2,164,352
Investment income (loss) — net		—			—			—			—			(2,164,352	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		142,064			201,311			146,046			406,167			34,135,683
Cost of investments sold		134,311			132,614			128,562			306,549			9,931,951
Net realized gain (loss) on sales of investments		7,753			68,697			17,484			99,618			24,203,732
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,894,360			1,498,452			833,318			547,921			41,900,834
Net gain (loss) on investments		1,902,113			1,567,149			850,802			647,539			66,104,566
Net increase (decrease) in net assets resulting from operations	$	1,902,113		$	1,567,149		$	850,802		$	647,539		$	63,940,214

Year ended December 31, 2023 (continued)	Col VP Divd Opp, Cl 1			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 1			Col VP Emerg Mkts Bond, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	53,130		$	32,537
Variable account expenses		—			—			953,448			—			—
Investment income (loss) — net		—			—			(953,448	)		53,130			32,537

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		481,860			762,980			24,798,150			144,576			77,930
Cost of investments sold		451,767			607,094			12,179,275			154,871			94,535
Net realized gain (loss) on sales of investments		30,093			155,886			12,618,875			(10,295	)		(16,605	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		383,960			77,810			(3,261,837	)		55,089			43,465
Net gain (loss) on investments		414,053			233,696			9,357,038			44,794			26,860
Net increase (decrease) in net assets resulting from operations	$	414,053		$	233,696		$	8,403,590		$	97,924		$	59,397

Year ended December 31, 2023 (continued)	Col VP Emer Mkts, Cl 1			Col VP Emer Mkts, Cl 2			Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3
Investment income
Dividend income	$	6,920		$	—		$	—		$	8,920		$	523,051
Variable account expenses		—			—			181,506			—			78,156
Investment income (loss) — net		6,920			—			(181,506	)		8,920			444,895

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		169,076			523,158			4,936,696			36,952			2,256,360
Cost of investments sold		243,550			840,238			7,686,388			41,628			2,864,436
Net realized gain (loss) on sales of investments		(74,474	)		(317,080	)		(2,749,692	)		(4,676	)		(608,076	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		705,996			927,929			6,327,159			24,247			1,646,007
Net gain (loss) on investments		631,522			610,849			3,577,467			19,571			1,037,931
Net increase (decrease) in net assets resulting from operations	$	638,442		$	610,849		$	3,395,961		$	28,491		$	1,482,826

See accompanying notes to financial statements.



28		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Govt Money Mkt, Cl 1			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 1			Col VP Hi Yield Bond, Cl 2
Investment income
Dividend income	$	635,687		$	383,765		$	2,146,201		$	153,335		$	109,007
Variable account expenses		—			—			225,533			—			—
Investment income (loss) — net		635,687			383,765			1,920,668			153,335			109,007

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,484,675			3,720,419			14,827,515			107,316			277,662
Cost of investments sold		7,484,675			3,720,419			14,827,498			115,690			305,766
Net realized gain (loss) on sales of investments		—			—			17			(8,374	)		(28,104	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		—			—			(17	)		190,286			158,679
Net gain (loss) on investments		—			—			—			181,912			130,575
Net increase (decrease) in net assets resulting from operations	$	635,687		$	383,765		$	1,920,668		$	335,247		$	239,582

Year ended December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 1			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 1
Investment income
Dividend income	$	2,413,608		$	51,814		$	48,197		$	819,525		$	93,610
Variable account expenses		212,825			—			—			77,507			—
Investment income (loss) — net		2,200,783			51,814			48,197			742,018			93,610

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,365,570			65,686			110,413			1,892,167			248,057
Cost of investments sold		7,256,054			72,442			131,862			2,341,559			281,935
Net realized gain (loss) on sales of investments		(890,484	)		(6,756	)		(21,449	)		(449,392	)		(33,878	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,597,551			63,747			79,474			1,411,576			275,392
Net gain (loss) on investments		2,707,067			56,991			58,025			962,184			241,514
Net increase (decrease) in net assets resulting from operations	$	4,907,850		$	108,805		$	106,222		$	1,704,202		$	335,124

Year ended December 31, 2023 (continued)	Col VP Inter Bond, Cl 2			Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 1			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3
Investment income
Dividend income	$	57,545		$	1,904,205		$	—		$	—		$	—
Variable account expenses		—			438,005			—			—			357,623
Investment income (loss) — net		57,545			1,466,200			—			—			(357,623	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		287,468			9,776,321			945,731			375,830			10,596,044
Cost of investments sold		346,340			12,211,743			925,704			275,987			4,885,616
Net realized gain (loss) on sales of investments		(58,872	)		(2,435,422	)		20,027			99,843			5,710,428
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		162,690			5,784,682			4,121,558			2,603,832			20,746,285
Net gain (loss) on investments		103,818			3,349,260			4,141,585			2,703,675			26,456,713
Net increase (decrease) in net assets resulting from operations	$	161,363		$	4,815,460		$	4,141,585		$	2,703,675		$	26,099,090

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			29

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Lg Cap Index, Cl 1			Col VP Lg Cap Index, Cl 3			Col VP Limited Duration Cr, Cl 1			Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 1
Investment income
Dividend income	$	—		$	—		$	77,115		$	446,699		$	27,206
Variable account expenses		—			679,398			—			61,448			—
Investment income (loss) — net		—			(679,398	)		77,115			385,251			27,206

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		780,042			16,976,543			1,472,611			2,700,812			469,686
Cost of investments sold		712,809			9,587,168			1,505,172			2,799,158			552,493
Net realized gain (loss) on sales of investments		67,233			7,389,375			(32,561	)		(98,346	)		(82,807	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		11,867,068			30,800,594			89,114			587,007			59,027
Net gain (loss) on investments		11,934,301			38,189,969			56,553			488,661			(23,780	)
Net increase (decrease) in net assets resulting from operations	$	11,934,301		$	37,510,571		$	133,668		$	873,912		$	3,426

Year ended December 31, 2023 (continued)	Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 1			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 1
Investment income
Dividend income	$	30,043		$	93,118		$	54,385		$	974,460		$	—
Variable account expenses		—			—			—			370,539			—
Investment income (loss) — net		30,043			93,118			54,385			603,921			—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		72,489			96,589			220,362			6,134,085			598,192
Cost of investments sold		83,240			102,172			239,967			5,678,072			575,128
Net realized gain (loss) on sales of investments		(10,751	)		(5,583	)		(19,605	)		456,013			23,064
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		24,634			742,184			449,507			6,297,214			414,399
Net gain (loss) on investments		13,883			736,601			429,902			6,753,227			437,463
Net increase (decrease) in net assets resulting from operations	$	43,926		$	829,719		$	484,287		$	7,357,148		$	437,463

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 1			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		—			163,078			—			—			83,221
Investment income (loss) — net		—			(163,078	)		—			—			(83,221	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,410,956			8,381,948			125,663			218,570			3,436,447
Cost of investments sold		1,199,555			6,617,126			126,825			174,250			2,105,210
Net realized gain (loss) on sales of investments		211,401			1,764,822			(1,162	)		44,320			1,331,237
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		109,493			(1,871	)		915,200			536,368			2,640,744
Net gain (loss) on investments		320,894			1,762,951			914,038			580,688			3,971,981
Net increase (decrease) in net assets resulting from operations	$	320,894		$	1,599,873		$	914,038		$	580,688		$	3,888,760

See accompanying notes to financial statements.



30		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 1			Col VP Select Mid Cap Val, Cl 2			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 1			Col VP Select Sm Cap Val, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		—			—			89,693			—			—
Investment income (loss) — net		—			—			(89,693	)		—			—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		339,369			221,830			3,707,158			189,249			281,210
Cost of investments sold		325,633			164,684			2,672,586			183,147			243,348
Net realized gain (loss) on sales of investments		13,736			57,146			1,034,572			6,102			37,862
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		356,105			360,164			865,652			346,974			294,399
Net gain (loss) on investments		369,841			417,310			1,900,224			353,076			332,261
Net increase (decrease) in net assets resulting from operations	$	369,841		$	417,310		$	1,810,531		$	353,076		$	332,261

Year ended December 31, 2023 (continued)	Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 1			Col VP Sel Gbl Tech, Cl 2			Col VP Strategic Inc, Cl 1			Col VP Strategic Inc, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	178,771		$	85,380
Variable account expenses		97,170			—			—			—			—
Investment income (loss) — net		(97,170	)		—			—			178,771			85,380

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,547,011			116,496			203,487			138,827			108,352
Cost of investments sold		2,403,787			108,551			191,225			155,020			126,081
Net realized gain (loss) on sales of investments		1,143,224			7,945			12,262			(16,193	)		(17,729	)
Distributions from capital gains		—			139,060			61,653			—			—
Net change in unrealized appreciation (depreciation) of investments		1,360,677			876,159			283,009			302,039			155,746
Net gain (loss) on investments		2,503,901			1,023,164			356,924			285,846			138,017
Net increase (decrease) in net assets resulting from operations	$	2,406,731		$	1,023,164		$	356,924		$	464,617		$	223,397

Year ended December 31, 2023 (continued)	Col VP US Govt Mtge, Cl 1			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 1
Investment income
Dividend income	$	18,755		$	12,907		$	449,164		$	1,744,191		$	37,196
Variable account expenses		—			—			82,824			37,413			—
Investment income (loss) — net		18,755			12,907			366,340			1,706,778			37,196

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		209,700			201,611			4,816,116			2,264,078			83,131
Cost of investments sold		229,609			232,166			5,674,778			3,004,426			92,863
Net realized gain (loss) on sales of investments		(19,909	)		(30,555	)		(858,662	)		(740,348	)		(9,732	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		42,104			42,296			1,339,387			(1,820,568	)		51,902
Net gain (loss) on investments		22,195			11,741			480,725			(2,560,916	)		42,170
Net increase (decrease) in net assets resulting from operations	$	40,950		$	24,648		$	847,065		$	(854,138	)	$	79,366

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			31

Statement of Operations


Year ended December 31, 2023 (continued)	CTIVP AC Div Bond, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 1			CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 1
Investment income
Dividend income	$	11,777		$	95,772		$	71,989		$	884,069		$	49,243
Variable account expenses		—			—			—			47,306			—
Investment income (loss) — net		11,777			95,772			71,989			836,763			49,243

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		30,346			383,830			232,515			2,809,958			604,342
Cost of investments sold		35,860			454,986			285,850			3,617,706			773,131
Net realized gain (loss) on sales of investments		(5,514	)		(71,156	)		(53,335	)		(807,748	)		(168,789	)
Distributions from capital gains		—			—			—			—			161,598
Net change in unrealized appreciation (depreciation) of investments		13,790			18,875			12,286			314,635			268,080
Net gain (loss) on investments		8,276			(52,281	)		(41,049	)		(493,113	)		260,889
Net increase (decrease) in net assets resulting from operations	$	20,053		$	43,491		$	30,940		$	343,650		$	310,132

Year ended December 31, 2023 (continued)	CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 1			CTIVP MFS Val, Cl 2			CTIVP MS Adv, Cl 1			CTIVP MS Adv, Cl 2
Investment income
Dividend income	$	39,267		$	—		$	—		$	—		$	—
Variable account expenses		—			—			—			—			—
Investment income (loss) — net		39,267			—			—			—			—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		403,504			171,741			624,135			249,414			320,386
Cost of investments sold		549,339			159,686			499,990			291,947			340,519
Net realized gain (loss) on sales of investments		(145,835	)		12,055			124,145			(42,533	)		(20,133	)
Distributions from capital gains		151,364			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		245,113			799,407			313,376			1,178,824			730,726
Net gain (loss) on investments		250,642			811,462			437,521			1,136,291			710,593
Net increase (decrease) in net assets resulting from operations	$	289,909		$	811,462		$	437,521		$	1,136,291		$	710,593

Year ended December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 1			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 1
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	63,762
Variable account expenses		—			—			—			—			—
Investment income (loss) — net		—			—			—			—			63,762

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		107,287			364,404			169,362			338,455			97,401
Cost of investments sold		102,576			276,204			154,524			278,267			109,825
Net realized gain (loss) on sales of investments		4,711			88,200			14,838			60,188			(12,424	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,053,293			769,892			267,401			122,250			169,505
Net gain (loss) on investments		1,058,004			858,092			282,239			182,438			157,081
Net increase (decrease) in net assets resulting from operations	$	1,058,004		$	858,092		$	282,239		$	182,438		$	220,843

See accompanying notes to financial statements.



32		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 1			CTIVP Vty Sycamore Estb Val, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 3			CTIVP Westfield Mid Cap Gro, Cl 1
Investment income
Dividend income	$	7,425		$	—		$	—		$	—		$	—
Variable account expenses		—			—			—			177,407			—
Investment income (loss) — net		7,425			—			—			(177,407	)		—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		45,830			653,518			1,036,151			5,514,124			93,723
Cost of investments sold		51,771			592,045			762,604			3,833,788			94,378
Net realized gain (loss) on sales of investments		(5,941	)		61,473			273,547			1,680,336			(655	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		16,840			730,879			382,300			1,937,960			490,372
Net gain (loss) on investments		10,899			792,352			655,847			3,618,296			489,717
Net increase (decrease) in net assets resulting from operations	$	18,324		$	792,352		$	655,847		$	3,440,889		$	489,717

Year ended December 31, 2023 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2			Del Ivy VIP Asset Strategy, Cl II			DWS Alt Asset Alloc VIP, Cl A			DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl
Investment income
Dividend income	$	—		$	40,246		$	82,998		$	279,583		$	1,558,253
Variable account expenses		—			5,096			—			15,044			89,896
Investment income (loss) — net		—			35,150			82,998			264,539			1,468,357

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		189,133			564,245			259,318			1,125,790			3,970,012
Cost of investments sold		146,183			625,203			279,624			1,221,622			4,182,952
Net realized gain (loss) on sales of investments		42,950			(60,958	)		(20,306	)		(95,832	)		(212,940	)
Distributions from capital gains		—			—			11,074			39,636			—
Net change in unrealized appreciation (depreciation) of investments		461,562			277,040			17,652			12,498			679,895
Net gain (loss) on investments		504,512			216,082			8,420			(43,698	)		466,955
Net increase (decrease) in net assets resulting from operations	$	504,512		$	251,232		$	91,418		$	220,841		$	1,935,312

Year ended December 31, 2023 (continued)	Fid VIP Contrafund, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Mid Cap, Init Cl
Investment income
Dividend income	$	91,232		$	334,637		$	877,913		$	593,870		$	66,816
Variable account expenses		—			525,757			308,359			160,275			—
Investment income (loss) — net		91,232			(191,120	)		569,554			433,595			66,816

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		159,083			14,556,858			5,242,284			10,843,040			263,056
Cost of investments sold		162,627			11,983,648			3,543,656			8,708,801			278,731
Net realized gain (loss) on sales of investments		(3,544	)		2,573,210			1,698,628			2,134,239			(15,675	)
Distributions from capital gains		611,263			4,687,909			2,111,024			1,559,684			296,233
Net change in unrealized appreciation (depreciation) of investments		3,729,505			28,319,260			4,846,913			2,451,654			1,039,557
Net gain (loss) on investments		4,337,224			35,580,379			8,656,565			6,145,577			1,320,115
Net increase (decrease) in net assets resulting from operations	$	4,428,456		$	35,389,259		$	9,226,119		$	6,579,172		$	1,386,931

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			33

Statement of Operations


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, Init Cl
Investment income
Dividend income	$	453,487		$	325,954		$	168,754		$	139,067		$	261,239
Variable account expenses		500,045			307,619			100,326			66,292			—
Investment income (loss) — net		(46,558	)		18,335			68,428			72,775			261,239

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		7,798,149			14,885,433			1,816,472			3,551,093			70,650
Cost of investments sold		7,417,725			15,641,710			1,510,995			3,223,198			74,336
Net realized gain (loss) on sales of investments		380,424			(756,277	)		305,477			327,895			(3,686	)
Distributions from capital gains		2,460,863			2,431,711			47,280			46,595			—
Net change in unrealized appreciation (depreciation) of investments		9,284,032			9,764,121			2,721,413			2,609,017			158,331
Net gain (loss) on investments		12,125,319			11,439,555			3,074,170			2,983,507			154,645
Net increase (decrease) in net assets resulting from operations	$	12,078,761		$	11,457,890		$	3,142,598		$	3,056,282		$	415,884

Year ended December 31, 2023 (continued)	Fid VIP Strategic Inc, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 1			Frank Inc, Cl 2			Frank Mutual Shares, Cl 1
Investment income
Dividend income	$	76,333		$	1,007,815		$	65,969		$	523,505		$	8,238
Variable account expenses		—			164,163			—			40,058			—
Investment income (loss) — net		76,333			843,652			65,969			483,447			8,238

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		210,796			4,832,957			119,187			1,331,023			37,746
Cost of investments sold		231,240			5,893,396			125,398			1,441,425			38,739
Net realized gain (loss) on sales of investments		(20,444	)		(1,060,439	)		(6,211	)		(110,402	)		(993	)
Distributions from capital gains		—			—			75,979			634,655			33,030
Net change in unrealized appreciation (depreciation) of investments		96,606			3,901,312			65,580			(222,542	)		6,405
Net gain (loss) on investments		76,162			2,840,873			135,348			301,711			38,442
Net increase (decrease) in net assets resulting from operations	$	152,495		$	3,684,525		$	201,317		$	785,158		$	46,680

Year ended December 31, 2023 (continued)	Frank Mutual Shares, Cl 2			Frank Sm Cap Val, Cl 1			Frank Sm Cap Val, Cl 2			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor
Investment income
Dividend income	$	305,528		$	36,305		$	233,540		$	841,549		$	118,338
Variable account expenses		65,038			—			186,765			407,382			4,999
Investment income (loss) — net		240,490			36,305			46,775			434,167			113,339

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		3,042,227			391,316			6,071,808			11,411,749			275,037
Cost of investments sold		3,575,404			434,947			7,409,759			11,962,234			279,277
Net realized gain (loss) on sales of investments		(533,177	)		(43,631	)		(1,337,951	)		(550,485	)		(4,240	)
Distributions from capital gains		1,406,258			262,258			2,531,808			2,072,724			—
Net change in unrealized appreciation (depreciation) of investments		897,969			417,284			4,023,141			6,711,459			17,279
Net gain (loss) on investments		1,771,050			635,911			5,216,998			8,233,698			13,039
Net increase (decrease) in net assets resulting from operations	$	2,011,540		$	672,216		$	5,263,773		$	8,667,865		$	126,378

See accompanying notes to financial statements.



34		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II			Invesco VI Bal Risk Alloc, Ser I
Investment income
Dividend income	$	56,602		$	350,212		$	—		$	—		$	—
Variable account expenses		31,306			253,650			78,169			51,965			—
Investment income (loss) — net		25,296			96,562			(78,169	)		(51,965	)		—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		855,158			7,555,957			1,941,183			3,465,689			59,371
Cost of investments sold		966,971			7,433,652			2,108,332			4,114,944			67,862
Net realized gain (loss) on sales of investments		(111,813	)		122,305			(167,149	)		(649,255	)		(8,491	)
Distributions from capital gains		—			—			317,454			308,706			—
Net change in unrealized appreciation (depreciation) of investments		1,065,982			10,470,394			4,737,679			4,617,379			42,395
Net gain (loss) on investments		954,169			10,592,699			4,887,984			4,276,830			33,904
Net increase (decrease) in net assets resulting from operations	$	979,465		$	10,689,261		$	4,809,815		$	4,224,865		$	33,904

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 Dis Mid Cap Gro, Ser I			Invesco VI Div Divd, Ser I
Investment income
Dividend income	$	—		$	184,871		$	719,107		$	—		$	364,531
Variable account expenses		19,854			56,653			690,476			62,729			82,137
Investment income (loss) — net		(19,854	)		128,218			28,631			(62,729	)		282,394

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,187,292			2,480,286			9,873,908			1,629,454			2,773,623
Cost of investments sold		1,484,284			2,276,761			10,108,779			2,110,892			2,828,652
Net realized gain (loss) on sales of investments		(296,992	)		203,525			(234,871	)		(481,438	)		(55,029	)
Distributions from capital gains		—			1,331,389			2,320,610			—			1,501,250
Net change in unrealized appreciation (depreciation) of investments		584,924			(395,495	)		17,907,967			2,107,382			(245,758	)
Net gain (loss) on investments		287,932			1,139,419			19,993,706			1,625,944			1,200,463
Net increase (decrease) in net assets resulting from operations	$	268,078		$	1,267,637		$	20,022,337		$	1,563,215		$	1,482,857

Year ended December 31, 2023 (continued)	Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser I			Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser I			Invesco VI Gbl Strat Inc, Ser II
Investment income
Dividend income	$	—		$	11,771		$	—		$	—		$	—
Variable account expenses		91,952			—			112,783			—			128,970
Investment income (loss) — net		(91,952	)		11,771			(112,783	)		—			(128,970	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,940,916			177,973			4,218,109			67,479			3,306,017
Cost of investments sold		3,120,856			220,262			4,770,512			69,688			3,988,973
Net realized gain (loss) on sales of investments		(179,940	)		(42,289	)		(552,403	)		(2,209	)		(682,956	)
Distributions from capital gains		14,587			595,232			3,321,733			—			—
Net change in unrealized appreciation (depreciation) of investments		3,402,816			756,484			5,253,243			58,106			3,082,426
Net gain (loss) on investments		3,237,463			1,309,427			8,022,573			55,897			2,399,470
Net increase (decrease) in net assets resulting from operations	$	3,145,511		$	1,321,198		$	7,909,790		$	55,897		$	2,270,500

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			35

Statement of Operations


Year ended December 31, 2023 (continued)	Invesco VI Mn St Sm Cap, Ser I			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I			Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Inst
Investment income
Dividend income	$	57,929		$	256,049		$	—		$	—		$	322,191
Variable account expenses		—			99,146			66,996			—			—
Investment income (loss) — net		57,929			156,903			(66,996	)		—			322,191

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		184,721			2,791,154			2,507,191			67,337			1,339,672
Cost of investments sold		206,431			2,829,128			3,222,266			71,098			1,323,828
Net realized gain (loss) on sales of investments		(21,710	)		(37,974	)		(715,075	)		(3,761	)		15,844
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		779,390			4,326,927			6,440,861			127,832			1,741,244
Net gain (loss) on investments		757,680			4,288,953			5,725,786			124,071			1,757,088
Net increase (decrease) in net assets resulting from operations	$	815,609		$	4,445,856		$	5,658,790		$	124,071		$	2,079,279

Year ended December 31, 2023 (continued)	Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Inst			Janus Henderson VIT Flex Bd, Serv			Janus Hend VIT Gbl Tech Innov, Srv
Investment income
Dividend income	$	86,348		$	19,425		$	66,545		$	41,563		$	—
Variable account expenses		—			111,582			—			—			211,900
Investment income (loss) — net		86,348			(92,157	)		66,545			41,563			(211,900	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		544,107			1,569,038			74,504			187,237			5,148,494
Cost of investments sold		505,161			1,469,373			81,661			209,094			4,728,996
Net realized gain (loss) on sales of investments		38,946			99,665			(7,157	)		(21,857	)		419,498
Distributions from capital gains		—			1,585,179			—			—			—
Net change in unrealized appreciation (depreciation) of investments		559,101			1,736,686			24,653			40,538			18,100,389
Net gain (loss) on investments		598,047			3,421,530			17,496			18,681			18,519,887
Net increase (decrease) in net assets resulting from operations	$	684,395		$	3,329,373		$	84,041		$	60,244		$	18,307,987

Year ended December 31, 2023 (continued)	Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Inst			Janus Henderson VIT Res, Serv			Lazard Ret Global Dyn MA, Inv			Lazard Ret Global Dyn MA, Serv
Investment income
Dividend income	$	547,324		$	7,111		$	9,001		$	—		$	—
Variable account expenses		184,425			—			59,333			—			5,081
Investment income (loss) — net		362,899			7,111			(50,332	)		—			(5,081	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		4,419,346			202,274			2,614,637			32,835			247,736
Cost of investments sold		4,088,837			221,617			2,507,788			37,268			274,341
Net realized gain (loss) on sales of investments		330,509			(19,343	)		106,849			(4,433	)		(26,605	)
Distributions from capital gains		—			—			—			21,464			70,004
Net change in unrealized appreciation (depreciation) of investments		2,966,826			1,783,466			5,034,253			27,764			89,749
Net gain (loss) on investments		3,297,335			1,764,123			5,141,102			44,795			133,148
Net increase (decrease) in net assets resulting from operations	$	3,660,234		$	1,771,234		$	5,090,770		$	44,795		$	128,067

See accompanying notes to financial statements.



36		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Utilities, Init Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl I
Investment income
Dividend income	$	22,217		$	—		$	99,646		$	813,962		$	—
Variable account expenses		217,654			128,900			—			101,551			—
Investment income (loss) — net		(195,437	)		(128,900	)		99,646			712,411			—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,369,214			4,182,107			242,599			4,945,745			144,147
Cost of investments sold		6,131,158			6,530,132			258,930			4,775,251			303,065
Net realized gain (loss) on sales of investments		238,056			(2,348,025	)		(16,331	)		170,494			(158,918	)
Distributions from capital gains		2,401,866			—			154,187			1,365,303			—
Net change in unrealized appreciation (depreciation) of investments		6,908,418			5,958,856			(285,755	)		(3,042,291	)		2,088,184
Net gain (loss) on investments		9,548,340			3,610,831			(147,899	)		(1,506,494	)		1,929,266
Net increase (decrease) in net assets resulting from operations	$	9,352,903		$	3,481,931		$	(48,253	)	$	(794,083	)	$	1,929,266

Year ended December 31, 2023 (continued)	MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II			NB AMT Sus Eq, Cl I			NB AMT Sus Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S
Investment income
Dividend income	$	—		$	105,490		$	6,928		$	601		$	—
Variable account expenses		64,335			25,486			—			—			3,881
Investment income (loss) — net		(64,335	)		80,004			6,928			601			(3,881	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,984,045			1,298,783			140,224			100,326			156,886
Cost of investments sold		8,065,764			1,688,847			137,349			95,259			173,485
Net realized gain (loss) on sales of investments		(5,081,719	)		(390,064	)		2,875			5,067			(16,599	)
Distributions from capital gains		—			—			32,693			12,638			—
Net change in unrealized appreciation (depreciation) of investments		11,988,403			827,158			415,319			168,647			158,013
Net gain (loss) on investments		6,906,684			437,094			450,887			186,352			141,414
Net increase (decrease) in net assets resulting from operations	$	6,842,349		$	517,098		$	457,815		$	186,953		$	137,533

Year ended December 31, 2023 (continued)	PIMCO VIT All Asset, Advisor Cl			PIMCO VIT All Asset, Inst Cl			PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			PIMCO VIT Tot Return, Inst Cl
Investment income
Dividend income	$	333,444		$	17,847		$	17,688		$	441,700		$	84,965
Variable account expenses		54,865			—			—			55,866			—
Investment income (loss) — net		278,579			17,847			17,688			385,834			84,965

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,526,746			33,464			9,784			1,985,913			156,824
Cost of investments sold		1,804,954			37,523			10,063			2,325,240			175,648
Net realized gain (loss) on sales of investments		(278,208	)		(4,059	)		(279	)		(339,327	)		(18,824	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		864,493			58,687			65,482			665,421			136,895
Net gain (loss) on investments		586,285			54,628			65,203			326,094			118,071
Net increase (decrease) in net assets resulting from operations	$	864,864		$	72,475		$	82,891		$	711,928		$	203,036

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			37

Statement of Operations


Year ended December 31, 2023 (continued)	Put VT Global Hlth Care, Cl IA			Put VT Global Hlth Care, Cl IB			Put VT Hi Yield, Cl IB			Put VT Intl Eq, Cl IB			Put VT Sus Leaders, Cl IA
Investment income
Dividend income	$	3,331		$	82,482		$	258,211		$	2,536		$	946,222
Variable account expenses		—			127,848			26,333			32,871			850,878
Investment income (loss) — net		3,331			(45,366	)		231,878			(30,335	)		95,344

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		95,711			5,241,839			567,382			1,222,121			11,501,284
Cost of investments sold		95,690			5,396,080			673,800			1,245,750			9,665,901
Net realized gain (loss) on sales of investments		21			(154,241	)		(106,418	)		(23,629	)		1,835,383
Distributions from capital gains		48,064			2,182,328			—			—			3,873,705
Net change in unrealized appreciation (depreciation) of investments		57,234			338,721			400,967			1,231,230			23,172,098
Net gain (loss) on investments		105,319			2,366,808			294,549			1,207,601			28,881,186
Net increase (decrease) in net assets resulting from operations	$	108,650		$	2,321,442		$	526,427		$	1,177,266		$	28,976,530

Year ended December 31, 2023 (continued)	Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 1			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value
Investment income
Dividend income	$	24,783		$	—		$	—		$	—		$	641,560
Variable account expenses		18,189			154,347			—			10,745			153,103
Investment income (loss) — net		6,594			(154,347	)		—			(10,745	)		488,457

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,009,109			2,798,355			82,513			769,953			2,959,554
Cost of investments sold		1,047,888			3,248,864			86,929			917,095			2,015,569
Net realized gain (loss) on sales of investments		(38,779	)		(450,509	)		(4,416	)		(147,142	)		943,985
Distributions from capital gains		151,913			—			—			—			1,784,908
Net change in unrealized appreciation (depreciation) of investments		999,749			5,353,022			26,935			223,138			1,815,227
Net gain (loss) on investments		1,112,883			4,902,513			22,519			75,996			4,544,120
Net increase (decrease) in net assets resulting from operations	$	1,119,477		$	4,748,166		$	22,519		$	65,251		$	5,032,577

Year ended December 31, 2023 (continued)	VanEck VIP Global Gold, Cl S			VP Aggr, Cl 1			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 1
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		24,588			—			1,001,900			1,413,228			—
Investment income (loss) — net		(24,588	)		—			(1,001,900	)		(1,413,228	)		—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,375,873			2,299,498			31,660,832			42,814,866			319,762
Cost of investments sold		2,605,783			2,205,130			23,686,274			28,991,214			329,738
Net realized gain (loss) on sales of investments		(229,910	)		94,368			7,974,558			13,823,652			(9,976	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		644,008			12,990,598			47,658,728			40,515,416			179,339
Net gain (loss) on investments		414,098			13,084,966			55,633,286			54,339,068			169,363
Net increase (decrease) in net assets resulting from operations	$	389,510		$	13,084,966		$	54,631,386		$	52,925,840		$	169,363

See accompanying notes to financial statements.



38		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Vol Conserv, Cl 1			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 1
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		94,278			93,576			—			10,552			—
Investment income (loss) — net		(94,278	)		(93,576	)		—			(10,552	)		—

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		6,555,058			4,474,505			67,537			784,818			157,028
Cost of investments sold		6,706,716			4,392,802			71,937			824,436			165,075
Net realized gain (loss) on sales of investments		(151,658	)		81,703			(4,400	)		(39,618	)		(8,047	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,840,066			1,608,080			43,464			240,224			144,559
Net gain (loss) on investments		1,688,408			1,689,783			39,064			200,606			136,512
Net increase (decrease) in net assets resulting from operations	$	1,594,130		$	1,596,207		$	39,064		$	190,054		$	136,512

Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 1			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 1			VP Man Vol Mod Gro, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		17,575			—			136,833			—			136,761
Investment income (loss) — net		(17,575	)		—			(136,833	)		—			(136,761	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		2,486,085			1,739,630			6,640,482			2,494,105			6,716,620
Cost of investments sold		2,385,474			1,791,810			5,799,349			2,583,375			6,178,527
Net realized gain (loss) on sales of investments		100,611			(52,180	)		841,133			(89,270	)		538,093
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		288,028			3,172,047			4,881,908			1,906,415			3,806,570
Net gain (loss) on investments		388,639			3,119,867			5,723,041			1,817,145			4,344,663
Net increase (decrease) in net assets resulting from operations	$	371,064		$	3,119,867		$	5,586,208		$	1,817,145		$	4,207,902

Year ended December 31, 2023 (continued)	VP Mod, Cl 1			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 1			VP Mod Aggr, Cl 2
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		—			1,507,031			2,274,697			—			2,021,287
Investment income (loss) — net		—			(1,507,031	)		(2,274,697	)		—			(2,021,287	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		1,251,138			47,100,517			66,710,838			1,453,633			59,832,558
Cost of investments sold		1,279,967			36,114,386			47,247,032			1,439,115			44,694,126
Net realized gain (loss) on sales of investments		(28,829	)		10,986,131			19,463,806			14,518			15,138,432
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,414,405			33,515,042			40,532,261			23,153,202			80,040,342
Net gain (loss) on investments		6,385,576			44,501,173			59,996,067			23,167,720			95,178,774
Net increase (decrease) in net assets resulting from operations	$	6,385,576		$	42,994,142		$	57,721,370		$	23,167,720		$	93,157,487

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			39

Statement of Operations


Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 1			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 1
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	23,956
Variable account expenses		4,120,845			—			200,678			260,367			—
Investment income (loss) — net		(4,120,845	)		—			(200,678	)		(260,367	)		23,956

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		102,089,932			471,549			9,014,730			9,957,436			44,877
Cost of investments sold		67,910,067			479,821			8,233,155			8,139,532			49,777
Net realized gain (loss) on sales of investments		34,179,865			(8,272	)		781,575			1,817,904			(4,900	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		98,750,763			308,751			3,457,403			3,720,964			44,430
Net gain (loss) on investments		132,930,628			300,479			4,238,978			5,538,868			39,530
Net increase (decrease) in net assets resulting from operations	$	128,809,783		$	300,479		$	4,038,300		$	5,278,501		$	63,486

Year ended December 31, 2023 (continued)	VP Ptnrs Core Bond, Cl 2			VP Ptnrs Core Eq, Cl 1			VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 1
Investment income
Dividend income	$	14,224		$	—		$	—		$	—		$	28,856
Variable account expenses		—			—			—			28,841			—
Investment income (loss) — net		14,224			—			—			(28,841	)		28,856

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		62,577			65,696			182,191			1,331,632			61,755
Cost of investments sold		69,795			63,111			131,987			797,685			70,403
Net realized gain (loss) on sales of investments		(7,218	)		2,585			50,204			533,947			(8,648	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		24,027			188,875			68,542			852,286			343,079
Net gain (loss) on investments		16,809			191,460			118,746			1,386,233			334,431
Net increase (decrease) in net assets resulting from operations	$	31,033		$	191,460		$	118,746		$	1,357,392		$	363,287

Year ended December 31, 2023 (continued)	VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 1			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 1			VP Ptnrs Intl Val, Cl 2
Investment income
Dividend income	$	22,725		$	19,561		$	13,640		$	37,213		$	59,715
Variable account expenses		—			—			—			—			—
Investment income (loss) — net		22,725			19,561			13,640			37,213			59,715

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		380,735			156,885			296,455			76,689			300,987
Cost of investments sold		438,463			176,980			331,617			74,166			303,244
Net realized gain (loss) on sales of investments		(57,728	)		(20,095	)		(35,162	)		2,523			(2,257	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		338,304			582,184			800,977			249,437			443,756
Net gain (loss) on investments		280,576			562,089			765,815			251,960			441,499
Net increase (decrease) in net assets resulting from operations	$	303,301		$	581,650		$	779,455		$	289,173		$	501,214

See accompanying notes to financial statements.



40		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Operations


Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 1			VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 1			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	—
Variable account expenses		—			—			—			—			53,817
Investment income (loss) — net		—			—			—			—			(53,817	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		37,364			105,323			29,901			90,869			3,063,623
Cost of investments sold		41,454			106,696			29,512			91,113			2,229,987
Net realized gain (loss) on sales of investments		(4,090	)		(1,373	)		389			(244	)		833,636
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		59,641			54,307			64,527			115,433			586,167
Net gain (loss) on investments		55,551			52,934			64,916			115,189			1,419,803
Net increase (decrease) in net assets resulting from operations	$	55,551		$	52,934		$	64,916		$	115,189		$	1,365,986

Year ended December 31, 2023 (continued)	VP US Flex Conserv Gro, Cl 1			VP US Flex Gro, Cl 1			VP US Flex Mod Gro, Cl 1			Wanger Acorn			Wanger Intl
Investment income
Dividend income	$	—		$	—		$	—		$	—		$	211,143
Variable account expenses		—			—			—			414,144			309,738
Investment income (loss) — net		—			—			—			(414,144	)		(98,595	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		18,150			1,296,092			107,584			13,304,409			8,076,239
Cost of investments sold		18,746			1,371,890			108,969			22,274,739			11,051,578
Net realized gain (loss) on sales of investments		(596	)		(75,798	)		(1,385	)		(8,970,330	)		(2,975,339	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		41,591			1,363,608			552,576			26,349,230			13,203,125
Net gain (loss) on investments		40,995			1,287,810			551,191			17,378,900			10,227,786
Net increase (decrease) in net assets resulting from operations	$	40,995		$	1,287,810		$	551,191		$	16,964,756		$	10,129,191

Year ended December 31, 2023 (continued)										WA Var Global Hi Yd Bond, Cl I			WA Var Global Hi Yd Bond, Cl II
Investment income
Dividend income										$	51,960		$	14,504
Variable account expenses											—			—
Investment income (loss) — net											51,960			14,504

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales											80,754			42,148
Cost of investments sold											90,784			50,270
Net realized gain (loss) on sales of investments											(10,030	)		(8,122	)
Distributions from capital gains											—			—
Net change in unrealized appreciation (depreciation) of investments											45,510			20,063
Net gain (loss) on investments											35,480			11,941
Net increase (decrease) in net assets resulting from operations										$	87,440		$	26,445

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			41

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 A			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B
Operations
Investment income (loss) — net	$	2,446		$	97,235		$	—		$	(233,909	)	$	271,146
Net realized gain (loss) on sales of investments		(13,120	)		12,542			(9,267	)		32,629			(145,503	)
Distributions from capital gains		—			—			959,355			4,811,866			2,576,285
Net change in unrealized appreciation (depreciation) of investments		79,706			4,834,815			3,223,223			14,303,515			724,364
Net increase (decrease) in net assets resulting from operations		69,032			4,944,592			4,173,311			18,914,101			3,426,292

Contract transactions
Contract purchase payments		90,603			1,708,213			3,287,926			2,160,411			842,450
Net transfers⁽¹⁾		58,743			(387,101	)		1,728,592			3,218,512			(594,583	)
Transfers for policy loans		(2,551	)		(325,678	)		(55,154	)		(832,088	)		(373,568	)
Policy charges		(19,425	)		(1,032,059	)		(892,533	)		(1,122,681	)		(673,752	)
Contract terminations:
Surrender benefits		(3,493	)		(1,719,611	)		(103,697	)		(2,523,923	)		(1,582,206	)
Death benefits		—			(8,788	)		—			(29,248	)		(9,968	)
Increase (decrease) from transactions		123,877			(1,765,024	)		3,965,134			870,983			(2,391,627	)
Net assets at beginning of year		450,808			34,925,586			10,257,494			55,103,007			32,111,432
Net assets at end of year	$	643,717		$	38,105,154		$	18,395,939		$	74,888,091		$	33,146,097

Accumulation unit activity
Units outstanding at beginning of year		375,278			21,293,920			6,917,043			11,267,393			8,098,794
Units purchased		136,793			2,757,060			2,862,469			1,493,621			1,588,561
Units redeemed		(38,212	)		(3,213,785	)		(599,093	)		(855,733	)		(1,382,373	)
Units outstanding at end of year		473,859			20,837,195			9,180,419			11,905,281			8,304,982

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 2			Allspg VT Opp, Cl 1			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 1
Operations
Investment income (loss) — net	$	75,119		$	180,229		$	—		$	(67,484	)	$	—
Net realized gain (loss) on sales of investments		(234,267	)		(1,129,788	)		(3,870	)		(92,850	)		(81,951	)
Distributions from capital gains		413,404			—			36,255			1,295,069			—
Net change in unrealized appreciation (depreciation) of investments		1,755,275			3,610,870			79,352			2,387,825			270,675
Net increase (decrease) in net assets resulting from operations		2,009,531			2,661,311			111,737			3,522,560			188,724

Contract transactions
Contract purchase payments		404,622			572,971			117,932			398,932			1,420,432
Net transfers⁽¹⁾		(245,337	)		(265,361	)		213,845			(209,147	)		386,449
Transfers for policy loans		(67,966	)		(104,927	)		675			(147,993	)		(35,265	)
Policy charges		(288,295	)		(522,792	)		(27,621	)		(347,210	)		(367,371	)
Contract terminations:
Surrender benefits		(515,820	)		(799,398	)		(1,191	)		(773,701	)		(5,172	)
Death benefits		(4,454	)		(106	)		—			—			—
Increase (decrease) from transactions		(717,250	)		(1,119,613	)		303,640			(1,079,119	)		1,399,073
Net assets at beginning of year		12,735,523			18,301,431			298,318			14,058,158			3,974,263
Net assets at end of year	$	14,027,804		$	19,843,129		$	713,695		$	16,501,599		$	5,562,060

Accumulation unit activity
Units outstanding at beginning of year		5,947,142			9,883,558			213,469			3,274,386			3,335,588
Units purchased		777,374			607,639			207,447			682,538			1,476,453
Units redeemed		(940,092	)		(1,029,877	)		(18,256	)		(550,107	)		(338,559	)
Units outstanding at end of year		5,784,424			9,461,320			402,660			3,406,817			4,473,482

⁽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 LIFE SEPARATE ACCOUNT ∎			43

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class I			ALPS Alerian Engy Infr, Class III			AC VP Intl, Cl I			AC VP Intl, Cl II
Operations
Investment income (loss) — net	$	(81,329	)	$	71,062		$	405,180		$	102,769		$	87,935
Net realized gain (loss) on sales of investments		(1,092,969	)		88			494,304			28,339			(198,080	)
Distributions from capital gains		—			22,346			165,158			—			—
Net change in unrealized appreciation (depreciation) of investments		2,046,718			112,473			991,139			1,246,652			1,262,088
Net increase (decrease) in net assets resulting from operations		872,420			205,969			2,055,781			1,377,760			1,151,943

Contract transactions
Contract purchase payments		1,108,613			579,080			483,228			325,345			334,688
Net transfers⁽¹⁾		202,399			(111,626	)		(3,163,206	)		(397,321	)		(96,547	)
Transfers for policy loans		(383,279	)		11,279			(265,736	)		(188,738	)		(20,110	)
Policy charges		(542,453	)		(127,427	)		(242,282	)		(322,317	)		(194,435	)
Contract terminations:
Surrender benefits		(884,227	)		(1,664	)		(449,289	)		(490,983	)		(570,500	)
Death benefits		(6,464	)		—			—			—			—
Increase (decrease) from transactions		(505,411	)		349,642			(3,637,285	)		(1,074,014	)		(546,904	)
Net assets at beginning of year		23,862,130			1,591,772			16,964,959			11,783,872			9,820,889
Net assets at end of year	$	24,229,139		$	2,147,383		$	15,383,455		$	12,087,618		$	10,425,928

Accumulation unit activity
Units outstanding at beginning of year		6,328,345			1,280,119			16,509,743			5,114,816			6,042,794
Units purchased		891,183			452,682			601,124			132,770			720,764
Units redeemed		(655,078	)		(221,241	)		(3,852,939	)		(598,824	)		(998,133	)
Units outstanding at end of year		6,564,450			1,511,560			13,257,928			4,648,762			5,765,425

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	AC VP Val, Cl I			AC VP Val, Cl II			BlackRock Global Alloc, Cl I			BlackRock Global Alloc, Cl III			Calvert VP EAFE Intl Index, Cl F
Operations
Investment income (loss) — net	$	1,132,152		$	726,965		$	178,409		$	276,059		$	8,678
Net realized gain (loss) on sales of investments		1,466,731			870,114			(18,608	)		(262,684	)		215
Distributions from capital gains		4,689,259			2,996,929			—			—			—
Net change in unrealized appreciation (depreciation) of investments		(2,286,259	)		(1,359,034	)		668,752			1,435,086			31,189
Net increase (decrease) in net assets resulting from operations		5,001,883			3,234,974			828,553			1,448,461			40,082

Contract transactions
Contract purchase payments		2,179,109			1,268,240			1,500,720			496,771			19,884
Net transfers⁽¹⁾		174,158			197,858			1,752,887			(98,814	)		403,148
Transfers for policy loans		(205,212	)		(179,541	)		(8,229	)		(45,452	)		(2,979	)
Policy charges		(1,922,106	)		(819,914	)		(417,606	)		(284,142	)		(2,347	)
Contract terminations:
Surrender benefits		(2,207,725	)		(1,758,497	)		(26,763	)		(550,744	)		—
Death benefits		(28,332	)		(4,752	)		—			—			—
Increase (decrease) from transactions		(2,010,108	)		(1,296,606	)		2,801,009			(482,381	)		417,706
Net assets at beginning of year		60,397,126			38,289,023			4,740,704			12,172,831			46,945
Net assets at end of year	$	63,388,901		$	40,227,391		$	8,370,266		$	13,138,911		$	504,733

Accumulation unit activity
Units outstanding at beginning of year		15,697,729			14,647,367			3,945,221			8,825,070			47,904
Units purchased		1,624,572			2,568,363			2,586,814			520,921			395,249
Units redeemed		(1,273,345	)		(2,809,352	)		(358,267	)		(910,318	)		(4,920	)
Units outstanding at end of year		16,048,956			14,406,378			6,173,768			8,435,673			438,233

⁽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 LIFE SEPARATE ACCOUNT ∎			45

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Calvert VP EAFE Intl Index, Cl I			Calvert VP Nasdaq 100 Index, Cl F			Calvert VP Nasdaq 100 Index, Cl I			Calv VP Russ 2000 Sm Cap Ind, Cl F			Calv VP Russ 2000 Sm Cap Ind, Cl I
Operations
Investment income (loss) — net	$	94,326		$	1,820		$	13,204		$	827		$	22,782
Net realized gain (loss) on sales of investments		6,644			7,458			22,299			(167	)		(314	)
Distributions from capital gains		—			—			—			53			1,451
Net change in unrealized appreciation (depreciation) of investments		315,763			152,391			1,292,202			15,015			370,580
Net increase (decrease) in net assets resulting from operations		416,733			161,669			1,327,705			15,728			394,499

Contract transactions
Contract purchase payments		646,285			51,064			611,574			4,047			423,511
Net transfers⁽¹⁾		1,677,951			701,024			1,838,885			111,531			1,140,088
Transfers for policy loans		(11,120	)		9,631			(126,946	)		(624	)		(27,350	)
Policy charges		(99,003	)		(6,354	)		(126,481	)		(1,817	)		(94,428	)
Contract terminations:
Surrender benefits		(24	)		(7,114	)		(101	)		—			(50	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		2,214,089			748,251			2,196,931			113,137			1,441,771
Net assets at beginning of year		1,298,819			139,649			1,845,935			41,423			1,383,496
Net assets at end of year	$	3,929,641		$	1,049,569		$	5,370,571		$	170,288		$	3,219,766

Accumulation unit activity
Units outstanding at beginning of year		1,323,695			163,696			2,160,139			43,477			1,450,273
Units purchased		2,179,234			646,741			2,129,631			112,613			1,568,210
Units redeemed		(102,385	)		(11,643	)		(219,340	)		(2,484	)		(123,818	)
Units outstanding at end of year		3,400,544			798,794			4,070,430			153,606			2,894,665

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Calvert VP SRI Bal, Cl I			Col VP Bal, Cl 1			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 1			Col VP Commodity Strategy, Cl 2
Operations
Investment income (loss) — net	$	161,462		$	—		$	(1,299,471	)	$	309,759		$	188,105
Net realized gain (loss) on sales of investments		(26,356	)		32,663			10,285,823			(163,501	)		(124,068	)
Distributions from capital gains		55,952			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		2,054,197			3,896,093			28,693,236			(251,278	)		(150,444	)
Net increase (decrease) in net assets resulting from operations		2,245,255			3,928,756			37,679,588			(105,020	)		(86,407	)

Contract transactions
Contract purchase payments		314,928			5,145,052			7,191,447			362,323			61,619
Net transfers⁽¹⁾		(429,106	)		5,380,481			3,224,211			(513,455	)		(345,685	)
Transfers for policy loans		(134,116	)		(82,340	)		(60,870	)		(35,268	)		(38,447	)
Policy charges		(296,496	)		(1,318,550	)		(9,518,260	)		(99,989	)		(15,514	)
Contract terminations:
Surrender benefits		(327,783	)		(132,032	)		(9,886,158	)		(1,924	)		(12,611	)
Death benefits		(10,186	)		(17	)		(136,413	)		—			—
Increase (decrease) from transactions		(882,759	)		8,992,594			(9,186,043	)		(288,313	)		(350,638	)
Net assets at beginning of year		14,278,577			14,226,768			190,709,099			1,842,161			1,251,045
Net assets at end of year	$	15,641,073		$	27,148,118		$	219,202,644		$	1,448,828		$	814,000

Accumulation unit activity
Units outstanding at beginning of year		5,078,493			11,049,462			70,596,205			1,171,837			1,293,447
Units purchased		512,937			7,398,254			4,875,716			241,793			66,594
Units redeemed		(617,483	)		(1,078,697	)		(7,295,117	)		(424,566	)		(453,780	)
Units outstanding at end of year		4,973,947			17,369,019			68,176,804			989,064			906,261

⁽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 LIFE SEPARATE ACCOUNT ∎			47

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Contrarian Core, Cl 1			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 1			Col VP Disciplined Core, Cl 2			Col VP Disciplined Core, Cl 3
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	—		$	(2,164,352	)
Net realized gain (loss) on sales of investments		7,753			68,697			17,484			99,618			24,203,732
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,894,360			1,498,452			833,318			547,921			41,900,834
Net increase (decrease) in net assets resulting from operations		1,902,113			1,567,149			850,802			647,539			63,940,214

Contract transactions
Contract purchase payments		1,568,022			456,004			722,549			155,144			8,628,851
Net transfers⁽¹⁾		2,273,577			504,820			1,016,226			41,356			(4,336,019	)
Transfers for policy loans		(29,423	)		(28,089	)		(40,999	)		(53,064	)		(982,288	)
Policy charges		(377,338	)		(169,678	)		(173,291	)		(78,788	)		(13,651,805	)
Contract terminations:
Surrender benefits		(7,679	)		(37,282	)		(7,210	)		(142,001	)		(12,802,742	)
Death benefits		—			—			—			—			(175,359	)
Increase (decrease) from transactions		3,427,159			725,775			1,517,275			(77,353	)		(23,319,362	)
Net assets at beginning of year		4,593,747			4,639,254			2,832,187			2,717,455			283,960,420
Net assets at end of year	$	9,923,019		$	6,932,178		$	5,200,264		$	3,287,641		$	324,581,272

Accumulation unit activity
Units outstanding at beginning of year		3,121,229			1,873,582			2,060,058			894,606			92,009,235
Units purchased		2,219,433			331,466			1,123,508			56,997			5,443,496
Units redeemed		(240,853	)		(82,316	)		(142,009	)		(79,326	)		(11,088,252	)
Units outstanding at end of year		5,099,809			2,122,732			3,041,557			872,277			86,364,479

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Divd Opp, Cl 1			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 1			Col VP Emerg Mkts Bond, Cl 2
Operations
Investment income (loss) — net	$	—		$	—		$	(953,448	)	$	53,130		$	32,537
Net realized gain (loss) on sales of investments		30,093			155,886			12,618,875			(10,295	)		(16,605	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		383,960			77,810			(3,261,837	)		55,089			43,465
Net increase (decrease) in net assets resulting from operations		414,053			233,696			8,403,590			97,924			59,397

Contract transactions
Contract purchase payments		1,678,913			264,815			5,238,069			155,173			62,800
Net transfers⁽¹⁾		1,206,814			(121,268	)		(1,438,680	)		549,001			5,935
Transfers for policy loans		(163,718	)		(134,291	)		(1,724,947	)		(34,498	)		(8,138	)
Policy charges		(404,336	)		(127,313	)		(5,405,761	)		(59,722	)		(18,731	)
Contract terminations:
Surrender benefits		(14,532	)		(133,695	)		(9,004,306	)		(4,390	)		(18,045	)
Death benefits		—			—			(48,827	)		—			—
Increase (decrease) from transactions		2,303,141			(251,752	)		(12,384,452	)		605,564			23,821
Net assets at beginning of year		5,557,249			5,031,581			204,738,441			421,900			587,060
Net assets at end of year	$	8,274,443		$	5,013,525		$	200,757,579		$	1,125,388		$	670,278

Accumulation unit activity
Units outstanding at beginning of year		3,946,928			1,927,832			53,488,713			450,716			517,237
Units purchased		2,065,451			102,362			6,426,943			740,636			58,200
Units redeemed		(420,184	)		(197,973	)		(6,800,870	)		(102,639	)		(38,672	)
Units outstanding at end of year		5,592,195			1,832,221			53,114,786			1,088,713			536,765

⁽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 LIFE SEPARATE ACCOUNT ∎			49

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Emer Mkts, Cl 1			Col VP Emer Mkts, Cl 2			Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3
Operations
Investment income (loss) — net	$	6,920		$	—		$	(181,506	)	$	8,920		$	444,895
Net realized gain (loss) on sales of investments		(74,474	)		(317,080	)		(2,749,692	)		(4,676	)		(608,076	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		705,996			927,929			6,327,159			24,247			1,646,007
Net increase (decrease) in net assets resulting from operations		638,442			610,849			3,395,961			28,491			1,482,826

Contract transactions
Contract purchase payments		1,846,605			611,490			1,514,461			24,667			642,372
Net transfers⁽¹⁾		894,035			120,738			146,814			30,539			613,380
Transfers for policy loans		(43,871	)		(7,973	)		(450,701	)		6,586			(73,658	)
Policy charges		(394,742	)		(167,604	)		(967,608	)		(13,523	)		(568,213	)
Contract terminations:
Surrender benefits		(19,821	)		(130,868	)		(1,395,576	)		(9,824	)		(618,094	)
Death benefits		—			—			(51,723	)		—			(24,795	)
Increase (decrease) from transactions		2,282,206			425,783			(1,204,333	)		38,445			(29,008	)
Net assets at beginning of year		5,503,936			6,425,517			39,001,027			269,659			16,056,784
Net assets at end of year	$	8,424,584		$	7,462,149		$	41,192,655		$	336,595		$	17,510,602

Accumulation unit activity
Units outstanding at beginning of year		5,611,211			4,948,080			20,470,841			305,978			14,711,626
Units purchased		2,682,944			542,508			2,583,428			68,694			1,867,724
Units redeemed		(447,366	)		(228,078	)		(2,244,282	)		(25,783	)		(1,622,819	)
Units outstanding at end of year		7,846,789			5,262,510			20,809,987			348,889			14,956,531

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Govt Money Mkt, Cl 1			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 1			Col VP Hi Yield Bond, Cl 2
Operations
Investment income (loss) — net	$	635,687		$	383,765		$	1,920,668		$	153,335		$	109,007
Net realized gain (loss) on sales of investments		—			—			17			(8,374	)		(28,104	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		—			—			(17	)		190,286			158,679
Net increase (decrease) in net assets resulting from operations		635,687			383,765			1,920,668			335,247			239,582

Contract transactions
Contract purchase payments		8,530,555			1,470,450			4,327,852			734,496			136,870
Net transfers⁽¹⁾		290,827			(1,768,985	)		2,378,901			577,642			38,253
Transfers for policy loans		(91,581	)		(267,132	)		(601,780	)		(28,010	)		(45,966	)
Policy charges		(1,350,230	)		(499,457	)		(4,173,562	)		(212,002	)		(64,569	)
Contract terminations:
Surrender benefits		(3,049	)		(391,614	)		(3,557,825	)		(41,312	)		(97,666	)
Death benefits		—			—			(408,561	)		—			—
Increase (decrease) from transactions		7,376,522			(1,456,738	)		(2,034,975	)		1,030,814			(33,078	)
Net assets at beginning of year		9,921,318			9,431,653			48,793,226			2,213,349			2,040,088
Net assets at end of year	$	17,933,527		$	8,358,680		$	48,678,919		$	3,579,410		$	2,246,592

Accumulation unit activity
Units outstanding at beginning of year		9,621,239			9,022,670			48,495,923			2,010,363			1,365,475
Units purchased		8,352,251			1,373,287			6,631,021			1,130,732			111,092
Units redeemed		(1,367,177	)		(2,741,397	)		(8,636,956	)		(243,286	)		(132,407	)
Units outstanding at end of year		16,606,313			7,654,560			46,489,988			2,897,809			1,344,160

⁽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 LIFE SEPARATE ACCOUNT ∎			51

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 1			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 1
Operations
Investment income (loss) — net	$	2,200,783		$	51,814		$	48,197		$	742,018		$	93,610
Net realized gain (loss) on sales of investments		(890,484	)		(6,756	)		(21,449	)		(449,392	)		(33,878	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		3,597,551			63,747			79,474			1,411,576			275,392
Net increase (decrease) in net assets resulting from operations		4,907,850			108,805			106,222			1,704,202			335,124

Contract transactions
Contract purchase payments		1,465,914			198,665			72,484			457,924			896,979
Net transfers⁽¹⁾		(79,126	)		290,085			45,235			647,668			2,562,377
Transfers for policy loans		(161,807	)		(1,593	)		(28,100	)		(163,043	)		(12,896	)
Policy charges		(1,393,074	)		(65,285	)		(38,511	)		(533,867	)		(403,309	)
Contract terminations:
Surrender benefits		(1,685,583	)		(2,301	)		(31,465	)		(402,494	)		(1,248	)
Death benefits		(14,953	)		—			—			(24,947	)		—
Increase (decrease) from transactions		(1,868,629	)		419,571			19,643			(18,759	)		3,041,903
Net assets at beginning of year		43,768,383			684,249			953,568			15,535,788			2,743,432
Net assets at end of year	$	46,807,604		$	1,212,625		$	1,079,433		$	17,221,231		$	6,120,459

Accumulation unit activity
Units outstanding at beginning of year		18,230,753			626,693			653,263			7,609,863			2,743,963
Units purchased		2,763,719			429,496			75,392			733,219			3,425,361
Units redeemed		(2,326,433	)		(60,658	)		(64,618	)		(540,460	)		(412,725	)
Units outstanding at end of year		18,668,039			995,531			664,037			7,802,622			5,756,599

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Inter Bond, Cl 2			Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 1			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	57,545		$	1,466,200		$	—		$	—		$	(357,623	)
Net realized gain (loss) on sales of investments		(58,872	)		(2,435,422	)		20,027			99,843			5,710,428
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		162,690			5,784,682			4,121,558			2,603,832			20,746,285
Net increase (decrease) in net assets resulting from operations		161,363			4,815,460			4,141,585			2,703,675			26,099,090

Contract transactions
Contract purchase payments		140,364			3,217,665			2,853,405			498,166			1,605,482
Net transfers⁽¹⁾		582,316			5,108,511			1,742,501			741,390			2,650,140
Transfers for policy loans		(7,840	)		(129,776	)		(72,888	)		(61,252	)		(1,093,212	)
Policy charges		(77,387	)		(3,508,033	)		(814,889	)		(224,797	)		(1,692,110	)
Contract terminations:
Surrender benefits		(79,269	)		(3,622,981	)		(12,261	)		(105,912	)		(3,348,439	)
Death benefits		—			(67,883	)		—			—			(37,536	)
Increase (decrease) from transactions		558,184			997,503			3,695,868			847,595			(1,915,675	)
Net assets at beginning of year		2,257,030			84,441,236			8,295,153			6,136,613			62,909,208
Net assets at end of year	$	2,976,577		$	90,254,199		$	16,132,606		$	9,687,883		$	87,092,623

Accumulation unit activity
Units outstanding at beginning of year		1,981,547			57,560,542			5,826,359			1,897,197			15,251,156
Units purchased		623,823			7,419,159			2,603,131			299,096			2,121,150
Units redeemed		(141,999	)		(5,475,513	)		(514,637	)		(98,388	)		(1,564,221	)
Units outstanding at end of year		2,463,371			59,504,188			7,914,853			2,097,905			15,808,085

⁽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 LIFE SEPARATE ACCOUNT ∎			53

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Lg Cap Index, Cl 1			Col VP Lg Cap Index, Cl 3			Col VP Limited Duration Cr, Cl 1			Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 1
Operations
Investment income (loss) — net	$	—		$	(679,398	)	$	77,115		$	385,251		$	27,206
Net realized gain (loss) on sales of investments		67,233			7,389,375			(32,561	)		(98,346	)		(82,807	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		11,867,068			30,800,594			89,114			587,007			59,027
Net increase (decrease) in net assets resulting from operations		11,934,301			37,510,571			133,668			873,912			3,426

Contract transactions
Contract purchase payments		15,193,005			4,900,224			1,107,448			257,611			230,086
Net transfers⁽¹⁾		18,499,557			9,079,378			(817,819	)		531,265			437,706
Transfers for policy loans		(300,516	)		(1,802,923	)		12,104			(170,723	)		(14,983	)
Policy charges		(3,112,642	)		(3,247,928	)		(277,219	)		(299,534	)		(57,070	)
Contract terminations:
Surrender benefits		(109,885	)		(4,617,225	)		(21,229	)		(423,229	)		—
Death benefits		—			(38,830	)		—			—			—
Increase (decrease) from transactions		30,169,519			4,272,696			3,285			(104,610	)		595,739
Net assets at beginning of year		32,515,310			146,056,205			2,015,202			14,093,916			223,867
Net assets at end of year	$	74,619,130		$	187,839,472		$	2,152,155		$	14,863,218		$	823,032

Accumulation unit activity
Units outstanding at beginning of year		22,380,513			36,497,303			1,921,051			13,860,715			233,143
Units purchased		20,535,342			6,128,748			1,034,726			1,065,712			639,532
Units redeemed		(2,140,253	)		(2,339,175	)		(1,036,393	)		(1,209,344	)		(71,357	)
Units outstanding at end of year		40,775,602			40,286,876			1,919,384			13,717,083			801,318

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 1			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 1
Operations
Investment income (loss) — net	$	30,043		$	93,118		$	54,385		$	603,921		$	—
Net realized gain (loss) on sales of investments		(10,751	)		(5,583	)		(19,605	)		456,013			23,064
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		24,634			742,184			449,507			6,297,214			414,399
Net increase (decrease) in net assets resulting from operations		43,926			829,719			484,287			7,357,148			437,463

Contract transactions
Contract purchase payments		55,732			1,359,515			241,759			2,379,153			1,685,902
Net transfers⁽¹⁾		530,017			1,499,673			75,186			(121,241	)		1,212,942
Transfers for policy loans		(4,527	)		(49,319	)		(31,335	)		(151,519	)		(64,629	)
Policy charges		(26,310	)		(298,728	)		(74,308	)		(2,799,128	)		(351,649	)
Contract terminations:
Surrender benefits		(3,573	)		(8,064	)		(48,789	)		(2,542,199	)		(68,824	)
Death benefits		—			—			—			(61,155	)		—
Increase (decrease) from transactions		551,339			2,503,077			162,513			(3,296,089	)		2,413,742
Net assets at beginning of year		463,857			4,081,256			3,070,686			52,095,261			5,427,748
Net assets at end of year	$	1,059,122		$	7,414,052		$	3,717,486		$	56,156,320		$	8,278,953

Accumulation unit activity
Units outstanding at beginning of year		420,605			3,553,672			1,908,655			32,773,103			3,639,690
Units purchased		509,926			2,318,551			185,370			2,149,723			1,953,126
Units redeemed		(30,295	)		(289,760	)		(90,351	)		(4,089,183	)		(325,151	)
Units outstanding at end of year		900,236			5,582,463			2,003,674			30,833,643			5,267,665

⁽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 LIFE SEPARATE ACCOUNT ∎			55

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 1			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	—		$	(163,078	)	$	—		$	—		$	(83,221	)
Net realized gain (loss) on sales of investments		211,401			1,764,822			(1,162	)		44,320			1,331,237
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		109,493			(1,871	)		915,200			536,368			2,640,744
Net increase (decrease) in net assets resulting from operations		320,894			1,599,873			914,038			580,688			3,888,760

Contract transactions
Contract purchase payments		313,462			791,255			906,513			185,327			473,801
Net transfers⁽¹⁾		(860,184	)		(1,395,153	)		965,224			262,517			836,390
Transfers for policy loans		(24,020	)		(523,308	)		(440	)		(76,544	)		(361,077	)
Policy charges		(122,290	)		(520,475	)		(263,755	)		(89,896	)		(490,142	)
Contract terminations:
Surrender benefits		(100,759	)		(1,181,456	)		(3,402	)		(47,080	)		(678,978	)
Death benefits		—			(2,287	)		—			—			—
Increase (decrease) from transactions		(793,791	)		(2,831,424	)		1,604,140			234,324			(220,006	)
Net assets at beginning of year		6,911,006			35,784,197			2,997,933			2,209,176			16,262,245
Net assets at end of year	$	6,438,109		$	34,552,646		$	5,516,111		$	3,024,188		$	19,930,999

Accumulation unit activity
Units outstanding at beginning of year		2,109,008			8,149,680			2,360,397			855,371			3,844,904
Units purchased		96,154			682,658			1,293,802			155,797			819,204
Units redeemed		(335,970	)		(943,233	)		(186,462	)		(73,831	)		(493,835	)
Units outstanding at end of year		1,869,192			7,889,105			3,467,737			937,337			4,170,273

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Mid Cap Val, Cl 1			Col VP Select Mid Cap Val, Cl 2			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 1			Col VP Select Sm Cap Val, Cl 2
Operations
Investment income (loss) — net	$	—		$	—		$	(89,693	)	$	—		$	—
Net realized gain (loss) on sales of investments		13,736			57,146			1,034,572			6,102			37,862
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		356,105			360,164			865,652			346,974			294,399
Net increase (decrease) in net assets resulting from operations		369,841			417,310			1,810,531			353,076			332,261

Contract transactions
Contract purchase payments		851,961			256,902			537,801			763,265			156,614
Net transfers⁽¹⁾		421,104			118,432			(833,019	)		504,375			43,103
Transfers for policy loans		(58,398	)		(50,772	)		(460,813	)		(6,505	)		(17,641	)
Policy charges		(183,970	)		(107,592	)		(295,650	)		(182,950	)		(61,222	)
Contract terminations:
Surrender benefits		(69,304	)		(78,292	)		(639,054	)		(38,810	)		(42,560	)
Death benefits		—			—			(7,917	)		—			—
Increase (decrease) from transactions		961,393			138,678			(1,698,652	)		1,039,375			78,294
Net assets at beginning of year		2,820,707			3,996,083			19,775,812			2,037,650			2,542,078
Net assets at end of year	$	4,151,941		$	4,552,071		$	19,887,691		$	3,430,101		$	2,952,633

Accumulation unit activity
Units outstanding at beginning of year		1,949,134			1,363,702			4,852,454			1,653,648			988,345
Units purchased		864,303			127,154			467,901			982,015			74,226
Units redeemed		(212,308	)		(79,275	)		(640,819	)		(175,349	)		(45,291	)
Units outstanding at end of year		2,601,129			1,411,581			4,679,536			2,460,314			1,017,280

⁽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 LIFE SEPARATE ACCOUNT ∎			57

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 1			Col VP Sel Gbl Tech, Cl 2			Col VP Strategic Inc, Cl 1			Col VP Strategic Inc, Cl 2
Operations
Investment income (loss) — net	$	(97,170	)	$	—		$	—		$	178,771		$	85,380
Net realized gain (loss) on sales of investments		1,143,224			7,945			12,262			(16,193	)		(17,729	)
Distributions from capital gains		—			139,060			61,653			—			—
Net change in unrealized appreciation (depreciation) of investments		1,360,677			876,159			283,009			302,039			155,746
Net increase (decrease) in net assets resulting from operations		2,406,731			1,023,164			356,924			464,617			223,397

Contract transactions
Contract purchase payments		620,097			1,439,575			69,176			924,747			215,914
Net transfers⁽¹⁾		(105,870	)		1,668,008			1,456,789			903,911			232,082
Transfers for policy loans		(369,378	)		(2,217	)		(19,064	)		6,603			(896	)
Policy charges		(476,258	)		(109,606	)		(12,529	)		(327,889	)		(132,558	)
Contract terminations:
Surrender benefits		(723,008	)		(45,285	)		(2,360	)		(23,509	)		(27,476	)
Death benefits		(2,178	)		—			—			—			—
Increase (decrease) from transactions		(1,056,595	)		2,950,475			1,492,012			1,483,863			287,066
Net assets at beginning of year		19,931,070			1,165,536			286,387			3,927,397			2,246,007
Net assets at end of year	$	21,281,206		$	5,139,175		$	2,135,323		$	5,875,877		$	2,756,470

Accumulation unit activity
Units outstanding at beginning of year		4,974,546			1,351,734			332,546			3,800,590			1,763,889
Units purchased		807,393			2,894,544			1,410,469			1,713,109			340,834
Units redeemed		(691,837	)		(144,057	)		(31,467	)		(329,066	)		(122,371	)
Units outstanding at end of year		5,090,102			4,102,221			1,711,548			5,184,633			1,982,352

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP US Govt Mtge, Cl 1			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 1
Operations
Investment income (loss) — net	$	18,755		$	12,907		$	366,340		$	1,706,778		$	37,196
Net realized gain (loss) on sales of investments		(19,909	)		(30,555	)		(858,662	)		(740,348	)		(9,732	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		42,104			42,296			1,339,387			(1,820,568	)		51,902
Net increase (decrease) in net assets resulting from operations		40,950			24,648			847,065			(854,138	)		79,366

Contract transactions
Contract purchase payments		288,060			26,471			827,986			244,219			370,967
Net transfers⁽¹⁾		(62,896	)		(104,502	)		751,768			(1,150,468	)		559,547
Transfers for policy loans		(504	)		(3,921	)		(244,258	)		(61,054	)		(32,249	)
Policy charges		(42,977	)		(16,488	)		(908,811	)		(180,658	)		(78,788	)
Contract terminations:
Surrender benefits		(1,327	)		(17,385	)		(1,362,777	)		(345,044	)		(5,444	)
Death benefits		—			—			(32,052	)		(4,684	)		—
Increase (decrease) from transactions		180,356			(115,825	)		(968,144	)		(1,497,689	)		814,033
Net assets at beginning of year		551,779			585,492			17,533,234			9,417,832			762,082
Net assets at end of year	$	773,085		$	494,315		$	17,412,155		$	7,066,005		$	1,655,481

Accumulation unit activity
Units outstanding at beginning of year		584,089			549,269			15,468,558			10,257,751			768,839
Units purchased		300,757			24,605			2,180,190			337,922			928,330
Units redeemed		(110,621	)		(134,024	)		(2,903,709	)		(2,039,306	)		(115,430	)
Units outstanding at end of year		774,225			439,850			14,745,039			8,556,367			1,581,739

⁽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 LIFE SEPARATE ACCOUNT ∎			59

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP AC Div Bond, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 1			CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 1
Operations
Investment income (loss) — net	$	11,777		$	95,772		$	71,989		$	836,763		$	49,243
Net realized gain (loss) on sales of investments		(5,514	)		(71,156	)		(53,335	)		(807,748	)		(168,789	)
Distributions from capital gains		—			—			—			—			161,598
Net change in unrealized appreciation (depreciation) of investments		13,790			18,875			12,286			314,635			268,080
Net increase (decrease) in net assets resulting from operations		20,053			43,491			30,940			343,650			310,132

Contract transactions
Contract purchase payments		26,061			237,770			52,124			277,201			640,227
Net transfers⁽¹⁾		36,411			(197,792	)		(173,740	)		(1,223,380	)		(65,080	)
Transfers for policy loans		928			(50,144	)		(3,673	)		(179,746	)		(7,547	)
Policy charges		(13,103	)		(71,928	)		(17,456	)		(276,063	)		(148,491	)
Contract terminations:
Surrender benefits		(3,111	)		(18,731	)		(28,793	)		(523,811	)		(47,796	)
Death benefits		—			—			—			(6,877	)		—
Increase (decrease) from transactions		47,186			(100,825	)		(171,538	)		(1,932,676	)		371,313
Net assets at beginning of year		344,312			1,157,853			924,992			11,151,809			2,140,560
Net assets at end of year	$	411,551		$	1,100,519		$	784,394		$	9,562,783		$	2,822,005

Accumulation unit activity
Units outstanding at beginning of year		310,766			1,158,600			816,040			8,452,332			1,884,287
Units purchased		56,333			234,994			45,494			500,679			543,970
Units redeemed		(14,427	)		(335,718	)		(195,470	)		(1,832,182	)		(244,607	)
Units outstanding at end of year		352,672			1,057,876			666,064			7,120,829			2,183,650

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 1			CTIVP MFS Val, Cl 2			CTIVP MS Adv, Cl 1			CTIVP MS Adv, Cl 2
Operations
Investment income (loss) — net	$	39,267		$	—		$	—		$	—		$	—
Net realized gain (loss) on sales of investments		(145,835	)		12,055			124,145			(42,533	)		(20,133	)
Distributions from capital gains		151,364			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		245,113			799,407			313,376			1,178,824			730,726
Net increase (decrease) in net assets resulting from operations		289,909			811,462			437,521			1,136,291			710,593

Contract transactions
Contract purchase payments		152,140			2,060,042			457,806			1,324,854			302,497
Net transfers⁽¹⁾		(234,470	)		1,023,086			(76,288	)		195,455			(137,664	)
Transfers for policy loans		(39,744	)		(44,504	)		(105,143	)		(16,546	)		(63,761	)
Policy charges		(55,159	)		(483,695	)		(120,722	)		(376,608	)		(93,180	)
Contract terminations:
Surrender benefits		(44,334	)		(104,325	)		(154,796	)		(3,805	)		(25,717	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		(221,567	)		2,450,604			857			1,123,350			(17,825	)
Net assets at beginning of year		2,254,192			7,932,153			5,724,076			3,257,800			2,298,205
Net assets at end of year	$	2,322,534		$	11,194,219		$	6,162,454		$	5,517,441		$	2,990,973

Accumulation unit activity
Units outstanding at beginning of year		1,340,164			5,608,510			1,997,130			2,941,789			878,012
Units purchased		87,943			2,160,982			158,305			1,169,310			99,458
Units redeemed		(212,188	)		(443,547	)		(160,420	)		(307,734	)		(102,651	)
Units outstanding at end of year		1,215,919			7,325,945			1,995,015			3,803,365			874,819

⁽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 LIFE SEPARATE ACCOUNT ∎			61

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 1			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 1
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	—		$	63,762
Net realized gain (loss) on sales of investments		4,711			88,200			14,838			60,188			(12,424	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,053,293			769,892			267,401			122,250			169,505
Net increase (decrease) in net assets resulting from operations		1,058,004			858,092			282,239			182,438			220,843

Contract transactions
Contract purchase payments		689,695			255,585			681,198			156,120			480,921
Net transfers⁽¹⁾		512,916			158,954			130,448			(47,975	)		1,696,456
Transfers for policy loans		(24,596	)		(14,086	)		(21,554	)		(9,860	)		(53,238	)
Policy charges		(201,681	)		(97,432	)		(199,745	)		(63,354	)		(119,391	)
Contract terminations:
Surrender benefits		(2,605	)		(164,722	)		(16,436	)		(135,025	)		(254	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		973,729			138,299			573,911			(100,094	)		2,004,494
Net assets at beginning of year		2,234,403			2,153,530			2,465,852			2,112,986			1,884,293
Net assets at end of year	$	4,266,136		$	3,149,921		$	3,322,002		$	2,195,330		$	4,109,630

Accumulation unit activity
Units outstanding at beginning of year		1,690,224			671,958			1,764,306			881,120			1,898,516
Units purchased		768,786			108,994			572,724			64,554			2,184,108
Units redeemed		(146,255	)		(74,901	)		(168,104	)		(107,966	)		(173,232	)
Units outstanding at end of year		2,312,755			706,051			2,168,926			837,708			3,909,392

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 1			CTIVP Vty Sycamore Estb Val, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 3			CTIVP Westfield Mid Cap Gro, Cl 1
Operations
Investment income (loss) — net	$	7,425		$	—		$	—		$	(177,407	)	$	—
Net realized gain (loss) on sales of investments		(5,941	)		61,473			273,547			1,680,336			(655	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		16,840			730,879			382,300			1,937,960			490,372
Net increase (decrease) in net assets resulting from operations		18,324			792,352			655,847			3,440,889			489,717

Contract transactions
Contract purchase payments		25,912			1,826,401			384,234			896,869			589,958
Net transfers⁽¹⁾		63,890			786,804			(482,085	)		(567,793	)		430,488
Transfers for policy loans		(3,714	)		(125,853	)		(35,699	)		(672,941	)		(17,055	)
Policy charges		(7,440	)		(357,715	)		(151,169	)		(503,141	)		(115,205	)
Contract terminations:
Surrender benefits		—			(84,721	)		(275,776	)		(937,963	)		(2,134	)
Death benefits		—			—			—			(14,485	)		—
Increase (decrease) from transactions		78,648			2,044,916			(560,495	)		(1,799,454	)		886,052
Net assets at beginning of year		279,633			6,475,130			7,296,494			38,174,240			1,517,472
Net assets at end of year	$	376,605		$	9,312,398		$	7,391,846		$	39,815,675		$	2,893,241

Accumulation unit activity
Units outstanding at beginning of year		260,495			4,135,918			2,097,789			7,792,106			1,135,871
Units purchased		82,133			1,628,664			108,167			861,525			680,746
Units redeemed		(10,228	)		(353,413	)		(268,199	)		(747,884	)		(90,759	)
Units outstanding at end of year		332,400			5,411,169			1,937,757			7,905,747			1,725,858

⁽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 LIFE SEPARATE ACCOUNT ∎			63

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2			Del Ivy VIP Asset Strategy, Cl II			DWS Alt Asset Alloc VIP, Cl A			DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl
Operations
Investment income (loss) — net	$	—		$	35,150		$	82,998		$	264,539		$	1,468,357
Net realized gain (loss) on sales of investments		42,950			(60,958	)		(20,306	)		(95,832	)		(212,940	)
Distributions from capital gains		—			—			11,074			39,636			—
Net change in unrealized appreciation (depreciation) of investments		461,562			277,040			17,652			12,498			679,895
Net increase (decrease) in net assets resulting from operations		504,512			251,232			91,418			220,841			1,935,312

Contract transactions
Contract purchase payments		121,694			84,578			414,429			160,962			696,654
Net transfers⁽¹⁾		2,817			(138,388	)		184,761			(538,130	)		(313,612	)
Transfers for policy loans		(38,377	)		(76,842	)		(118,474	)		(79,906	)		(192,829	)
Policy charges		(51,556	)		(51,085	)		(77,231	)		(110,166	)		(439,509	)
Contract terminations:
Surrender benefits		(39,089	)		(104,864	)		(546	)		(41,206	)		(720,994	)
Death benefits		—			(4,837	)		—			—			(172	)
Increase (decrease) from transactions		(4,511	)		(291,438	)		402,939			(608,446	)		(970,462	)
Net assets at beginning of year		2,014,368			2,023,850			1,232,360			4,522,392			18,887,898
Net assets at end of year	$	2,514,369		$	1,983,644		$	1,726,717		$	4,134,787		$	19,852,748

Accumulation unit activity
Units outstanding at beginning of year		767,065			1,603,647			1,043,058			3,892,821			11,332,265
Units purchased		42,502			77,653			496,693			315,782			815,448
Units redeemed		(44,660	)		(307,104	)		(163,440	)		(834,037	)		(1,180,909	)
Units outstanding at end of year		764,907			1,374,196			1,376,311			3,374,566			10,966,804

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Contrafund, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Mid Cap, Init Cl
Operations
Investment income (loss) — net	$	91,232		$	(191,120	)	$	569,554		$	433,595		$	66,816
Net realized gain (loss) on sales of investments		(3,544	)		2,573,210			1,698,628			2,134,239			(15,675	)
Distributions from capital gains		611,263			4,687,909			2,111,024			1,559,684			296,233
Net change in unrealized appreciation (depreciation) of investments		3,729,505			28,319,260			4,846,913			2,451,654			1,039,557
Net increase (decrease) in net assets resulting from operations		4,428,456			35,389,259			9,226,119			6,579,172			1,386,931

Contract transactions
Contract purchase payments		4,215,097			3,512,065			1,041,941			1,060,200			2,406,911
Net transfers⁽¹⁾		2,726,572			86,496			(135,291	)		328,178			2,428,737
Transfers for policy loans		(131,266	)		(1,483,825	)		(589,847	)		(435,967	)		(144,979	)
Policy charges		(1,031,210	)		(2,646,589	)		(1,545,700	)		(888,229	)		(556,095	)
Contract terminations:
Surrender benefits		(150,594	)		(4,469,163	)		(2,562,209	)		(1,661,455	)		(36,131	)
Death benefits		(14	)		(32,822	)		(63,614	)		(11,834	)		—
Increase (decrease) from transactions		5,628,585			(5,033,838	)		(3,854,720	)		(1,609,107	)		4,098,443
Net assets at beginning of year		10,955,876			111,113,085			53,326,489			37,593,237			6,651,273
Net assets at end of year	$	21,012,917		$	141,468,506		$	58,697,888		$	42,563,302		$	12,136,647

Accumulation unit activity
Units outstanding at beginning of year		7,632,489			29,747,183			11,349,788			13,523,476			4,922,961
Units purchased		4,116,286			3,120,615			270,704			3,860,071			3,403,843
Units redeemed		(779,311	)		(2,755,365	)		(1,083,872	)		(3,467,122	)		(520,684	)
Units outstanding at end of year		10,969,464			30,112,433			10,536,620			13,916,425			7,806,120

⁽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 LIFE SEPARATE ACCOUNT ∎			65

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, Init Cl
Operations
Investment income (loss) — net	$	(46,558	)	$	18,335		$	68,428		$	72,775		$	261,239
Net realized gain (loss) on sales of investments		380,424			(756,277	)		305,477			327,895			(3,686	)
Distributions from capital gains		2,460,863			2,431,711			47,280			46,595			—
Net change in unrealized appreciation (depreciation) of investments		9,284,032			9,764,121			2,721,413			2,609,017			158,331
Net increase (decrease) in net assets resulting from operations		12,078,761			11,457,890			3,142,598			3,056,282			415,884

Contract transactions
Contract purchase payments		1,818,218			2,803,142			466,695			582,073			1,172,319
Net transfers⁽¹⁾		(862,442	)		(1,093,368	)		323,902			392,086			2,751,632
Transfers for policy loans		(672,670	)		(702,384	)		(91,899	)		(134,573	)		(16,578	)
Policy charges		(2,712,635	)		(1,870,150	)		(530,238	)		(370,630	)		(239,485	)
Contract terminations:
Surrender benefits		(4,067,841	)		(3,664,125	)		(685,930	)		(685,997	)		(21,762	)
Death benefits		(81,363	)		(27,734	)		—			(1,523	)		—
Increase (decrease) from transactions		(6,578,733	)		(4,554,619	)		(517,470	)		(218,564	)		3,646,126
Net assets at beginning of year		87,935,276			82,443,763			16,127,941			15,586,141			2,123,452
Net assets at end of year	$	93,435,304		$	89,347,034		$	18,753,069		$	18,423,859		$	6,185,462

Accumulation unit activity
Units outstanding at beginning of year		17,526,046			33,500,164			7,021,653			9,112,631			2,015,629
Units purchased		346,305			5,708,793			307,366			1,638,880			3,606,046
Units redeemed		(1,556,071	)		(6,478,729	)		(537,659	)		(1,621,792	)		(255,243	)
Units outstanding at end of year		16,316,280			32,730,228			6,791,360			9,129,719			5,366,432

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Fid VIP Strategic Inc, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 1			Frank Inc, Cl 2			Frank Mutual Shares, Cl 1
Operations
Investment income (loss) — net	$	76,333		$	843,652		$	65,969		$	483,447		$	8,238
Net realized gain (loss) on sales of investments		(20,444	)		(1,060,439	)		(6,211	)		(110,402	)		(993	)
Distributions from capital gains		—			—			75,979			634,655			33,030
Net change in unrealized appreciation (depreciation) of investments		96,606			3,901,312			65,580			(222,542	)		6,405
Net increase (decrease) in net assets resulting from operations		152,495			3,684,525			201,317			785,158			46,680

Contract transactions
Contract purchase payments		145,497			1,380,995			413,189			379,968			106,341
Net transfers⁽¹⁾		83,103			(430,774	)		1,314,344			1,562,466			87,942
Transfers for policy loans		(2,265	)		(283,339	)		1,180			(79,656	)		(1,862	)
Policy charges		(69,443	)		(1,056,401	)		(122,536	)		(227,631	)		(24,340	)
Contract terminations:
Surrender benefits		(57,688	)		(1,664,138	)		(20,036	)		(221,120	)		(7	)
Death benefits		—			(15,867	)		—			—			—
Increase (decrease) from transactions		99,204			(2,069,524	)		1,586,141			1,414,027			168,074
Net assets at beginning of year		1,598,889			35,304,138			960,969			8,875,542			235,545
Net assets at end of year	$	1,850,588		$	36,919,139		$	2,748,427		$	11,074,727		$	450,299

Accumulation unit activity
Units outstanding at beginning of year		1,270,286			16,274,849			796,725			6,494,815			200,638
Units purchased		175,602			2,075,095			1,411,001			1,381,944			157,975
Units redeemed		(99,216	)		(2,252,072	)		(114,751	)		(381,385	)		(21,346	)
Units outstanding at end of year		1,346,672			16,097,872			2,092,975			7,495,374			337,267

⁽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 LIFE SEPARATE ACCOUNT ∎			67

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Frank Mutual Shares, Cl 2			Frank Sm Cap Val, Cl 1			Frank Sm Cap Val, Cl 2			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor
Operations
Investment income (loss) — net	$	240,490		$	36,305		$	46,775		$	434,167		$	113,339
Net realized gain (loss) on sales of investments		(533,177	)		(43,631	)		(1,337,951	)		(550,485	)		(4,240	)
Distributions from capital gains		1,406,258			262,258			2,531,808			2,072,724			—
Net change in unrealized appreciation (depreciation) of investments		897,969			417,284			4,023,141			6,711,459			17,279
Net increase (decrease) in net assets resulting from operations		2,011,540			672,216			5,263,773			8,667,865			126,378

Contract transactions
Contract purchase payments		621,680			1,253,809			1,466,184			2,131,413			80,450
Net transfers⁽¹⁾		(443,672	)		545,214			(361,440	)		(1,115,086	)		60,862
Transfers for policy loans		(166,662	)		(102,644	)		(364,382	)		(848,452	)		(45,171	)
Policy charges		(466,995	)		(266,424	)		(1,069,296	)		(2,326,380	)		(25,229	)
Contract terminations:
Surrender benefits		(624,797	)		(28,755	)		(1,883,831	)		(3,460,608	)		(36,822	)
Death benefits		(26,926	)		—			(12,999	)		(27,090	)		—
Increase (decrease) from transactions		(1,107,372	)		1,401,200			(2,225,764	)		(5,646,203	)		34,090
Net assets at beginning of year		16,110,415			4,098,502			44,516,970			84,169,755			1,730,341
Net assets at end of year	$	17,014,583		$	6,171,918		$	47,554,979		$	87,191,417		$	1,890,809

Accumulation unit activity
Units outstanding at beginning of year		6,336,983			3,123,970			11,635,109			18,873,662			1,725,651
Units purchased		975,167			1,333,096			1,456,830			3,003,546			186,918
Units redeemed		(997,776	)		(294,700	)		(1,308,467	)		(2,619,508	)		(143,701	)
Units outstanding at end of year		6,314,374			4,162,366			11,783,472			19,257,700			1,768,868

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II			Invesco VI Bal Risk Alloc, Ser I
Operations
Investment income (loss) — net	$	25,296		$	96,562		$	(78,169	)	$	(51,965	)	$	—
Net realized gain (loss) on sales of investments		(111,813	)		122,305			(167,149	)		(649,255	)		(8,491	)
Distributions from capital gains		—			—			317,454			308,706			—
Net change in unrealized appreciation (depreciation) of investments		1,065,982			10,470,394			4,737,679			4,617,379			42,395
Net increase (decrease) in net assets resulting from operations		979,465			10,689,261			4,809,815			4,224,865			33,904

Contract transactions
Contract purchase payments		171,174			1,123,692			277,679			350,275			164,064
Net transfers⁽¹⁾		(335,083	)		(1,606,903	)		(718,796	)		(586,819	)		81,088
Transfers for policy loans		(39,243	)		(244,124	)		(88,883	)		(173,695	)		106
Policy charges		(161,939	)		(1,207,081	)		(379,219	)		(308,654	)		(46,152	)
Contract terminations:
Surrender benefits		(211,278	)		(2,122,187	)		(587,283	)		(575,131	)		(6,386	)
Death benefits		—			—			—			(6,147	)		—
Increase (decrease) from transactions		(576,369	)		(4,056,603	)		(1,496,502	)		(1,300,171	)		192,720
Net assets at beginning of year		5,638,460			48,259,705			12,554,424			11,184,473			389,312
Net assets at end of year	$	6,041,556		$	54,892,363		$	15,867,737		$	14,109,167		$	615,936

Accumulation unit activity
Units outstanding at beginning of year		1,236,256			11,166,016			4,538,757			4,044,403			348,847
Units purchased		35,796			1,160,538			83,810			719,198			214,758
Units redeemed		(160,666	)		(1,421,393	)		(534,108	)		(947,896	)		(46,025	)
Units outstanding at end of year		1,111,386			10,905,161			4,088,459			3,815,705			517,580

⁽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 LIFE SEPARATE ACCOUNT ∎			69

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 Dis Mid Cap Gro, Ser I			Invesco VI Div Divd, Ser I
Operations
Investment income (loss) — net	$	(19,854	)	$	128,218		$	28,631		$	(62,729	)	$	282,394
Net realized gain (loss) on sales of investments		(296,992	)		203,525			(234,871	)		(481,438	)		(55,029	)
Distributions from capital gains		—			1,331,389			2,320,610			—			1,501,250
Net change in unrealized appreciation (depreciation) of investments		584,924			(395,495	)		17,907,967			2,107,382			(245,758	)
Net increase (decrease) in net assets resulting from operations		268,078			1,267,637			20,022,337			1,563,215			1,482,857

Contract transactions
Contract purchase payments		205,580			254,433			3,014,296			366,739			419,402
Net transfers⁽¹⁾		(331,004	)		245,867			(1,604,820	)		199,289			(465,283	)
Transfers for policy loans		(159,506	)		(83,074	)		(457,755	)		(96,579	)		(258,941	)
Policy charges		(152,973	)		(269,048	)		(4,481,393	)		(344,783	)		(345,041	)
Contract terminations:
Surrender benefits		(426,876	)		(434,897	)		(5,083,870	)		(487,292	)		(638,372	)
Death benefits		(37,667	)		(91	)		(111,252	)		(10,306	)		(56,319	)
Increase (decrease) from transactions		(902,446	)		(286,810	)		(8,724,794	)		(372,932	)		(1,344,554	)
Net assets at beginning of year		5,131,294			11,358,241			92,773,423			12,519,320			18,682,215
Net assets at end of year	$	4,496,926		$	12,339,068		$	104,070,966		$	13,709,603		$	18,820,518

Accumulation unit activity
Units outstanding at beginning of year		4,070,876			3,035,410			23,617,499			10,179,476			7,206,989
Units purchased		157,126			345,706			685,949			886,292			606,778
Units redeemed		(873,213	)		(276,850	)		(2,669,067	)		(1,145,982	)		(978,228	)
Units outstanding at end of year		3,354,789			3,104,266			21,634,381			9,919,786			6,835,539

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser I			Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser I			Invesco VI Gbl Strat Inc, Ser II
Operations
Investment income (loss) — net	$	(91,952	)	$	11,771		$	(112,783	)	$	—		$	(128,970	)
Net realized gain (loss) on sales of investments		(179,940	)		(42,289	)		(552,403	)		(2,209	)		(682,956	)
Distributions from capital gains		14,587			595,232			3,321,733			—			—
Net change in unrealized appreciation (depreciation) of investments		3,402,816			756,484			5,253,243			58,106			3,082,426
Net increase (decrease) in net assets resulting from operations		3,145,511			1,321,198			7,909,790			55,897			2,270,500

Contract transactions
Contract purchase payments		533,942			1,286,285			1,016,408			148,533			1,167,727
Net transfers⁽¹⁾		(664,853	)		936,480			(706,915	)		155,710			1,039,943
Transfers for policy loans		(138,845	)		(25,396	)		(257,682	)		(12,062	)		(64,581	)
Policy charges		(416,815	)		(256,248	)		(511,363	)		(45,883	)		(972,573	)
Contract terminations:
Surrender benefits		(705,441	)		(21,866	)		(614,688	)		—			(974,937	)
Death benefits		(242	)		—			(5,344	)		—			(3,646	)
Increase (decrease) from transactions		(1,392,254	)		1,919,255			(1,079,584	)		246,298			191,933
Net assets at beginning of year		18,771,892			3,210,828			23,843,984			499,778			28,013,438
Net assets at end of year	$	20,525,149		$	6,451,281		$	30,674,190		$	801,973		$	30,475,871

Accumulation unit activity
Units outstanding at beginning of year		9,259,446			2,765,763			8,119,760			533,070			20,773,958
Units purchased		780,304			1,585,236			745,814			312,467			2,212,388
Units redeemed		(1,237,601	)		(226,553	)		(779,417	)		(59,933	)		(1,686,512	)
Units outstanding at end of year		8,802,149			4,124,446			8,086,157			785,604			21,299,834

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

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			71

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Invesco VI Mn St Sm Cap, Ser I			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I			Invesco VI Tech, Ser II			Janus Henderson VIT Bal, Inst
Operations
Investment income (loss) — net	$	57,929		$	156,903		$	(66,996	)	$	—		$	322,191
Net realized gain (loss) on sales of investments		(21,710	)		(37,974	)		(715,075	)		(3,761	)		15,844
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		779,390			4,326,927			6,440,861			127,832			1,741,244
Net increase (decrease) in net assets resulting from operations		815,609			4,445,856			5,658,790			124,071			2,079,279

Contract transactions
Contract purchase payments		1,023,598			828,938			657,287			26,172			4,014,547
Net transfers⁽¹⁾		838,368			1,327,675			997,675			306,730			2,278,119
Transfers for policy loans		(23,506	)		(102,269	)		(326,421	)		(7,216	)		(36,188	)
Policy charges		(224,007	)		(492,956	)		(402,665	)		(4,564	)		(1,185,804	)
Contract terminations:
Surrender benefits		(30,861	)		(792,596	)		(624,767	)		—			(146,213	)
Death benefits		—			(2,252	)		(4,711	)		—			(17	)
Increase (decrease) from transactions		1,583,592			766,540			296,398			321,122			4,924,444
Net assets at beginning of year		3,588,334			25,087,158			12,122,592			160,129			10,766,618
Net assets at end of year	$	5,987,535		$	30,299,554		$	18,077,780		$	605,322		$	17,770,341

Accumulation unit activity
Units outstanding at beginning of year		2,695,813			6,626,186			3,279,724			198,340			8,395,020
Units purchased		1,312,288			813,008			991,614			325,035			4,605,705
Units redeemed		(200,177	)		(402,567	)		(342,952	)		(12,340	)		(995,134	)
Units outstanding at end of year		3,807,924			7,036,627			3,928,386			511,035			12,005,591

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Inst			Janus Henderson VIT Flex Bd, Serv			Janus Hend VIT Gbl Tech Innov, Srv
Operations
Investment income (loss) — net	$	86,348		$	(92,157	)	$	66,545		$	41,563		$	(211,900	)
Net realized gain (loss) on sales of investments		38,946			99,665			(7,157	)		(21,857	)		419,498
Distributions from capital gains		—			1,585,179			—			—			—
Net change in unrealized appreciation (depreciation) of investments		559,101			1,736,686			24,653			40,538			18,100,389
Net increase (decrease) in net assets resulting from operations		684,395			3,329,373			84,041			60,244			18,307,987

Contract transactions
Contract purchase payments		432,843			314,923			487,131			78,750			1,031,942
Net transfers⁽¹⁾		(148,718	)		(5,034	)		685,299			18,330			877,430
Transfers for policy loans		(190,005	)		(18,037	)		(1,147	)		(5,961	)		(543,624	)
Policy charges		(172,217	)		(440,767	)		(116,954	)		(48,745	)		(804,628	)
Contract terminations:
Surrender benefits		(88,381	)		(699,996	)		(1,523	)		(29,116	)		(1,072,243	)
Death benefits		—			(7,503	)		—			—			(9,279	)
Increase (decrease) from transactions		(166,478	)		(856,414	)		1,052,806			13,258			(520,402	)
Net assets at beginning of year		4,619,794			19,831,184			784,687			1,093,574			34,653,343
Net assets at end of year	$	5,137,711		$	22,304,143		$	1,921,534		$	1,167,076		$	52,440,928

Accumulation unit activity
Units outstanding at beginning of year		3,409,022			3,603,429			767,668			969,849			6,125,673
Units purchased		298,230			65,008			1,129,731			86,035			625,153
Units redeemed		(414,389	)		(240,515	)		(115,594	)		(72,882	)		(399,743	)
Units outstanding at end of year		3,292,863			3,427,922			1,781,805			983,002			6,351,083

⁽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 LIFE SEPARATE ACCOUNT ∎			73

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Inst			Janus Henderson VIT Res, Serv			Lazard Ret Global Dyn MA, Inv			Lazard Ret Global Dyn MA, Serv
Operations
Investment income (loss) — net	$	362,899		$	7,111		$	(50,332	)	$	—		$	(5,081	)
Net realized gain (loss) on sales of investments		330,509			(19,343	)		106,849			(4,433	)		(26,605	)
Distributions from capital gains		—			—			—			21,464			70,004
Net change in unrealized appreciation (depreciation) of investments		2,966,826			1,783,466			5,034,253			27,764			89,749
Net increase (decrease) in net assets resulting from operations		3,660,234			1,771,234			5,090,770			44,795			128,067

Contract transactions
Contract purchase payments		1,361,264			1,612,460			420,275			97,790			58,175
Net transfers⁽¹⁾		399,592			612,103			120,729			92,703			(144,003	)
Transfers for policy loans		(394,968	)		(23,592	)		(457,941	)		(17,410	)		10,150
Policy charges		(1,051,234	)		(336,766	)		(307,698	)		(26,217	)		(27,080	)
Contract terminations:
Surrender benefits		(1,642,032	)		(1,657	)		(600,599	)		(78	)		(49,791	)
Death benefits		(13,812	)		—			(19,662	)		—			—
Increase (decrease) from transactions		(1,341,190	)		1,862,548			(844,896	)		146,788			(152,549	)
Net assets at beginning of year		36,992,775			3,464,439			12,394,738			315,162			1,327,064
Net assets at end of year	$	39,311,819		$	7,098,221		$	16,640,612		$	506,745		$	1,302,582

Accumulation unit activity
Units outstanding at beginning of year		17,333,583			2,595,679			3,380,160			308,051			1,059,522
Units purchased		1,648,264			1,339,769			311,330			179,762			58,534
Units redeemed		(1,808,528	)		(220,833	)		(398,968	)		(41,845	)		(174,852	)
Units outstanding at end of year		17,173,319			3,714,615			3,292,522			445,968			943,204

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Utilities, Init Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl I
Operations
Investment income (loss) — net	$	(195,437	)	$	(128,900	)	$	99,646		$	712,411		$	—
Net realized gain (loss) on sales of investments		238,056			(2,348,025	)		(16,331	)		170,494			(158,918	)
Distributions from capital gains		2,401,866			—			154,187			1,365,303			—
Net change in unrealized appreciation (depreciation) of investments		6,908,418			5,958,856			(285,755	)		(3,042,291	)		2,088,184
Net increase (decrease) in net assets resulting from operations		9,352,903			3,481,931			(48,253	)		(794,083	)		1,929,266

Contract transactions
Contract purchase payments		859,322			646,896			655,690			821,025			1,987,866
Net transfers⁽¹⁾		896,665			(500,187	)		247,362			(1,703,200	)		466,964
Transfers for policy loans		(234,500	)		(222,943	)		(6,744	)		(302,442	)		6,597
Policy charges		(958,199	)		(598,031	)		(180,563	)		(700,942	)		(416,162	)
Contract terminations:
Surrender benefits		(2,239,947	)		(972,984	)		(7,007	)		(1,044,932	)		(37,843	)
Death benefits		(321	)		—			—			(5,635	)		—
Increase (decrease) from transactions		(1,676,980	)		(1,647,249	)		708,738			(2,936,126	)		2,007,422
Net assets at beginning of year		41,513,987			26,223,670			2,469,689			27,068,203			3,430,358
Net assets at end of year	$	49,189,910		$	28,058,352		$	3,130,174		$	23,337,994		$	7,367,046

Accumulation unit activity
Units outstanding at beginning of year		18,613,101			5,628,356			1,767,271			8,179,322			3,633,535
Units purchased		1,597,291			1,061,472			664,977			536,636			2,175,237
Units redeemed		(2,229,726	)		(724,329	)		(144,107	)		(1,235,349	)		(402,504	)
Units outstanding at end of year		17,980,666			5,965,499			2,288,141			7,480,609			5,406,268

⁽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 LIFE SEPARATE ACCOUNT ∎			75

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II			NB AMT Sus Eq, Cl I			NB AMT Sus Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S
Operations
Investment income (loss) — net	$	(64,335	)	$	80,004		$	6,928		$	601		$	(3,881	)
Net realized gain (loss) on sales of investments		(5,081,719	)		(390,064	)		2,875			5,067			(16,599	)
Distributions from capital gains		—			—			32,693			12,638			—
Net change in unrealized appreciation (depreciation) of investments		11,988,403			827,158			415,319			168,647			158,013
Net increase (decrease) in net assets resulting from operations		6,842,349			517,098			457,815			186,953			137,533

Contract transactions
Contract purchase payments		1,097,792			193,375			257,976			66,383			77,405
Net transfers⁽¹⁾		63,791			(365,903	)		112,897			(49,239	)		214,417
Transfers for policy loans		(242,319	)		(48,449	)		(16,262	)		(5,500	)		(26,784	)
Policy charges		(454,908	)		(129,140	)		(82,832	)		(46,432	)		(31,138	)
Contract terminations:
Surrender benefits		(581,623	)		(178,557	)		(12,260	)		(5,992	)		(19,600	)
Death benefits		(4,048	)		(47	)		—			—			—
Increase (decrease) from transactions		(121,315	)		(528,721	)		259,519			(40,780	)		214,300
Net assets at beginning of year		15,694,824			5,688,777			1,576,010			731,128			891,531
Net assets at end of year	$	22,415,858		$	5,677,154		$	2,293,344		$	877,301		$	1,243,364

Accumulation unit activity
Units outstanding at beginning of year		5,392,159			3,551,257			1,161,306			257,827			756,975
Units purchased		844,985			211,050			243,853			20,495			235,289
Units redeemed		(509,610	)		(554,530	)		(73,474	)		(33,886	)		(68,695	)
Units outstanding at end of year		5,727,534			3,207,777			1,331,685			244,436			923,569

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	PIMCO VIT All Asset, Advisor Cl			PIMCO VIT All Asset, Inst Cl			PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			PIMCO VIT Tot Return, Inst Cl
Operations
Investment income (loss) — net	$	278,579		$	17,847		$	17,688		$	385,834		$	84,965
Net realized gain (loss) on sales of investments		(278,208	)		(4,059	)		(279	)		(339,327	)		(18,824	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		864,493			58,687			65,482			665,421			136,895
Net increase (decrease) in net assets resulting from operations		864,864			72,475			82,891			711,928			203,036

Contract transactions
Contract purchase payments		453,388			112,649			6,008			335,358			790,433
Net transfers⁽¹⁾		54,818			777,569			348,737			4,230,029			1,336,917
Transfers for policy loans		(42,767	)		187			(471	)		(53,927	)		(25,754	)
Policy charges		(319,294	)		(20,961	)		(11,482	)		(236,789	)		(160,100	)
Contract terminations:
Surrender benefits		(627,770	)		(1,694	)		(1	)		(831,347	)		(5,795	)
Death benefits		(9,914	)		—			—			—			—
Increase (decrease) from transactions		(491,539	)		867,750			342,791			3,443,324			1,935,701
Net assets at beginning of year		11,757,532			197,945			441,099			10,910,950			1,626,892
Net assets at end of year	$	12,130,857		$	1,138,170		$	866,781		$	15,066,202		$	3,765,629

Accumulation unit activity
Units outstanding at beginning of year		6,499,214			166,894			318,524			10,437,720			1,650,362
Units purchased		501,136			737,894			244,390			4,330,083			2,141,958
Units redeemed		(666,217	)		(18,555	)		(8,262	)		(1,095,107	)		(191,659	)
Units outstanding at end of year		6,334,133			886,233			554,652			13,672,696			3,600,661

⁽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 LIFE SEPARATE ACCOUNT ∎			77

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Global Hlth Care, Cl IA			Put VT Global Hlth Care, Cl IB			Put VT Hi Yield, Cl IB			Put VT Intl Eq, Cl IB			Put VT Sus Leaders, Cl IA
Operations
Investment income (loss) — net	$	3,331		$	(45,366	)	$	231,878		$	(30,335	)	$	95,344
Net realized gain (loss) on sales of investments		21			(154,241	)		(106,418	)		(23,629	)		1,835,383
Distributions from capital gains		48,064			2,182,328			—			—			3,873,705
Net change in unrealized appreciation (depreciation) of investments		57,234			338,721			400,967			1,231,230			23,172,098
Net increase (decrease) in net assets resulting from operations		108,650			2,321,442			526,427			1,177,266			28,976,530

Contract transactions
Contract purchase payments		356,032			654,613			123,507			230,308			2,732,763
Net transfers⁽¹⁾		398,815			(910,967	)		(46,623	)		170,294			(1,647,617	)
Transfers for policy loans		(1,776	)		(244,464	)		(49,783	)		(73,593	)		(813,191	)
Policy charges		(49,027	)		(605,811	)		(179,576	)		(150,769	)		(4,425,792	)
Contract terminations:
Surrender benefits		(134	)		(640,562	)		(230,128	)		(154,966	)		(5,979,655	)
Death benefits		—			(945	)		—			(13,992	)		(160,998	)
Increase (decrease) from transactions		703,910			(1,748,136	)		(382,603	)		7,282			(10,294,490	)
Net assets at beginning of year		443,099			28,236,489			4,815,951			6,565,214			118,583,587
Net assets at end of year	$	1,255,659		$	28,809,795		$	4,959,775		$	7,749,762		$	137,265,627

Accumulation unit activity
Units outstanding at beginning of year		432,174			7,234,437			1,915,598			3,257,641			20,480,222
Units purchased		736,520			634,083			46,997			512,204			429,004
Units redeemed		(49,103	)		(752,609	)		(193,391	)		(372,206	)		(2,036,932	)
Units outstanding at end of year		1,119,591			7,115,911			1,769,204			3,397,639			18,872,294

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 1			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value
Operations
Investment income (loss) — net	$	6,594		$	(154,347	)	$	—		$	(10,745	)	$	488,457
Net realized gain (loss) on sales of investments		(38,779	)		(450,509	)		(4,416	)		(147,142	)		943,985
Distributions from capital gains		151,913			—			—			—			1,784,908
Net change in unrealized appreciation (depreciation) of investments		999,749			5,353,022			26,935			223,138			1,815,227
Net increase (decrease) in net assets resulting from operations		1,119,477			4,748,166			22,519			65,251			5,032,577

Contract transactions
Contract purchase payments		114,513			849,598			217,024			183,950			794,505
Net transfers⁽¹⁾		6,693			(458,979	)		58,823			(155,040	)		(752,376	)
Transfers for policy loans		(79,572	)		(358,909	)		(7,715	)		7,397			(219,711	)
Policy charges		(63,941	)		(1,004,790	)		(38,003	)		(60,036	)		(1,003,924	)
Contract terminations:
Surrender benefits		(79,198	)		(1,164,859	)		(22	)		(119,771	)		(1,116,865	)
Death benefits		—			(21,340	)		—			(3,641	)		(4,012	)
Increase (decrease) from transactions		(101,505	)		(2,159,279	)		230,107			(147,141	)		(2,302,383	)
Net assets at beginning of year		4,484,834			27,318,889			518,932			2,913,220			25,991,372
Net assets at end of year	$	5,502,806		$	29,907,776		$	771,558		$	2,831,330		$	28,721,566

Accumulation unit activity
Units outstanding at beginning of year		1,165,384			7,418,046			607,536			3,373,010			8,118,120
Units purchased		153,074			219,038			323,225			254,391			226,744
Units redeemed		(134,162	)		(750,649	)		(55,426	)		(432,321	)		(872,478	)
Units outstanding at end of year		1,184,296			6,886,435			875,335			3,195,080			7,472,386

⁽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 LIFE SEPARATE ACCOUNT ∎			79

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VanEck VIP Global Gold, Cl S			VP Aggr, Cl 1			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 1
Operations
Investment income (loss) — net	$	(24,588	)	$	—		$	(1,001,900	)	$	(1,413,228	)	$	—
Net realized gain (loss) on sales of investments		(229,910	)		94,368			7,974,558			13,823,652			(9,976	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		644,008			12,990,598			47,658,728			40,515,416			179,339
Net increase (decrease) in net assets resulting from operations		389,510			13,084,966			54,631,386			52,925,840			169,363

Contract transactions
Contract purchase payments		124,484			24,544,051			17,124,319			10,879,678			311,743
Net transfers⁽¹⁾		595,940			6,562,092			2,563,169			(5,636,437	)		1,562,820
Transfers for policy loans		(124,588	)		(402,813	)		(4,056,945	)		(3,089,212	)		—
Policy charges		(99,066	)		(4,711,655	)		(6,126,662	)		(5,587,037	)		(93,686	)
Contract terminations:
Surrender benefits		(108,802	)		(295,409	)		(10,505,425	)		(14,197,110	)		(9,823	)
Death benefits		—			—			—			(161,572	)		—
Increase (decrease) from transactions		387,968			25,696,266			(1,001,544	)		(17,791,690	)		1,771,054
Net assets at beginning of year		5,555,179			61,911,114			323,446,590			325,259,712			1,002,309
Net assets at end of year	$	6,332,657		$	100,692,346		$	377,076,432		$	360,393,862		$	2,942,726

Accumulation unit activity
Units outstanding at beginning of year		4,927,146			50,814,664			154,880,174			152,994,811			976,422
Units purchased		575,516			23,628,273			14,081,011			12,590,699			1,759,965
Units redeemed		(418,822	)		(4,112,455	)		(12,242,346	)		(16,954,704	)		(97,959	)
Units outstanding at end of year		5,083,840			70,330,482			156,718,839			148,630,806			2,638,428

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Vol Conserv, Cl 1			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 1
Operations
Investment income (loss) — net	$	(94,278	)	$	(93,576	)	$	—		$	(10,552	)	$	—
Net realized gain (loss) on sales of investments		(151,658	)		81,703			(4,400	)		(39,618	)		(8,047	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,840,066			1,608,080			43,464			240,224			144,559
Net increase (decrease) in net assets resulting from operations		1,594,130			1,596,207			39,064			190,054			136,512

Contract transactions
Contract purchase payments		623,392			725,909			41,814			10,785			298,438
Net transfers⁽¹⁾		640,168			1,434,828			147,023			(156,928	)		399,316
Transfers for policy loans		(619,382	)		(315,331	)		—			22,611			(5,678	)
Policy charges		(704,051	)		(908,040	)		(35,484	)		(96,711	)		(130,762	)
Contract terminations:
Surrender benefits		(1,433,389	)		(1,474,552	)		—			(106,009	)		—
Death benefits		(87,012	)		(19,543	)		—			—			—
Increase (decrease) from transactions		(1,580,274	)		(556,729	)		153,353			(326,252	)		561,314
Net assets at beginning of year		20,753,601			20,096,217			409,729			2,783,124			963,678
Net assets at end of year	$	20,767,457		$	21,135,695		$	602,146		$	2,646,926		$	1,661,504

Accumulation unit activity
Units outstanding at beginning of year		16,047,024			15,526,426			402,171			2,548,032			920,509
Units purchased		1,595,093			1,816,846			178,690			227,095			645,284
Units redeemed		(2,702,252	)		(2,091,210	)		(33,842	)		(530,426	)		(125,522	)
Units outstanding at end of year		14,939,865			15,252,062			547,019			2,244,701			1,440,271

⁽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 LIFE SEPARATE ACCOUNT ∎			81

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 1			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 1			VP Man Vol Mod Gro, Cl 2
Operations
Investment income (loss) — net	$	(17,575	)	$	—		$	(136,833	)	$	—		$	(136,761	)
Net realized gain (loss) on sales of investments		100,611			(52,180	)		841,133			(89,270	)		538,093
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		288,028			3,172,047			4,881,908			1,906,415			3,806,570
Net increase (decrease) in net assets resulting from operations		371,064			3,119,867			5,586,208			1,817,145			4,207,902

Contract transactions
Contract purchase payments		97,753			5,321,560			2,328,547			4,095,149			1,554,768
Net transfers⁽¹⁾		(1,853,295	)		3,658,400			(1,897,185	)		(761,771	)		(2,680,419	)
Transfers for policy loans		(56,490	)		(161,963	)		(157,044	)		(256,317	)		95,426
Policy charges		(174,158	)		(1,407,809	)		(1,074,512	)		(1,225,890	)		(1,180,319	)
Contract terminations:
Surrender benefits		(163,834	)		(97,287	)		(1,353,902	)		(135,355	)		(666,947	)
Death benefits		—			—			—			(10,578	)		—
Increase (decrease) from transactions		(2,150,024	)		7,312,901			(2,154,096	)		1,705,238			(2,877,491	)
Net assets at beginning of year		5,216,520			17,271,146			40,637,023			13,321,087			37,157,219
Net assets at end of year	$	3,437,560		$	27,703,914		$	44,069,135		$	16,843,470		$	38,487,630

Accumulation unit activity
Units outstanding at beginning of year		4,562,169			15,570,371			32,153,114			12,315,772			30,515,486
Units purchased		111,870			7,585,373			2,243,655			3,619,108			1,720,160
Units redeemed		(1,930,908	)		(1,413,327	)		(3,906,296	)		(2,091,792	)		(3,992,817	)
Units outstanding at end of year		2,743,131			21,742,417			30,490,473			13,843,088			28,242,829

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Mod, Cl 1			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 1			VP Mod Aggr, Cl 2
Operations
Investment income (loss) — net	$	—		$	(1,507,031	)	$	(2,274,697	)	$	—		$	(2,021,287	)
Net realized gain (loss) on sales of investments		(28,829	)		10,986,131			19,463,806			14,518			15,138,432
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		6,414,405			33,515,042			40,532,261			23,153,202			80,040,342
Net increase (decrease) in net assets resulting from operations		6,385,576			42,994,142			57,721,370			23,167,720			93,157,487

Contract transactions
Contract purchase payments		14,082,763			14,750,280			15,437,303			41,977,631			32,510,205
Net transfers⁽¹⁾		13,226,657			3,293,977			(6,502,563	)		22,499,605			(5,975,353	)
Transfers for policy loans		(306,755	)		(2,369,708	)		(3,181,463	)		(1,213,313	)		(5,979,317	)
Policy charges		(3,612,067	)		(13,092,194	)		(17,991,266	)		(9,261,103	)		(18,728,132	)
Contract terminations:
Surrender benefits		(273,585	)		(15,342,484	)		(24,266,900	)		(863,226	)		(25,489,311	)
Death benefits		—			(1,127,593	)		(367,409	)		(2,828	)		(15,746	)
Increase (decrease) from transactions		23,117,013			(13,887,722	)		(36,872,298	)		53,136,766			(23,677,654	)
Net assets at beginning of year		36,938,820			351,693,910			484,158,713			124,844,244			650,499,563
Net assets at end of year	$	66,441,409		$	380,800,330		$	505,007,785		$	201,148,730		$	719,979,396

Accumulation unit activity
Units outstanding at beginning of year		32,712,447			207,402,634			282,124,563			106,703,515			348,746,148
Units purchased		22,775,112			16,889,004			22,900,384			51,548,572			26,284,678
Units redeemed		(3,517,770	)		(22,846,140	)		(39,214,487	)		(9,050,999	)		(35,735,594	)
Units outstanding at end of year		51,969,789			201,445,498			265,810,460			149,201,088			339,295,232

⁽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 LIFE SEPARATE ACCOUNT ∎			83

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 1			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 1
Operations
Investment income (loss) — net	$	(4,120,845	)	$	—		$	(200,678	)	$	(260,367	)	$	23,956
Net realized gain (loss) on sales of investments		34,179,865			(8,272	)		781,575			1,817,904			(4,900	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		98,750,763			308,751			3,457,403			3,720,964			44,430
Net increase (decrease) in net assets resulting from operations		128,809,783			300,479			4,038,300			5,278,501			63,486

Contract transactions
Contract purchase payments		29,969,506			811,327			1,733,023			1,947,809			183,846
Net transfers⁽¹⁾		(11,583,180	)		1,631,270			(1,722,431	)		(1,917,592	)		543,533
Transfers for policy loans		(7,784,622	)		—			44,140			(154,645	)		(5,248	)
Policy charges		(21,149,388	)		(241,407	)		(1,965,797	)		(2,665,519	)		(61,358	)
Contract terminations:
Surrender benefits		(43,190,794	)		(17,509	)		(2,510,654	)		(2,323,859	)		—
Death benefits		(224,408	)		—			(47,734	)		(7,611	)		—
Increase (decrease) from transactions		(53,962,886	)		2,183,681			(4,469,453	)		(5,121,417	)		660,773
Net assets at beginning of year		921,538,686			1,800,867			43,274,872			56,077,155			543,963
Net assets at end of year	$	996,385,583		$	4,285,027		$	42,843,719		$	56,234,239		$	1,268,222

Accumulation unit activity
Units outstanding at beginning of year		483,098,865			1,675,474			29,162,903			37,850,212			546,368
Units purchased		38,798,069			2,153,907			2,290,851			2,724,237			718,470
Units redeemed		(57,789,168	)		(230,442	)		(5,039,010	)		(5,821,172	)		(66,520	)
Units outstanding at end of year		464,107,766			3,598,939			26,414,744			34,753,277			1,198,318

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Core Bond, Cl 2			VP Ptnrs Core Eq, Cl 1			VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 1
Operations
Investment income (loss) — net	$	14,224		$	—		$	—		$	(28,841	)	$	28,856
Net realized gain (loss) on sales of investments		(7,218	)		2,585			50,204			533,947			(8,648	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		24,027			188,875			68,542			852,286			343,079
Net increase (decrease) in net assets resulting from operations		31,033			191,460			118,746			1,357,392			363,287

Contract transactions
Contract purchase payments		45,887			339,245			30,769			140,847			493,219
Net transfers⁽¹⁾		111,717			232,996			(92,725	)		(110,586	)		524,450
Transfers for policy loans		9,150			(352	)		(894	)		(38,738	)		1,040
Policy charges		(16,874	)		(56,254	)		(13,062	)		(131,828	)		(115,158	)
Contract terminations:
Surrender benefits		(3,893	)		(168	)		(40,332	)		(297,469	)		(5,006	)
Death benefits		—			—			—			(266	)		—
Increase (decrease) from transactions		145,987			515,467			(116,244	)		(438,040	)		898,545
Net assets at beginning of year		443,920			513,952			546,004			5,868,611			1,737,313
Net assets at end of year	$	620,940		$	1,220,879		$	548,506		$	6,787,963		$	2,999,145

Accumulation unit activity
Units outstanding at beginning of year		407,171			364,089			197,450			1,667,096			1,574,893
Units purchased		148,499			365,510			10,307			297,284			834,103
Units redeemed		(18,654	)		(36,068	)		(48,346	)		(225,341	)		(99,141	)
Units outstanding at end of year		537,016			693,531			159,411			1,739,039			2,309,855

⁽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 LIFE SEPARATE ACCOUNT ∎			85

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 1			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 1			VP Ptnrs Intl Val, Cl 2
Operations
Investment income (loss) — net	$	22,725		$	19,561		$	13,640		$	37,213		$	59,715
Net realized gain (loss) on sales of investments		(57,728	)		(20,095	)		(35,162	)		2,523			(2,257	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		338,304			582,184			800,977			249,437			443,756
Net increase (decrease) in net assets resulting from operations		303,301			581,650			779,455			289,173			501,214

Contract transactions
Contract purchase payments		120,443			978,533			491,633			437,786			230,174
Net transfers⁽¹⁾		125,914			617,471			107,617			368,001			400,022
Transfers for policy loans		(13,620	)		(29,351	)		(10,969	)		(7,968	)		(21,750	)
Policy charges		(36,713	)		(204,798	)		(149,554	)		(95,882	)		(56,347	)
Contract terminations:
Surrender benefits		(62,593	)		(22,983	)		(116,231	)		(13,627	)		(57,067	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		133,431			1,338,872			322,496			688,310			495,032
Net assets at beginning of year		1,748,050			3,462,863			5,259,847			1,424,432			2,760,012
Net assets at end of year	$	2,184,782		$	5,383,385		$	6,361,798		$	2,401,915		$	3,756,258

Accumulation unit activity
Units outstanding at beginning of year		1,208,553			3,038,947			3,488,020			1,427,067			2,045,688
Units purchased		148,782			1,289,227			368,325			734,395			426,771
Units redeemed		(70,094	)		(211,666	)		(170,300	)		(107,213	)		(92,177	)
Units outstanding at end of year		1,287,241			4,116,508			3,686,045			2,054,249			2,380,282

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP Ptnrs Sm Cap Gro, Cl 1			VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 1			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	—		$	(53,817	)
Net realized gain (loss) on sales of investments		(4,090	)		(1,373	)		389			(244	)		833,636
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		59,641			54,307			64,527			115,433			586,167
Net increase (decrease) in net assets resulting from operations		55,551			52,934			64,916			115,189			1,365,986

Contract transactions
Contract purchase payments		177,698			85,922			154,111			80,196			395,823
Net transfers⁽¹⁾		235,574			18,137			38,584			11,690			196,705
Transfers for policy loans		(1,588	)		(18,591	)		(2,569	)		(14,637	)		(67,632	)
Policy charges		(52,726	)		(24,638	)		(42,813	)		(35,359	)		(327,222	)
Contract terminations:
Surrender benefits		(2,529	)		(11,735	)		(1,709	)		(5,423	)		(749,224	)
Death benefits		—			—			—			—			(9,200	)
Increase (decrease) from transactions		356,429			49,095			145,604			36,467			(560,750	)
Net assets at beginning of year		580,095			731,336			493,747			1,028,069			13,016,567
Net assets at end of year	$	992,075		$	833,365		$	704,267		$	1,179,725		$	13,821,803

Accumulation unit activity
Units outstanding at beginning of year		529,559			355,220			431,969			506,075			4,385,053
Units purchased		366,415			49,726			161,425			43,543			1,339,863
Units redeemed		(51,140	)		(26,414	)		(40,199	)		(26,830	)		(898,443	)
Units outstanding at end of year		844,834			378,532			553,195			522,788			4,826,473

⁽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 LIFE SEPARATE ACCOUNT ∎			87

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	VP US Flex Conserv Gro, Cl 1			VP US Flex Gro, Cl 1			VP US Flex Mod Gro, Cl 1			Wanger Acorn			Wanger Intl
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	(414,144	)	$	(98,595	)
Net realized gain (loss) on sales of investments		(596	)		(75,798	)		(1,385	)		(8,970,330	)		(2,975,339	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		41,591			1,363,608			552,576			26,349,230			13,203,125
Net increase (decrease) in net assets resulting from operations		40,995			1,287,810			551,191			16,964,756			10,129,191

Contract transactions
Contract purchase payments		35,842			2,147,867			752,679			2,445,540			2,214,048
Net transfers⁽¹⁾		65,320			570,976			387,425			(1,601,490	)		(999,159	)
Transfers for policy loans		—			4,825			—			(434,628	)		(476,545	)
Policy charges		(27,611	)		(630,704	)		(277,617	)		(2,192,604	)		(1,661,164	)
Contract terminations:
Surrender benefits		—			(101,433	)		—			(3,613,235	)		(2,337,590	)
Death benefits		—			—			—			(36,346	)		(21,969	)
Increase (decrease) from transactions		73,551			1,991,531			862,487			(5,432,763	)		(3,282,379	)
Net assets at beginning of year		299,637			6,268,021			3,412,965			82,360,999			63,137,183
Net assets at end of year	$	414,183		$	9,547,362		$	4,826,643		$	93,892,992		$	69,983,995

Accumulation unit activity
Units outstanding at beginning of year		285,227			5,639,432			3,146,982			21,323,850			26,401,503
Units purchased		93,451			2,306,049			989,015			3,947,850			2,996,407
Units redeemed		(25,160	)		(612,516	)		(241,824	)		(3,135,556	)		(3,074,087	)
Units outstanding at end of year		353,518			7,332,965			3,894,173			22,136,144			26,323,823

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2023 (continued)	WA Var Global Hi Yd Bond, Cl I			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	51,960		$	14,504
Net realized gain (loss) on sales of investments		(10,030	)		(8,122	)
Distributions from capital gains		—			—
Net change in unrealized appreciation (depreciation) of investments		45,510			20,063
Net increase (decrease) in net assets resulting from operations		87,440			26,445

Contract transactions
Contract purchase payments		207,535			24,274
Net transfers⁽¹⁾		67,684			(8,940	)
Transfers for policy loans		(2,322	)		(6,687	)
Policy charges		(72,732	)		(8,360	)
Contract terminations:
Surrender benefits		(644	)		(15,384	)
Death benefits		—			—
Increase (decrease) from transactions		199,521			(15,097	)
Net assets at beginning of year		749,172			276,216
Net assets at end of year	$	1,036,133		$	287,564

Accumulation unit activity
Units outstanding at beginning of year		739,134			228,412
Units purchased		260,665			19,437
Units redeemed		(72,685	)		(31,583	)
Units outstanding at end of year		927,114			216,266

⁽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 LIFE SEPARATE ACCOUNT ∎			89

Statement of Changes in Net Assets


Year ended December 31, 2022	AB VPS Dyn Asset Alloc, Cl B			AB VPS Intl Val, Cl B			AB VPS Lg Cap Gro, Cl A			AB VPS Lg Cap Gro, Cl B			AB VPS Relative Val, Cl B
Operations
Investment income (loss) — net	$	11,013		$	1,330,779		$	—		$	(221,338	)	$	215,592
Net realized gain (loss) on sales of investments		(13,922	)		(237,359	)		(42,486	)		402,687			433,734
Distributions from capital gains		151,117			—			1,109,771			7,765,113			5,316,583
Net change in unrealized appreciation or depreciation of investments		(247,177	)		(6,985,152	)		(4,113,969	)		(30,406,116	)		(7,709,101	)
Net increase (decrease) in net assets resulting from operations		(98,969	)		(5,891,732	)		(3,046,684	)		(22,459,654	)		(1,743,192	)

Contract transactions
Contract purchase payments		58,194			1,785,259			2,524,831			2,351,477			829,796
Net transfers⁽¹⁾		8,248			103,159			2,133,716			954,544			(1,015,436	)
Transfers for policy loans		759			(20,085	)		(49,062	)		(604,994	)		(320,874	)
Policy charges		(17,862	)		(967,915	)		(633,600	)		(992,484	)		(654,487	)
Contract terminations:
Surrender benefits		(147	)		(1,309,088	)		(59,387	)		(1,250,003	)		(926,497	)
Death benefits		—			(34,386	)		—			(27,860	)		(919	)
Increase (decrease) from transactions		49,192			(443,056	)		3,916,498			430,680			(2,088,417	)
Net assets at beginning of year		500,585			41,260,374			9,387,680			77,131,981			35,943,041
Net assets at end of year	$	450,808		$	34,925,586		$	10,257,494		$	55,103,007		$	32,111,432

Accumulation unit activity
Units outstanding at beginning of year		339,479			21,576,989			4,525,755			11,121,856			8,602,283
Units purchased		56,180			1,306,323			2,855,025			848,526			268,939
Units redeemed		(20,381	)		(1,589,392	)		(463,737	)		(702,989	)		(772,428	)
Units outstanding at end of year		375,278			21,293,920			6,917,043			11,267,393			8,098,794

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Allspg VT Index Asset Alloc, Cl 2			Allspg VT Intl Eq, Cl 2			Allspg VT Opp, Cl 1			Allspg VT Opp, Cl 2			Allspg VT Sm Cap Gro, Cl 1
Operations
Investment income (loss) — net	$	31,411		$	608,618		$	—		$	(67,794	)	$	—
Net realized gain (loss) on sales of investments		(45,047	)		(1,385,906	)		(1,158	)		84,325			(91,771	)
Distributions from capital gains		1,598,402			—			36,397			2,970,270			606,298
Net change in unrealized appreciation or depreciation of investments		(4,343,126	)		(2,035,300	)		(74,021	)		(6,901,998	)		(2,026,522	)
Net increase (decrease) in net assets resulting from operations		(2,758,360	)		(2,812,588	)		(38,782	)		(3,915,197	)		(1,511,995	)

Contract transactions
Contract purchase payments		522,709			652,188			59,851			413,522			1,271,991
Net transfers⁽¹⁾		(241,977	)		(665,968	)		141,309			(323,613	)		678,920
Transfers for policy loans		(7,761	)		34,780			(1,739	)		(55,339	)		(66,586	)
Policy charges		(279,624	)		(516,565	)		(17,676	)		(361,503	)		(318,519	)
Contract terminations:
Surrender benefits		(642,956	)		(628,012	)		—			(492,133	)		(39,650	)
Death benefits		—			(7,838	)		—			—			—
Increase (decrease) from transactions		(649,609	)		(1,131,415	)		181,745			(819,066	)		1,526,156
Net assets at beginning of year		16,143,492			22,245,434			155,355			18,792,421			3,960,102
Net assets at end of year	$	12,735,523		$	18,301,431		$	298,318		$	14,058,158		$	3,974,263

Accumulation unit activity
Units outstanding at beginning of year		6,216,451			10,506,165			88,257			3,460,075			2,183,720
Units purchased		234,382			370,862			138,660			96,082			1,476,073
Units redeemed		(503,691	)		(993,469	)		(13,448	)		(281,771	)		(324,205	)
Units outstanding at end of year		5,947,142			9,883,558			213,469			3,274,386			3,335,588

⁽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 LIFE SEPARATE ACCOUNT ∎			91

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Allspg VT Sm Cap Gro, Cl 2			ALPS Alerian Engy Infr, Class I			ALPS Alerian Engy Infr, Class III			AC VP Intl, Cl I			AC VP Intl, Cl II
Operations
Investment income (loss) — net	$	(94,508	)	$	69,895		$	689,581		$	118,835		$	97,376
Net realized gain (loss) on sales of investments		(404,109	)		14,427			242,772			12,646			(223,436	)
Distributions from capital gains		4,551,520			—			—			1,997,247			1,636,618
Net change in unrealized appreciation or depreciation of investments		(17,059,015	)		28,200			534,977			(6,353,404	)		(4,969,718	)
Net increase (decrease) in net assets resulting from operations		(13,006,112	)		112,522			1,467,330			(4,224,676	)		(3,459,160	)

Contract transactions
Contract purchase payments		1,280,958			292,478			457,299			376,535			378,326
Net transfers⁽¹⁾		(984,841	)		787,125			7,398,582			(358,905	)		(175,638	)
Transfers for policy loans		(162,536	)		(15,291	)		(145,840	)		(45,746	)		24,160
Policy charges		(577,979	)		(76,923	)		(200,572	)		(316,968	)		(186,920	)
Contract terminations:
Surrender benefits		(800,734	)		(8	)		(276,459	)		(421,570	)		(268,585	)
Death benefits		(1,684	)		—			—			—			(615	)
Increase (decrease) from transactions		(1,246,816	)		987,381			7,233,010			(766,654	)		(229,272	)
Net assets at beginning of year		38,115,058			491,869			8,264,619			16,775,202			13,509,321
Net assets at end of year	$	23,862,130		$	1,591,772		$	16,964,959		$	11,783,872		$	9,820,889

Accumulation unit activity
Units outstanding at beginning of year		6,491,946			466,180			9,385,322			5,558,149			6,201,264
Units purchased		472,354			886,837			7,741,344			172,032			275,333
Units redeemed		(635,955	)		(72,898	)		(616,923	)		(615,365	)		(433,803	)
Units outstanding at end of year		6,328,345			1,280,119			16,509,743			5,114,816			6,042,794

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	AC VP Val, Cl I			AC VP Val, Cl II			BlackRock Global Alloc, Cl I			BlackRock Global Alloc, Cl III			Calvert VP EAFE Intl Index, Cl F⁽²⁾
Operations
Investment income (loss) — net	$	935,371		$	603,827		$	—		$	(45,368	)	$	710
Net realized gain (loss) on sales of investments		1,662,696			699,444			(25,227	)		(278,810	)		(4	)
Distributions from capital gains		4,691,534			2,976,172			50,169			202,322			—
Net change in unrealized appreciation or depreciation of investments		(7,250,073	)		(4,285,648	)		(643,690	)		(2,304,584	)		1,929
Net increase (decrease) in net assets resulting from operations		39,528			(6,205	)		(618,748	)		(2,426,440	)		2,635

Contract transactions
Contract purchase payments		1,970,798			1,261,820			1,270,127			564,415			350
Net transfers⁽¹⁾		1,691,779			1,183,728			1,085,445			194,211			44,303
Transfers for policy loans		(254,863	)		(403,616	)		(12,365	)		(158,015	)		—
Policy charges		(1,815,803	)		(766,772	)		(288,025	)		(273,720	)		(20	)
Contract terminations:
Surrender benefits		(1,864,930	)		(1,054,415	)		(1,136	)		(449,986	)		(323	)
Death benefits		(21,292	)		(28,166	)		—			(18,649	)		—
Increase (decrease) from transactions		(294,311	)		192,579			2,054,046			(141,744	)		44,310
Net assets at beginning of year		60,651,909			38,102,649			3,305,406			14,741,015			—
Net assets at end of year	$	60,397,126		$	38,289,023		$	4,740,704		$	12,172,831		$	46,945

Accumulation unit activity
Units outstanding at beginning of year		14,850,029			14,551,674			2,314,532			8,960,177			—
Units purchased		1,977,703			1,078,764			1,875,055			614,409			47,927
Units redeemed		(1,130,003	)		(983,071	)		(244,366	)		(749,516	)		(23	)
Units outstanding at end of year		15,697,729			14,647,367			3,945,221			8,825,070			47,904

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

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			93

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Calvert VP EAFE Intl Index, Cl I⁽²⁾			Calvert VP Nasdaq 100 Index, Cl F⁽²⁾			Calvert VP Nasdaq 100 Index, Cl I⁽²⁾			Calv VP Russ 2000 Sm Cap Ind, Cl F⁽²⁾			Calv VP Russ 2000 Sm Cap Ind, Cl I⁽²⁾
Operations
Investment income (loss) — net	$	11,787		$	235		$	1,241		$	196		$	2,581
Net realized gain (loss) on sales of investments		(17,632	)		(2,285	)		(842	)		(669	)		(15,574	)
Distributions from capital gains		—			6,081			32,082			2,456			32,411
Net change in unrealized appreciation or depreciation of investments		100,150			(16,237	)		(149,747	)		(5,387	)		(41,071	)
Net increase (decrease) in net assets resulting from operations		94,305			(12,206	)		(117,266	)		(3,404	)		(21,653	)

Contract transactions
Contract purchase payments		130,806			18,735			326,568			350			231,329
Net transfers⁽¹⁾		1,087,531			151,566			1,662,155			50,225			1,188,642
Transfers for policy loans		(2,378	)		(16,693	)		(4,331	)		(4,969	)		—
Policy charges		(11,122	)		(1,329	)		(20,743	)		(436	)		(14,478	)
Contract terminations:
Surrender benefits		(323	)		(424	)		(448	)		(343	)		(344	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		1,204,514			151,855			1,963,201			44,827			1,405,149
Net assets at beginning of year		—			—			—			—			—
Net assets at end of year	$	1,298,819		$	139,649		$	1,845,935		$	41,423		$	1,383,496

Accumulation unit activity
Units outstanding at beginning of year		—			—			—			—			—
Units purchased		1,337,902			184,337			2,188,317			49,097			1,465,134
Units redeemed		(14,207	)		(20,641	)		(28,178	)		(5,620	)		(14,861	)
Units outstanding at end of year		1,323,695			163,696			2,160,139			43,477			1,450,273

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

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



94		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Calvert VP SRI Bal, Cl I			Col VP Bal, Cl 1			Col VP Bal, Cl 3			Col VP Commodity Strategy, Cl 1			Col VP Commodity Strategy, Cl 2
Operations
Investment income (loss) — net	$	108,193		$	—		$	(1,364,642	)	$	432,949		$	318,322
Net realized gain (loss) on sales of investments		143,860			8,305			10,285,701			(32,263	)		14,533
Distributions from capital gains		1,449,134			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(4,415,104	)		(2,161,055	)		(50,752,878	)		(329,969	)		(282,439	)
Net increase (decrease) in net assets resulting from operations		(2,713,917	)		(2,152,750	)		(41,831,819	)		70,717			50,416

Contract transactions
Contract purchase payments		450,805			3,645,553			7,804,165			292,476			78,171
Net transfers⁽¹⁾		385,781			3,051,465			(620,079	)		1,115,300			491,886
Transfers for policy loans		(42,762	)		(9,326	)		(551,407	)		(47,623	)		(40,043	)
Policy charges		(282,756	)		(910,094	)		(9,751,482	)		(90,826	)		(17,037	)
Contract terminations:
Surrender benefits		(673,968	)		(42,149	)		(9,724,413	)		(2,591	)		(11,557	)
Death benefits		—			—			(164,917	)		—			—
Increase (decrease) from transactions		(162,900	)		5,735,449			(13,008,133	)		1,266,736			501,420
Net assets at beginning of year		17,155,394			10,644,069			245,549,051			504,708			699,209
Net assets at end of year	$	14,278,577		$	14,226,768		$	190,709,099		$	1,842,161		$	1,251,045

Accumulation unit activity
Units outstanding at beginning of year		5,131,125			6,890,710			75,551,628			382,331			858,107
Units purchased		438,665			4,859,230			3,484,529			876,025			504,762
Units redeemed		(491,297	)		(700,478	)		(8,439,952	)		(86,519	)		(69,422	)
Units outstanding at end of year		5,078,493			11,049,462			70,596,205			1,171,837			1,293,447

⁽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 LIFE SEPARATE ACCOUNT ∎			95

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Contrarian Core, Cl 1			Col VP Contrarian Core, Cl 2			Col VP Disciplined Core, Cl 1			Col VP Disciplined Core, Cl 2			Col VP Disciplined Core, Cl 3
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	—		$	(2,229,634	)
Net realized gain (loss) on sales of investments		4,021			300,181			20,062			228,624			18,852,060
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(734,085	)		(1,440,580	)		(535,429	)		(912,545	)		(88,373,502	)
Net increase (decrease) in net assets resulting from operations		(730,064	)		(1,140,399	)		(515,367	)		(683,921	)		(71,751,076	)

Contract transactions
Contract purchase payments		1,136,679			395,045			686,835			196,479			9,209,802
Net transfers⁽¹⁾		1,189,502			(179,409	)		516,489			200,112			(3,956,476	)
Transfers for policy loans		(4,580	)		(276,799	)		(7,450	)		(24,590	)		(151,938	)
Policy charges		(240,169	)		(184,514	)		(122,751	)		(76,881	)		(13,944,876	)
Contract terminations:
Surrender benefits		(11,708	)		(79,321	)		(15,547	)		(66,192	)		(12,803,783	)
Death benefits		—			—			—			—			(399,997	)
Increase (decrease) from transactions		2,069,724			(324,998	)		1,057,576			228,928			(22,047,268	)
Net assets at beginning of year		3,254,087			6,104,651			2,289,978			3,172,448			377,758,764
Net assets at end of year	$	4,593,747		$	4,639,254		$	2,832,187		$	2,717,455		$	283,960,420

Accumulation unit activity
Units outstanding at beginning of year		1,798,565			2,000,605			1,353,888			846,603			99,081,975
Units purchased		1,486,602			147,840			806,038			99,565			3,073,917
Units redeemed		(163,938	)		(274,863	)		(99,868	)		(51,562	)		(10,146,657	)
Units outstanding at end of year		3,121,229			1,873,582			2,060,058			894,606			92,009,235

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Divd Opp, Cl 1			Col VP Divd Opp, Cl 2			Col VP Divd Opp, Cl 3			Col VP Emerg Mkts Bond, Cl 1			Col VP Emerg Mkts Bond, Cl 2
Operations
Investment income (loss) — net	$	—		$	—		$	(1,009,088	)	$	15,760		$	27,365
Net realized gain (loss) on sales of investments		18,329			171,358			7,479,972			(16,939	)		(53,558	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		35,559			(168,606	)		(10,239,624	)		(52,489	)		(112,079	)
Net increase (decrease) in net assets resulting from operations		53,888			2,752			(3,768,740	)		(53,668	)		(138,272	)

Contract transactions
Contract purchase payments		1,088,389			290,683			5,714,036			137,183			74,919
Net transfers⁽¹⁾		2,085,098			1,392,178			(745,463	)		88,504			(152,404	)
Transfers for policy loans		(33,163	)		(125,183	)		(1,100,467	)		(10,431	)		6,498
Policy charges		(234,050	)		(120,050	)		(5,448,290	)		(27,511	)		(19,384	)
Contract terminations:
Surrender benefits		(8,960	)		(234,893	)		(7,007,976	)		(3,950	)		(8,963	)
Death benefits		—			—			(119,593	)		—			—
Increase (decrease) from transactions		2,897,314			1,202,735			(8,707,753	)		183,795			(99,334	)
Net assets at beginning of year		2,606,047			3,826,094			217,214,934			291,773			824,666
Net assets at end of year	$	5,557,249		$	5,031,581		$	204,738,441		$	421,900		$	587,060

Accumulation unit activity
Units outstanding at beginning of year		1,830,333			1,445,578			55,539,471			261,724			609,182
Units purchased		2,315,968			668,987			1,870,207			234,027			70,249
Units redeemed		(199,373	)		(186,733	)		(3,920,965	)		(45,035	)		(162,194	)
Units outstanding at end of year		3,946,928			1,927,832			53,488,713			450,716			517,237

⁽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 LIFE SEPARATE ACCOUNT ∎			97

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Emer Mkts, Cl 1			Col VP Emer Mkts, Cl 2			Col VP Emer Mkts, Cl 3			Col VP Global Strategic Inc, Cl 2			Col VP Global Strategic Inc, Cl 3
Operations
Investment income (loss) — net	$	—		$	—		$	(201,541	)	$	7,513		$	498,283
Net realized gain (loss) on sales of investments		(141,018	)		(585,431	)		(1,445,122	)		(3,941	)		(575,379	)
Distributions from capital gains		1,480,091			2,218,630			13,039,804			—			—
Net change in unrealized appreciation or depreciation of investments		(3,194,979	)		(4,897,901	)		(31,157,293	)		(38,664	)		(2,661,910	)
Net increase (decrease) in net assets resulting from operations		(1,855,906	)		(3,264,702	)		(19,764,152	)		(35,092	)		(2,739,006	)

Contract transactions
Contract purchase payments		1,717,246			768,406			1,757,208			33,075			746,121
Net transfers⁽¹⁾		1,142,045			(472,075	)		328,809			20,694			(373,432	)
Transfers for policy loans		(34,378	)		(56,688	)		(3,696	)		2,657			(52,199	)
Policy charges		(318,990	)		(185,064	)		(1,015,733	)		(13,113	)		(586,998	)
Contract terminations:
Surrender benefits		(26,719	)		(93,187	)		(1,622,658	)		(327	)		(692,899	)
Death benefits		—			—			(18,825	)		—			(29,780	)
Increase (decrease) from transactions		2,479,204			(38,608	)		(574,895	)		42,986			(989,187	)
Net assets at beginning of year		4,880,638			9,728,827			59,340,074			261,765			19,784,977
Net assets at end of year	$	5,503,936		$	6,425,517		$	39,001,027		$	269,659		$	16,056,784

Accumulation unit activity
Units outstanding at beginning of year		3,338,781			5,013,961			20,488,644			256,552			15,543,859
Units purchased		2,628,013			537,247			1,446,006			64,148			661,089
Units redeemed		(355,583	)		(603,128	)		(1,463,809	)		(14,722	)		(1,493,322	)
Units outstanding at end of year		5,611,211			4,948,080			20,470,841			305,978			14,711,626

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Govt Money Mkt, Cl 1			Col VP Govt Money Mkt, Cl 2			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 1			Col VP Hi Yield Bond, Cl 2
Operations
Investment income (loss) — net	$	101,832		$	93,672		$	327,936		$	96,930		$	101,082
Net realized gain (loss) on sales of investments		—			—			30			(9,583	)		(25,330	)
Distributions from capital gains		—			—			—			13,011			14,311
Net change in unrealized appreciation or depreciation of investments		—			—			(30	)		(270,247	)		(335,276	)
Net increase (decrease) in net assets resulting from operations		101,832			93,672			327,936			(169,889	)		(245,213	)

Contract transactions
Contract purchase payments		4,456,122			1,578,144			4,132,715			575,710			151,618
Net transfers⁽¹⁾		1,896,411			31,511			13,149,186			703,384			(41,868	)
Transfers for policy loans		(82,717	)		(85,066	)		(572,524	)		(27,819	)		(10,366	)
Policy charges		(698,170	)		(533,683	)		(4,149,352	)		(156,851	)		(65,999	)
Contract terminations:
Surrender benefits		(19,431	)		(203,053	)		(6,478,825	)		(33,963	)		(84,857	)
Death benefits		—			—			(385,023	)		—			—
Increase (decrease) from transactions		5,552,215			787,853			5,696,177			1,060,461			(51,472	)
Net assets at beginning of year		4,267,271			8,550,128			42,769,113			1,322,777			2,336,773
Net assets at end of year	$	9,921,318		$	9,431,653		$	48,793,226		$	2,213,349		$	2,040,088

Accumulation unit activity
Units outstanding at beginning of year		4,187,975			8,269,282			42,780,232			1,074,777			1,395,454
Units purchased		6,215,940			1,546,083			17,290,287			1,128,638			98,436
Units redeemed		(782,676	)		(792,695	)		(11,574,596	)		(193,052	)		(128,415	)
Units outstanding at end of year		9,621,239			9,022,670			48,495,923			2,010,363			1,365,475

⁽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 LIFE SEPARATE ACCOUNT ∎			99

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Hi Yield Bond, Cl 3			Col VP Inc Opp, Cl 1			Col VP Inc Opp, Cl 2			Col VP Inc Opp, Cl 3			Col VP Inter Bond, Cl 1
Operations
Investment income (loss) — net	$	2,161,691		$	34,165		$	49,798		$	764,218		$	79,102
Net realized gain (loss) on sales of investments		(533,723	)		(8,797	)		(20,249	)		(425,227	)		(59,190	)
Distributions from capital gains		329,353			22,838			35,044			578,319			1,633
Net change in unrealized appreciation or depreciation of investments		(7,805,950	)		(104,925	)		(175,848	)		(2,860,407	)		(470,796	)
Net increase (decrease) in net assets resulting from operations		(5,848,629	)		(56,719	)		(111,255	)		(1,943,097	)		(449,251	)

Contract transactions
Contract purchase payments		1,492,083			95,996			97,040			555,778			703,245
Net transfers⁽¹⁾		(1,871,634	)		188,140			(102,344	)		(455,735	)		363,943
Transfers for policy loans		11,688			(6,028	)		3,777			(28,724	)		2,984
Policy charges		(1,380,087	)		(55,648	)		(40,065	)		(529,841	)		(262,914	)
Contract terminations:
Surrender benefits		(1,970,427	)		(5,481	)		(15,719	)		(581,715	)		(13,239	)
Death benefits		(51,915	)		—			—			(7,767	)		—
Increase (decrease) from transactions		(3,770,292	)		216,979			(57,311	)		(1,048,004	)		794,019
Net assets at beginning of year		53,387,304			523,989			1,122,134			18,526,889			2,398,664
Net assets at end of year	$	43,768,383		$	684,249		$	953,568		$	15,535,788		$	2,743,432

Accumulation unit activity
Units outstanding at beginning of year		19,745,895			431,864			690,199			8,058,155			1,989,780
Units purchased		590,318			254,957			67,547			292,331			1,015,455
Units redeemed		(2,105,460	)		(60,128	)		(104,483	)		(740,623	)		(261,272	)
Units outstanding at end of year		18,230,753			626,693			653,263			7,609,863			2,743,963

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Inter Bond, Cl 2			Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 1			Col VP Lg Cap Gro, Cl 2			Col VP Lg Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	77,194		$	2,334,057		$	—		$	—		$	(359,917	)
Net realized gain (loss) on sales of investments		(178,846	)		(1,638,246	)		(3,717	)		269,695			5,748,891
Distributions from capital gains		1,757			60,648			—			—			—
Net change in unrealized appreciation or depreciation of investments		(431,392	)		(19,249,992	)		(2,670,443	)		(3,116,928	)		(36,831,214	)
Net increase (decrease) in net assets resulting from operations		(531,287	)		(18,493,533	)		(2,674,160	)		(2,847,233	)		(31,442,240	)

Contract transactions
Contract purchase payments		196,259			4,106,078			2,159,921			552,812			1,658,088
Net transfers⁽¹⁾		(353,630	)		(1,768,086	)		2,468,336			(52,875	)		(5,125,739	)
Transfers for policy loans		(75,532	)		(233,554	)		(53,817	)		(102,588	)		(453,980	)
Policy charges		(85,028	)		(3,609,938	)		(558,845	)		(207,473	)		(1,568,693	)
Contract terminations:
Surrender benefits		(79,561	)		(3,464,956	)		(18,073	)		(242,285	)		(3,157,947	)
Death benefits		—			(223,973	)		—			—			(1	)
Increase (decrease) from transactions		(397,492	)		(5,194,429	)		3,997,522			(52,409	)		(8,648,272	)
Net assets at beginning of year		3,185,809			108,129,198			6,971,791			9,036,255			102,999,720
Net assets at end of year	$	2,257,030		$	84,441,236		$	8,295,153		$	6,136,613		$	62,909,208

Accumulation unit activity
Units outstanding at beginning of year		2,315,280			60,519,741			3,360,058			1,912,722			17,354,468
Units purchased		162,478			2,775,032			2,860,508			151,175			351,496
Units redeemed		(496,211	)		(5,734,231	)		(394,207	)		(166,700	)		(2,454,808	)
Units outstanding at end of year		1,981,547			57,560,542			5,826,359			1,897,197			15,251,156

⁽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 LIFE SEPARATE ACCOUNT ∎			101

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Lg Cap Index, Cl 1			Col VP Lg Cap Index, Cl 3			Col VP Limited Duration Cr, Cl 1			Col VP Limited Duration Cr, Cl 2			Col VP Long Govt/Cr Bond, Cl 1
Operations
Investment income (loss) — net	$	—		$	(631,773	)	$	10,809		$	9,010		$	4,302
Net realized gain (loss) on sales of investments		(47,847	)		5,917,536			(14,290	)		(144,882	)		(4,388	)
Distributions from capital gains		—			—			—			—			4,713
Net change in unrealized appreciation or depreciation of investments		(4,419,272	)		(38,106,632	)		(55,293	)		(748,168	)		(59,860	)
Net increase (decrease) in net assets resulting from operations		(4,467,119	)		(32,820,869	)		(58,774	)		(884,040	)		(55,233	)

Contract transactions
Contract purchase payments		8,049,074			4,778,714			667,026			232,745			62,202
Net transfers⁽¹⁾		9,710,240			10,965,156			1,092,566			2,391,138			61,270
Transfers for policy loans		(223,015	)		(835,464	)		(44,138	)		(280,497	)		(5	)
Policy charges		(1,786,855	)		(2,896,937	)		(184,234	)		(270,103	)		(20,168	)
Contract terminations:
Surrender benefits		(64,242	)		(4,897,357	)		—			(628,155	)		—
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		15,685,202			7,114,112			1,531,220			1,445,128			103,299
Net assets at beginning of year		21,297,227			171,762,962			542,756			13,532,828			175,801
Net assets at end of year	$	32,515,310		$	146,056,205		$	2,015,202		$	14,093,916		$	223,867

Accumulation unit activity
Units outstanding at beginning of year		11,970,053			34,652,437			485,962			12,445,089			132,649
Units purchased		11,773,956			4,236,592			1,652,524			2,555,032			119,559
Units redeemed		(1,363,496	)		(2,391,726	)		(217,435	)		(1,139,406	)		(19,065	)
Units outstanding at end of year		22,380,513			36,497,303			1,921,051			13,860,715			233,143

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Long Govt/Cr Bond, Cl 2			Col VP Overseas Core, Cl 1			Col VP Overseas Core, Cl 2			Col VP Overseas Core, Cl 3			Col VP Select Lg Cap Val, Cl 1
Operations
Investment income (loss) — net	$	7,069		$	20,382		$	21,870		$	53,306		$	—
Net realized gain (loss) on sales of investments		(6,044	)		(14,482	)		(62,641	)		455,905			28,238
Distributions from capital gains		8,741			236,494			222,375			4,000,554			—
Net change in unrealized appreciation or depreciation of investments		(110,012	)		(573,920	)		(679,117	)		(14,302,911	)		(40,830	)
Net increase (decrease) in net assets resulting from operations		(100,246	)		(331,526	)		(497,513	)		(9,793,146	)		(12,592	)

Contract transactions
Contract purchase payments		25,738			896,965			221,831			2,477,494			989,144
Net transfers⁽¹⁾		138,120			1,647,650			174,027			(111,248	)		1,985,749
Transfers for policy loans		374			(12,257	)		(66,900	)		13,656			(39,904	)
Policy charges		(7,905	)		(182,592	)		(72,600	)		(2,774,759	)		(200,712	)
Contract terminations:
Surrender benefits		(371	)		(29,242	)		(46,049	)		(2,152,107	)		(52	)
Death benefits		—			—			—			(45,549	)		—
Increase (decrease) from transactions		155,956			2,320,524			210,309			(2,592,513	)		2,734,225
Net assets at beginning of year		408,147			2,092,258			3,357,890			64,480,920			2,706,115
Net assets at end of year	$	463,857		$	4,081,256		$	3,070,686		$	52,095,261		$	5,427,748

Accumulation unit activity
Units outstanding at beginning of year		267,587			1,554,420			1,776,145			34,473,237			1,781,182
Units purchased		159,866			2,197,622			242,996			2,088,567			2,024,362
Units redeemed		(6,848	)		(198,370	)		(110,486	)		(3,788,701	)		(165,854	)
Units outstanding at end of year		420,605			3,553,672			1,908,655			32,773,103			3,639,690

⁽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 LIFE SEPARATE ACCOUNT ∎			103

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Select Lg Cap Val, Cl 2			Col VP Select Lg Cap Val, Cl 3			Col VP Select Mid Cap Gro, Cl 1			Col VP Select Mid Cap Gro, Cl 2			Col VP Select Mid Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	—		$	(162,365	)	$	—		$	—		$	(88,119	)
Net realized gain (loss) on sales of investments		164,782			1,027,600			(4,397	)		101,527			1,203,131
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(223,387	)		(1,608,810	)		(897,958	)		(1,124,650	)		(9,186,956	)
Net increase (decrease) in net assets resulting from operations		(58,605	)		(743,575	)		(902,355	)		(1,023,123	)		(8,071,944	)

Contract transactions
Contract purchase payments		340,332			870,290			832,471			228,061			628,300
Net transfers⁽¹⁾		1,242,776			3,672,553			632,196			(244,908	)		(1,429,633	)
Transfers for policy loans		(57,786	)		(203,518	)		(13,680	)		(33,114	)		(194,051	)
Policy charges		(128,102	)		(486,468	)		(195,619	)		(88,255	)		(491,357	)
Contract terminations:
Surrender benefits		(94,937	)		(935,287	)		(9,973	)		(33,496	)		(733,749	)
Death benefits		—			(8,297	)		—			—			(2,855	)
Increase (decrease) from transactions		1,302,283			2,909,273			1,245,395			(171,712	)		(2,223,345	)
Net assets at beginning of year		5,667,328			33,618,499			2,654,893			3,404,011			26,557,534
Net assets at end of year	$	6,911,006		$	35,784,197		$	2,997,933		$	2,209,176		$	16,262,245

Accumulation unit activity
Units outstanding at beginning of year		1,693,820			7,417,685			1,445,803			909,279			4,326,907
Units purchased		499,432			1,278,755			1,076,682			81,604			175,226
Units redeemed		(84,244	)		(546,760	)		(162,088	)		(135,512	)		(657,229	)
Units outstanding at end of year		2,109,008			8,149,680			2,360,397			855,371			3,844,904

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Select Mid Cap Val, Cl 1			Col VP Select Mid Cap Val, Cl 2			Col VP Select Mid Cap Val, Cl 3			Col VP Select Sm Cap Val, Cl 1			Col VP Select Sm Cap Val, Cl 2
Operations
Investment income (loss) — net	$	—		$	—		$	(90,590	)	$	—		$	—
Net realized gain (loss) on sales of investments		4,810			111,394			705,715			(661	)		86,972
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(118,277	)		(394,776	)		(2,653,288	)		(214,226	)		(432,389	)
Net increase (decrease) in net assets resulting from operations		(113,467	)		(283,382	)		(2,038,163	)		(214,887	)		(345,417	)

Contract transactions
Contract purchase payments		669,193			268,371			563,583			567,645			184,637
Net transfers⁽¹⁾		1,208,185			796,414			1,711,060			611,208			417,124
Transfers for policy loans		(15,909	)		(69,427	)		(78,949	)		(11,654	)		(41,309	)
Policy charges		(116,190	)		(109,102	)		(296,380	)		(129,826	)		(63,195	)
Contract terminations:
Surrender benefits		(9,353	)		(93,686	)		(584,394	)		(1,654	)		(103,162	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		1,735,926			792,570			1,314,920			1,035,719			394,095
Net assets at beginning of year		1,198,248			3,486,895			20,499,055			1,216,818			2,493,400
Net assets at end of year	$	2,820,707		$	3,996,083		$	19,775,812		$	2,037,650		$	2,542,078

Accumulation unit activity
Units outstanding at beginning of year		749,870			1,074,970			4,462,461			842,292			824,727
Units purchased		1,297,165			380,259			708,407			923,926			239,134
Units redeemed		(97,901	)		(91,527	)		(318,414	)		(112,570	)		(75,516	)
Units outstanding at end of year		1,949,134			1,363,702			4,852,454			1,653,648			988,345

⁽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 LIFE SEPARATE ACCOUNT ∎			105

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP Select Sm Cap Val, Cl 3			Col VP Sel Gbl Tech, Cl 1⁽²⁾			Col VP Sel Gbl Tech, Cl 2⁽²⁾			Col VP Strategic Inc, Cl 1			Col VP Strategic Inc, Cl 2
Operations
Investment income (loss) — net	$	(99,085	)	$	—		$	—		$	101,968		$	64,721
Net realized gain (loss) on sales of investments		585,872			(1,745	)		(1,462	)		(14,309	)		(71,092	)
Distributions from capital gains		—			45,025			13,443			142,040			99,451
Net change in unrealized appreciation or depreciation of investments		(3,991,359	)		(75,109	)		(21,088	)		(587,646	)		(407,248	)
Net increase (decrease) in net assets resulting from operations		(3,504,572	)		(31,829	)		(9,107	)		(357,947	)		(314,168	)

Contract transactions
Contract purchase payments		650,643			136,096			31,170			736,610			222,523
Net transfers⁽¹⁾		1,317,138			1,073,336			264,704			1,061,531			(175,884	)
Transfers for policy loans		(106,003	)		(509	)		106			(16,484	)		(21,151	)
Policy charges		(464,377	)		(11,558	)		(486	)		(242,876	)		(151,293	)
Contract terminations:
Surrender benefits		(579,115	)		—			—			(258	)		(143,298	)
Death benefits		(113	)		—			—			—			—
Increase (decrease) from transactions		818,173			1,197,365			295,494			1,538,523			(269,103	)
Net assets at beginning of year		22,617,469			—			—			2,746,821			2,829,278
Net assets at end of year	$	19,931,070		$	1,165,536		$	286,387		$	3,927,397		$	2,246,007

Accumulation unit activity
Units outstanding at beginning of year		4,707,528			—			—			2,355,932			1,966,054
Units purchased		561,335			1,365,191			333,085			1,689,054			168,403
Units redeemed		(294,317	)		(13,457	)		(539	)		(244,396	)		(370,568	)
Units outstanding at end of year		4,974,546			1,351,734			332,546			3,800,590			1,763,889

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

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



106		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Col VP US Govt Mtge, Cl 1			Col VP US Govt Mtge, Cl 2			Col VP US Govt Mtge, Cl 3			CS Commodity Return, Cl 1			CTIVP AC Div Bond, Cl 1
Operations
Investment income (loss) — net	$	13,875		$	11,565		$	287,916		$	1,357,815		$	21,609
Net realized gain (loss) on sales of investments		(27,392	)		(19,641	)		(262,776	)		(67,678	)		(11,303	)
Distributions from capital gains		—			—			—			—			18,116
Net change in unrealized appreciation or depreciation of investments		(64,323	)		(78,504	)		(3,135,777	)		(354,101	)		(140,431	)
Net increase (decrease) in net assets resulting from operations		(77,840	)		(86,580	)		(3,110,637	)		936,036			(112,009	)

Contract transactions
Contract purchase payments		141,731			28,411			859,918			241,592			155,033
Net transfers⁽¹⁾		139,695			191,009			69,297			1,717,594			129,789
Transfers for policy loans		—			(1,494	)		(39,176	)		(117,853	)		4,341
Policy charges		(38,663	)		(15,425	)		(955,060	)		(188,793	)		(57,249	)
Contract terminations:
Surrender benefits		(2,977	)		(36,688	)		(557,333	)		(221,958	)		(46	)
Death benefits		—			—			(14,821	)		(10,833	)		—
Increase (decrease) from transactions		239,786			165,813			(637,175	)		1,419,749			231,868
Net assets at beginning of year		389,833			506,259			21,281,046			7,062,047			642,223
Net assets at end of year	$	551,779		$	585,492		$	17,533,234		$	9,417,832		$	762,082

Accumulation unit activity
Units outstanding at beginning of year		354,314			406,909			15,981,241			9,003,980			548,859
Units purchased		271,869			189,501			955,617			1,836,800			274,846
Units redeemed		(42,094	)		(47,141	)		(1,468,300	)		(583,029	)		(54,866	)
Units outstanding at end of year		584,089			549,269			15,468,558			10,257,751			768,839

⁽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 LIFE SEPARATE ACCOUNT ∎			107

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP AC Div Bond, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 1			CTIVP BR Gl Infl Prot Sec, Cl 2			CTIVP BR Gl Infl Prot Sec, Cl 3			CTIVP CenterSquare Real Est, Cl 1
Operations
Investment income (loss) — net	$	9,541		$	46,839		$	46,019		$	534,412		$	32,082
Net realized gain (loss) on sales of investments		(13,826	)		(12,161	)		(19,866	)		(402,063	)		(21,483	)
Distributions from capital gains		8,793			18,692			19,553			245,223			394,838
Net change in unrealized appreciation or depreciation of investments		(64,494	)		(230,910	)		(244,290	)		(3,014,867	)		(922,786	)
Net increase (decrease) in net assets resulting from operations		(59,986	)		(177,540	)		(198,584	)		(2,637,295	)		(517,349	)

Contract transactions
Contract purchase payments		33,531			269,905			57,679			357,078			570,993
Net transfers⁽¹⁾		56,249			500,520			84,794			(135,929	)		543,618
Transfers for policy loans		91			(762	)		2,282			(36,768	)		(13,932	)
Policy charges		(12,914	)		(54,535	)		(19,039	)		(297,863	)		(133,283	)
Contract terminations:
Surrender benefits		(280	)		(5,444	)		(32,212	)		(325,355	)		(58,151	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		76,677			709,684			93,504			(438,837	)		909,245
Net assets at beginning of year		327,621			625,709			1,030,072			14,227,941			1,748,664
Net assets at end of year	$	344,312		$	1,157,853		$	924,992		$	11,151,809		$	2,140,560

Accumulation unit activity
Units outstanding at beginning of year		249,823			516,451			747,989			8,800,771			1,168,021
Units purchased		72,241			698,725			109,902			387,951			872,456
Units redeemed		(11,298	)		(56,576	)		(41,851	)		(736,390	)		(156,190	)
Units outstanding at end of year		310,766			1,158,600			816,040			8,452,332			1,884,287

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP CenterSquare Real Est, Cl 2			CTIVP MFS Val, Cl 1			CTIVP MFS Val, Cl 2			CTIVP MS Adv, Cl 1			CTIVP MS Adv, Cl 2
Operations
Investment income (loss) — net	$	35,854		$	—		$	—		$	—		$	—
Net realized gain (loss) on sales of investments		(97,538	)		30,138			222,182			(248,800	)		(43,922	)
Distributions from capital gains		530,160			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(1,275,483	)		(325,773	)		(635,919	)		(1,553,817	)		(1,705,849	)
Net increase (decrease) in net assets resulting from operations		(807,007	)		(295,635	)		(413,737	)		(1,802,617	)		(1,749,771	)

Contract transactions
Contract purchase payments		201,228			1,633,848			604,832			1,549,721			339,654
Net transfers⁽¹⁾		(681,613	)		1,192,209			(311,910	)		(279,485	)		(634,614	)
Transfers for policy loans		(7,414	)		(20,409	)		(8,690	)		(25,779	)		(38,617	)
Policy charges		(65,499	)		(367,153	)		(112,679	)		(337,458	)		(102,965	)
Contract terminations:
Surrender benefits		(97,102	)		(30,245	)		(235,913	)		(53,502	)		(34,161	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		(650,400	)		2,408,250			(64,360	)		853,497			(470,703	)
Net assets at beginning of year		3,711,599			5,819,538			6,202,173			4,206,920			4,518,679
Net assets at end of year	$	2,254,192		$	7,932,153		$	5,724,076		$	3,257,800		$	2,298,205

Accumulation unit activity
Units outstanding at beginning of year		1,669,790			3,863,838			2,026,413			2,238,789			1,014,832
Units purchased		105,942			2,045,136			213,831			1,230,025			112,910
Units redeemed		(435,568	)		(300,464	)		(243,114	)		(527,025	)		(249,730	)
Units outstanding at end of year		1,340,164			5,608,510			1,997,130			2,941,789			878,012

⁽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 LIFE SEPARATE ACCOUNT ∎			109

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP Prin Blue Chip Gro, Cl 1			CTIVP Prin Blue Chip Gro, Cl 2			CTIVP T Rowe Price LgCap Val, Cl 1			CTIVP T Rowe Price LgCap Val, Cl 2			CTIVP TCW Core Plus Bond, Cl 1
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	—		$	19,348
Net realized gain (loss) on sales of investments		(163	)		129,152			26,434			77,902			(22,426	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(632,005	)		(935,430	)		(124,841	)		(193,429	)		(247,599	)
Net increase (decrease) in net assets resulting from operations		(632,168	)		(806,278	)		(98,407	)		(115,527	)		(250,677	)

Contract transactions
Contract purchase payments		616,863			231,202			506,222			176,550			410,661
Net transfers⁽¹⁾		373,707			(90,361	)		269,521			79,703			258,768
Transfers for policy loans		(7,027	)		(24,339	)		300			(42,372	)		(18,794	)
Policy charges		(146,556	)		(85,509	)		(158,887	)		(66,076	)		(82,203	)
Contract terminations:
Surrender benefits		(6,462	)		(99,839	)		(2,989	)		(82,204	)		(18,008	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		830,525			(68,846	)		614,167			65,601			550,424
Net assets at beginning of year		2,036,046			3,028,654			1,950,092			2,162,912			1,584,546
Net assets at end of year	$	2,234,403		$	2,153,530		$	2,465,852		$	2,112,986		$	1,884,293

Accumulation unit activity
Units outstanding at beginning of year		1,108,851			678,632			1,326,119			855,354			1,370,021
Units purchased		691,629			65,811			554,094			106,795			644,651
Units redeemed		(110,256	)		(72,485	)		(115,907	)		(81,029	)		(116,156	)
Units outstanding at end of year		1,690,224			671,958			1,764,306			881,120			1,898,516

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP TCW Core Plus Bond, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 1			CTIVP Vty Sycamore Estb Val, Cl 2			CTIVP Vty Sycamore Estb Val, Cl 3			CTIVP Westfield Mid Cap Gro, Cl 1
Operations
Investment income (loss) — net	$	2,815		$	—		$	—		$	(178,034	)	$	—
Net realized gain (loss) on sales of investments		(22,792	)		24,991			371,945			1,372,843			(4,603	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(35,340	)		(75,117	)		(606,931	)		(2,522,748	)		(348,247	)
Net increase (decrease) in net assets resulting from operations		(55,317	)		(50,126	)		(234,986	)		(1,327,939	)		(352,850	)

Contract transactions
Contract purchase payments		26,138			1,339,726			480,725			860,299			306,614
Net transfers⁽¹⁾		(119,278	)		1,493,539			(632,141	)		1,340,662			464,922
Transfers for policy loans		(5,562	)		(61,958	)		(77,852	)		(535,652	)		(38,511	)
Policy charges		(9,108	)		(275,582	)		(152,229	)		(444,804	)		(80,711	)
Contract terminations:
Surrender benefits		(8,570	)		(16,100	)		(85,327	)		(796,824	)		(6,995	)
Death benefits		—			—			—			(1,894	)		—
Increase (decrease) from transactions		(116,380	)		2,479,625			(466,824	)		421,787			645,319
Net assets at beginning of year		451,330			4,045,631			7,998,304			39,080,392			1,225,003
Net assets at end of year	$	279,633		$	6,475,130		$	7,296,494		$	38,174,240		$	1,517,472

Accumulation unit activity
Units outstanding at beginning of year		360,275			2,512,960			2,230,559			7,698,935			682,206
Units purchased		23,089			1,852,384			141,095			600,200			544,227
Units redeemed		(122,869	)		(229,426	)		(273,865	)		(507,029	)		(90,562	)
Units outstanding at end of year		260,495			4,135,918			2,097,789			7,792,106			1,135,871

⁽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 LIFE SEPARATE ACCOUNT ∎			111

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	CTIVP Westfield Mid Cap Gro, Cl 2			Del Ivy VIP Asset Strategy, Cl II			DWS Alt Asset Alloc VIP, Cl A			DWS Alt Asset Alloc VIP, Cl B			EV VT Floating-Rate Inc, Init Cl
Operations
Investment income (loss) — net	$	—		$	27,835		$	63,621		$	271,625		$	791,261
Net realized gain (loss) on sales of investments		49,312			(36,153	)		(1,404	)		(6,717	)		(149,013	)
Distributions from capital gains		—			166,607			876			4,169			—
Net change in unrealized appreciation or depreciation of investments		(713,599	)		(509,340	)		(134,065	)		(629,971	)		(1,272,321	)
Net increase (decrease) in net assets resulting from operations		(664,287	)		(351,051	)		(70,972	)		(360,894	)		(630,073	)

Contract transactions
Contract purchase payments		178,973			101,025			266,930			141,415			548,360
Net transfers⁽¹⁾		107,280			46,917			490,500			1,036,715			1,958,096
Transfers for policy loans		(26,765	)		(31,566	)		(2,505	)		(17,105	)		(120,393	)
Policy charges		(50,153	)		(52,680	)		(60,747	)		(98,391	)		(419,415	)
Contract terminations:
Surrender benefits		(51,164	)		(58,984	)		(120	)		(95,351	)		(804,011	)
Death benefits		—			—			—			—			(12,887	)
Increase (decrease) from transactions		158,171			4,712			694,058			967,283			1,149,750
Net assets at beginning of year		2,520,484			2,370,189			609,274			3,916,003			18,368,221
Net assets at end of year	$	2,014,368		$	2,023,850		$	1,232,360		$	4,522,392		$	18,887,898

Accumulation unit activity
Units outstanding at beginning of year		712,305			1,596,316			477,414			3,088,848			10,721,412
Units purchased		99,806			176,681			617,943			983,288			1,417,889
Units redeemed		(45,046	)		(169,350	)		(52,299	)		(179,315	)		(807,036	)
Units outstanding at end of year		767,065			1,603,647			1,043,058			3,892,821			11,332,265

⁽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 LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Contrafund, Init Cl			Fid VIP Contrafund, Serv Cl 2			Fid VIP Gro & Inc, Serv Cl			Fid VIP Gro & Inc, Serv Cl 2			Fid VIP Mid Cap, Init Cl
Operations
Investment income (loss) — net	$	60,793		$	(189,954	)	$	560,944		$	412,291		$	33,841
Net realized gain (loss) on sales of investments		(32,842	)		1,910,233			1,388,608			589,582			(49,355	)
Distributions from capital gains		525,200			6,097,289			1,096,265			796,871			375,185
Net change in unrealized appreciation or depreciation of investments		(3,319,528	)		(49,165,903	)		(6,302,031	)		(4,083,973	)		(1,057,488	)
Net increase (decrease) in net assets resulting from operations		(2,766,377	)		(41,348,335	)		(3,256,214	)		(2,285,229	)		(697,817	)

Contract transactions
Contract purchase payments		2,712,164			3,766,084			1,126,075			1,053,102			1,413,533
Net transfers⁽¹⁾		2,657,351			(667,124	)		858,777			23,324			1,949,582
Transfers for policy loans		(92,181	)		(332,511	)		(269,058	)		(316,440	)		(35,115	)
Policy charges		(745,711	)		(2,528,829	)		(1,505,180	)		(865,241	)		(357,138	)
Contract terminations:
Surrender benefits		(35,426	)		(3,359,337	)		(2,275,074	)		(1,543,666	)		(64,978	)
Death benefits		—			(24,669	)		(29,002	)		(40,591	)		—
Increase (decrease) from transactions		4,496,197			(3,146,386	)		(2,093,462	)		(1,689,512	)		2,905,884
Net assets at beginning of year		9,226,056			155,607,806			58,676,165			41,567,978			4,443,206
Net assets at end of year	$	10,955,876		$	111,113,085		$	53,326,489		$	37,593,237		$	6,651,273

Accumulation unit activity
Units outstanding at beginning of year		4,736,160			30,395,506			11,749,316			14,106,160			2,803,810
Units purchased		3,465,712			1,568,906			483,237			470,209			2,455,852
Units redeemed		(569,383	)		(2,217,229	)		(882,765	)		(1,052,893	)		(336,701	)
Units outstanding at end of year		7,632,489			29,747,183			11,349,788			13,523,476			4,922,961

⁽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 LIFE SEPARATE ACCOUNT ∎			113

Statement of Changes in Net Assets


Year ended December 31, 2022 (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, Init Cl
Operations
Investment income (loss) — net	$	(146,799	)	$	(89,311	)	$	69,416		$	73,296		$	78,702
Net realized gain (loss) on sales of investments		558,277			(198,589	)		188,715			50,653			(12,558	)
Distributions from capital gains		6,132,452			5,908,315			160,292			157,098			1,396
Net change in unrealized appreciation or depreciation of investments		(23,352,498	)		(21,078,750	)		(6,018,280	)		(5,699,978	)		(253,224	)
Net increase (decrease) in net assets resulting from operations		(16,808,568	)		(15,458,335	)		(5,599,857	)		(5,418,931	)		(185,684	)

Contract transactions
Contract purchase payments		1,920,313			2,881,438			509,393			615,853			520,144
Net transfers⁽¹⁾		(1,500,764	)		(365,922	)		86,829			(758	)		567,833
Transfers for policy loans		(360,830	)		(623,737	)		26,216			(116,008	)		(3,774	)
Policy charges		(2,800,665	)		(1,861,608	)		(522,497	)		(354,227	)		(143,058	)
Contract terminations:
Surrender benefits		(3,372,184	)		(3,427,048	)		(544,144	)		(806,755	)		(4,636	)
Death benefits		(55,934	)		(29,425	)		(29,480	)		(4,362	)		—
Increase (decrease) from transactions		(6,170,064	)		(3,426,302	)		(473,683	)		(666,257	)		936,509
Net assets at beginning of year		110,913,908			101,328,400			22,201,481			21,671,329			1,372,627
Net assets at end of year	$	87,935,276		$	82,443,763		$	16,127,941		$	15,586,141		$	2,123,452

Accumulation unit activity
Units outstanding at beginning of year		18,705,742			34,795,872			7,155,035			9,488,125			1,156,241
Units purchased		380,249			1,307,478			484,648			442,802			999,635
Units redeemed		(1,559,945	)		(2,603,186	)		(618,030	)		(818,296	)		(140,247	)
Units outstanding at end of year		17,526,046			33,500,164			7,021,653			9,112,631			2,015,629

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

See accompanying notes to financial statements.



114		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Fid VIP Strategic Inc, Serv Cl 2			Frank Global Real Est, Cl 2			Frank Inc, Cl 1			Frank Inc, Cl 2			Frank Mutual Shares, Cl 1
Operations
Investment income (loss) — net	$	57,835		$	776,863		$	32,478		$	308,396		$	4,775
Net realized gain (loss) on sales of investments		(26,556	)		(238,107	)		4,385			21,162			(1,337	)
Distributions from capital gains		1,829			2,890,793			12,384			136,275			24,241
Net change in unrealized appreciation or depreciation of investments		(251,525	)		(16,275,014	)		(77,655	)		(810,449	)		(40,794	)
Net increase (decrease) in net assets resulting from operations		(218,417	)		(12,845,465	)		(28,408	)		(344,616	)		(13,115	)

Contract transactions
Contract purchase payments		167,827			1,658,199			222,565			225,608			69,455
Net transfers⁽¹⁾		(72,541	)		(248,137	)		241,351			2,960,948			43,420
Transfers for policy loans		(54,296	)		(75,429	)		(10,644	)		(56,068	)		—
Policy charges		(71,437	)		(1,170,418	)		(63,154	)		(171,161	)		(13,396	)
Contract terminations:
Surrender benefits		(22,957	)		(1,402,468	)		—			(183,364	)		(5,856	)
Death benefits		—			(74,026	)		—			—			—
Increase (decrease) from transactions		(53,404	)		(1,312,279	)		390,118			2,775,963			93,623
Net assets at beginning of year		1,870,710			49,461,882			599,259			6,444,195			155,037
Net assets at end of year	$	1,598,889		$	35,304,138		$	960,969		$	8,875,542		$	235,545

Accumulation unit activity
Units outstanding at beginning of year		1,315,046			16,713,384			470,822			4,438,019			122,613
Units purchased		128,306			812,826			386,646			2,352,498			94,482
Units redeemed		(173,066	)		(1,251,361	)		(60,743	)		(295,702	)		(16,457	)
Units outstanding at end of year		1,270,286			16,274,849			796,725			6,494,815			200,638

⁽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 LIFE SEPARATE ACCOUNT ∎			115

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Frank Mutual Shares, Cl 2			Frank Sm Cap Val, Cl 1			Frank Sm Cap Val, Cl 2			GS VIT Mid Cap Val, Inst			GS VIT Multi-Strategy Alt, Advisor
Operations
Investment income (loss) — net	$	237,612		$	41,441		$	265,051		$	169,746		$	51,650
Net realized gain (loss) on sales of investments		(109,008	)		(18,946	)		(623,045	)		630,851			(9,713	)
Distributions from capital gains		1,838,495			595,068			8,693,371			13,001,873			—
Net change in unrealized appreciation or depreciation of investments		(3,325,258	)		(894,630	)		(13,743,879	)		(24,179,567	)		(158,483	)
Net increase (decrease) in net assets resulting from operations		(1,358,159	)		(277,067	)		(5,408,502	)		(10,377,097	)		(116,546	)

Contract transactions
Contract purchase payments		654,676			920,214			1,496,451			2,338,363			112,945
Net transfers⁽¹⁾		33,001			918,355			(1,575,068	)		(1,613,268	)		155,011
Transfers for policy loans		(13,174	)		(41,496	)		(165,860	)		(344,565	)		(6,764	)
Policy charges		(461,474	)		(201,412	)		(1,075,441	)		(2,407,839	)		(20,698	)
Contract terminations:
Surrender benefits		(565,735	)		(6,990	)		(1,401,246	)		(3,591,919	)		(131,387	)
Death benefits		(687	)		—			(8,056	)		(62,685	)		—
Increase (decrease) from transactions		(353,393	)		1,588,671			(2,729,220	)		(5,681,913	)		109,107
Net assets at beginning of year		17,821,967			2,786,898			52,654,692			100,228,765			1,737,780
Net assets at end of year	$	16,110,415		$	4,098,502		$	44,516,970		$	84,169,755		$	1,730,341

Accumulation unit activity
Units outstanding at beginning of year		6,441,108			1,915,747			12,267,450			20,047,085			1,615,408
Units purchased		370,538			1,399,680			433,286			518,382			308,119
Units redeemed		(474,663	)		(191,457	)		(1,065,627	)		(1,691,805	)		(197,876	)
Units outstanding at end of year		6,336,983			3,123,970			11,635,109			18,873,662			1,725,651

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

See accompanying notes to financial statements.



116		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	GS VIT Sm Cap Eq Insights, Inst			GS VIT U.S. Eq Insights, Inst			Invesco VI Am Fran, Ser I			Invesco VI Am Fran, Ser II			Invesco VI Bal Risk Alloc, Ser I
Operations
Investment income (loss) — net	$	(15,026	)	$	166,624		$	(80,241	)	$	(54,427	)	$	27,464
Net realized gain (loss) on sales of investments		(110,304	)		58,868			92,209			(6,730	)		(2,823	)
Distributions from capital gains		64,914			274,792			3,937,411			3,657,076			12,797
Net change in unrealized appreciation or depreciation of investments		(1,379,036	)		(13,202,862	)		(9,999,177	)		(9,052,178	)		(86,424	)
Net increase (decrease) in net assets resulting from operations		(1,439,452	)		(12,702,578	)		(6,049,798	)		(5,456,259	)		(48,986	)

Contract transactions
Contract purchase payments		183,106			1,248,523			301,995			412,760			96,694
Net transfers⁽¹⁾		245,406			(1,296,421	)		(859,281	)		(237,453	)		74,227
Transfers for policy loans		(173,142	)		(345,883	)		17,714			(87,247	)		(221	)
Policy charges		(168,864	)		(1,190,722	)		(370,120	)		(305,450	)		(30,762	)
Contract terminations:
Surrender benefits		(167,351	)		(1,700,037	)		(223,028	)		(826,681	)		—
Death benefits		—			(60,264	)		—			—			—
Increase (decrease) from transactions		(80,845	)		(3,344,804	)		(1,132,720	)		(1,044,071	)		139,938
Net assets at beginning of year		7,158,757			64,307,087			19,736,942			17,684,803			298,360
Net assets at end of year	$	5,638,460		$	48,259,705		$	12,554,424		$	11,184,473		$	389,312

Accumulation unit activity
Units outstanding at beginning of year		1,270,593			11,927,465			4,890,566			4,376,190			228,979
Units purchased		114,251			316,205			103,047			131,694			145,976
Units redeemed		(148,588	)		(1,077,654	)		(454,856	)		(463,481	)		(26,108	)
Units outstanding at end of year		1,236,256			11,166,016			4,538,757			4,044,403			348,847

⁽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 LIFE SEPARATE ACCOUNT ∎			117

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Bal Risk Alloc, Ser II			Invesco VI Comstock, Ser II			Invesco VI Core Eq, Ser I			Invesco VI Dis Mid Cap Gro, Ser I			Invesco VI Div Divd, Ser I
Operations
Investment income (loss) — net	$	384,949		$	103,891		$	228,079		$	(68,246	)	$	271,177
Net realized gain (loss) on sales of investments		(194,735	)		254,544			613,181			(7,536	)		242,164
Distributions from capital gains		198,300			356,156			15,884,668			3,841,627			2,338,194
Net change in unrealized appreciation or depreciation of investments		(1,379,867	)		(651,343	)		(42,696,731	)		(9,669,927	)		(3,244,417	)
Net increase (decrease) in net assets resulting from operations		(991,353	)		63,248			(25,970,803	)		(5,904,082	)		(392,882	)

Contract transactions
Contract purchase payments		225,927			330,791			3,267,261			386,661			494,345
Net transfers⁽¹⁾		430,713			2,251,930			(1,534,792	)		(260,251	)		475,047
Transfers for policy loans		(229,750	)		(41,874	)		86,757			(29,290	)		(8,880	)
Policy charges		(179,779	)		(219,625	)		(4,588,916	)		(352,015	)		(332,017	)
Contract terminations:
Surrender benefits		(1,053,257	)		(368,530	)		(3,669,503	)		(415,267	)		(621,555	)
Death benefits		—			—			(209,328	)		(419	)		(9,795	)
Increase (decrease) from transactions		(806,146	)		1,952,692			(6,648,521	)		(670,581	)		(2,855	)
Net assets at beginning of year		6,928,793			9,342,301			125,392,747			19,093,983			19,077,952
Net assets at end of year	$	5,131,294		$	11,358,241		$	92,773,423		$	12,519,320		$	18,682,215

Accumulation unit activity
Units outstanding at beginning of year		4,691,972			2,549,886			25,190,370			10,664,725			7,203,832
Units purchased		451,944			667,789			846,620			297,092			523,071
Units redeemed		(1,073,040	)		(182,265	)		(2,419,491	)		(782,341	)		(519,914	)
Units outstanding at end of year		4,070,876			3,035,410			23,617,499			10,179,476			7,206,989

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

See accompanying notes to financial statements.



118		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI EQV Intl Eq, Ser II			Invesco VI Global, Ser I			Invesco VI Global, Ser II			Invesco VI Gbl Strat Inc, Ser I			Invesco VI Gbl Strat Inc, Ser II
Operations
Investment income (loss) — net	$	186,490		$	—		$	(110,790	)	$	—		$	(133,407	)
Net realized gain (loss) on sales of investments		(133,234	)		(46,906	)		(182,027	)		(3,416	)		(916,598	)
Distributions from capital gains		2,198,697			580,167			4,734,220			—			—
Net change in unrealized appreciation or depreciation of investments		(6,868,118	)		(1,541,908	)		(16,000,885	)		(32,158	)		(2,995,252	)
Net increase (decrease) in net assets resulting from operations		(4,616,165	)		(1,008,647	)		(11,559,482	)		(35,574	)		(4,045,257	)

Contract transactions
Contract purchase payments		677,868			1,032,759			1,197,390			88,954			1,272,856
Net transfers⁽¹⁾		(576,404	)		572,584			(9,031	)		236,657			(1,288,667	)
Transfers for policy loans		(62,887	)		(13,203	)		(176,289	)		(354	)		239,943
Policy charges		(402,582	)		(194,161	)		(482,369	)		(25,599	)		(1,005,834	)
Contract terminations:
Surrender benefits		(529,174	)		(9,349	)		(755,405	)		(4,119	)		(922,807	)
Death benefits		(17,449	)		—			(7,254	)		—			(5,930	)
Increase (decrease) from transactions		(910,628	)		1,388,630			(232,958	)		295,539			(1,710,439	)
Net assets at beginning of year		24,298,685			2,830,845			35,636,424			239,813			33,769,134
Net assets at end of year	$	18,771,892		$	3,210,828		$	23,843,984		$	499,778		$	28,013,438

Accumulation unit activity
Units outstanding at beginning of year		9,836,324			1,663,882			8,265,995			226,474			21,943,117
Units purchased		344,746			1,275,715			723,584			338,753			1,203,091
Units redeemed		(921,624	)		(173,834	)		(869,819	)		(32,157	)		(2,372,250	)
Units outstanding at end of year		9,259,446			2,765,763			8,119,760			533,070			20,773,958

⁽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 LIFE SEPARATE ACCOUNT ∎			119

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Invesco VI Mn St Sm Cap, Ser I			Invesco VI Mn St Sm Cap, Ser II			Invesco VI Tech, Ser I			Invesco VI Tech, Ser II⁽²⁾			Janus Henderson VIT Bal, Inst
Operations
Investment income (loss) — net	$	19,195		$	(33,210	)	$	(68,744	)	$	—		$	121,361
Net realized gain (loss) on sales of investments		(16,821	)		141,561			41,342			(2,905	)		(234,759	)
Distributions from capital gains		416,495			3,131,662			5,660,514			50,365			259,992
Net change in unrealized appreciation or depreciation of investments		(893,823	)		(8,622,288	)		(14,178,751	)		(65,272	)		(1,601,898	)
Net increase (decrease) in net assets resulting from operations		(474,954	)		(5,382,275	)		(8,545,639	)		(17,812	)		(1,455,304	)

Contract transactions
Contract purchase payments		893,704			972,288			543,979			27,706			2,640,714
Net transfers⁽¹⁾		695,462			(1,031,616	)		(1,264,094	)		135,500			2,755,875
Transfers for policy loans		2,316			(368,679	)		(107,837	)		15,829			(1,399	)
Policy charges		(171,317	)		(489,257	)		(355,225	)		(978	)		(725,910	)
Contract terminations:
Surrender benefits		(9,006	)		(591,992	)		(429,818	)		(116	)		(630	)
Death benefits		—			(33,681	)		—			—			—
Increase (decrease) from transactions		1,411,159			(1,542,937	)		(1,612,995	)		177,941			4,668,650
Net assets at beginning of year		2,652,129			32,012,370			22,281,226			—			7,553,272
Net assets at end of year	$	3,588,334		$	25,087,158		$	12,122,592		$	160,129		$	10,766,618

Accumulation unit activity
Units outstanding at beginning of year		1,676,988			7,169,614			3,297,359			—			4,923,553
Units purchased		1,150,744			305,692			456,805			199,470			4,018,173
Units redeemed		(131,919	)		(849,120	)		(474,440	)		(1,130	)		(546,706	)
Units outstanding at end of year		2,695,813			6,626,186			3,279,724			198,340			8,395,020

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

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



120		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Janus Henderson VIT Bal, Serv			Janus Henderson VIT Enter, Serv			Janus Henderson VIT Flex Bd, Inst			Janus Henderson VIT Flex Bd, Serv			Janus Hend VIT Gbl Tech Innov, Srv
Operations
Investment income (loss) — net	$	48,343		$	(94,216	)	$	17,142		$	20,666		$	(195,903	)
Net realized gain (loss) on sales of investments		30,914			345,101			(9,623	)		(17,998	)		488,511
Distributions from capital gains		147,626			3,678,767			10,563			15,255			7,610,490
Net change in unrealized appreciation or depreciation of investments		(1,188,568	)		(8,031,542	)		(98,666	)		(155,368	)		(29,598,778	)
Net increase (decrease) in net assets resulting from operations		(961,685	)		(4,101,890	)		(80,584	)		(137,445	)		(21,695,680	)

Contract transactions
Contract purchase payments		412,965			335,273			194,199			80,632			1,107,575
Net transfers⁽¹⁾		(224,608	)		(484,525	)		218,470			119,678			(1,970,285	)
Transfers for policy loans		(823	)		(137,656	)		(4,853	)		(13,618	)		(151,629	)
Policy charges		(193,774	)		(426,264	)		(56,086	)		(28,443	)		(757,102	)
Contract terminations:
Surrender benefits		(69,003	)		(388,238	)		—			(29,672	)		(1,184,531	)
Death benefits		—			(2,535	)		—			—			(89	)
Increase (decrease) from transactions		(75,243	)		(1,103,945	)		351,730			128,577			(2,956,061	)
Net assets at beginning of year		5,656,722			25,037,019			513,541			1,102,442			59,305,084
Net assets at end of year	$	4,619,794		$	19,831,184		$	784,687		$	1,093,574		$	34,653,343

Accumulation unit activity
Units outstanding at beginning of year		3,480,547			3,776,478			433,783			841,803			6,624,732
Units purchased		291,427			61,152			391,453			190,536			215,537
Units redeemed		(362,952	)		(234,201	)		(57,568	)		(62,490	)		(714,596	)
Units outstanding at end of year		3,409,022			3,603,429			767,668			969,849			6,125,673

⁽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 LIFE SEPARATE ACCOUNT ∎			121

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Janus Henderson VIT Overseas, Serv			Janus Henderson VIT Res, Inst			Janus Henderson VIT Res, Serv			Lazard Ret Global Dyn MA, Inv			Lazard Ret Global Dyn MA, Serv
Operations
Investment income (loss) — net	$	444,757		$	6,049		$	(57,500	)	$	637		$	(4,323	)
Net realized gain (loss) on sales of investments		108,116			(33,255	)		73,206			(2,265	)		(6,978	)
Distributions from capital gains		—			512,239			2,621,301			15,743			82,157
Net change in unrealized appreciation or depreciation of investments		(4,348,663	)		(1,398,282	)		(8,247,049	)		(64,523	)		(386,651	)
Net increase (decrease) in net assets resulting from operations		(3,795,790	)		(913,249	)		(5,610,042	)		(50,408	)		(315,795	)

Contract transactions
Contract purchase payments		1,308,320			989,996			444,280			66,275			68,767
Net transfers⁽¹⁾		84,107			1,285,651			(444,311	)		33,712			(253,961	)
Transfers for policy loans		35,028			(1	)		(3,015	)		—			12,528
Policy charges		(1,031,388	)		(263,844	)		(289,808	)		(18,788	)		(29,702	)
Contract terminations:
Surrender benefits		(1,077,934	)		(22,110	)		(449,681	)		—			(4,905	)
Death benefits		(7,378	)		—			—			—			—
Increase (decrease) from transactions		(689,245	)		1,989,692			(742,535	)		81,199			(207,273	)
Net assets at beginning of year		41,477,810			2,387,996			18,747,315			284,371			1,850,132
Net assets at end of year	$	36,992,775		$	3,464,439		$	12,394,738		$	315,162		$	1,327,064

Accumulation unit activity
Units outstanding at beginning of year		17,622,789			1,254,419			3,567,960			229,915			1,215,346
Units purchased		793,850			1,536,196			122,614			95,964			64,026
Units redeemed		(1,083,056	)		(194,936	)		(310,414	)		(17,828	)		(219,850	)
Units outstanding at end of year		17,333,583			2,595,679			3,380,160			308,051			1,059,522

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

See accompanying notes to financial statements.



122		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MFS Mass Inv Gro Stock, Serv Cl			MFS New Dis, Serv Cl			MFS Utilities, Init Cl			MFS Utilities, Serv Cl			MS VIF Dis, Cl I
Operations
Investment income (loss) — net	$	(217,329	)	$	(139,964	)	$	47,770		$	458,674		$	—
Net realized gain (loss) on sales of investments		390,923			(956,655	)		8,587			345,110			(505,751	)
Distributions from capital gains		6,170,613			10,344,851			75,717			991,243			1,610,906
Net change in unrealized appreciation or depreciation of investments		(16,963,393	)		(21,124,372	)		(108,346	)		(1,715,779	)		(4,932,993	)
Net increase (decrease) in net assets resulting from operations		(10,619,186	)		(11,876,140	)		23,728			79,248			(3,827,838	)

Contract transactions
Contract purchase payments		943,935			683,156			583,678			742,646			1,984,340
Net transfers⁽¹⁾		(264,685	)		(310,931	)		546,485			3,407,035			558,080
Transfers for policy loans		(341,342	)		(32,203	)		(828	)		(25,161	)		(5,963	)
Policy charges		(928,418	)		(602,379	)		(131,089	)		(641,558	)		(356,485	)
Contract terminations:
Surrender benefits		(1,515,478	)		(1,091,251	)		(47,276	)		(899,203	)		(38,408	)
Death benefits		(37,142	)		—			—			(9,424	)		—
Increase (decrease) from transactions		(2,143,130	)		(1,353,608	)		950,970			2,574,335			2,141,564
Net assets at beginning of year		54,276,303			39,453,418			1,494,991			24,414,620			5,116,632
Net assets at end of year	$	41,513,987		$	26,223,670		$	2,469,689		$	27,068,203		$	3,430,358

Accumulation unit activity
Units outstanding at beginning of year		19,514,616			5,906,211			1,077,870			7,306,648			2,007,297
Units purchased		532,099			148,704			820,367			1,396,241			1,920,028
Units redeemed		(1,433,614	)		(426,559	)		(130,966	)		(523,567	)		(293,790	)
Units outstanding at end of year		18,613,101			5,628,356			1,767,271			8,179,322			3,633,535

⁽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 LIFE SEPARATE ACCOUNT ∎			123

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	MS VIF Dis, Cl II			MS VIF Global Real Est, Cl II			NB AMT Sus Eq, Cl I			NB AMT Sus Eq, Cl S			NB AMT US Eq Index PW Strat, Cl S
Operations
Investment income (loss) — net	$	(85,016	)	$	297,190		$	4,033		$	954		$	(2,678	)
Net realized gain (loss) on sales of investments		(9,263,803	)		(350,949	)		(2,370	)		16,221			(1,724	)
Distributions from capital gains		11,845,667			293,439			85,653			72,884			156,711
Net change in unrealized appreciation or depreciation of investments		(31,468,101	)		(2,591,605	)		(229,354	)		(251,554	)		(238,667	)
Net increase (decrease) in net assets resulting from operations		(28,971,253	)		(2,351,925	)		(142,038	)		(161,495	)		(86,358	)

Contract transactions
Contract purchase payments		1,488,342			254,008			344,133			59,578			49,676
Net transfers⁽¹⁾		(2,159,664	)		(1,114,897	)		795,676			(50,346	)		369,535
Transfers for policy loans		53,878			(22,063	)		(13,463	)		5,604			(6,601	)
Policy charges		(510,186	)		(146,069	)		(51,147	)		(48,386	)		(26,574	)
Contract terminations:
Surrender benefits		(1,041,314	)		(149,461	)		(1,007	)		(1,282	)		(77,863	)
Death benefits		(955	)		(19,791	)		—			—			—
Increase (decrease) from transactions		(2,169,899	)		(1,198,273	)		1,074,192			(34,832	)		308,173
Net assets at beginning of year		46,835,976			9,238,975			643,856			927,455			669,716
Net assets at end of year	$	15,694,824		$	5,688,777		$	1,576,010		$	731,128		$	891,531

Accumulation unit activity
Units outstanding at beginning of year		5,973,586			4,168,697			386,893			266,053			502,280
Units purchased		429,326			167,544			821,079			22,896			346,657
Units redeemed		(1,010,753	)		(784,984	)		(46,666	)		(31,122	)		(91,962	)
Units outstanding at end of year		5,392,159			3,551,257			1,161,306			257,827			756,975

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

See accompanying notes to financial statements.



124		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	PIMCO VIT All Asset, Advisor Cl			PIMCO VIT All Asset, Inst Cl			PIMCO VIT Glb Man As Alloc, Adv Cl			PIMCO VIT Tot Return, Advisor Cl			PIMCO VIT Tot Return, Inst Cl
Operations
Investment income (loss) — net	$	873,645		$	13,935		$	5,183		$	240,784		$	38,476
Net realized gain (loss) on sales of investments		(118,639	)		(1,017	)		(2,376	)		(302,143	)		(12,976	)
Distributions from capital gains		989,005			13,516			19,394			—			—
Net change in unrealized appreciation or depreciation of investments		(3,406,422	)		(46,185	)		(45,582	)		(1,884,669	)		(216,679	)
Net increase (decrease) in net assets resulting from operations		(1,662,411	)		(19,751	)		(23,381	)		(1,946,028	)		(191,179	)

Contract transactions
Contract purchase payments		383,894			41,030			7,706			280,063			377,789
Net transfers⁽¹⁾		333,996			42,019			351,573			(249,000	)		368,523
Transfers for policy loans		(64,252	)		(3,096	)		(11,972	)		(56,506	)		(10,437	)
Policy charges		(339,723	)		(12,181	)		(7,895	)		(204,470	)		(102,045	)
Contract terminations:
Surrender benefits		(553,973	)		(177	)		(3,584	)		(265,932	)		(105	)
Death benefits		(5,106	)		—			—			—			—
Increase (decrease) from transactions		(245,164	)		67,595			335,828			(495,845	)		633,725
Net assets at beginning of year		13,665,107			150,101			128,652			13,352,823			1,184,346
Net assets at end of year	$	11,757,532		$	197,945		$	441,099		$	10,910,950		$	1,626,892

Accumulation unit activity
Units outstanding at beginning of year		6,552,300			111,802			75,811			10,892,832			1,031,183
Units purchased		492,515			67,780			259,506			291,301			728,836
Units redeemed		(545,601	)		(12,688	)		(16,793	)		(746,413	)		(109,657	)
Units outstanding at end of year		6,499,214			166,894			318,524			10,437,720			1,650,362

⁽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 LIFE SEPARATE ACCOUNT ∎			125

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Put VT Global Hlth Care, Cl IA⁽²⁾			Put VT Global Hlth Care, Cl IB			Put VT Hi Yield, Cl IB			Put VT Intl Eq, Cl IB			Put VT Sus Leaders, Cl IA
Operations
Investment income (loss) — net	$	—		$	(22,086	)	$	241,480		$	71,786		$	209,019
Net realized gain (loss) on sales of investments		980			53,396			(86,428	)		(150,931	)		2,028,217
Distributions from capital gains		—			2,409,513			10,231			723,935			19,249,801
Net change in unrealized appreciation or depreciation of investments		19,947			(3,917,575	)		(864,546	)		(1,868,692	)		(59,259,751	)
Net increase (decrease) in net assets resulting from operations		20,927			(1,476,752	)		(699,263	)		(1,223,902	)		(37,772,714	)

Contract transactions
Contract purchase payments		48,190			662,106			150,735			252,082			2,946,744
Net transfers⁽¹⁾		382,930			1,053,677			(174,905	)		118,898			(1,884,492	)
Transfers for policy loans		(1,435	)		(233,662	)		(5,172	)		(27,107	)		(433,647	)
Policy charges		(7,442	)		(553,237	)		(184,384	)		(120,218	)		(4,498,829	)
Contract terminations:
Surrender benefits		(71	)		(694,095	)		(123,760	)		(219,508	)		(5,014,218	)
Death benefits		—			(22,014	)		(18,058	)		(1,674	)		(14,793	)
Increase (decrease) from transactions		422,172			212,775			(355,544	)		2,473			(8,899,235	)
Net assets at beginning of year		—			29,500,466			5,870,758			7,786,643			165,255,536
Net assets at end of year	$	443,099		$	28,236,489		$	4,815,951		$	6,565,214		$	118,583,587

Accumulation unit activity
Units outstanding at beginning of year		—			6,242,855			2,052,633			3,270,713			21,923,256
Units purchased		441,170			1,447,380			58,564			171,635			482,159
Units redeemed		(8,996	)		(455,798	)		(195,599	)		(184,707	)		(1,925,193	)
Units outstanding at end of year		432,174			7,234,437			1,915,598			3,257,641			20,480,222

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

⁽²⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

See accompanying notes to financial statements.



126		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	Put VT Sus Leaders, Cl IB			Royce Micro-Cap, Invest Cl			Temp Global Bond, Cl 1			Temp Global Bond, Cl 2			Third Ave VST Third Ave Value
Operations
Investment income (loss) — net	$	8,513		$	(159,923	)	$	—		$	(12,017	)	$	225,622
Net realized gain (loss) on sales of investments		(32,149	)		288,913			(5,369	)		(164,139	)		590,652
Distributions from capital gains		771,937			8,893,911			—			—			—
Net change in unrealized appreciation or depreciation of investments		(2,197,018	)		(17,526,002	)		(13,475	)		(11,919	)		2,751,403
Net increase (decrease) in net assets resulting from operations		(1,448,717	)		(8,503,101	)		(18,844	)		(188,075	)		3,567,677

Contract transactions
Contract purchase payments		203,334			922,014			88,748			127,519			880,252
Net transfers⁽¹⁾		(281,762	)		(606,590	)		261,880			45,152			89,075
Transfers for policy loans		(7,385	)		16,565			(11,712	)		6,796			(104,950	)
Policy charges		(58,585	)		(1,017,058	)		(23,699	)		(58,507	)		(936,774	)
Contract terminations:
Surrender benefits		(156,421	)		(1,190,522	)		(106	)		(105,099	)		(1,053,411	)
Death benefits		—			(41,572	)		—			—			(42,634	)
Increase (decrease) from transactions		(300,819	)		(1,917,163	)		315,111			15,861			(1,168,442	)
Net assets at beginning of year		6,234,370			37,739,153			222,665			3,085,434			23,592,137
Net assets at end of year	$	4,484,834		$	27,318,889		$	518,932		$	2,913,220		$	25,991,372

Accumulation unit activity
Units outstanding at beginning of year		1,230,330			7,905,972			248,048			3,391,387			8,503,560
Units purchased		78,034			247,494			402,137			250,140			359,846
Units redeemed		(142,980	)		(735,420	)		(42,649	)		(268,517	)		(745,286	)
Units outstanding at end of year		1,165,384			7,418,046			607,536			3,373,010			8,118,120

⁽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 LIFE SEPARATE ACCOUNT ∎			127

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VanEck VIP Global Gold, Cl S			VP Aggr, Cl 1			VP Aggr, Cl 2			VP Aggr, Cl 4			VP Conserv, Cl 1
Operations
Investment income (loss) — net	$	(22,278	)	$	—		$	(1,004,721	)	$	(1,448,098	)	$	—
Net realized gain (loss) on sales of investments		(199,856	)		(77,291	)		8,173,915			6,845,107			(20,557	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(708,937	)		(9,019,172	)		(78,328,709	)		(81,418,508	)		(148,694	)
Net increase (decrease) in net assets resulting from operations		(931,071	)		(9,096,463	)		(71,159,515	)		(76,021,499	)		(169,251	)

Contract transactions
Contract purchase payments		111,152			19,647,972			19,439,973			11,646,101			198,989
Net transfers⁽¹⁾		881,200			12,189,956			8,593,328			(3,811,482	)		(121,857	)
Transfers for policy loans		(9,799	)		(175,265	)		(1,806,606	)		(1,343,086	)		—
Policy charges		(76,488	)		(3,379,130	)		(6,083,592	)		(5,474,295	)		(55,379	)
Contract terminations:
Surrender benefits		(187,550	)		(411,731	)		(7,179,062	)		(11,940,116	)		(4,696	)
Death benefits		—			—			(75,827	)		(38,962	)		—
Increase (decrease) from transactions		718,515			27,871,802			12,888,214			(10,961,840	)		17,057
Net assets at beginning of year		5,767,735			43,135,775			381,717,891			412,243,051			1,154,503
Net assets at end of year	$	5,555,179		$	61,911,114		$	323,446,590		$	325,259,712		$	1,002,309

Accumulation unit activity
Units outstanding at beginning of year		4,425,135			29,035,398			148,828,350			158,006,104			953,088
Units purchased		755,865			24,948,586			18,730,166			5,247,077			188,261
Units redeemed		(253,854	)		(3,169,320	)		(12,678,342	)		(10,258,370	)		(164,927	)
Units outstanding at end of year		4,927,146			50,814,664			154,880,174			152,994,811			976,422

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

See accompanying notes to financial statements.



128		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Conserv, Cl 2			VP Conserv, Cl 4			VP Man Vol Conserv, Cl 1			VP Man Vol Conserv, Cl 2			VP Man Vol Conserv Gro, Cl 1
Operations
Investment income (loss) — net	$	(102,735	)	$	(102,714	)	$	—		$	(13,434	)	$	—
Net realized gain (loss) on sales of investments		27,947			230,582			(1,003	)		(4,570	)		(947	)
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(3,942,715	)		(4,088,599	)		(65,246	)		(571,561	)		(161,690	)
Net increase (decrease) in net assets resulting from operations		(4,017,503	)		(3,960,731	)		(66,249	)		(589,565	)		(162,637	)

Contract transactions
Contract purchase payments		639,837			608,093			62,247			12,695			278,632
Net transfers⁽¹⁾		469,073			116,849			29,003			203,505			37,465
Transfers for policy loans		(297,979	)		(58,701	)		—			(32,613	)		—
Policy charges		(707,322	)		(917,862	)		(21,950	)		(99,697	)		(101,277	)
Contract terminations:
Surrender benefits		(1,222,493	)		(1,476,351	)		—			(398,302	)		(42,027	)
Death benefits		(128,315	)		—			—			—			—
Increase (decrease) from transactions		(1,247,199	)		(1,727,972	)		69,300			(314,412	)		172,793
Net assets at beginning of year		26,018,303			25,784,920			406,678			3,687,101			953,522
Net assets at end of year	$	20,753,601		$	20,096,217		$	409,729		$	2,783,124		$	963,678

Accumulation unit activity
Units outstanding at beginning of year		16,879,788			16,745,210			336,312			2,829,495			757,058
Units purchased		1,040,922			671,906			86,513			197,737			289,409
Units redeemed		(1,873,686	)		(1,890,690	)		(20,654	)		(479,200	)		(125,958	)
Units outstanding at end of year		16,047,024			15,526,426			402,171			2,548,032			920,509

⁽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 LIFE SEPARATE ACCOUNT ∎			129

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Man Vol Conserv Gro, Cl 2			VP Man Vol Gro, Cl 1			VP Man Vol Gro, Cl 2			VP Man Vol Mod Gro, Cl 1			VP Man Vol Mod Gro, Cl 2
Operations
Investment income (loss) — net	$	(26,400	)	$	—		$	(133,047	)	$	—		$	(145,316	)
Net realized gain (loss) on sales of investments		91,630			(172,980	)		877,850			(15,727	)		503,727
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(1,269,841	)		(3,004,740	)		(10,769,420	)		(2,229,013	)		(9,015,383	)
Net increase (decrease) in net assets resulting from operations		(1,204,611	)		(3,177,720	)		(10,024,617	)		(2,244,740	)		(8,656,972	)

Contract transactions
Contract purchase payments		254,518			4,180,328			2,648,219			3,101,685			1,738,747
Net transfers⁽¹⁾		(632,349	)		2,857,098			(506,525	)		2,333,777			(1,294,949	)
Transfers for policy loans		(122,282	)		36,683			(175,462	)		(14,324	)		34,764
Policy charges		(210,359	)		(1,121,040	)		(951,438	)		(940,380	)		(1,122,784	)
Contract terminations:
Surrender benefits		(132,398	)		(55,332	)		(2,552,592	)		(849	)		(957,827	)
Death benefits		—			(54,205	)		—			—			(65,646	)
Increase (decrease) from transactions		(842,870	)		5,843,532			(1,537,798	)		4,479,909			(1,667,695	)
Net assets at beginning of year		7,264,001			14,605,334			52,199,438			11,085,918			47,481,886
Net assets at end of year	$	5,216,520		$	17,271,146		$	40,637,023		$	13,321,087		$	37,157,219

Accumulation unit activity
Units outstanding at beginning of year		5,248,246			10,636,266			33,100,861			8,410,635			31,834,663
Units purchased		214,664			5,996,483			3,133,995			4,746,494			1,377,865
Units redeemed		(900,741	)		(1,062,378	)		(4,081,742	)		(841,357	)		(2,697,042	)
Units outstanding at end of year		4,562,169			15,570,371			32,153,114			12,315,772			30,515,486

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

See accompanying notes to financial statements.



130		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Mod, Cl 1			VP Mod, Cl 2			VP Mod, Cl 4			VP Mod Aggr, Cl 1			VP Mod Aggr, Cl 2
Operations
Investment income (loss) — net	$	—		$	(1,641,299	)	$	(2,456,484	)	$	—		$	(2,150,776	)
Net realized gain (loss) on sales of investments		(39,302	)		12,595,488			14,770,744			(19,449	)		20,023,562
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(4,895,069	)		(85,635,637	)		(117,156,622	)		(18,301,142	)		(162,249,474	)
Net increase (decrease) in net assets resulting from operations		(4,934,371	)		(74,681,448	)		(104,842,362	)		(18,320,591	)		(144,376,688	)

Contract transactions
Contract purchase payments		9,434,112			17,312,942			16,899,052			28,046,003			36,068,808
Net transfers⁽¹⁾		9,452,577			(6,828,090	)		(13,586,482	)		30,316,375			(10,820,217	)
Transfers for policy loans		(372,767	)		(1,413,036	)		(2,220,617	)		(313,335	)		(3,713,531	)
Policy charges		(2,240,637	)		(13,024,644	)		(17,970,940	)		(6,394,208	)		(18,507,951	)
Contract terminations:
Surrender benefits		(63,145	)		(15,962,952	)		(22,798,732	)		(596,255	)		(21,336,597	)
Death benefits		—			(1,940,307	)		(1,365,399	)		—			(43,832	)
Increase (decrease) from transactions		16,210,140			(21,856,087	)		(41,043,118	)		51,058,580			(18,353,320	)
Net assets at beginning of year		25,663,051			448,231,445			630,044,193			92,106,255			813,229,571
Net assets at end of year	$	36,938,820		$	351,693,910		$	484,158,713		$	124,844,244		$	650,499,563

Accumulation unit activity
Units outstanding at beginning of year		18,995,275			219,116,853			304,929,678			65,043,450			357,968,550
Units purchased		16,020,327			15,579,867			9,356,131			47,680,670			28,538,255
Units redeemed		(2,303,155	)		(27,294,086	)		(32,161,246	)		(6,020,605	)		(37,760,657	)
Units outstanding at end of year		32,712,447			207,402,634			282,124,563			106,703,515			348,746,148

⁽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 LIFE SEPARATE ACCOUNT ∎			131

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Mod Aggr, Cl 4			VP Mod Conserv, Cl 1			VP Mod Conserv, Cl 2			VP Mod Conserv, Cl 4			VP Ptnrs Core Bond, Cl 1
Operations
Investment income (loss) — net	$	(4,287,887	)	$	—		$	(222,115	)	$	(294,067	)	$	8,914
Net realized gain (loss) on sales of investments		17,384,087			(10,137	)		958,972			1,619,583			(12,548	)
Distributions from capital gains		—			—			—			—			3,897
Net change in unrealized appreciation or depreciation of investments		(220,567,643	)		(228,327	)		(9,842,710	)		(13,282,085	)		(73,180	)
Net increase (decrease) in net assets resulting from operations		(207,471,443	)		(238,464	)		(9,105,853	)		(11,956,569	)		(72,917	)

Contract transactions
Contract purchase payments		33,647,736			739,466			1,853,740			2,331,336			136,068
Net transfers⁽¹⁾		(7,814,621	)		(56,921	)		(1,875,318	)		(3,108,932	)		79,039
Transfers for policy loans		(3,379,951	)		—			(307,132	)		66,292			(10,581	)
Policy charges		(20,736,144	)		(179,215	)		(2,064,549	)		(2,736,394	)		(43,139	)
Contract terminations:
Surrender benefits		(38,960,011	)		(42,200	)		(1,698,736	)		(2,374,456	)		—
Death benefits		(371,134	)		—			(39,625	)		(278,388	)		—
Increase (decrease) from transactions		(37,614,125	)		461,130			(4,131,620	)		(6,100,542	)		161,387
Net assets at beginning of year		1,166,624,254			1,578,201			56,512,345			74,134,266			455,493
Net assets at end of year	$	921,538,686		$	1,800,867		$	43,274,872		$	56,077,155		$	543,963

Accumulation unit activity
Units outstanding at beginning of year		501,421,840			1,234,414			31,916,602			41,861,507			396,703
Units purchased		17,817,594			647,560			1,281,467			1,663,611			202,086
Units redeemed		(36,140,569	)		(206,500	)		(4,035,166	)		(5,674,906	)		(52,421	)
Units outstanding at end of year		483,098,865			1,675,474			29,162,903			37,850,212			546,368

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

See accompanying notes to financial statements.



132		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Ptnrs Core Bond, Cl 2			VP Ptnrs Core Eq, Cl 1			VP Ptnrs Core Eq, Cl 2			VP Ptnrs Core Eq, Cl 3			VP Ptnrs Intl Core Eq, Cl 1
Operations
Investment income (loss) — net	$	8,892		$	—		$	—		$	(29,982	)	$	27,978
Net realized gain (loss) on sales of investments		(88,533	)		(1,132	)		5,271			402,372			(32,576	)
Distributions from capital gains		4,667			—			—			—			245,202
Net change in unrealized appreciation or depreciation of investments		(43,536	)		(60,425	)		(111,517	)		(1,715,798	)		(525,286	)
Net increase (decrease) in net assets resulting from operations		(118,510	)		(61,557	)		(106,246	)		(1,343,408	)		(284,682	)

Contract transactions
Contract purchase payments		38,126			150,095			40,868			165,951			339,907
Net transfers⁽¹⁾		(340,341	)		179,167			27,505			(299,051	)		383,563
Transfers for policy loans		(9,061	)		—			3,619			(45,693	)		(39,429	)
Policy charges		(22,461	)		(27,490	)		(11,480	)		(129,737	)		(82,616	)
Contract terminations:
Surrender benefits		(68,292	)		(167	)		(5,708	)		(158,844	)		(4,644	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		(402,029	)		301,605			54,804			(467,374	)		596,781
Net assets at beginning of year		964,459			273,904			597,446			7,679,393			1,425,214
Net assets at end of year	$	443,920		$	513,952		$	546,004		$	5,868,611		$	1,737,313

Accumulation unit activity
Units outstanding at beginning of year		764,335			160,417			178,129			1,815,078			1,039,897
Units purchased		33,077			222,490			25,240			104,013			649,746
Units redeemed		(390,241	)		(18,818	)		(5,919	)		(251,995	)		(114,750	)
Units outstanding at end of year		407,171			364,089			197,450			1,667,096			1,574,893

⁽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 LIFE SEPARATE ACCOUNT ∎			133

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Ptnrs Intl Core Eq, Cl 2			VP Ptnrs Intl Gro, Cl 1			VP Ptnrs Intl Gro, Cl 2			VP Ptnrs Intl Val, Cl 1			VP Ptnrs Intl Val, Cl 2
Operations
Investment income (loss) — net	$	36,606		$	—		$	—		$	24,975		$	60,720
Net realized gain (loss) on sales of investments		(118,005	)		(49,578	)		(117,060	)		(4,186	)		(92,462	)
Distributions from capital gains		327,269			174,016			321,698			—			—
Net change in unrealized appreciation or depreciation of investments		(725,843	)		(1,010,918	)		(2,092,803	)		(124,472	)		(347,111	)
Net increase (decrease) in net assets resulting from operations		(479,973	)		(886,480	)		(1,888,165	)		(103,683	)		(378,853	)

Contract transactions
Contract purchase payments		156,897			876,241			595,636			336,652			281,525
Net transfers⁽¹⁾		(129,707	)		711,035			(30,046	)		231,426			86,946
Transfers for policy loans		(33,498	)		(48,382	)		16,160			(9,363	)		(82,415	)
Policy charges		(35,719	)		(167,494	)		(144,435	)		(62,778	)		(49,153	)
Contract terminations:
Surrender benefits		(13,660	)		(15,144	)		(82,672	)		(5,841	)		(74,217	)
Death benefits		—			—			—			—			—
Increase (decrease) from transactions		(55,687	)		1,356,256			354,643			490,096			162,686
Net assets at beginning of year		2,283,710			2,993,087			6,793,369			1,038,019			2,976,179
Net assets at end of year	$	1,748,050		$	3,462,863		$	5,259,847		$	1,424,432		$	2,760,012

Accumulation unit activity
Units outstanding at beginning of year		1,268,869			1,925,493			3,294,359			920,717			1,946,624
Units purchased		105,885			1,304,046			383,731			585,785			247,464
Units redeemed		(166,201	)		(190,592	)		(190,070	)		(79,435	)		(148,400	)
Units outstanding at end of year		1,208,553			3,038,947			3,488,020			1,427,067			2,045,688

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

See accompanying notes to financial statements.



134		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP Ptnrs Sm Cap Gro, Cl 1			VP Ptnrs Sm Cap Gro, Cl 2			VP Ptnrs Sm Cap Val, Cl 1			VP Ptnrs Sm Cap Val, Cl 2			VP Ptnrs Sm Cap Val, Cl 3
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	—		$	(58,252	)
Net realized gain (loss) on sales of investments		(6,049	)		10,652			751			32,572			446,451
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation or depreciation of investments		(175,658	)		(316,449	)		(60,769	)		(192,207	)		(2,475,968	)
Net increase (decrease) in net assets resulting from operations		(181,707	)		(305,797	)		(60,018	)		(159,635	)		(2,087,769	)

Contract transactions
Contract purchase payments		176,261			98,707			129,487			89,837			441,461
Net transfers⁽¹⁾		49,789			(48,923	)		32,815			(242,119	)		(430,725	)
Transfers for policy loans		(143	)		(29,276	)		—			(30,161	)		(133,890	)
Policy charges		(34,916	)		(24,813	)		(30,796	)		(40,261	)		(330,283	)
Contract terminations:
Surrender benefits		(1,102	)		(28,463	)		—			(14,770	)		(486,770	)
Death benefits		—			—			—			—			(720	)
Increase (decrease) from transactions		189,889			(32,768	)		131,506			(237,474	)		(940,927	)
Net assets at beginning of year		571,913			1,069,901			422,259			1,425,178			16,045,263
Net assets at end of year	$	580,095		$	731,336		$	493,747		$	1,028,069		$	13,016,567

Accumulation unit activity
Units outstanding at beginning of year		370,830			368,283			321,612			609,219			4,687,413
Units purchased		189,594			44,955			136,748			43,151			141,928
Units redeemed		(30,865	)		(58,018	)		(26,391	)		(146,295	)		(444,288	)
Units outstanding at end of year		529,559			355,220			431,969			506,075			4,385,053

⁽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 LIFE SEPARATE ACCOUNT ∎			135

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	VP US Flex Conserv Gro, Cl 1			VP US Flex Gro, Cl 1			VP US Flex Mod Gro, Cl 1			Wanger Acorn			Wanger Intl
Operations
Investment income (loss) — net	$	—		$	—		$	—		$	(436,719	)	$	313,869
Net realized gain (loss) on sales of investments		(285	)		(9,692	)		(530	)		(3,285,576	)		(1,947,412	)
Distributions from capital gains		—			—			—			32,579,264			12,731,509
Net change in unrealized appreciation or depreciation of investments		(40,979	)		(1,053,315	)		(563,069	)		(72,039,737	)		(45,357,938	)
Net increase (decrease) in net assets resulting from operations		(41,264	)		(1,063,007	)		(563,599	)		(43,182,768	)		(34,259,972	)

Contract transactions
Contract purchase payments		30,734			2,056,671			707,282			2,774,707			2,438,347
Net transfers⁽¹⁾		179,491			912,559			522,064			(328,035	)		(1,258,069	)
Transfers for policy loans		—			416			—			(351,836	)		(339,931	)
Policy charges		(9,742	)		(462,735	)		(201,012	)		(2,197,870	)		(1,670,289	)
Contract terminations:
Surrender benefits		—			(35,434	)		—			(3,102,710	)		(2,390,891	)
Death benefits		—			—			—			(39,203	)		(37,749	)
Increase (decrease) from transactions		200,483			2,471,477			1,028,334			(3,244,947	)		(3,258,582	)
Net assets at beginning of year		140,418			4,859,551			2,948,230			128,788,714			100,655,737
Net assets at end of year	$	299,637		$	6,268,021		$	3,412,965		$	82,360,999		$	63,137,183

Accumulation unit activity
Units outstanding at beginning of year		111,557			3,561,611			2,246,513			22,005,085			27,689,136
Units purchased		182,611			2,505,525			1,077,024			786,682			1,008,426
Units redeemed		(8,941	)		(427,704	)		(176,555	)		(1,467,917	)		(2,296,059	)
Units outstanding at end of year		285,227			5,639,432			3,146,982			21,323,850			26,401,503

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

See accompanying notes to financial statements.



136		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

Statement of Changes in Net Assets


Year ended December 31, 2022 (continued)	WA Var Global Hi Yd Bond, Cl I			WA Var Global Hi Yd Bond, Cl II
Operations
Investment income (loss) — net	$	48,372		$	18,248
Net realized gain (loss) on sales of investments		(10,158	)		(17,534	)
Distributions from capital gains		—			—
Net change in unrealized appreciation or depreciation of investments		(109,732	)		(56,663	)
Net increase (decrease) in net assets resulting from operations		(71,518	)		(55,949	)

Contract transactions
Contract purchase payments		233,874			36,682
Net transfers⁽¹⁾		198,136			(104,936	)
Transfers for policy loans		267			(14,557	)
Policy charges		(65,451	)		(9,746	)
Contract terminations:
Surrender benefits		(29,102	)		(529	)
Death benefits		—			—
Increase (decrease) from transactions		337,724			(93,086	)
Net assets at beginning of year		482,966			425,251
Net assets at end of year	$	749,172		$	276,216

Accumulation unit activity
Units outstanding at beginning of year		411,098			302,894
Units purchased		416,061			29,191
Units redeemed		(88,025	)		(103,673	)
Units outstanding at end of year		739,134			228,412

⁽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 LIFE SEPARATE ACCOUNT ∎			137

Notes to Financial Statements

1. ORGANIZATION

RiverSource Variable Life Separate Account (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 life insurance policies issued by RiverSource Life. The following is a list of each variable life insurance product funded through the Account.

RiverSource^® Single Premium Variable Life Insurance (SPVL)*

RiverSource Succession Select^® Variable Life Insurance (Succession Select)*

RiverSource^® Variable Second-To-Die Life Insurance (V2D)*

RiverSource^® Variable Universal Life Insurance (VUL)

RiverSource^® Variable Universal Life Insurance III (VUL III)

RiverSource^® Variable Universal Life IV (VUL IV)

RiverSource^® Variable Universal Life IV – Estate Series (VUL IV – ES)

RiverSource^® Variable Universal Life 5 (VUL 5)

RiverSource^® Variable Universal Life 5 – Estate Series (VUL 5 – ES)

RiverSource^® Variable Universal Life 6 Insurance (VUL 6)

RiverSource^® Single Premium Variable Life Insurance Policy (RVS SPVL)*

RiverSource^® Survivorship Variable Universal Life Insurance (SVUL)

RiverSource^® Variable Universal Life 6 Insurance v3 (VUL 6 v3)

*	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 life insurance policies invest in subaccounts. For each division, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2023, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period except as noted below.


Division		Fund
AB VPS 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 A		AB VPS Large Cap Growth Portfolio (Class A)
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) (previously AB VPS Growth and Income Portfolio (Class B))
Allspg VT Index Asset Alloc, Cl 2		Allspring VT Index Asset Allocation Fund – Class 2
Allspg VT Intl Eq, Cl 2		Allspring VT International Equity Fund – Class 2⁽¹⁾
Allspg VT Opp, Cl 1		Allspring VT Opportunity Fund – Class 1
Allspg VT Opp, Cl 2		Allspring VT Opportunity Fund – Class 2
Allspg VT Sm Cap Gro, Cl 1		Allspring VT Small Cap Growth Fund – Class 1
Allspg VT Sm Cap Gro, Cl 2		Allspring VT Small Cap Growth Fund – Class 2
ALPS Alerian Engy Infr, Class I		ALPS/Alerian Energy Infrastructure Portfolio: Class I
ALPS Alerian Engy Infr, Class III		ALPS/Alerian Energy Infrastructure Portfolio: Class III
AC VP Intl, Cl I		American Century VP International, Class I⁽²⁾
AC VP Intl, Cl II		American Century VP International, Class II⁽³⁾
AC VP Val, Cl I		American Century VP Value, Class I⁽⁴⁾
AC VP Val, Cl II		American Century VP Value, Class II⁽⁵⁾
BlackRock Global Alloc, Cl I		BlackRock Global Allocation V.I. Fund (Class I)
BlackRock Global Alloc, Cl III		BlackRock Global Allocation V.I. Fund (Class III)
Calvert VP EAFE Intl Index, Cl F		Calvert VP EAFE International Index Portfolio – Class F⁽⁶⁾ (renamed to CVT EAFE International Index Portfolio – Class F effective sometime during the second quarter of 2024)
Calvert VP EAFE Intl Index, Cl I		Calvert VP EAFE International Index Portfolio – Class I⁽⁶⁾ (renamed to CVT EAFE International Index Portfolio – Class I effective sometime during the second quarter of 2024)



138		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


Division		Fund
Calvert VP Nasdaq 100 Index, Cl F		Calvert VP Nasdaq 100 Index Portfolio – Class F⁽⁶⁾ (renamed to CVT Nasdaq 100 Index Portfolio – Class F effective sometime during the second quarter of 2024)
Calvert VP Nasdaq 100 Index, Cl I		Calvert VP Nasdaq 100 Index Portfolio – Class I⁽⁶⁾ (renamed to CVT Nasdaq 100 Index Portfolio – Class I effective sometime during the second quarter of 2024)
Calv VP Russ 2000 Sm Cap Ind, Cl F		Calvert VP Russell 2000^® Small Cap Index Portfolio – Class F⁽⁶⁾ (renamed to CVT Russell 2000^® Small Cap Index Portfolio – Class F effective sometime during the second quarter of 2024)
Calv VP Russ 2000 Sm Cap Ind, Cl I		Calvert VP Russell 2000^® Small Cap Index Portfolio – Class I⁽⁶⁾ (renamed to CVT Russell 2000^® Small Cap Index Portfolio – Class I effective sometime during the second quarter of 2024)
Calvert VP SRI Bal, Cl I		Calvert VP SRI Balanced Portfolio – Class I
Col VP Bal, Cl 1		Columbia Variable Portfolio – Balanced Fund (Class 1)
Col VP Bal, Cl 3		Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Commodity Strategy, Cl 1		Columbia Variable Portfolio – Commodity Strategy Fund (Class 1)
Col VP Commodity Strategy, Cl 2		Columbia Variable Portfolio – Commodity Strategy Fund (Class 2)
Col VP Contrarian Core, Cl 1		Columbia Variable Portfolio – Contrarian Core Fund (Class 1)
Col VP Contrarian Core, Cl 2		Columbia Variable Portfolio – Contrarian Core Fund (Class 2)
Col VP Disciplined Core, Cl 1		Columbia Variable Portfolio – Disciplined Core Fund (Class 1)
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 1		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 1)
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 1		Columbia Variable Portfolio – Emerging Markets Bond Fund (Class 1)
Col VP Emerg Mkts Bond, Cl 2		Columbia Variable Portfolio – Emerging Markets Bond Fund (Class 2)
Col VP Emer Mkts, Cl 1		Columbia Variable Portfolio – Emerging Markets Fund (Class 1)
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)
Col VP Global Strategic Inc, Cl 3		Columbia Variable Portfolio – Global Strategic Income Fund (Class 3)
Col VP Govt Money Mkt, Cl 1		Columbia Variable Portfolio – Government Money Market Fund (Class 1)
Col VP Govt Money Mkt, Cl 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 1		Columbia Variable Portfolio – High Yield Bond Fund (Class 1)
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 1		Columbia Variable Portfolio – Income Opportunities Fund (Class 1)
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 1		Columbia Variable Portfolio – Intermediate Bond Fund (Class 1)
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 1		Columbia Variable Portfolio – Large Cap Growth Fund (Class 1)
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 1		Columbia Variable Portfolio – Large Cap Index Fund (Class 1)
Col VP Lg Cap Index, Cl 3		Columbia Variable Portfolio – Large Cap Index Fund (Class 3)
Col VP Limited Duration Cr, Cl 1		Columbia Variable Portfolio – Limited Duration Credit Fund (Class 1)
Col VP Limited Duration Cr, Cl 2		Columbia Variable Portfolio – Limited Duration Credit Fund (Class 2)
Col VP Long Govt/Cr Bond, Cl 1		Columbia Variable Portfolio – Long Government/Credit Bond Fund (Class 1)
Col VP Long Govt/Cr Bond, Cl 2		Columbia Variable Portfolio – Long Government/Credit Bond Fund (Class 2)
Col VP Overseas Core, Cl 1		Columbia Variable Portfolio – Overseas Core Fund (Class 1)
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 Val, Cl 1		Columbia Variable Portfolio – Select Large Cap Value Fund (Class 1)
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 1		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 1)
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 1		Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 1)



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			139


Division		Fund
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 1		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 1)
Col VP Select Sm Cap Val, Cl 2		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 2)
Col VP Select Sm Cap Val, Cl 3		Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3)
Col VP Sel Gbl Tech, Cl 1		Columbia Variable Portfolio – Seligman Global Technology Fund (Class 1)⁽⁶⁾
Col VP Sel Gbl Tech, Cl 2		Columbia Variable Portfolio – Seligman Global Technology Fund (Class 2)⁽⁶⁾
Col VP Strategic Inc, Cl 1		Columbia Variable Portfolio – Strategic Income Fund (Class 1)
Col VP Strategic Inc, Cl 2		Columbia Variable Portfolio – Strategic Income Fund (Class 2)
Col VP US Govt Mtge, Cl 1		Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 1)
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 1		CTIVP^® – American Century Diversified Bond Fund (Class 1)
CTIVP AC Div Bond, Cl 2		CTIVP^® – American Century Diversified Bond Fund (Class 2)
CTIVP BR Gl Infl Prot Sec, Cl 1		CTIVP^® – BlackRock Global Inflation-Protected Securities Fund (Class 1)
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 1		CTIVP^® – CenterSquare Real Estate Fund (Class 1)
CTIVP CenterSquare Real Est, Cl 2		CTIVP^® – CenterSquare Real Estate Fund (Class 2)
CTIVP MFS Val, Cl 1		CTIVP^® – MFS^® Value Fund (Class 1)
CTIVP MFS Val, Cl 2		CTIVP^® – MFS^® Value Fund (Class 2)
CTIVP MS Adv, Cl 1		CTIVP^® – Morgan Stanley Advantage Fund (Class 1) (renamed to CTIVP^® – Westfield Select Large Cap Growth Fund (Class 1) effective sometime during the second quarter of 2024)
CTIVP MS Adv, Cl 2		CTIVP^® – Morgan Stanley Advantage Fund (Class 2) (renamed to CTIVP^® – Westfield Select Large Cap Growth Fund (Class 2) effective sometime during the second quarter of 2024)
CTIVP Prin Blue Chip Gro, Cl 1		CTIVP^® – Principal Blue Chip Growth Fund (Class 1)
CTIVP Prin Blue Chip Gro, Cl 2		CTIVP^® – Principal Blue Chip Growth Fund (Class 2)
CTIVP T Rowe Price LgCap Val, Cl 1		CTIVP^® – T. Rowe Price Large Cap Value Fund (Class 1)
CTIVP T Rowe Price LgCap Val, Cl 2		CTIVP^® – T. Rowe Price Large Cap Value Fund (Class 2)
CTIVP TCW Core Plus Bond, Cl 1		CTIVP^® – TCW Core Plus Bond Fund (Class 1)
CTIVP TCW Core Plus Bond, Cl 2		CTIVP^® – TCW Core Plus Bond Fund (Class 2)
CTIVP Vty Sycamore Estb Val, Cl 1		CTIVP^® – Victory Sycamore Established Value Fund (Class 1)
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 1		CTIVP^® – Westfield Mid Cap Growth Fund (Class 1)
CTIVP Westfield Mid Cap Gro, Cl 2		CTIVP^® – Westfield Mid Cap Growth Fund (Class 2)
Del Ivy VIP Asset Strategy, Cl II		Delaware Ivy VIP Asset Strategy, Class II (renamed to Macquarie VIP Asset Strategy Series – Service Class effective sometime during the second quarter of 2024)
DWS Alt Asset Alloc VIP, Cl A		DWS Alternative Asset Allocation VIP, Class A
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, Init Cl		Fidelity^® VIP Contrafund^SM Portfolio Initial Class
Fid VIP Contrafund, Serv Cl 2		Fidelity^® VIP Contrafund^SM 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 Mid Cap, Init Cl		Fidelity^® VIP Mid Cap Portfolio Initial Class
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, Init Cl		Fidelity^® VIP Strategic Income Portfolio Initial Class
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 1		Franklin Income VIP Fund – Class 1
Frank Inc, Cl 2		Franklin Income VIP Fund – Class 2
Frank Mutual Shares, Cl 1		Franklin Mutual Shares VIP Fund – Class 1
Frank Mutual Shares, Cl 2		Franklin Mutual Shares VIP Fund – Class 2
Frank Sm Cap Val, Cl 1		Franklin Small Cap Value VIP Fund – Class 1
Frank Sm Cap Val, Cl 2		Franklin Small Cap Value VIP Fund – Class 2
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



140		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


Division		Fund
GS VIT Sm Cap Eq Insights, Inst		Goldman Sachs VIT Small Cap Equity Insights Fund – Institutional Shares
GS VIT U.S. Eq Insights, Inst		Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares
Invesco VI Am Fran, Ser I		Invesco V.I. American Franchise Fund, Series I Shares
Invesco VI Am Fran, Ser II		Invesco V.I. American Franchise Fund, Series II Shares
Invesco VI Bal Risk Alloc, Ser I		Invesco V.I. Balanced-Risk Allocation Fund, Series I 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
Invesco VI Core Eq, Ser I		Invesco V.I. Core Equity Fund, Series I Shares
Invesco VI Dis Mid Cap Gro, Ser I		Invesco V.I. Discovery Mid Cap Growth Fund, Series I Shares
Invesco VI Div Divd, Ser I		Invesco V.I. Diversified Dividend Fund, Series I Shares
Invesco VI EQV Intl Eq, Ser II		Invesco V.I. EQV International Equity Fund, Series II Shares
Invesco VI Global, Ser I		Invesco V.I. Global Fund, Series I Shares
Invesco VI Global, Ser II		Invesco V.I. Global Fund, Series II Shares
Invesco VI Gbl Strat Inc, Ser I		Invesco V.I. Global Strategic Income Fund, Series I Shares
Invesco VI Gbl Strat Inc, Ser II		Invesco V.I. Global Strategic Income Fund, Series II Shares
Invesco VI Mn St Sm Cap, Ser I		Invesco V.I. Main Street Small Cap Fund^®, Series I 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⁽⁶⁾
Janus Henderson VIT Bal, Inst		Janus Henderson VIT Balanced Portfolio: Institutional 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, Inst		Janus Henderson VIT Flexible Bond Portfolio: Institutional Shares
Janus Henderson VIT Flex Bd, Serv		Janus Henderson VIT Flexible Bond 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, Inst		Janus Henderson VIT Research Portfolio: Institutional Shares
Janus Henderson VIT Res, Serv		Janus Henderson VIT Research Portfolio: Service Shares
Lazard Ret Global Dyn MA, Inv		Lazard Retirement Global Dynamic Multi-Asset Portfolio – Investor Shares
Lazard Ret Global Dyn MA, Serv		Lazard Retirement Global Dynamic Multi-Asset Portfolio – Service Shares
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 Utilities, Init Cl		MFS^® Utilities Series – Initial Class
MFS Utilities, Serv Cl		MFS^® Utilities Series – Service Class
MS VIF Dis, Cl I		Morgan Stanley VIF Discovery Portfolio, Class I Shares
MS VIF Dis, Cl II		Morgan Stanley VIF Discovery Portfolio, Class II Shares
MS VIF Global Real Est, Cl II		Morgan Stanley VIF Global Real Estate Portfolio, Class II Shares
NB AMT Sus Eq, Cl I		Neuberger Berman AMT Sustainable Equity Portfolio (Class I)
NB AMT Sus Eq, Cl S		Neuberger Berman AMT Sustainable Equity Portfolio (Class S)
NB AMT US Eq Index PW Strat, Cl S		Neuberger Berman AMT U.S. Equity Index PutWrite Strategy Portfolio (Class S)⁽⁷⁾
PIMCO VIT All Asset, Advisor Cl		PIMCO VIT All Asset Portfolio, Advisor Class
PIMCO VIT All Asset, Inst Cl		PIMCO VIT All Asset Portfolio, Institutional 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
PIMCO VIT Tot Return, Inst Cl		PIMCO VIT Total Return Portfolio, Institutional Class
Put VT Global Hlth Care, Cl IA		Putnam VT Global Health Care Fund – Class IA Shares⁽⁶⁾
Put VT Global Hlth Care, Cl IB		Putnam VT Global Health Care Fund – Class IB Shares
Put VT Hi Yield, Cl IB		Putnam VT High Yield Fund – Class IB Shares
Put VT Intl Eq, Cl IB		Putnam VT International Equity 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 1		Templeton Global Bond VIP Fund – Class 1
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
VanEck VIP Global Gold, Cl S		VanEck VIP Global Gold Fund (Class S Shares)
VP Aggr, Cl 1		Variable Portfolio – Aggressive Portfolio (Class 1)
VP Aggr, Cl 2		Variable Portfolio – Aggressive Portfolio (Class 2)
VP Aggr, Cl 4		Variable Portfolio – Aggressive Portfolio (Class 4)



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			141


Division		Fund
VP Conserv, Cl 1		Variable Portfolio – Conservative Portfolio (Class 1)
VP Conserv, Cl 2		Variable Portfolio – Conservative Portfolio (Class 2)
VP Conserv, Cl 4		Variable Portfolio – Conservative Portfolio (Class 4)
VP Man Vol Conserv, Cl 1		Variable Portfolio – Managed Volatility Conservative Fund (Class 1)
VP Man Vol Conserv, Cl 2		Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
VP Man Vol Conserv Gro, Cl 1		Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 1)
VP Man Vol Conserv Gro, Cl 2		Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
VP Man Vol Gro, Cl 1		Variable Portfolio – Managed Volatility Growth Fund (Class 1)
VP Man Vol Gro, Cl 2		Variable Portfolio – Managed Volatility Growth Fund (Class 2)
VP Man Vol Mod Gro, Cl 1		Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 1)
VP Man Vol Mod Gro, Cl 2		Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
VP Mod, Cl 1		Variable Portfolio – Moderate Portfolio (Class 1)
VP Mod, Cl 2		Variable Portfolio – Moderate Portfolio (Class 2)
VP Mod, Cl 4		Variable Portfolio – Moderate Portfolio (Class 4)
VP Mod Aggr, Cl 1		Variable Portfolio – Moderately Aggressive Portfolio (Class 1)
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 1		Variable Portfolio – Moderately Conservative Portfolio (Class 1)
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 1		Variable Portfolio – Partners Core Bond Fund (Class 1)
VP Ptnrs Core Bond, Cl 2		Variable Portfolio – Partners Core Bond Fund (Class 2)
VP Ptnrs Core Eq, Cl 1		Variable Portfolio – Partners Core Equity Fund (Class 1)
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 1		Variable Portfolio – Partners International Core Equity Fund (Class 1)
VP Ptnrs Intl Core Eq, Cl 2		Variable Portfolio – Partners International Core Equity Fund (Class 2)
VP Ptnrs Intl Gro, Cl 1		Variable Portfolio – Partners International Growth Fund (Class 1)
VP Ptnrs Intl Gro, Cl 2		Variable Portfolio – Partners International Growth Fund (Class 2)
VP Ptnrs Intl Val, Cl 1		Variable Portfolio – Partners International Value Fund (Class 1)
VP Ptnrs Intl Val, Cl 2		Variable Portfolio – Partners International Value Fund (Class 2)
VP Ptnrs Sm Cap Gro, Cl 1		Variable Portfolio – Partners Small Cap Growth Fund (Class 1)
VP Ptnrs Sm Cap Gro, Cl 2		Variable Portfolio – Partners Small Cap Growth Fund (Class 2)
VP Ptnrs Sm Cap Val, Cl 1		Variable Portfolio – Partners Small Cap Value Fund (Class 1)
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 1		Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 1)
VP US Flex Gro, Cl 1		Variable Portfolio – U.S. Flexible Growth Fund (Class 1)
VP US Flex Mod Gro, Cl 1		Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 1)
Wanger Acorn		Wanger Acorn
Wanger Intl		Wanger International
WA Var Global Hi Yd Bond, Cl I		Western Asset Variable Global High Yield Bond Portfolio – Class I
WA Var Global Hi Yd Bond, Cl II		Western Asset Variable Global High Yield Bond Portfolio – Class II

⁽¹⁾	Allspring VT International Equity Fund – Class 2 is scheduled to liquidate sometime during the second quarter of 2024.

⁽²⁾	American Century VP International, Class I is scheduled to reorganize into LVIP American Century International Fund, Standard Class II sometime during the second quarter of 2024.

⁽³⁾	American Century VP International, Class II is scheduled to reorganize into LVIP American Century International Fund, Service Class sometime during the second quarter of 2024.

⁽⁴⁾	American Century VP Value, Class I is scheduled to reorganize into LVIP American Century Value Fund, Standard Class II sometime during the second quarter of 2024.

⁽⁵⁾	American Century VP Value, Class II is scheduled to reorganize into LVIP American Century Value Fund, Service Class sometime during the second quarter of 2024.

⁽⁶⁾	For the period May 2, 2022 (commencement of operations) to December 31, 2022.

⁽⁷⁾	Neuberger Berman AMT U.S. Equity Index PutWrite Strategy Portfolio (Class S) is scheduled to liquidate sometime during the second quarter of 2024.

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 the issuer of the variable life insurance policies.



142		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

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

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

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

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

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

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

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

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 policies. 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 policies.

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.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			143

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
SPVL		0.90%
Succession Select		0.45% or 0.90% (depending on the policy selected)
V2D		0.90%
VUL		0.90%
VUL III		0.45% or 0.90% (depending on the policy selected)
VUL IV		0.30%, 0.45% or 0.90% (depending on the policy selected)
VUL IV – ES		0.20%, 0.30% or 0.90% (depending on the policy selected)
VUL 5		0.00%
VUL 5 – ES		0.00%
VUL 6		0.00%
RVS SPVL		0.50%
SVUL		0.00%
VUL 6 v3		0.00%

RiverSource Life also deducts a daily minimum death benefit guarantee risk charge equal, on an annual basis, to 0.15% of the average daily net assets of each subaccount offered by the RVS SPVL product. This charge compensates RiverSource Life for the risk it assumes by providing a guaranteed minimum death benefit.

4. POLICY CHARGES

A monthly deduction is made for the cost of insurance and the policy fee. The cost of insurance for the policy month is determined on the monthly date by determining the net amount at risk, as of that day, and by then applying the cost of insurance rates to the net amount at risk which RiverSource Life is assuming for the succeeding month. The monthly deduction will be taken from the subaccounts as specified in the application for the policy.

A policy fee may be deducted each month to reimburse RiverSource Life for expenses incurred in administering the policy, such as processing claims, maintaining records, making policy changes and communicating with owners of policies.

RiverSource Life deducts a premium expense charge from each premium payment. It partially compensates RiverSource Life for expenses associated with administering and distributing the policy, including the agents’ compensation, advertising and printing the prospectus and sales literature. It also compensates RiverSource Life for paying taxes imposed by certain states and governmental subdivisions on premiums received by insurance companies.

Each month RiverSource Life deducts charges for any optional insurance benefits added to the policy by rider.

Some products may also charge a death benefit guarantee charge or a no lapse guarantee charge.

5. SURRENDER CHARGES

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



144		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT

6. RELATED PARTY TRANSACTIONS

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

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


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

7. INVESTMENT TRANSACTIONS

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


Division	Purchases
AB VPS Dyn Asset Alloc, Cl B	$	177,313
AB VPS Intl Val, Cl B		3,838,642
AB VPS Lg Cap Gro, Cl A		5,102,138
AB VPS Lg Cap Gro, Cl B		12,980,969
AB VPS Relative Val, Cl B		6,795,429
Allspg VT Index Asset Alloc, Cl 2		2,183,013
Allspg VT Intl Eq, Cl 2		1,458,335
Allspg VT Opp, Cl 1		431,695
Allspg VT Opp, Cl 2		3,282,296
Allspg VT Sm Cap Gro, Cl 1		1,613,613
Allspg VT Sm Cap Gro, Cl 2		2,522,964
ALPS Alerian Engy Infr, Class I		1,298,418
ALPS Alerian Engy Infr, Class III		2,296,495
AC VP Intl, Cl I		603,374
AC VP Intl, Cl II		1,518,050
AC VP Val, Cl I		9,405,419
AC VP Val, Cl II		10,415,284
BlackRock Global Alloc, Cl I		3,143,619
BlackRock Global Alloc, Cl III		1,393,589
Calvert VP EAFE Intl Index, Cl F		433,131
Calvert VP EAFE Intl Index, Cl I		2,368,200
Calvert VP Nasdaq 100 Index, Cl F		816,326
Calvert VP Nasdaq 100 Index, Cl I		2,368,219
Calv VP Russ 2000 Sm Cap Ind, Cl F		116,238
Calv VP Russ 2000 Sm Cap Ind, Cl I		1,536,512
Calvert VP SRI Bal, Cl I		1,610,779
Col VP Bal, Cl 1		9,708,601
Col VP Bal, Cl 3		12,853,536
Col VP Commodity Strategy, Cl 1		855,306
Col VP Commodity Strategy, Cl 2		344,751
Col VP Contrarian Core, Cl 1		3,569,223
Col VP Contrarian Core, Cl 2		927,086
Col VP Disciplined Core, Cl 1		1,663,321
Col VP Disciplined Core, Cl 2		328,814
Col VP Disciplined Core, Cl 3		8,651,969
Col VP Divd Opp, Cl 1		2,785,001
Col VP Divd Opp, Cl 2		511,228
Col VP Divd Opp, Cl 3		11,460,250
Col VP Emerg Mkts Bond, Cl 1		803,270
Col VP Emerg Mkts Bond, Cl 2		134,288
Col VP Emer Mkts, Cl 1		2,458,202
Col VP Emer Mkts, Cl 2		948,941
Col VP Emer Mkts, Cl 3		3,550,857


Division	Purchases
Col VP Global Strategic Inc, Cl 2	$	84,317
Col VP Global Strategic Inc, Cl 3		2,672,247
Col VP Govt Money Mkt, Cl 1		15,495,414
Col VP Govt Money Mkt, Cl 2		2,647,240
Col VP Govt Money Mkt, Cl 3		14,711,353
Col VP Hi Yield Bond, Cl 1		1,291,465
Col VP Hi Yield Bond, Cl 2		353,591
Col VP Hi Yield Bond, Cl 3		6,697,724
Col VP Inc Opp, Cl 1		537,071
Col VP Inc Opp, Cl 2		178,253
Col VP Inc Opp, Cl 3		2,615,426
Col VP Inter Bond, Cl 1		3,383,570
Col VP Inter Bond, Cl 2		903,197
Col VP Inter Bond, Cl 3		12,240,024
Col VP Lg Cap Gro, Cl 1		4,641,599
Col VP Lg Cap Gro, Cl 2		1,223,425
Col VP Lg Cap Gro, Cl 3		8,322,746
Col VP Lg Cap Index, Cl 1		30,949,561
Col VP Lg Cap Index, Cl 3		20,569,841
Col VP Limited Duration Cr, Cl 1		1,553,011
Col VP Limited Duration Cr, Cl 2		2,981,453
Col VP Long Govt/Cr Bond, Cl 1		1,092,631
Col VP Long Govt/Cr Bond, Cl 2		653,871
Col VP Overseas Core, Cl 1		2,692,784
Col VP Overseas Core, Cl 2		437,260
Col VP Overseas Core, Cl 3		3,441,917
Col VP Select Lg Cap Val, Cl 1		3,011,934
Col VP Select Lg Cap Val, Cl 2		617,165
Col VP Select Lg Cap Val, Cl 3		5,387,446
Col VP Select Mid Cap Gro, Cl 1		1,729,803
Col VP Select Mid Cap Gro, Cl 2		452,894
Col VP Select Mid Cap Gro, Cl 3		3,133,220
Col VP Select Mid Cap Val, Cl 1		1,300,762
Col VP Select Mid Cap Val, Cl 2		360,508
Col VP Select Mid Cap Val, Cl 3		1,918,813
Col VP Select Sm Cap Val, Cl 1		1,228,624
Col VP Select Sm Cap Val, Cl 2		359,504
Col VP Select Sm Cap Val, Cl 3		2,393,246
Col VP Sel Gbl Tech, Cl 1		3,206,031
Col VP Sel Gbl Tech, Cl 2		1,757,152
Col VP Strategic Inc, Cl 1		1,801,461
Col VP Strategic Inc, Cl 2		480,798
Col VP US Govt Mtge, Cl 1		408,811



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			145


Division	Purchases
Col VP US Govt Mtge, Cl 2	$	98,693
Col VP US Govt Mtge, Cl 3		4,214,312
CS Commodity Return, Cl 1		2,473,167
CTIVP AC Div Bond, Cl 1		934,360
CTIVP AC Div Bond, Cl 2		89,309
CTIVP BR Gl Infl Prot Sec, Cl 1		378,777
CTIVP BR Gl Infl Prot Sec, Cl 2		132,966
CTIVP BR Gl Infl Prot Sec, Cl 3		1,714,045
CTIVP CenterSquare Real Est, Cl 1		1,186,496
CTIVP CenterSquare Real Est, Cl 2		372,568
CTIVP MFS Val, Cl 1		2,622,345
CTIVP MFS Val, Cl 2		624,992
CTIVP MS Adv, Cl 1		1,372,764
CTIVP MS Adv, Cl 2		302,561
CTIVP Prin Blue Chip Gro, Cl 1		1,081,016
CTIVP Prin Blue Chip Gro, Cl 2		502,703
CTIVP T Rowe Price LgCap Val, Cl 1		743,273
CTIVP T Rowe Price LgCap Val, Cl 2		238,361
CTIVP TCW Core Plus Bond, Cl 1		2,165,657
CTIVP TCW Core Plus Bond, Cl 2		131,903
CTIVP Vty Sycamore Estb Val, Cl 1		2,698,434
CTIVP Vty Sycamore Estb Val, Cl 2		475,656
CTIVP Vty Sycamore Estb Val, Cl 3		3,537,263
CTIVP Westfield Mid Cap Gro, Cl 1		979,775
CTIVP Westfield Mid Cap Gro, Cl 2		184,622
Del Ivy VIP Asset Strategy, Cl II		307,957
DWS Alt Asset Alloc VIP, Cl A		756,329
DWS Alt Asset Alloc VIP, Cl B		821,519
EV VT Floating-Rate Inc, Init Cl		4,467,907
Fid VIP Contrafund, Init Cl		6,490,163
Fid VIP Contrafund, Serv Cl 2		14,019,809
Fid VIP Gro & Inc, Serv Cl		4,068,142
Fid VIP Gro & Inc, Serv Cl 2		11,227,212
Fid VIP Mid Cap, Init Cl		4,724,548
Fid VIP Mid Cap, Serv Cl		3,633,721
Fid VIP Mid Cap, Serv Cl 2		12,780,860
Fid VIP Overseas, Serv Cl		1,414,710
Fid VIP Overseas, Serv Cl 2		3,451,899
Fid VIP Strategic Inc, Init Cl		3,978,015
Fid VIP Strategic Inc, Serv Cl 2		386,333
Frank Global Real Est, Cl 2		3,607,085
Frank Inc, Cl 1		1,847,276
Frank Inc, Cl 2		3,863,152
Frank Mutual Shares, Cl 1		247,088
Frank Mutual Shares, Cl 2		3,581,603
Frank Sm Cap Val, Cl 1		2,091,079
Frank Sm Cap Val, Cl 2		6,424,627
GS VIT Mid Cap Val, Inst		8,272,437
GS VIT Multi-Strategy Alt, Advisor		422,466
GS VIT Sm Cap Eq Insights, Inst		304,085
GS VIT U.S. Eq Insights, Inst		3,595,916
Invesco VI Am Fran, Ser I		683,966
Invesco VI Am Fran, Ser II		2,422,259
Invesco VI Bal Risk Alloc, Ser I		252,091
Invesco VI Bal Risk Alloc, Ser II		264,992
Invesco VI Comstock, Ser II		3,653,083
Invesco VI Core Eq, Ser I		3,498,355
Invesco VI Dis Mid Cap Gro, Ser I		1,193,793
Invesco VI Div Divd, Ser I		3,212,713


Division	Purchases
Invesco VI EQV Intl Eq, Ser II	$	1,471,297
Invesco VI Global, Ser I		2,704,231
Invesco VI Global, Ser II		6,347,475
Invesco VI Gbl Strat Inc, Ser I		313,777
Invesco VI Gbl Strat Inc, Ser II		3,368,980
Invesco VI Mn St Sm Cap, Ser I		1,826,242
Invesco VI Mn St Sm Cap, Ser II		3,714,597
Invesco VI Tech, Ser I		2,736,593
Invesco VI Tech, Ser II		388,459
Janus Henderson VIT Bal, Inst		6,586,307
Janus Henderson VIT Bal, Serv		463,977
Janus Henderson VIT Enter, Serv		2,205,646
Janus Henderson VIT Flex Bd, Inst		1,193,855
Janus Henderson VIT Flex Bd, Serv		242,058
Janus Hend VIT Gbl Tech Innov, Srv		4,416,192
Janus Henderson VIT Overseas, Serv		3,441,055
Janus Henderson VIT Res, Inst		2,071,933
Janus Henderson VIT Res, Serv		1,719,409
Lazard Ret Global Dyn MA, Inv		201,087
Lazard Ret Global Dyn MA, Serv		160,110
MFS Mass Inv Gro Stock, Serv Cl		6,898,663
MFS New Dis, Serv Cl		2,405,958
MFS Utilities, Init Cl		1,205,170
MFS Utilities, Serv Cl		4,087,333
MS VIF Dis, Cl I		2,151,569
MS VIF Dis, Cl II		2,798,395
MS VIF Global Real Est, Cl II		850,066
NB AMT Sus Eq, Cl I		439,364
NB AMT Sus Eq, Cl S		72,785
NB AMT US Eq Index PW Strat, Cl S		367,305
PIMCO VIT All Asset, Advisor Cl		1,313,786
PIMCO VIT All Asset, Inst Cl		919,061
PIMCO VIT Glb Man As Alloc, Adv Cl		370,263
PIMCO VIT Tot Return, Advisor Cl		5,815,071
PIMCO VIT Tot Return, Inst Cl		2,177,490
Put VT Global Hlth Care, Cl IA		851,016
Put VT Global Hlth Care, Cl IB		5,630,665
Put VT Hi Yield, Cl IB		416,657
Put VT Intl Eq, Cl IB		1,199,068
Put VT Sus Leaders, Cl IA		5,175,843
Put VT Sus Leaders, Cl IB		1,066,111
Royce Micro-Cap, Invest Cl		484,729
Temp Global Bond, Cl 1		312,620
Temp Global Bond, Cl 2		612,067
Third Ave VST Third Ave Value		2,930,536
VanEck VIP Global Gold, Cl S		2,739,253
VP Aggr, Cl 1		27,995,764
VP Aggr, Cl 2		29,657,388
VP Aggr, Cl 4		23,609,948
VP Conserv, Cl 1		2,090,816
VP Conserv, Cl 2		4,880,506
VP Conserv, Cl 4		3,824,200
VP Man Vol Conserv, Cl 1		220,890
VP Man Vol Conserv, Cl 2		448,014
VP Man Vol Conserv Gro, Cl 1		718,342
VP Man Vol Conserv Gro, Cl 2		318,486
VP Man Vol Gro, Cl 1		9,052,531
VP Man Vol Gro, Cl 2		4,349,553
VP Man Vol Mod Gro, Cl 1		4,199,343



146		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


Division	Purchases
VP Man Vol Mod Gro, Cl 2	$	3,702,368
VP Mod, Cl 1		24,368,151
VP Mod, Cl 2		31,705,764
VP Mod, Cl 4		27,563,843
VP Mod Aggr, Cl 1		54,590,399
VP Mod Aggr, Cl 2		34,133,617
VP Mod Aggr, Cl 4		44,006,201
VP Mod Conserv, Cl 1		2,655,230
VP Mod Conserv, Cl 2		4,344,599
VP Mod Conserv, Cl 4		4,575,652
VP Ptnrs Core Bond, Cl 1		729,606
VP Ptnrs Core Bond, Cl 2		222,788
VP Ptnrs Core Eq, Cl 1		581,163
VP Ptnrs Core Eq, Cl 2		65,947
VP Ptnrs Core Eq, Cl 3		864,751
VP Ptnrs Intl Core Eq, Cl 1		989,156
VP Ptnrs Intl Core Eq, Cl 2		536,891


Division	Purchases
VP Ptnrs Intl Gro, Cl 1	$	1,515,318
VP Ptnrs Intl Gro, Cl 2		632,591
VP Ptnrs Intl Val, Cl 1		802,212
VP Ptnrs Intl Val, Cl 2		855,734
VP Ptnrs Sm Cap Gro, Cl 1		393,793
VP Ptnrs Sm Cap Gro, Cl 2		154,418
VP Ptnrs Sm Cap Val, Cl 1		175,505
VP Ptnrs Sm Cap Val, Cl 2		127,336
VP Ptnrs Sm Cap Val, Cl 3		2,449,056
VP US Flex Conserv Gro, Cl 1		91,701
VP US Flex Gro, Cl 1		3,287,623
VP US Flex Mod Gro, Cl 1		970,071
Wanger Acorn		7,457,502
Wanger Intl		4,695,265
WA Var Global Hi Yd Bond, Cl I		332,235
WA Var Global Hi Yd Bond, Cl II		41,555

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
2023		474		$1.42	to	$1.22		$644		0.66	%		0.00	%	to	0.90	%		13.48	%	to	12.46	%
2022		375		$1.25	to	$1.08		$451		2.61	%		0.00	%	to	0.90	%		(18.68	%)	to	(19.40	%)
2021		339		$1.54	to	$1.34		$501		1.50	%		0.00	%	to	0.90	%		9.28	%	to	8.30	%
2020		372		$1.41	to	$1.24		$504		1.35	%		0.00	%	to	0.90	%		4.86	%	to	3.92	%
2019		604		$1.34	to	$1.19		$791		1.86	%		0.00	%	to	0.90	%		15.24	%	to	14.21	%
AB VPS Intl Val, Cl B
2023		20,837		$1.36	to	$1.82		$38,105		0.69	%		0.20	%	to	0.90	%		14.60	%	to	13.81	%
2022		21,294		$1.18	to	$1.60		$34,926		4.20	%		0.20	%	to	0.90	%		18.83	%⁽⁸⁾	to	(14.57	%)
2021		21,577		$1.54	to	$1.87		$41,260		1.70	%		0.30	%	to	0.90	%		10.52	%	to	9.86	%
2020		22,048		$1.39	to	$1.70		$38,291		1.55	%		0.30	%	to	0.90	%		1.90	%	to	1.29	%
2019		23,116		$1.37	to	$1.68		$39,382		0.81	%		0.30	%	to	0.90	%		16.44	%	to	15.74	%
AB VPS Lg Cap Gro, Cl A
2023		9,180		$2.00	to	$2.00		$18,396		—			0.00	%	to	0.00	%		35.13	%	to	35.13	%
2022		6,917		$1.48	to	$1.48		$10,257		—			0.00	%	to	0.00	%		(28.51	%)	to	(28.51	%)
2021		4,526		$2.07	to	$2.07		$9,388		—			0.00	%	to	0.00	%		28.97	%	to	28.97	%
2020		2,396		$1.61	to	$1.61		$3,854		—			0.00	%	to	0.00	%		35.48	%	to	35.48	%
2019		541		$1.19	to	$1.19		$643		—			0.00	%	to	0.00	%		18.61	%⁽⁵⁾	to	18.61	%⁽⁵⁾
AB VPS Lg Cap Gro, Cl B
2023		11,905		$5.39	to	$5.02		$74,888		—			0.00	%	to	0.90	%		34.79	%	to	33.59	%
2022		11,267		$4.00	to	$3.76		$55,103		—			0.00	%	to	0.90	%		(28.69	%)	to	(29.33	%)
2021		11,122		$5.61	to	$5.32		$77,132		—			0.00	%	to	0.90	%		28.65	%	to	27.50	%
2020		11,217		$4.36	to	$4.17		$60,424		—			0.00	%	to	0.90	%		35.15	%	to	33.94	%
2019		9,516		$3.23	to	$3.11		$37,472		—			0.00	%	to	0.90	%		34.37	%	to	33.16	%
AB VPS Relative Val, Cl B
2023		8,305		$1.23	to	$3.91		$33,146		1.29	%		0.20	%	to	0.90	%		11.50	%	to	10.72	%
2022		8,099		$1.10	to	$3.53		$32,111		1.10	%		0.20	%	to	0.90	%		10.30	%⁽⁸⁾	to	(5.27	%)
2021		8,602		$2.93	to	$3.73		$35,943		0.64	%		0.30	%	to	0.90	%		27.46	%	to	26.69	%
2020		8,839		$2.30	to	$2.94		$28,975		1.34	%		0.30	%	to	0.90	%		2.17	%	to	1.55	%
2019		9,166		$2.25	to	$2.90		$29,458		1.04	%		0.30	%	to	0.90	%		23.24	%	to	22.50	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			147


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Allspg VT Index Asset Alloc, Cl 2
2023		5,784		$1.21	to	$3.66		$14,028		0.96	%		0.20	%	to	0.90	%		16.47	%	to	15.66	%
2022		5,947		$1.04	to	$3.16		$12,736		0.63	%		0.20	%	to	0.90	%		4.13	%⁽⁸⁾	to	(17.77	%)
2021		6,216		$2.65	to	$3.84		$16,143		0.59	%		0.30	%	to	0.90	%		15.65	%	to	14.96	%
2020		6,508		$2.29	to	$3.34		$14,723		0.82	%		0.30	%	to	0.90	%		16.24	%	to	15.54	%
2019		6,169		$1.97	to	$2.89		$12,351		1.10	%		0.30	%	to	0.90	%		19.80	%	to	19.08	%
Allspg VT Intl Eq, Cl 2
2023		9,461		$1.33	to	$2.11		$19,843		1.45	%		0.20	%	to	0.90	%		15.34	%	to	14.52	%
2022		9,884		$1.15	to	$1.84		$18,301		3.66	%		0.20	%	to	0.90	%		16.17	%⁽⁸⁾	to	(12.67	%)
2021		10,506		$1.63	to	$2.11		$22,245		1.07	%		0.30	%	to	0.90	%		6.55	%	to	5.91	%
2020		10,326		$1.53	to	$1.99		$20,835		2.53	%		0.30	%	to	0.90	%		4.62	%	to	3.99	%
2019		11,303		$1.46	to	$1.92		$21,850		3.69	%		0.30	%	to	0.90	%		15.14	%	to	14.45	%
Allspg VT Opp, Cl 1
2023		403		$1.77	to	$1.77		$714		—			0.00	%	to	0.00	%		26.83	%	to	26.83	%
2022		213		$1.40	to	$1.40		$298		—			0.00	%	to	0.00	%		(20.61	%)	to	(20.61	%)
2021		88		$1.76	to	$1.76		$155		0.20	%		0.00	%	to	0.00	%		25.06	%	to	25.06	%
2020		66		$1.41	to	$1.41		$93		0.69	%		0.00	%	to	0.00	%		21.32	%	to	21.32	%
2019		17		$1.16	to	$1.16		$19		0.37	%		0.00	%	to	0.00	%		16.01	%⁽⁵⁾	to	16.01	%⁽⁵⁾
Allspg VT Opp, Cl 2
2023		3,407		$3.71	to	$5.47		$16,502		—			0.00	%	to	0.90	%		26.50	%	to	25.37	%
2022		3,274		$2.93	to	$4.36		$14,058		—			0.00	%	to	0.90	%		(20.81	%)	to	(21.52	%)
2021		3,460		$3.70	to	$5.56		$18,792		0.04	%		0.00	%	to	0.90	%		24.78	%	to	23.66	%
2020		3,782		$2.97	to	$4.50		$16,538		0.44	%		0.00	%	to	0.90	%		21.01	%	to	19.92	%
2019		4,163		$2.45	to	$3.75		$15,344		0.28	%		0.00	%	to	0.90	%		31.46	%	to	30.29	%
Allspg VT Sm Cap Gro, Cl 1
2023		4,473		$1.24	to	$1.24		$5,562		—			0.00	%	to	0.00	%		4.35	%	to	4.35	%
2022		3,336		$1.19	to	$1.19		$3,974		—			0.00	%	to	0.00	%		(34.30	%)	to	(34.30	%)
2021		2,184		$1.81	to	$1.81		$3,960		—			0.00	%	to	0.00	%		7.93	%	to	7.93	%
2020		1,129		$1.68	to	$1.68		$1,896		—			0.00	%	to	0.00	%		58.10	%	to	58.10	%
2019		275		$1.06	to	$1.06		$292		—			0.00	%	to	0.00	%		5.81	%⁽⁵⁾	to	5.81	%⁽⁵⁾
Allspg VT Sm Cap Gro, Cl 2
2023		6,564		$2.83	to	$4.81		$24,229		—			0.00	%	to	0.90	%		4.11	%	to	3.18	%
2022		6,328		$2.72	to	$4.66		$23,862		—			0.00	%	to	0.90	%		(34.42	%)	to	(35.01	%)
2021		6,492		$4.14	to	$7.18		$38,115		—			0.00	%	to	0.90	%		7.64	%	to	6.68	%
2020		6,635		$3.85	to	$6.73		$37,277		—			0.00	%	to	0.90	%		57.78	%	to	56.37	%
2019		6,010		$2.44	to	$4.30		$21,973		—			0.00	%	to	0.90	%		24.83	%	to	23.71	%
ALPS Alerian Engy Infr, Class I
2023		1,512		$1.42	to	$1.42		$2,147		3.77	%		0.00	%	to	0.00	%		14.25	%	to	14.25	%
2022		1,280		$1.24	to	$1.24		$1,592		6.26	%		0.00	%	to	0.00	%		17.84	%	to	17.84	%
2021		466		$1.06	to	$1.06		$492		3.03	%		0.00	%	to	0.00	%		38.25	%	to	38.25	%
2020		227		$0.76	to	$0.76		$174		4.77	%		0.00	%	to	0.00	%		(24.85	%)	to	(24.85	%)
2019		64		$1.02	to	$1.02		$65		7.23	%		0.00	%	to	0.00	%		1.46	%⁽⁵⁾	to	1.46	%⁽⁵⁾
ALPS Alerian Engy Infr, Class III
2023		13,258		$1.41	to	$1.05		$15,383		2.83	%		0.00	%	to	0.90	%		13.91	%	to	12.89	%
2022		16,510		$1.24	to	$0.93		$16,965		5.36	%		0.00	%	to	0.90	%		17.32	%	to	16.27	%
2021		9,385		$1.05	to	$0.80		$8,265		2.22	%		0.00	%	to	0.90	%		37.78	%	to	36.54	%
2020		7,533		$0.77	to	$0.59		$4,778		2.74	%		0.00	%	to	0.90	%		(25.12	%)	to	(25.80	%)
2019		8,472		$1.02	to	$0.79		$7,152		1.60	%		0.00	%	to	0.90	%		20.41	%	to	19.33	%
AC VP Intl, Cl I
2023		4,649		$3.05	to	$1.62		$12,088		1.40	%		0.45	%	to	0.90	%		12.07	%	to	11.56	%
2022		5,115		$2.72	to	$1.45		$11,784		1.47	%		0.45	%	to	0.90	%		(25.09	%)	to	(25.43	%)
2021		5,558		$3.63	to	$1.94		$16,775		0.16	%		0.45	%	to	0.90	%		8.26	%	to	7.77	%
2020		5,718		$3.35	to	$1.80		$15,930		0.48	%		0.45	%	to	0.90	%		25.32	%	to	24.75	%
2019		5,929		$2.68	to	$1.44		$13,264		0.88	%		0.45	%	to	0.90	%		27.84	%	to	27.27	%



148		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
AC VP Intl, Cl II
2023		5,765		$1.29	to	$2.53		$10,426		1.24	%		0.20	%	to	0.90	%		12.20	%	to	11.42	%
2022		6,043		$1.15	to	$2.27		$9,821		1.31	%		0.20	%	to	0.90	%		15.50	%⁽⁸⁾	to	(25.53	%)
2021		6,201		$2.18	to	$3.05		$13,509		0.01	%		0.30	%	to	0.90	%		8.28	%	to	7.63	%
2020		5,964		$2.01	to	$2.83		$12,046		0.36	%		0.30	%	to	0.90	%		25.28	%	to	24.53	%
2019		5,666		$1.61	to	$2.27		$9,179		0.75	%		0.30	%	to	0.90	%		27.76	%	to	26.99	%
AC VP Val, Cl I
2023		16,049		$1.57	to	$4.96		$63,389		2.39	%		0.00	%	to	0.90	%		9.10	%	to	8.12	%
2022		15,698		$1.44	to	$4.59		$60,397		2.10	%		0.00	%	to	0.90	%		0.54	%	to	(0.36	%)
2021		14,850		$1.43	to	$4.61		$60,652		1.75	%		0.00	%	to	0.90	%		24.51	%	to	23.39	%
2020		14,859		$1.15	to	$3.73		$50,999		2.30	%		0.00	%	to	0.90	%		0.98	%	to	0.07	%
2019		15,898		$1.14	to	$3.73		$55,958		2.12	%		0.00	%	to	0.90	%		13.24	%⁽⁵⁾	to	25.90	%
AC VP Val, Cl II
2023		14,406		$3.05	to	$4.14		$40,227		2.24	%		0.00	%	to	0.90	%		9.02	%	to	8.04	%
2022		14,647		$2.80	to	$3.83		$38,289		1.95	%		0.00	%	to	0.90	%		0.31	%	to	(0.59	%)
2021		14,552		$2.79	to	$3.85		$38,103		1.60	%		0.00	%	to	0.90	%		24.28	%	to	23.17	%
2020		14,585		$2.24	to	$3.13		$30,988		2.18	%		0.00	%	to	0.90	%		0.83	%	to	(0.07	%)
2019		15,441		$2.23	to	$3.13		$32,823		1.96	%		0.00	%	to	0.90	%		26.92	%	to	25.78	%
BlackRock Global Alloc, Cl I
2023		6,174		$1.36	to	$1.36		$8,370		2.92	%		0.00	%	to	0.00	%		12.83	%	to	12.83	%
2022		3,945		$1.20	to	$1.20		$4,741		—			0.00	%	to	0.00	%		(15.86	%)	to	(15.86	%)
2021		2,315		$1.43	to	$1.43		$3,305		1.19	%		0.00	%	to	0.00	%		6.67	%	to	6.67	%
2020		842		$1.34	to	$1.34		$1,127		1.89	%		0.00	%	to	0.00	%		21.01	%	to	21.01	%
2019		329		$1.11	to	$1.11		$364		4.02	%		0.00	%	to	0.00	%		10.50	%⁽⁵⁾	to	10.50	%⁽⁵⁾
BlackRock Global Alloc, Cl III
2023		8,436		$1.86	to	$1.40		$13,139		2.53	%		0.00	%	to	0.90	%		12.49	%	to	11.48	%
2022		8,825		$1.65	to	$1.26		$12,173		—			0.00	%	to	0.90	%		(16.07	%)	to	(16.82	%)
2021		8,960		$1.97	to	$1.51		$14,741		0.84	%		0.00	%	to	0.90	%		6.41	%	to	5.46	%
2020		8,664		$1.85	to	$1.44		$13,455		1.31	%		0.00	%	to	0.90	%		20.71	%	to	19.63	%
2019		9,575		$1.53	to	$1.20		$12,326		1.27	%		0.00	%	to	0.90	%		17.75	%	to	16.70	%
Calvert VP EAFE Intl Index, Cl F
2023		438		$1.15	to	$1.15		$505		5.17	%		0.00	%	to	0.00	%		17.53	%	to	17.53	%
2022		48		$0.98	to	$0.98		$47		6.64	%		0.00	%	to	0.00	%		(1.64	%)⁽⁷⁾	to	(1.64	%)⁽⁷⁾
Calvert VP EAFE Intl Index, Cl I
2023		3,401		$1.16	to	$1.16		$3,930		3.80	%		0.00	%	to	0.00	%		17.77	%	to	17.77	%
2022		1,324		$0.98	to	$0.98		$1,299		4.13	%		0.00	%	to	0.00	%		(1.51	%)⁽⁷⁾	to	(1.51	%)⁽⁷⁾
Calvert VP Nasdaq 100 Index, Cl F
2023		799		$1.31	to	$1.31		$1,050		0.45	%		0.00	%	to	0.00	%		54.02	%	to	54.02	%
2022		164		$0.85	to	$0.85		$140		0.45	%		0.00	%	to	0.00	%		(16.12	%)⁽⁷⁾	to	(16.12	%)⁽⁷⁾
Calvert VP Nasdaq 100 Index, Cl I
2023		4,070		$1.32	to	$1.32		$5,371		0.40	%		0.00	%	to	0.00	%		54.40	%	to	54.40	%
2022		2,160		$0.85	to	$0.85		$1,846		0.29	%		0.00	%	to	0.00	%		(15.98	%)⁽⁷⁾	to	(15.98	%)⁽⁷⁾
Calv VP Russ 2000 Sm Cap Ind, Cl F
2023		154		$1.11	to	$1.11		$170		1.26	%		0.00	%	to	0.00	%		16.36	%	to	16.36	%
2022		43		$0.95	to	$0.95		$41		1.69	%		0.00	%	to	0.00	%		(5.67	%)⁽⁷⁾	to	(5.67	%)⁽⁷⁾
Calv VP Russ 2000 Sm Cap Ind, Cl I
2023		2,895		$1.11	to	$1.11		$3,220		1.05	%		0.00	%	to	0.00	%		16.60	%	to	16.60	%
2022		1,450		$0.95	to	$0.95		$1,383		0.89	%		0.00	%	to	0.00	%		(5.55	%)⁽⁷⁾	to	(5.55	%)⁽⁷⁾
Calvert VP SRI Bal, Cl I
2023		4,974		$1.21	to	$2.66		$15,641		1.59	%		0.20	%	to	0.90	%		16.59	%	to	15.77	%
2022		5,078		$1.04	to	$2.30		$14,279		1.22	%		0.20	%	to	0.90	%		4.47	%⁽⁸⁾	to	(16.17	%)
2021		5,131		$2.40	to	$2.75		$17,155		1.18	%		0.30	%	to	0.90	%		14.77	%	to	14.08	%
2020		4,878		$2.09	to	$2.41		$14,181		1.58	%		0.30	%	to	0.90	%		14.91	%	to	14.22	%
2019		4,308		$1.82	to	$2.11		$10,925		1.64	%		0.30	%	to	0.90	%		24.03	%	to	23.29	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			149


	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 Bal, Cl 1
2023		17,369		$1.56	to	$1.56		$27,148		—			0.00	%	to	0.00	%		21.40	%	to	21.40	%
2022		11,049		$1.29	to	$1.29		$14,227		—			0.00	%	to	0.00	%		(16.65	%)	to	(16.65	%)
2021		6,891		$1.54	to	$1.54		$10,644		—			0.00	%	to	0.00	%		14.87	%	to	14.87	%
2020		2,380		$1.34	to	$1.34		$3,201		—			0.00	%	to	0.00	%		17.77	%	to	17.77	%
2019		646		$1.14	to	$1.14		$738		—			0.00	%	to	0.00	%		14.09	%⁽⁵⁾	to	14.09	%⁽⁵⁾
Col VP Bal, Cl 3
2023		68,177		$2.68	to	$2.89		$219,203		—			0.00	%	to	0.90	%		21.23	%	to	20.15	%
2022		70,596		$2.21	to	$2.41		$190,709		—			0.00	%	to	0.90	%		(16.74	%)	to	(17.49	%)
2021		75,552		$2.66	to	$2.92		$245,549		—			0.00	%	to	0.90	%		14.74	%	to	13.71	%
2020		78,112		$2.32	to	$2.57		$221,528		—			0.00	%	to	0.90	%		17.59	%	to	16.53	%
2019		80,271		$1.97	to	$2.20		$193,548		—			0.00	%	to	0.90	%		22.78	%	to	21.68	%
Col VP Commodity Strategy, Cl 1
2023		989		$1.46	to	$1.46		$1,449		21.29	%		0.00	%	to	0.00	%		(6.82	%)	to	(6.82	%)
2022		1,172		$1.57	to	$1.57		$1,842		28.83	%		0.00	%	to	0.00	%		19.09	%	to	19.09	%
2021		382		$1.32	to	$1.32		$505		0.27	%		0.00	%	to	0.00	%		32.63	%	to	32.63	%
2020		90		$1.00	to	$1.00		$90		12.64	%		0.00	%	to	0.00	%		(1.29	%)	to	(1.29	%)
2019		11		$1.01	to	$1.01		$11		4.10	%		0.00	%	to	0.00	%		1.75	%⁽⁵⁾	to	1.75	%⁽⁵⁾
Col VP Commodity Strategy, Cl 2
2023		906		$0.90	to	$0.90		$814		18.80	%		0.00	%	to	0.00	%		(7.13	%)	to	(7.13	%)
2022		1,293		$0.97	to	$0.97		$1,251		28.38	%		0.00	%	to	0.00	%		18.70	%	to	18.70	%
2021		858		$0.81	to	$0.81		$699		—			0.00	%	to	0.00	%		32.01	%	to	32.01	%
2020		422		$0.62	to	$0.62		$260		20.91	%		0.00	%	to	0.00	%		(1.55	%)	to	(1.55	%)
2019		156		$0.63	to	$0.63		$98		0.85	%		0.00	%	to	0.00	%		7.78	%	to	7.78	%
Col VP Contrarian Core, Cl 1
2023		5,100		$1.95	to	$1.95		$9,923		—			0.00	%	to	0.00	%		32.21	%	to	32.21	%
2022		3,121		$1.47	to	$1.47		$4,594		—			0.00	%	to	0.00	%		(18.65	%)	to	(18.65	%)
2021		1,799		$1.81	to	$1.81		$3,254		—			0.00	%	to	0.00	%		24.28	%	to	24.28	%
2020		616		$1.46	to	$1.46		$896		—			0.00	%	to	0.00	%		22.35	%	to	22.35	%
2019		259		$1.19	to	$1.19		$309		—			0.00	%	to	0.00	%		18.83	%⁽⁵⁾	to	18.83	%⁽⁵⁾
Col VP Contrarian Core, Cl 2
2023		2,123		$3.27	to	$3.27		$6,932		—			0.00	%	to	0.00	%		31.89	%	to	31.89	%
2022		1,874		$2.48	to	$2.48		$4,639		—			0.00	%	to	0.00	%		(18.85	%)	to	(18.85	%)
2021		2,001		$3.05	to	$3.05		$6,105		—			0.00	%	to	0.00	%		23.96	%	to	23.96	%
2020		1,983		$2.46	to	$2.46		$4,881		—			0.00	%	to	0.00	%		22.00	%	to	22.00	%
2019		1,808		$2.02	to	$2.02		$3,648		—			0.00	%	to	0.00	%		32.81	%	to	32.81	%
Col VP Disciplined Core, Cl 1
2023		3,042		$1.71	to	$1.71		$5,200		—			0.00	%	to	0.00	%		24.36	%	to	24.36	%
2022		2,060		$1.37	to	$1.37		$2,832		—			0.00	%	to	0.00	%		(18.72	%)	to	(18.72	%)
2021		1,354		$1.69	to	$1.69		$2,290		—			0.00	%	to	0.00	%		32.74	%	to	32.74	%
2020		725		$1.27	to	$1.27		$924		—			0.00	%	to	0.00	%		14.12	%	to	14.12	%
2019		211		$1.12	to	$1.12		$236		—			0.00	%	to	0.00	%		11.60	%⁽⁵⁾	to	11.60	%⁽⁵⁾
Col VP Disciplined Core, Cl 2
2023		872		$3.77	to	$3.77		$3,288		—			0.00	%	to	0.00	%		24.08	%	to	24.08	%
2022		895		$3.04	to	$3.04		$2,717		—			0.00	%	to	0.00	%		(18.94	%)	to	(18.94	%)
2021		847		$3.75	to	$3.75		$3,172		—			0.00	%	to	0.00	%		32.43	%	to	32.43	%
2020		974		$2.83	to	$2.83		$2,757		—			0.00	%	to	0.00	%		13.83	%	to	13.83	%
2019		887		$2.49	to	$2.49		$2,206		—			0.00	%	to	0.00	%		24.47	%	to	24.47	%
Col VP Disciplined Core, Cl 3
2023		86,364		$1.30	to	$2.92		$324,581		—			0.20	%	to	0.90	%		23.98	%	to	23.12	%
2022		92,009		$1.05	to	$2.37		$283,960		—			0.20	%	to	0.90	%		5.12	%⁽⁸⁾	to	(19.56	%)
2021		99,082		$3.65	to	$2.95		$377,759		—			0.30	%	to	0.90	%		32.17	%	to	31.38	%
2020		107,057		$2.76	to	$2.24		$308,477		—			0.30	%	to	0.90	%		13.64	%	to	12.96	%
2019		117,025		$2.43	to	$1.99		$297,717		—			0.30	%	to	0.90	%		24.26	%	to	23.52	%



150		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Divd Opp, Cl 1
2023		5,592		$1.48	to	$1.48		$8,274		—			0.00	%	to	0.00	%		5.09	%	to	5.09	%
2022		3,947		$1.41	to	$1.41		$5,557		—			0.00	%	to	0.00	%		(1.11	%)	to	(1.11	%)
2021		1,830		$1.42	to	$1.42		$2,606		—			0.00	%	to	0.00	%		26.16	%	to	26.16	%
2020		1,021		$1.13	to	$1.13		$1,152		—			0.00	%	to	0.00	%		1.15	%	to	1.15	%
2019		279		$1.12	to	$1.12		$311		—			0.00	%	to	0.00	%		11.49	%⁽⁵⁾	to	11.49	%⁽⁵⁾
Col VP Divd Opp, Cl 2
2023		1,832		$2.74	to	$2.74		$5,014		—			0.00	%	to	0.00	%		4.84	%	to	4.84	%
2022		1,928		$2.61	to	$2.61		$5,032		—			0.00	%	to	0.00	%		(1.39	%)	to	(1.39	%)
2021		1,446		$2.65	to	$2.65		$3,826		—			0.00	%	to	0.00	%		25.89	%	to	25.89	%
2020		1,430		$2.10	to	$2.10		$3,007		—			0.00	%	to	0.00	%		0.90	%	to	0.90	%
2019		1,568		$2.08	to	$2.08		$3,268		—			0.00	%	to	0.00	%		23.76	%	to	23.76	%
Col VP Divd Opp, Cl 3
2023		53,115		$1.17	to	$4.22		$200,758		—			0.20	%	to	0.90	%		4.74	%	to	4.02	%
2022		53,489		$1.12	to	$4.05		$204,738		—			0.20	%	to	0.90	%		12.24	%⁽⁸⁾	to	(2.12	%)
2021		55,539		$2.55	to	$4.14		$217,215		—			0.30	%	to	0.90	%		25.64	%	to	24.89	%
2020		58,981		$2.03	to	$3.32		$184,016		—			0.30	%	to	0.90	%		0.72	%	to	0.12	%
2019		64,372		$2.02	to	$3.31		$200,604		—			0.30	%	to	0.90	%		23.55	%	to	22.81	%
Col VP Emerg Mkts Bond, Cl 1
2023		1,089		$1.03	to	$1.03		$1,125		6.36	%		0.00	%	to	0.00	%		10.43	%	to	10.43	%
2022		451		$0.94	to	$0.94		$422		4.45	%		0.00	%	to	0.00	%		(16.03	%)	to	(16.03	%)
2021		262		$1.11	to	$1.11		$292		4.07	%		0.00	%	to	0.00	%		(2.20	%)	to	(2.20	%)
2020		133		$1.14	to	$1.14		$151		3.92	%		0.00	%	to	0.00	%		7.43	%	to	7.43	%
2019		23		$1.06	to	$1.06		$25		5.30	%		0.00	%	to	0.00	%		5.89	%⁽⁵⁾	to	5.89	%⁽⁵⁾
Col VP Emerg Mkts Bond, Cl 2
2023		537		$1.25	to	$1.25		$670		5.32	%		0.00	%	to	0.00	%		10.02	%	to	10.02	%
2022		517		$1.13	to	$1.13		$587		4.09	%		0.00	%	to	0.00	%		(16.16	%)	to	(16.16	%)
2021		609		$1.35	to	$1.35		$825		3.77	%		0.00	%	to	0.00	%		(2.45	%)	to	(2.45	%)
2020		492		$1.39	to	$1.39		$683		3.35	%		0.00	%	to	0.00	%		7.16	%	to	7.16	%
2019		413		$1.30	to	$1.30		$535		4.96	%		0.00	%	to	0.00	%		12.08	%	to	12.08	%
Col VP Emer Mkts, Cl 1
2023		7,847		$1.07	to	$1.07		$8,425		0.10	%		0.00	%	to	0.00	%		9.46	%	to	9.46	%
2022		5,611		$0.98	to	$0.98		$5,504		—			0.00	%	to	0.00	%		(32.90	%)	to	(32.90	%)
2021		3,339		$1.46	to	$1.46		$4,881		0.77	%		0.00	%	to	0.00	%		(7.20	%)	to	(7.20	%)
2020		1,249		$1.58	to	$1.58		$1,967		0.49	%		0.00	%	to	0.00	%		33.54	%	to	33.54	%
2019		332		$1.18	to	$1.18		$391		0.03	%		0.00	%	to	0.00	%		16.49	%⁽⁵⁾	to	16.49	%⁽⁵⁾
Col VP Emer Mkts, Cl 2
2023		5,263		$1.42	to	$1.42		$7,462		—			0.00	%	to	0.00	%		9.20	%	to	9.20	%
2022		4,948		$1.30	to	$1.30		$6,426		—			0.00	%	to	0.00	%		(33.07	%)	to	(33.07	%)
2021		5,014		$1.94	to	$1.94		$9,729		0.88	%		0.00	%	to	0.00	%		(7.47	%)	to	(7.47	%)
2020		4,306		$2.10	to	$2.10		$9,029		0.40	%		0.00	%	to	0.00	%		33.17	%	to	33.17	%
2019		3,862		$1.57	to	$1.57		$6,081		0.14	%		0.00	%	to	0.00	%		31.27	%	to	31.27	%
Col VP Emer Mkts, Cl 3
2023		20,810		$1.15	to	$2.93		$41,193		—			0.20	%	to	0.90	%		9.09	%	to	8.33	%
2022		20,471		$1.05	to	$2.70		$39,001		—			0.20	%	to	0.90	%		6.78	%⁽⁸⁾	to	(33.58	%)
2021		20,489		$1.77	to	$4.07		$59,340		0.96	%		0.30	%	to	0.90	%		(7.61	%)	to	(8.16	%)
2020		19,482		$1.92	to	$4.43		$62,312		0.55	%		0.30	%	to	0.90	%		32.96	%	to	32.17	%
2019		21,111		$1.44	to	$3.35		$51,169		0.17	%		0.30	%	to	0.90	%		31.04	%	to	30.25	%
Col VP Global Strategic Inc, Cl 2
2023		349		$0.96	to	$0.96		$337		2.94	%		0.00	%	to	0.00	%		9.47	%	to	9.47	%
2022		306		$0.88	to	$0.88		$270		3.08	%		0.00	%	to	0.00	%		(13.63	%)	to	(13.63	%)
2021		257		$1.02	to	$1.02		$262		3.49	%		0.00	%	to	0.00	%		1.03	%	to	1.03	%
2020		225		$1.01	to	$1.01		$228		5.70	%		0.00	%	to	0.00	%		4.59	%	to	4.59	%
2019		310		$0.97	to	$0.97		$300		—			0.00	%	to	0.00	%		10.75	%	to	10.75	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			151


	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
2023		14,957		$1.12	to	$1.74		$17,511		3.16	%		0.20	%	to	0.90	%		9.59	%	to	8.82	%
2022		14,712		$1.02	to	$1.60		$16,057		3.37	%		0.20	%	to	0.90	%		2.78	%⁽⁸⁾	to	(14.38	%)
2021		15,544		$0.99	to	$1.87		$19,785		3.78	%		0.30	%	to	0.90	%		0.84	%	to	0.23	%
2020		15,975		$0.98	to	$1.87		$20,343		5.05	%		0.30	%	to	0.90	%		4.36	%	to	3.74	%
2019		16,008		$0.94	to	$1.80		$19,641		—			0.30	%	to	0.90	%		10.58	%	to	9.91	%
Col VP Govt Money Mkt, Cl 1
2023		16,606		$1.08	to	$1.08		$17,934		4.68	%		0.00	%	to	0.00	%		4.73	%	to	4.73	%
2022		9,621		$1.03	to	$1.03		$9,921		1.55	%		0.00	%	to	0.00	%		1.20	%	to	1.20	%
2021		4,188		$1.02	to	$1.02		$4,267		0.01	%		0.00	%	to	0.00	%		0.02	%	to	0.02	%
2020		2,100		$1.02	to	$1.02		$2,139		0.08	%		0.00	%	to	0.00	%		0.30	%	to	0.30	%
2019		173		$1.02	to	$1.02		$176		1.63	%		0.00	%	to	0.00	%		1.56	%⁽⁵⁾	to	1.56	%⁽⁵⁾
Col VP Govt Money Mkt, Cl 2
2023		7,655		$1.09	to	$1.09		$8,359		4.35	%		0.00	%	to	0.00	%		4.46	%	to	4.46	%
2022		9,023		$1.05	to	$1.05		$9,432		1.11	%		0.00	%	to	0.00	%		1.10	%	to	1.10	%
2021		8,269		$1.03	to	$1.03		$8,550		0.01	%		0.00	%	to	0.00	%		0.02	%	to	0.02	%
2020		6,819		$1.03	to	$1.03		$7,049		0.13	%		0.00	%	to	0.00	%		0.24	%	to	0.24	%
2019		3,712		$1.03	to	$1.03		$3,829		1.59	%		0.00	%	to	0.00	%		1.64	%	to	1.64	%
Col VP Govt Money Mkt, Cl 3
2023		46,490		$1.08	to	$1.13		$48,679		4.50	%		0.20	%	to	0.90	%		4.39	%	to	3.66	%
2022		48,496		$1.04	to	$1.09		$48,793		1.20	%		0.20	%	to	0.90	%		0.96	%	to	0.26	%
2021		42,780		$1.03	to	$1.08		$42,769		0.01	%		0.20	%	to	0.90	%		(0.17	%)	to	(0.87	%)
2020		49,065		$1.03	to	$1.09		$49,384		0.20	%		0.20	%	to	0.90	%		0.08	%	to	(0.61	%)
2019		37,229		$1.03	to	$1.10		$37,658		1.71	%		0.20	%	to	0.90	%		1.56	%	to	0.86	%
Col VP Hi Yield Bond, Cl 1
2023		2,898		$1.24	to	$1.24		$3,579		5.58	%		0.00	%	to	0.00	%		12.19	%	to	12.19	%
2022		2,010		$1.10	to	$1.10		$2,213		5.53	%		0.00	%	to	0.00	%		(10.55	%)	to	(10.55	%)
2021		1,075		$1.23	to	$1.23		$1,323		5.10	%		0.00	%	to	0.00	%		4.98	%	to	4.98	%
2020		471		$1.17	to	$1.17		$552		6.29	%		0.00	%	to	0.00	%		6.67	%	to	6.67	%
2019		207		$1.10	to	$1.10		$227		4.40	%		0.00	%	to	0.00	%		9.74	%⁽⁵⁾	to	9.74	%⁽⁵⁾
Col VP Hi Yield Bond, Cl 2
2023		1,344		$1.67	to	$1.67		$2,247		5.27	%		0.00	%	to	0.00	%		11.87	%	to	11.87	%
2022		1,365		$1.49	to	$1.49		$2,040		4.91	%		0.00	%	to	0.00	%		(10.78	%)	to	(10.78	%)
2021		1,395		$1.67	to	$1.67		$2,337		4.97	%		0.00	%	to	0.00	%		4.79	%	to	4.79	%
2020		1,243		$1.60	to	$1.60		$1,986		5.94	%		0.00	%	to	0.00	%		6.31	%	to	6.31	%
2019		1,271		$1.50	to	$1.50		$1,911		5.56	%		0.00	%	to	0.00	%		16.52	%	to	16.52	%
Col VP Hi Yield Bond, Cl 3
2023		18,668		$1.14	to	$3.14		$46,808		5.42	%		0.20	%	to	0.90	%		11.86	%	to	11.08	%
2022		18,231		$1.02	to	$2.83		$43,768		5.10	%		0.20	%	to	0.90	%		2.27	%⁽⁸⁾	to	(11.50	%)
2021		19,746		$1.61	to	$3.20		$53,387		4.95	%		0.30	%	to	0.90	%		4.55	%	to	3.92	%
2020		19,746		$1.54	to	$3.08		$51,630		5.68	%		0.30	%	to	0.90	%		6.23	%	to	5.59	%
2019		21,303		$1.45	to	$2.91		$52,931		5.78	%		0.30	%	to	0.90	%		16.37	%	to	15.67	%
Col VP Inc Opp, Cl 1
2023		996		$1.22	to	$1.22		$1,213		5.50	%		0.00	%	to	0.00	%		11.56	%	to	11.56	%
2022		627		$1.09	to	$1.09		$684		5.74	%		0.00	%	to	0.00	%		(10.01	%)	to	(10.01	%)
2021		432		$1.21	to	$1.21		$524		9.73	%		0.00	%	to	0.00	%		4.50	%	to	4.50	%
2020		275		$1.16	to	$1.16		$320		5.30	%		0.00	%	to	0.00	%		5.90	%	to	5.90	%
2019		112		$1.10	to	$1.10		$122		4.93	%		0.00	%	to	0.00	%		9.50	%⁽⁵⁾	to	9.50	%⁽⁵⁾
Col VP Inc Opp, Cl 2
2023		664		$1.63	to	$1.63		$1,079		4.96	%		0.00	%	to	0.00	%		11.36	%	to	11.36	%
2022		653		$1.46	to	$1.46		$954		5.09	%		0.00	%	to	0.00	%		(10.22	%)	to	(10.22	%)
2021		690		$1.63	to	$1.63		$1,122		8.93	%		0.00	%	to	0.00	%		4.14	%	to	4.14	%
2020		698		$1.56	to	$1.56		$1,089		4.57	%		0.00	%	to	0.00	%		5.67	%	to	5.67	%
2019		804		$1.48	to	$1.48		$1,187		4.75	%		0.00	%	to	0.00	%		16.12	%	to	16.12	%



152		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Inc Opp, Cl 3
2023		7,803		$1.14	to	$2.37		$17,221		5.06	%		0.20	%	to	0.90	%		11.29	%	to	10.51	%
2022		7,610		$1.02	to	$2.14		$15,536		5.17	%		0.20	%	to	0.90	%		2.16	%⁽⁸⁾	to	(11.02	%)
2021		8,058		$1.56	to	$2.41		$18,527		8.96	%		0.30	%	to	0.90	%		4.17	%	to	3.54	%
2020		8,187		$1.50	to	$2.33		$18,315		4.57	%		0.30	%	to	0.90	%		5.42	%	to	4.79	%
2019		9,469		$1.42	to	$2.22		$20,217		4.90	%		0.30	%	to	0.90	%		15.88	%	to	15.19	%
Col VP Inter Bond, Cl 1
2023		5,757		$1.06	to	$1.06		$6,120		2.35	%		0.00	%	to	0.00	%		6.34	%	to	6.34	%
2022		2,744		$1.00	to	$1.00		$2,743		3.28	%		0.00	%	to	0.00	%		(17.06	%)	to	(17.06	%)
2021		1,990		$1.21	to	$1.21		$2,399		3.33	%		0.00	%	to	0.00	%		(0.24	%)	to	(0.24	%)
2020		909		$1.21	to	$1.21		$1,098		2.79	%		0.00	%	to	0.00	%		12.58	%	to	12.58	%
2019		364		$1.07	to	$1.07		$391		0.55	%		0.00	%	to	0.00	%		7.33	%⁽⁵⁾	to	7.33	%⁽⁵⁾
Col VP Inter Bond, Cl 2
2023		2,463		$1.21	to	$1.21		$2,977		2.14	%		0.00	%	to	0.00	%		6.08	%	to	6.08	%
2022		1,982		$1.14	to	$1.14		$2,257		2.94	%		0.00	%	to	0.00	%		(17.22	%)	to	(17.22	%)
2021		2,315		$1.38	to	$1.38		$3,186		3.16	%		0.00	%	to	0.00	%		(0.58	%)	to	(0.58	%)
2020		2,196		$1.38	to	$1.38		$3,040		2.79	%		0.00	%	to	0.00	%		12.28	%	to	12.28	%
2019		1,109		$1.23	to	$1.23		$1,367		3.28	%		0.00	%	to	0.00	%		9.03	%	to	9.03	%
Col VP Inter Bond, Cl 3
2023		59,504		$1.08	to	$1.95		$90,254		2.22	%		0.20	%	to	0.90	%		5.99	%	to	5.24	%
2022		57,561		$1.02	to	$1.85		$84,441		3.07	%		0.20	%	to	0.90	%		1.80	%⁽⁸⁾	to	(17.91	%)
2021		60,520		$1.33	to	$2.25		$108,129		3.17	%		0.30	%	to	0.90	%		(0.65	%)	to	(1.25	%)
2020		61,659		$1.34	to	$2.28		$112,164		2.76	%		0.30	%	to	0.90	%		12.11	%	to	11.44	%
2019		57,052		$1.20	to	$2.05		$93,770		3.08	%		0.30	%	to	0.90	%		8.79	%	to	8.14	%
Col VP Lg Cap Gro, Cl 1
2023		7,915		$2.04	to	$2.04		$16,133		—			0.00	%	to	0.00	%		43.16	%	to	43.16	%
2022		5,826		$1.42	to	$1.42		$8,295		—			0.00	%	to	0.00	%		(31.38	%)	to	(31.38	%)
2021		3,360		$2.07	to	$2.07		$6,972		—			0.00	%	to	0.00	%		28.73	%	to	28.73	%
2020		1,045		$1.61	to	$1.61		$1,684		—			0.00	%	to	0.00	%		34.74	%	to	34.74	%
2019		341		$1.20	to	$1.20		$408		—			0.00	%	to	0.00	%		19.30	%⁽⁵⁾	to	19.30	%⁽⁵⁾
Col VP Lg Cap Gro, Cl 2
2023		2,098		$4.62	to	$4.62		$9,688		—			0.00	%	to	0.00	%		42.77	%	to	42.77	%
2022		1,897		$3.23	to	$3.23		$6,137		—			0.00	%	to	0.00	%		(31.53	%)	to	(31.53	%)
2021		1,913		$4.72	to	$4.72		$9,036		—			0.00	%	to	0.00	%		28.35	%	to	28.35	%
2020		1,612		$3.68	to	$3.68		$5,934		—			0.00	%	to	0.00	%		34.41	%	to	34.41	%
2019		1,412		$2.74	to	$2.74		$3,867		—			0.00	%	to	0.00	%		35.53	%	to	35.53	%
Col VP Lg Cap Gro, Cl 3
2023		15,808		$1.45	to	$2.51		$87,093		—			0.20	%	to	0.90	%		42.66	%	to	41.67	%
2022		15,251		$1.01	to	$1.77		$62,909		—			0.20	%	to	0.90	%		2.68	%⁽⁸⁾	to	(32.06	%)
2021		17,354		$4.63	to	$2.61		$103,000		—			0.30	%	to	0.90	%		28.15	%	to	27.39	%
2020		18,422		$3.61	to	$2.05		$83,570		—			0.30	%	to	0.90	%		34.16	%	to	33.36	%
2019		18,686		$2.69	to	$1.54		$62,956		—			0.30	%	to	0.90	%		35.35	%	to	34.54	%
Col VP Lg Cap Index, Cl 1
2023		40,776		$1.83	to	$1.83		$74,619		—			0.00	%	to	0.00	%		25.96	%	to	25.96	%
2022		22,381		$1.45	to	$1.45		$32,515		—			0.00	%	to	0.00	%		(18.34	%)	to	(18.34	%)
2021		11,970		$1.78	to	$1.78		$21,297		—			0.00	%	to	0.00	%		28.39	%	to	28.39	%
2020		4,417		$1.39	to	$1.39		$6,120		—			0.00	%	to	0.00	%		18.03	%	to	18.03	%
2019		1,444		$1.17	to	$1.17		$1,696		—			0.00	%	to	0.00	%		17.25	%⁽⁵⁾	to	17.25	%⁽⁵⁾
Col VP Lg Cap Index, Cl 3
2023		40,287		$4.01	to	$3.75		$187,839		—			0.00	%	to	0.90	%		25.81	%	to	24.69	%
2022		36,497		$3.19	to	$3.00		$146,056		—			0.00	%	to	0.90	%		(18.45	%)	to	(19.18	%)
2021		34,652		$3.91	to	$3.72		$171,763		—			0.00	%	to	0.90	%		28.22	%	to	27.07	%
2020		34,094		$3.05	to	$2.93		$132,339		—			0.00	%	to	0.90	%		17.90	%	to	16.85	%
2019		35,383		$2.58	to	$2.50		$117,211		—			0.00	%	to	0.90	%		30.95	%	to	29.78	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			153


	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 Limited Duration Cr, Cl 1
2023		1,919		$1.12	to	$1.12		$2,152		3.93	%		0.00	%	to	0.00	%		6.89	%	to	6.89	%
2022		1,921		$1.05	to	$1.05		$2,015		0.79	%		0.00	%	to	0.00	%		(6.08	%)	to	(6.08	%)
2021		486		$1.12	to	$1.12		$543		2.81	%		0.00	%	to	0.00	%		(0.59	%)	to	(0.59	%)
2020		243		$1.12	to	$1.12		$273		4.03	%		0.00	%	to	0.00	%		5.90	%	to	5.90	%
2019		100		$1.06	to	$1.06		$107		2.26	%		0.00	%	to	0.00	%		5.98	%⁽⁵⁾	to	5.98	%⁽⁵⁾
Col VP Limited Duration Cr, Cl 2
2023		13,717		$1.21	to	$1.03		$14,863		3.10	%		0.00	%	to	0.90	%		6.66	%	to	5.70	%
2022		13,861		$1.14	to	$0.97		$14,094		0.51	%		0.00	%	to	0.90	%		(6.36	%)	to	(7.20	%)
2021		12,445		$1.21	to	$1.05		$13,533		1.36	%		0.00	%	to	0.90	%		(0.84	%)	to	(1.74	%)
2020		12,848		$1.22	to	$1.06		$14,161		2.59	%		0.00	%	to	0.90	%		5.57	%	to	4.62	%
2019		7,025		$1.16	to	$1.02		$7,378		2.12	%		0.00	%	to	0.90	%		7.47	%	to	6.50	%
Col VP Long Govt/Cr Bond, Cl 1
2023		801		$1.03	to	$1.03		$823		4.06	%		0.00	%	to	0.00	%		6.97	%	to	6.97	%
2022		233		$0.96	to	$0.96		$224		2.50	%		0.00	%	to	0.00	%		(27.55	%)	to	(27.55	%)
2021		133		$1.33	to	$1.33		$176		2.10	%		0.00	%	to	0.00	%		(3.20	%)	to	(3.20	%)
2020		84		$1.37	to	$1.37		$115		3.02	%		0.00	%	to	0.00	%		17.25	%	to	17.25	%
2019		22		$1.17	to	80$1.17		$26		3.14	%		0.00	%	to	0.00	%		16.90	%⁽⁵⁾	to	16.90	%⁽⁵⁾
Col VP Long Govt/Cr Bond, Cl 2
2023		900		$1.18	to	$1.18		$1,059		3.48	%		0.00	%	to	0.00	%		6.68	%	to	6.68	%
2022		421		$1.10	to	$1.10		$464		2.26	%		0.00	%	to	0.00	%		(27.70	%)	to	(27.70	%)
2021		268		$1.53	to	$1.53		$408		2.02	%		0.00	%	to	0.00	%		(3.47	%)	to	(3.47	%)
2020		137		$1.58	to	$1.58		$216		2.57	%		0.00	%	to	0.00	%		17.08	%	to	17.08	%
2019		104		$1.35	to	$1.35		$140		2.37	%		0.00	%	to	0.00	%		19.42	%	to	19.42	%
Col VP Overseas Core, Cl 1
2023		5,582		$1.33	to	$1.33		$7,414		1.67	%		0.00	%	to	0.00	%		15.64	%	to	15.64	%
2022		3,554		$1.15	to	$1.15		$4,081		0.68	%		0.00	%	to	0.00	%		(14.68	%)	to	(14.68	%)
2021		1,554		$1.35	to	$1.35		$2,092		1.25	%		0.00	%	to	0.00	%		9.96	%	to	9.96	%
2020		381		$1.22	to	$1.22		$467		1.80	%		0.00	%	to	0.00	%		9.12	%	to	9.12	%
2019		71		$1.12	to	$1.12		$80		2.33	%		0.00	%	to	0.00	%		11.40	%⁽⁵⁾	to	11.40	%⁽⁵⁾
Col VP Overseas Core, Cl 2
2023		2,004		$1.86	to	$1.86		$3,717		1.63	%		0.00	%	to	0.00	%		15.32	%	to	15.32	%
2022		1,909		$1.61	to	$1.61		$3,071		0.73	%		0.00	%	to	0.00	%		(14.90	%)	to	(14.90	%)
2021		1,776		$1.89	to	$1.89		$3,358		1.11	%		0.00	%	to	0.00	%		9.74	%	to	9.74	%
2020		1,322		$1.72	to	$1.72		$2,277		1.44	%		0.00	%	to	0.00	%		8.83	%	to	8.83	%
2019		1,062		$1.58	to	$1.58		$1,681		1.84	%		0.00	%	to	0.00	%		25.15	%	to	25.15	%
Col VP Overseas Core, Cl 3
2023		30,834		$1.32	to	$1.50		$56,156		1.82	%		0.20	%	to	0.90	%		15.24	%	to	14.44	%
2022		32,773		$1.14	to	$1.31		$52,095		0.80	%		0.20	%	to	0.90	%		15.40	%⁽⁸⁾	to	(15.56	%)
2021		34,473		$1.79	to	$1.55		$64,481		1.18	%		0.30	%	to	0.90	%		9.55	%	to	8.90	%
2020		36,440		$1.63	to	$1.43		$61,801		1.56	%		0.30	%	to	0.90	%		8.60	%	to	7.95	%
2019		39,743		$1.51	to	$1.32		$61,964		1.96	%		0.30	%	to	0.90	%		24.95	%	to	24.20	%
Col VP Select Lg Cap Val, Cl 1
2023		5,268		$1.57	to	$1.57		$8,279		—			0.00	%	to	0.00	%		5.39	%	to	5.39	%
2022		3,640		$1.49	to	$1.49		$5,428		—			0.00	%	to	0.00	%		(1.84	%)	to	(1.84	%)
2021		1,781		$1.52	to	$1.52		$2,706		—			0.00	%	to	0.00	%		26.29	%	to	26.29	%
2020		439		$1.20	to	$1.20		$528		—			0.00	%	to	0.00	%		7.08	%	to	7.08	%
2019		87		$1.12	to	$1.12		$98		—			0.00	%	to	0.00	%		12.12	%⁽⁵⁾	to	12.12	%⁽⁵⁾
Col VP Select Lg Cap Val, Cl 2
2023		1,869		$3.44	to	$3.44		$6,438		—			0.00	%	to	0.00	%		5.11	%	to	5.11	%
2022		2,109		$3.28	to	$3.28		$6,911		—			0.00	%	to	0.00	%		(2.06	%)	to	(2.06	%)
2021		1,694		$3.35	to	$3.35		$5,667		—			0.00	%	to	0.00	%		25.98	%	to	25.98	%
2020		894		$2.66	to	$2.66		$2,374		—			0.00	%	to	0.00	%		6.81	%	to	6.81	%
2019		757		$2.49	to	$2.49		$1,881		—			0.00	%	to	0.00	%		26.43	%	to	26.43	%



154		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Select Lg Cap Val, Cl 3
2023		7,889		$1.17	to	$3.61		$34,553		—		0.20	%	to	0.90	%		5.02	%	to	4.29	%
2022		8,150		$1.11	to	$3.46		$35,784		—		0.20	%	to	0.90	%		12.68	%⁽⁸⁾	to	(2.83	%)
2021		7,418		$3.15	to	$3.57		$33,618		—		0.30	%	to	0.90	%		25.77	%	to	25.02	%
2020		5,409		$2.50	to	$2.85		$19,128		—		0.30	%	to	0.90	%		6.63	%	to	6.00	%
2019		5,651		$2.35	to	$2.69		$18,409		—		0.30	%	to	0.90	%		26.16	%	to	25.41	%
Col VP Select Mid Cap Gro, Cl 1
2023		3,468		$1.59	to	$1.59		$5,516		—		0.00	%	to	0.00	%		25.24	%	to	25.24	%
2022		2,360		$1.27	to	$1.27		$2,998		—		0.00	%	to	0.00	%		(30.83	%)	to	(30.83	%)
2021		1,446		$1.84	to	$1.84		$2,655		—		0.00	%	to	0.00	%		16.57	%	to	16.57	%
2020		747		$1.58	to	$1.58		$1,177		—		0.00	%	to	0.00	%		35.42	%	to	35.42	%
2019		206		$1.16	to	$1.16		$240		—		0.00	%	to	0.00	%		16.33	%⁽⁵⁾	to	16.33	%⁽⁵⁾
Col VP Select Mid Cap Gro, Cl 2
2023		937		$3.23	to	$3.23		$3,024		—		0.00	%	to	0.00	%		24.92	%	to	24.92	%
2022		855		$2.58	to	$2.58		$2,209		—		0.00	%	to	0.00	%		(31.01	%)	to	(31.01	%)
2021		909		$3.74	to	$3.74		$3,404		—		0.00	%	to	0.00	%		16.27	%	to	16.27	%
2020		853		$3.22	to	$3.22		$2,746		—		0.00	%	to	0.00	%		35.08	%	to	35.08	%
2019		711		$2.38	to	$2.38		$1,694		—		0.00	%	to	0.00	%		34.83	%	to	34.83	%
Col VP Select Mid Cap Gro, Cl 3
2023		4,170		$1.26	to	$4.16		$19,931		—		0.20	%	to	0.90	%		24.84	%	to	23.97	%
2022		3,845		$1.01	to	$3.36		$16,262		—		0.20	%	to	0.90	%		2.87	%⁽⁸⁾	to	(31.54	%)
2021		4,327		$3.70	to	$4.90		$26,558		—		0.30	%	to	0.90	%		16.06	%	to	15.36	%
2020		4,831		$3.19	to	$4.25		$25,490		—		0.30	%	to	0.90	%		34.83	%	to	34.02	%
2019		4,675		$2.37	to	$3.17		$18,273		—		0.30	%	to	0.90	%		34.62	%	to	33.81	%
Col VP Select Mid Cap Val, Cl 1
2023		2,601		$1.60	to	$1.60		$4,152		—		0.00	%	to	0.00	%		10.30	%	to	10.30	%
2022		1,949		$1.45	to	$1.45		$2,821		—		0.00	%	to	0.00	%		(9.44	%)	to	(9.44	%)
2021		750		$1.60	to	$1.60		$1,198		—		0.00	%	to	0.00	%		32.33	%	to	32.33	%
2020		270		$1.21	to	$1.21		$327		—		0.00	%	to	0.00	%		7.48	%	to	7.48	%
2019		75		$1.12	to	$1.12		$84		—		0.00	%	to	0.00	%		12.64	%⁽⁵⁾	to	12.64	%⁽⁵⁾
Col VP Select Mid Cap Val, Cl 2
2023		1,412		$3.22	to	$3.22		$4,552		—		0.00	%	to	0.00	%		10.05	%	to	10.05	%
2022		1,364		$2.93	to	$2.93		$3,996		—		0.00	%	to	0.00	%		(9.66	%)	to	(9.66	%)
2021		1,075		$3.24	to	$3.24		$3,487		—		0.00	%	to	0.00	%		31.97	%	to	31.97	%
2020		1,049		$2.46	to	$2.46		$2,578		—		0.00	%	to	0.00	%		7.25	%	to	7.25	%
2019		1,078		$2.29	to	$2.29		$2,470		—		0.00	%	to	0.00	%		31.25	%	to	31.25	%
Col VP Select Mid Cap Val, Cl 3
2023		4,680		$1.19	to	$3.60		$19,888		—		0.20	%	to	0.90	%		9.96	%	to	9.20	%
2022		4,852		$1.08	to	$3.29		$19,776		—		0.20	%	to	0.90	%		9.03	%⁽⁸⁾	to	(10.37	%)
2021		4,462		$3.06	to	$3.68		$20,499		—		0.30	%	to	0.90	%		31.74	%	to	30.95	%
2020		3,971		$2.32	to	$2.81		$13,386		—		0.30	%	to	0.90	%		7.09	%	to	6.45	%
2019		4,860		$2.17	to	$2.64		$15,381		—		0.30	%	to	0.90	%		31.03	%	to	30.24	%
Col VP Select Sm Cap Val, Cl 1
2023		2,460		$1.39	to	$1.39		$3,430		—		0.00	%	to	0.00	%		13.14	%	to	13.14	%
2022		1,654		$1.23	to	$1.23		$2,038		—		0.00	%	to	0.00	%		(14.70	%)	to	(14.70	%)
2021		842		$1.44	to	$1.44		$1,217		—		0.00	%	to	0.00	%		30.93	%	to	30.93	%
2020		308		$1.10	to	$1.10		$340		—		0.00	%	to	0.00	%		9.19	%	to	9.19	%
2019		92		$1.01	to	$1.01		$93		—		0.00	%	to	0.00	%		1.17	%⁽⁵⁾	to	1.17	%⁽⁵⁾
Col VP Select Sm Cap Val, Cl 2
2023		1,017		$2.90	to	$2.90		$2,953		—		0.00	%	to	0.00	%		12.85	%	to	12.85	%
2022		988		$2.57	to	$2.57		$2,542		—		0.00	%	to	0.00	%		(14.93	%)	to	(14.93	%)
2021		825		$3.02	to	$3.02		$2,493		—		0.00	%	to	0.00	%		30.62	%	to	30.62	%
2020		640		$2.31	to	$2.31		$1,482		—		0.00	%	to	0.00	%		8.92	%	to	8.92	%
2019		588		$2.13	to	$2.13		$1,249		—		0.00	%	to	0.00	%		17.44	%	to	17.44	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			155


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Col VP Select Sm Cap Val, Cl 3
2023		5,090		$1.19	to	$3.96		$21,281		—			0.20	%	to	0.90	%		12.75	%	to	11.96	%
2022		4,975		$1.05	to	$3.54		$19,931		—			0.20	%	to	0.90	%		5.87	%⁽⁸⁾	to	(15.58	%)
2021		4,708		$2.89	to	$4.19		$22,617		—			0.30	%	to	0.90	%		30.41	%	to	29.63	%
2020		4,250		$2.21	to	$3.24		$15,664		—			0.30	%	to	0.90	%		8.73	%	to	8.08	%
2019		4,561		$2.04	to	$2.99		$15,582		—			0.30	%	to	0.90	%		17.23	%	to	16.53	%
Col VP Sel Gbl Tech, Cl 1
2023		4,102		$1.25	to	$1.25		$5,139		—			0.00	%	to	0.00	%		45.29	%	to	45.29	%
2022		1,352		$0.86	to	$0.86		$1,166		—			0.00	%	to	0.00	%		(15.48	%)⁽⁷⁾	to	(15.48	%)⁽⁷⁾
Col VP Sel Gbl Tech, Cl 2
2023		1,712		$1.25	to	$1.25		$2,135		—			0.00	%	to	0.00	%		44.87	%	to	44.87	%
2022		333		$0.86	to	$0.86		$286		—			0.00	%	to	0.00	%		(15.57	%)⁽⁷⁾	to	(15.57	%)⁽⁷⁾
Col VP Strategic Inc, Cl 1
2023		5,185		$1.13	to	$1.13		$5,876		3.75	%		0.00	%	to	0.00	%		9.67	%	to	9.67	%
2022		3,801		$1.03	to	$1.03		$3,927		3.14	%		0.00	%	to	0.00	%		(11.37	%)	to	(11.37	%)
2021		2,356		$1.17	to	$1.17		$2,747		5.69	%		0.00	%	to	0.00	%		2.09	%	to	2.09	%
2020		813		$1.14	to	$1.14		$928		3.59	%		0.00	%	to	0.00	%		6.82	%	to	6.82	%
2019		404		$1.07	to	$1.07		$432		4.19	%		0.00	%	to	0.00	%		6.66	%⁽⁵⁾	to	6.66	%⁽⁵⁾
Col VP Strategic Inc, Cl 2
2023		1,982		$1.39	to	$1.39		$2,756		3.47	%		0.00	%	to	0.00	%		9.20	%	to	9.20	%
2022		1,764		$1.27	to	$1.27		$2,246		2.65	%		0.00	%	to	0.00	%		(11.52	%)	to	(11.52	%)
2021		1,966		$1.44	to	$1.44		$2,829		5.37	%		0.00	%	to	0.00	%		1.63	%	to	1.63	%
2020		1,810		$1.42	to	$1.42		$2,563		3.42	%		0.00	%	to	0.00	%		6.62	%	to	6.62	%
2019		1,732		$1.33	to	$1.33		$2,300		3.58	%		0.00	%	to	0.00	%		10.22	%	to	10.22	%
Col VP US Govt Mtge, Cl 1
2023		774		$1.00	to	$1.00		$773		2.90	%		0.00	%	to	0.00	%		5.70	%	to	5.70	%
2022		584		$0.94	to	$0.94		$552		2.60	%		0.00	%	to	0.00	%		(14.14	%)	to	(14.14	%)
2021		354		$1.10	to	$1.10		$390		2.75	%		0.00	%	to	0.00	%		(0.95	%)	to	(0.95	%)
2020		87		$1.11	to	$1.11		$97		2.59	%		0.00	%	to	0.00	%		5.09	%	to	5.09	%
2019		16		$1.06	to	$1.06		$17		1.17	%		0.00	%	to	0.00	%		5.80	%⁽⁵⁾	to	5.80	%⁽⁵⁾
Col VP US Govt Mtge, Cl 2
2023		440		$1.12	to	$1.12		$494		2.53	%		0.00	%	to	0.00	%		5.43	%	to	5.43	%
2022		549		$1.07	to	$1.07		$585		2.09	%		0.00	%	to	0.00	%		(14.32	%)	to	(14.32	%)
2021		407		$1.24	to	$1.24		$506		2.00	%		0.00	%	to	0.00	%		(1.20	%)	to	(1.20	%)
2020		454		$1.26	to	$1.26		$572		2.66	%		0.00	%	to	0.00	%		4.85	%	to	4.85	%
2019		344		$1.20	to	$1.20		$413		2.29	%		0.00	%	to	0.00	%		6.50	%	to	6.50	%
Col VP US Govt Mtge, Cl 3
2023		14,745		$1.07	to	$1.38		$17,412		2.63	%		0.20	%	to	0.90	%		5.34	%	to	4.61	%
2022		15,469		$1.02	to	$1.32		$17,533		2.01	%		0.20	%	to	0.90	%		2.31	%⁽⁸⁾	to	(15.03	%)
2021		15,981		$1.22	to	$1.55		$21,281		1.91	%		0.30	%	to	0.90	%		(1.36	%)	to	(1.96	%)
2020		16,767		$1.24	to	$1.58		$22,823		2.52	%		0.30	%	to	0.90	%		4.64	%	to	4.01	%
2019		15,922		$1.18	to	$1.52		$20,799		2.66	%		0.30	%	to	0.90	%		6.30	%	to	5.66	%
CS Commodity Return, Cl 1
2023		8,556		$0.88	to	$0.61		$7,066		21.66	%		0.20	%	to	0.90	%		(9.30	%)	to	(9.93	%)
2022		10,258		$0.97	to	$0.68		$9,418		14.70	%		0.20	%	to	0.90	%		(2.05	%)⁽⁸⁾	to	14.99	%
2021		9,004		$0.71	to	$0.59		$7,062		4.94	%		0.30	%	to	0.90	%		27.52	%	to	26.75	%
2020		8,330		$0.56	to	$0.46		$5,090		5.87	%		0.30	%	to	0.90	%		(1.77	%)	to	(2.36	%)
2019		8,533		$0.57	to	$0.48		$5,309		0.88	%		0.30	%	to	0.90	%		6.37	%	to	5.73	%
CTIVP AC Div Bond, Cl 1
2023		1,582		$1.05	to	$1.05		$1,655		3.34	%		0.00	%	to	0.00	%		5.59	%	to	5.59	%
2022		769		$0.99	to	$0.99		$762		3.16	%		0.00	%	to	0.00	%		(15.29	%)	to	(15.29	%)
2021		549		$1.17	to	$1.17		$642		2.11	%		0.00	%	to	0.00	%		0.45	%	to	0.45	%
2020		306		$1.16	to	$1.16		$356		2.37	%		0.00	%	to	0.00	%		8.55	%	to	8.55	%
2019		74		$1.07	to	$1.07		$80		1.24	%		0.00	%	to	0.00	%		7.41	%⁽⁵⁾	to	7.41	%⁽⁵⁾



156		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
CTIVP AC Div Bond, Cl 2
2023		353		$1.17	to	$1.17		$412		3.15	%		0.00	%	to	0.00	%		5.33	%	to	5.33	%
2022		311		$1.11	to	$1.11		$344		2.78	%		0.00	%	to	0.00	%		(15.52	%)	to	(15.52	%)
2021		250		$1.31	to	$1.31		$328		1.67	%		0.00	%	to	0.00	%		0.29	%	to	0.29	%
2020		240		$1.31	to	$1.31		$314		1.72	%		0.00	%	to	0.00	%		8.24	%	to	8.24	%
2019		225		$1.21	to	$1.21		$271		5.62	%		0.00	%	to	0.00	%		9.40	%	to	9.40	%
CTIVP BR Gl Infl Prot Sec, Cl 1
2023		1,058		$1.04	to	$1.04		$1,101		8.64	%		0.00	%	to	0.00	%		4.10	%	to	4.10	%
2022		1,159		$1.00	to	$1.00		$1,158		4.90	%		0.00	%	to	0.00	%		(17.51	%)	to	(17.51	%)
2021		516		$1.21	to	$1.21		$626		0.77	%		0.00	%	to	0.00	%		4.56	%	to	4.56	%
2020		85		$1.16	to	$1.16		$98		0.71	%		0.00	%	to	0.00	%		9.37	%	to	9.37	%
2019		8		$1.06	to	$1.06		$9		1.14	%		0.00	%	to	0.00	%		6.14	%⁽⁵⁾	to	6.14	%⁽⁵⁾
CTIVP BR Gl Infl Prot Sec, Cl 2
2023		666		$1.18	to	$1.18		$784		8.60	%		0.00	%	to	0.00	%		3.89	%	to	3.89	%
2022		816		$1.13	to	$1.13		$925		4.60	%		0.00	%	to	0.00	%		(17.69	%)	to	(17.69	%)
2021		748		$1.38	to	$1.38		$1,030		0.55	%		0.00	%	to	0.00	%		4.43	%	to	4.43	%
2020		649		$1.32	to	$1.32		$856		0.46	%		0.00	%	to	0.00	%		8.97	%	to	8.97	%
2019		515		$1.21	to	$1.21		$624		3.09	%		0.00	%	to	0.00	%		7.63	%	to	7.63	%
CTIVP BR Gl Infl Prot Sec, Cl 3
2023		7,121		$1.07	to	$1.43		$9,563		8.61	%		0.20	%	to	0.90	%		3.75	%	to	3.02	%
2022		8,452		$1.03	to	$1.39		$11,152		4.60	%		0.20	%	to	0.90	%		5.32	%⁽⁸⁾	to	(18.32	%)
2021		8,801		$1.36	to	$1.70		$14,228		0.71	%		0.30	%	to	0.90	%		4.16	%	to	3.54	%
2020		7,785		$1.30	to	$1.64		$12,147		0.56	%		0.30	%	to	0.90	%		8.79	%	to	8.14	%
2019		7,497		$1.20	to	$1.52		$10,781		3.14	%		0.30	%	to	0.90	%		7.49	%	to	6.85	%
CTIVP CenterSquare Real Est, Cl 1
2023		2,184		$1.29	to	$1.29		$2,822		2.08	%		0.00	%	to	0.00	%		13.76	%	to	13.76	%
2022		1,884		$1.14	to	$1.14		$2,141		1.66	%		0.00	%	to	0.00	%		(24.12	%)	to	(24.12	%)
2021		1,168		$1.50	to	$1.50		$1,749		1.31	%		0.00	%	to	0.00	%		41.44	%	to	41.44	%
2020		622		$1.06	to	$1.06		$658		4.75	%		0.00	%	to	0.00	%		(4.87	%)	to	(4.87	%)
2019		200		$1.11	to	$1.11		$222		1.65	%		0.00	%	to	0.00	%		12.01	%⁽⁵⁾	to	12.01	%⁽⁵⁾
CTIVP CenterSquare Real Est, Cl 2
2023		1,216		$1.91	to	$1.91		$2,323		1.80	%		0.00	%	to	0.00	%		13.56	%	to	13.56	%
2022		1,340		$1.68	to	$1.68		$2,254		1.28	%		0.00	%	to	0.00	%		(24.33	%)	to	(24.33	%)
2021		1,670		$2.22	to	$2.22		$3,712		1.12	%		0.00	%	to	0.00	%		41.20	%	to	41.20	%
2020		1,235		$1.57	to	$1.57		$1,944		4.12	%		0.00	%	to	0.00	%		(5.18	%)	to	(5.18	%)
2019		1,595		$1.66	to	$1.66		$2,648		1.59	%		0.00	%	to	0.00	%		26.16	%	to	26.16	%
CTIVP MFS Val, Cl 1
2023		7,326		$1.53	to	$1.53		$11,194		—			0.00	%	to	0.00	%		8.04	%	to	8.04	%
2022		5,609		$1.41	to	$1.41		$7,932		—			0.00	%	to	0.00	%		(6.10	%)	to	(6.10	%)
2021		3,864		$1.51	to	$1.51		$5,820		—			0.00	%	to	0.00	%		25.43	%	to	25.43	%
2020		1,517		$1.20	to	$1.20		$1,821		—			0.00	%	to	0.00	%		3.57	%	to	3.57	%
2019		484		$1.16	to	$1.16		$561		—			0.00	%	to	0.00	%		15.67	%⁽⁵⁾	to	15.67	%⁽⁵⁾
CTIVP MFS Val, Cl 2
2023		1,995		$3.09	to	$3.09		$6,162		—			0.00	%	to	0.00	%		7.77	%	to	7.77	%
2022		1,997		$2.87	to	$2.87		$5,724		—			0.00	%	to	0.00	%		(6.36	%)	to	(6.36	%)
2021		2,026		$3.06	to	$3.06		$6,202		—			0.00	%	to	0.00	%		25.11	%	to	25.11	%
2020		1,863		$2.45	to	$2.45		$4,559		—			0.00	%	to	0.00	%		3.34	%	to	3.34	%
2019		1,477		$2.37	to	$2.37		$3,496		—			0.00	%	to	0.00	%		29.51	%	to	29.51	%
CTIVP MS Adv, Cl 1
2023		3,803		$1.45	to	$1.45		$5,517		—			0.00	%	to	0.00	%		31.00	%	to	31.00	%
2022		2,942		$1.11	to	$1.11		$3,258		—			0.00	%	to	0.00	%		(41.07	%)	to	(41.07	%)
2021		2,239		$1.88	to	$1.88		$4,207		—			0.00	%	to	0.00	%		(4.11	%)	to	(4.11	%)
2020		1,055		$1.96	to	$1.96		$2,066		—			0.00	%	to	0.00	%		75.91	%	to	75.91	%
2019		302		$1.11	to	$1.11		$336		—			0.00	%	to	0.00	%		11.29	%⁽⁵⁾	to	11.29	%⁽⁵⁾



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			157


	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 MS Adv, Cl 2
2023		875		$3.42	to	$3.42		$2,991		—			0.00	%	to	0.00	%		30.62	%	to	30.62	%
2022		878		$2.62	to	$2.62		$2,298		—			0.00	%	to	0.00	%		(41.21	%)	to	(41.21	%)
2021		1,015		$4.45	to	$4.45		$4,519		—			0.00	%	to	0.00	%		(4.35	%)	to	(4.35	%)
2020		1,092		$4.65	to	$4.65		$5,082		—			0.00	%	to	0.00	%		75.49	%	to	75.49	%
2019		675		$2.65	to	$2.65		$1,791		—			0.00	%	to	0.00	%		26.85	%	to	26.85	%
CTIVP Prin Blue Chip Gro, Cl 1
2023		2,313		$1.84	to	$1.84		$4,266		—			0.00	%	to	0.00	%		39.54	%	to	39.54	%
2022		1,690		$1.32	to	$1.32		$2,234		—			0.00	%	to	0.00	%		(28.00	%)	to	(28.00	%)
2021		1,109		$1.84	to	$1.84		$2,036		—			0.00	%	to	0.00	%		18.57	%	to	18.57	%
2020		472		$1.55	to	$1.55		$730		—			0.00	%	to	0.00	%		31.93	%	to	31.93	%
2019		155		$1.17	to	$1.17		$182		—			0.00	%	to	0.00	%		17.05	%⁽⁵⁾	to	17.05	%⁽⁵⁾
CTIVP Prin Blue Chip Gro, Cl 2
2023		706		$4.46	to	$4.46		$3,150		—			0.00	%	to	0.00	%		39.21	%	to	39.21	%
2022		672		$3.20	to	$3.20		$2,154		—			0.00	%	to	0.00	%		(28.19	%)	to	(28.19	%)
2021		679		$4.46	to	$4.46		$3,029		—			0.00	%	to	0.00	%		18.28	%	to	18.28	%
2020		699		$3.77	to	$3.77		$2,637		—			0.00	%	to	0.00	%		31.61	%	to	31.61	%
2019		578		$2.87	to	$2.87		$1,657		—			0.00	%	to	0.00	%		31.43	%	to	31.43	%
CTIVP T Rowe Price LgCap Val, Cl 1
2023		2,169		$1.53	to	$1.53		$3,322		—			0.00	%	to	0.00	%		9.59	%	to	9.59	%
2022		1,764		$1.40	to	$1.40		$2,466		—			0.00	%	to	0.00	%		(4.96	%)	to	(4.96	%)
2021		1,326		$1.47	to	$1.47		$1,950		—			0.00	%	to	0.00	%		25.29	%	to	25.29	%
2020		634		$1.17	to	$1.17		$744		—			0.00	%	to	0.00	%		2.67	%	to	2.67	%
2019		253		$1.14	to	$1.14		$289		—			0.00	%	to	0.00	%		14.17	%⁽⁵⁾	to	14.17	%⁽⁵⁾
CTIVP T Rowe Price LgCap Val, Cl 2
2023		838		$2.62	to	$2.62		$2,195		—			0.00	%	to	0.00	%		9.28	%	to	9.28	%
2022		881		$2.40	to	$2.40		$2,113		—			0.00	%	to	0.00	%		(5.16	%)	to	(5.16	%)
2021		855		$2.53	to	$2.53		$2,163		—			0.00	%	to	0.00	%		24.98	%	to	24.98	%
2020		672		$2.02	to	$2.02		$1,360		—			0.00	%	to	0.00	%		2.43	%	to	2.43	%
2019		522		$1.98	to	$1.98		$1,031		—			0.00	%	to	0.00	%		26.22	%	to	26.22	%
CTIVP TCW Core Plus Bond, Cl 1
2023		3,909		$1.05	to	$1.05		$4,110		2.43	%		0.00	%	to	0.00	%		5.91	%	to	5.91	%
2022		1,899		$0.99	to	$0.99		$1,884		1.17	%		0.00	%	to	0.00	%		(14.19	%)	to	(14.19	%)
2021		1,370		$1.16	to	$1.16		$1,585		1.42	%		0.00	%	to	0.00	%		(1.14	%)	to	(1.14	%)
2020		386		$1.17	to	$1.17		$451		2.31	%		0.00	%	to	0.00	%		8.88	%	to	8.88	%
2019		127		$1.07	to	$1.07		$137		1.44	%		0.00	%	to	0.00	%		7.56	%⁽⁵⁾	to	7.56	%⁽⁵⁾
CTIVP TCW Core Plus Bond, Cl 2
2023		332		$1.13	to	$1.13		$377		2.25	%		0.00	%	to	0.00	%		5.54	%	to	5.54	%
2022		260		$1.07	to	$1.07		$280		0.86	%		0.00	%	to	0.00	%		(14.31	%)	to	(14.31	%)
2021		360		$1.25	to	$1.25		$451		1.09	%		0.00	%	to	0.00	%		(1.41	%)	to	(1.41	%)
2020		430		$1.27	to	$1.27		$547		2.09	%		0.00	%	to	0.00	%		8.67	%	to	8.67	%
2019		145		$1.17	to	$1.17		$170		1.81	%		0.00	%	to	0.00	%		8.58	%	to	8.58	%
CTIVP Vty Sycamore Estb Val, Cl 1
2023		5,411		$1.72	to	$1.72		$9,312		—			0.00	%	to	0.00	%		9.92	%	to	9.92	%
2022		4,136		$1.57	to	$1.57		$6,475		—			0.00	%	to	0.00	%		(2.75	%)	to	(2.75	%)
2021		2,513		$1.61	to	$1.61		$4,046		—			0.00	%	to	0.00	%		31.90	%	to	31.90	%
2020		1,035		$1.22	to	$1.22		$1,263		—			0.00	%	to	0.00	%		8.05	%	to	8.05	%
2019		294		$1.13	to	$1.13		$332		—			0.00	%	to	0.00	%		12.92	%⁽⁵⁾	to	12.92	%⁽⁵⁾
CTIVP Vty Sycamore Estb Val, Cl 2
2023		1,938		$3.81	to	$3.81		$7,392		—			0.00	%	to	0.00	%		9.67	%	to	9.67	%
2022		2,098		$3.48	to	$3.48		$7,296		—			0.00	%	to	0.00	%		(3.00	%)	to	(3.00	%)
2021		2,231		$3.59	to	$3.59		$7,998		—			0.00	%	to	0.00	%		31.55	%	to	31.55	%
2020		1,756		$2.73	to	$2.73		$4,788		—			0.00	%	to	0.00	%		7.80	%	to	7.80	%
2019		1,875		$2.53	to	$2.53		$4,742		—			0.00	%	to	0.00	%		27.85	%	to	27.85	%



158		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
CTIVP Vty Sycamore Estb Val, Cl 3
2023		7,906		$1.21	to	$4.43		$39,816		—			0.20	%	to	0.90	%		9.59	%	to	8.83	%
2022		7,792		$1.10	to	$4.07		$38,174		—			0.20	%	to	0.90	%		10.35	%⁽⁸⁾	to	(3.75	%)
2021		7,699		$3.43	to	$4.22		$39,080		—			0.30	%	to	0.90	%		31.35	%	to	30.57	%
2020		6,678		$2.61	to	$3.24		$25,714		—			0.30	%	to	0.90	%		7.58	%	to	6.94	%
2019		7,112		$2.43	to	$3.03		$25,362		—			0.30	%	to	0.90	%		27.63	%	to	26.86	%
CTIVP Westfield Mid Cap Gro, Cl 1
2023		1,726		$1.68	to	$1.68		$2,893		—			0.00	%	to	0.00	%		25.48	%	to	25.48	%
2022		1,136		$1.34	to	$1.34		$1,517		—			0.00	%	to	0.00	%		(25.60	%)	to	(25.60	%)
2021		682		$1.80	to	$1.80		$1,225		—			0.00	%	to	0.00	%		16.72	%	to	16.72	%
2020		240		$1.54	to	$1.54		$369		—			0.00	%	to	0.00	%		27.50	%	to	27.50	%
2019		78		$1.21	to	$1.21		$94		—			0.00	%	to	0.00	%		20.21	%⁽⁵⁾	to	20.21	%⁽⁵⁾
CTIVP Westfield Mid Cap Gro, Cl 2
2023		765		$3.29	to	$3.29		$2,514		—			0.00	%	to	0.00	%		25.17	%	to	25.17	%
2022		767		$2.63	to	$2.63		$2,014		—			0.00	%	to	0.00	%		(25.79	%)	to	(25.79	%)
2021		712		$3.54	to	$3.54		$2,520		—			0.00	%	to	0.00	%		16.41	%	to	16.41	%
2020		640		$3.04	to	$3.04		$1,947		—			0.00	%	to	0.00	%		27.18	%	to	27.18	%
2019		645		$2.39	to	$2.39		$1,541		—			0.00	%	to	0.00	%		41.80	%	to	41.80	%
Del Ivy VIP Asset Strategy, Cl II
2023		1,374		$1.53	to	$1.32		$1,984		2.05	%		0.00	%	to	0.90	%		13.94	%	to	12.92	%
2022		1,604		$1.35	to	$1.17		$2,024		1.62	%		0.00	%	to	0.90	%		(14.74	%)	to	(15.50	%)
2021		1,596		$1.58	to	$1.38		$2,370		1.60	%		0.00	%	to	0.90	%		10.44	%	to	9.45	%
2020		1,630		$1.43	to	$1.26		$2,194		2.00	%		0.00	%	to	0.90	%		13.88	%	to	12.86	%
2019		1,924		$1.26	to	$1.12		$2,263		2.26	%		0.00	%	to	0.90	%		21.78	%	to	20.69	%
DWS Alt Asset Alloc VIP, Cl A
2023		1,376		$1.25	to	$1.25		$1,727		5.87	%		0.00	%	to	0.00	%		6.19	%	to	6.19	%
2022		1,043		$1.18	to	$1.18		$1,232		6.53	%		0.00	%	to	0.00	%		(7.42	%)	to	(7.42	%)
2021		477		$1.28	to	$1.28		$609		1.28	%		0.00	%	to	0.00	%		12.74	%	to	12.74	%
2020		130		$1.13	to	$1.13		$147		1.84	%		0.00	%	to	0.00	%		5.71	%	to	5.71	%
2019		20		$1.07	to	$1.07		$22		0.04	%		0.00	%	to	0.00	%		7.25	%⁽⁵⁾	to	7.25	%⁽⁵⁾
DWS Alt Asset Alloc VIP, Cl B
2023		3,375		$1.34	to	$1.13		$4,135		6.48	%		0.00	%	to	0.90	%		5.67	%	to	4.73	%
2022		3,893		$1.27	to	$1.08		$4,522		6.67	%		0.00	%	to	0.90	%		(7.74	%)	to	(8.57	%)
2021		3,089		$1.38	to	$1.18		$3,916		1.48	%		0.00	%	to	0.90	%		12.35	%	to	11.34	%
2020		1,960		$1.22	to	$1.06		$2,216		2.33	%		0.00	%	to	0.90	%		5.32	%	to	4.38	%
2019		1,674		$1.16	to	$1.02		$1,794		3.30	%		0.00	%	to	0.90	%		14.35	%	to	13.32	%
EV VT Floating-Rate Inc, Init Cl
2023		10,967		$1.13	to	$1.53		$19,853		8.20	%		0.20	%	to	0.90	%		11.00	%	to	10.22	%
2022		11,332		$1.02	to	$1.39		$18,888		4.63	%		0.20	%	to	0.90	%		1.54	%⁽⁸⁾	to	(3.61	%)
2021		10,721		$1.29	to	$1.44		$18,368		2.89	%		0.30	%	to	0.90	%		3.31	%	to	2.70	%
2020		8,979		$1.25	to	$1.40		$14,701		3.33	%		0.30	%	to	0.90	%		1.69	%	to	1.08	%
2019		12,116		$1.23	to	$1.39		$19,738		4.32	%		0.30	%	to	0.90	%		6.76	%	to	6.12	%
Fid VIP Contrafund, Init Cl
2023		10,969		$1.92	to	$1.92		$21,013		0.58	%		0.00	%	to	0.00	%		33.45	%	to	33.45	%
2022		7,632		$1.44	to	$1.44		$10,956		0.63	%		0.00	%	to	0.00	%		(26.31	%)	to	(26.31	%)
2021		4,736		$1.95	to	$1.95		$9,226		0.04	%		0.00	%	to	0.00	%		27.83	%	to	27.83	%
2020		2,263		$1.52	to	$1.52		$3,449		0.27	%		0.00	%	to	0.00	%		30.57	%	to	30.57	%
2019		681		$1.17	to	$1.17		$795		0.87	%		0.00	%	to	0.00	%		16.49	%⁽⁵⁾	to	16.49	%⁽⁵⁾
Fid VIP Contrafund, Serv Cl 2
2023		30,112		$3.91	to	$3.68		$141,469		0.27	%		0.00	%	to	0.90	%		33.12	%	to	31.93	%
2022		29,747		$2.94	to	$2.79		$111,113		0.27	%		0.00	%	to	0.90	%		(26.49	%)	to	(27.14	%)
2021		30,396		$4.00	to	$3.83		$155,608		0.03	%		0.00	%	to	0.90	%		27.51	%	to	26.37	%
2020		32,483		$3.14	to	$3.03		$130,870		0.08	%		0.00	%	to	0.90	%		30.23	%	to	29.07	%
2019		33,382		$2.41	to	$2.35		$103,408		0.21	%		0.00	%	to	0.90	%		31.28	%	to	30.10	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			159


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Fid VIP Gro & Inc, Serv Cl
2023		10,537		$6.32	to	$3.90		$58,698		1.58	%		0.45	%	to	0.90	%		18.05	%	to	17.52	%
2022		11,350		$5.35	to	$3.32		$53,326		1.58	%		0.45	%	to	0.90	%		(5.45	%)	to	(5.87	%)
2021		11,749		$5.66	to	$3.53		$58,676		2.31	%		0.45	%	to	0.90	%		25.20	%	to	24.64	%
2020		12,548		$4.52	to	$2.83		$49,950		2.03	%		0.45	%	to	0.90	%		7.25	%	to	6.77	%
2019		13,949		$4.21	to	$2.65		$51,430		3.51	%		0.45	%	to	0.90	%		29.36	%	to	28.78	%
Fid VIP Gro & Inc, Serv Cl 2
2023		13,916		$1.29	to	$4.55		$42,563		1.50	%		0.20	%	to	0.90	%		18.13	%	to	17.31	%
2022		13,523		$1.09	to	$3.88		$37,593		1.48	%		0.20	%	to	0.90	%		10.16	%⁽⁸⁾	to	(6.02	%)
2021		14,106		$3.00	to	$4.13		$41,568		2.23	%		0.30	%	to	0.90	%		25.26	%	to	24.51	%
2020		14,527		$2.40	to	$3.32		$34,236		1.94	%		0.30	%	to	0.90	%		7.27	%	to	6.63	%
2019		15,461		$2.24	to	$3.11		$34,142		3.44	%		0.30	%	to	0.90	%		29.29	%	to	28.52	%
Fid VIP Mid Cap, Init Cl
2023		7,806		$1.55	to	$1.55		$12,137		0.74	%		0.00	%	to	0.00	%		15.08	%	to	15.08	%
2022		4,923		$1.35	to	$1.35		$6,651		0.65	%		0.00	%	to	0.00	%		(14.74	%)	to	(14.74	%)
2021		2,804		$1.58	to	$1.58		$4,443		0.83	%		0.00	%	to	0.00	%		25.60	%	to	25.60	%
2020		1,354		$1.26	to	$1.26		$1,709		0.76	%		0.00	%	to	0.00	%		18.19	%	to	18.19	%
2019		587		$1.07	to	$1.07		$627		1.82	%		0.00	%	to	0.00	%		6.75	%⁽⁵⁾	to	6.75	%⁽⁵⁾
Fid VIP Mid Cap, Serv Cl
2023		16,316		$5.37	to	$7.27		$93,435		0.51	%		0.45	%	to	0.90	%		14.49	%	to	13.98	%
2022		17,526		$4.69	to	$6.38		$87,935		0.40	%		0.45	%	to	0.90	%		(15.24	%)	to	(15.62	%)
2021		18,706		$5.53	to	$7.56		$110,914		0.51	%		0.45	%	to	0.90	%		24.94	%	to	24.38	%
2020		20,253		$4.42	to	$6.08		$96,411		0.56	%		0.45	%	to	0.90	%		17.51	%	to	16.98	%
2019		22,918		$3.77	to	$5.20		$93,093		0.78	%		0.45	%	to	0.90	%		22.79	%	to	22.24	%
Fid VIP Mid Cap, Serv Cl 2
2023		32,730		$3.02	to	$5.98		$89,347		0.39	%		0.00	%	to	0.90	%		14.80	%	to	13.78	%
2022		33,500		$2.63	to	$5.25		$82,444		0.27	%		0.00	%	to	0.90	%		(14.97	%)	to	(15.73	%)
2021		34,796		$3.09	to	$6.23		$101,328		0.36	%		0.00	%	to	0.90	%		25.31	%	to	24.19	%
2020		36,516		$2.47	to	$5.02		$85,663		0.40	%		0.00	%	to	0.90	%		17.87	%	to	16.81	%
2019		39,144		$2.09	to	$4.30		$78,860		0.67	%		0.00	%	to	0.90	%		23.17	%	to	22.07	%
Fid VIP Overseas, Serv Cl
2023		6,791		$3.17	to	$2.01		$18,753		0.96	%		0.45	%	to	0.90	%		19.87	%	to	19.33	%
2022		7,022		$2.65	to	$1.68		$16,128		0.97	%		0.45	%	to	0.90	%		(24.92	%)	to	(25.26	%)
2021		7,155		$3.52	to	$2.25		$22,201		0.44	%		0.45	%	to	0.90	%		19.04	%	to	18.50	%
2020		7,557		$2.96	to	$1.90		$19,636		0.35	%		0.45	%	to	0.90	%		14.98	%	to	14.46	%
2019		8,262		$2.57	to	$1.66		$18,661		1.64	%		0.45	%	to	0.90	%		27.10	%	to	26.53	%
Fid VIP Overseas, Serv Cl 2
2023		9,130		$1.37	to	$2.74		$18,424		0.82	%		0.20	%	to	0.90	%		19.98	%	to	19.15	%
2022		9,113		$1.14	to	$2.30		$15,586		0.84	%		0.20	%	to	0.90	%		15.16	%⁽⁸⁾	to	(25.36	%)
2021		9,488		$2.31	to	$3.08		$21,671		0.33	%		0.30	%	to	0.90	%		19.03	%	to	18.32	%
2020		9,503		$1.94	to	$2.61		$18,330		0.23	%		0.30	%	to	0.90	%		14.99	%	to	14.30	%
2019		9,679		$1.69	to	$2.28		$16,362		1.54	%		0.30	%	to	0.90	%		27.12	%	to	26.36	%
Fid VIP Strategic Inc, Init Cl
2023		5,366		$1.15	to	$1.15		$6,185		7.12	%		0.00	%	to	0.00	%		9.41	%	to	9.41	%
2022		2,016		$1.05	to	$1.05		$2,123		4.56	%		0.00	%	to	0.00	%		(11.26	%)	to	(11.26	%)
2021		1,156		$1.19	to	$1.19		$1,373		3.58	%		0.00	%	to	0.00	%		3.74	%	to	3.74	%
2020		568		$1.14	to	$1.14		$650		5.49	%		0.00	%	to	0.00	%		7.52	%	to	7.52	%
2019		176		$1.06	to	$1.06		$188		12.27	%		0.00	%	to	0.00	%		6.34	%⁽⁵⁾	to	6.34	%⁽⁵⁾
Fid VIP Strategic Inc, Serv Cl 2
2023		1,347		$1.37	to	$1.37		$1,851		4.47	%		0.00	%	to	0.00	%		9.18	%	to	9.18	%
2022		1,270		$1.26	to	$1.26		$1,599		3.39	%		0.00	%	to	0.00	%		(11.52	%)	to	(11.52	%)
2021		1,315		$1.42	to	$1.42		$1,871		2.40	%		0.00	%	to	0.00	%		3.53	%	to	3.53	%
2020		1,369		$1.37	to	$1.37		$1,881		3.41	%		0.00	%	to	0.00	%		7.16	%	to	7.16	%
2019		1,225		$1.28	to	$1.28		$1,571		3.48	%		0.00	%	to	0.00	%		10.66	%	to	10.66	%



160		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Frank Global Real Est, Cl 2
2023		16,098		$1.21	to	$2.97		$36,919		2.88	%		0.20	%	to	0.90	%		11.21	%	to	10.44	%
2022		16,275		$1.09	to	$2.69		$35,304		2.41	%		0.20	%	to	0.90	%		10.23	%⁽⁸⁾	to	(26.72	%)
2021		16,713		$1.84	to	$3.67		$49,462		0.88	%		0.30	%	to	0.90	%		26.41	%	to	25.66	%
2020		17,139		$1.45	to	$2.92		$40,414		3.26	%		0.30	%	to	0.90	%		(5.67	%)	to	(6.24	%)
2019		18,319		$1.54	to	$3.11		$46,066		2.64	%		0.30	%	to	0.90	%		22.01	%	to	21.28	%
Frank Inc, Cl 1
2023		2,093		$1.31	to	$1.31		$2,748		4.40	%		0.00	%	to	0.00	%		8.87	%	to	8.87	%
2022		797		$1.21	to	$1.21		$961		4.49	%		0.00	%	to	0.00	%		(5.24	%)	to	(5.24	%)
2021		471		$1.27	to	$1.27		$599		4.12	%		0.00	%	to	0.00	%		17.01	%	to	17.01	%
2020		178		$1.09	to	$1.09		$194		7.03	%		0.00	%	to	0.00	%		0.97	%	to	0.97	%
2019		79		$1.08	to	$1.08		$85		3.55	%		0.00	%	to	0.00	%		7.54	%⁽⁵⁾	to	7.54	%⁽⁵⁾
Frank Inc, Cl 2
2023		7,495		$1.71	to	$1.38		$11,075		5.14	%		0.00	%	to	0.90	%		8.62	%	to	7.65	%
2022		6,495		$1.58	to	$1.28		$8,876		4.75	%		0.00	%	to	0.90	%		(5.47	%)	to	(6.32	%)
2021		4,438		$1.67	to	$1.37		$6,444		4.56	%		0.00	%	to	0.90	%		16.76	%	to	15.71	%
2020		4,213		$1.43	to	$1.18		$5,263		6.04	%		0.00	%	to	0.90	%		0.69	%	to	(0.21	%)
2019		5,909		$1.42	to	$1.18		$7,318		5.22	%		0.00	%	to	0.90	%		16.06	%	to	15.02	%
Frank Mutual Shares, Cl 1
2023		337		$1.34	to	$1.34		$450		2.51	%		0.00	%	to	0.00	%		13.73	%	to	13.73	%
2022		201		$1.17	to	$1.17		$236		2.47	%		0.00	%	to	0.00	%		(7.15	%)	to	(7.15	%)
2021		123		$1.26	to	$1.26		$155		3.55	%		0.00	%	to	0.00	%		19.52	%	to	19.52	%
2020		84		$1.06	to	$1.06		$89		4.14	%		0.00	%	to	0.00	%		(4.85	%)	to	(4.85	%)
2019		13		$1.11	to	$1.11		$14		3.45	%		0.00	%	to	0.00	%		10.90	%⁽⁵⁾	to	10.90	%⁽⁵⁾
Frank Mutual Shares, Cl 2
2023		6,314		$2.24	to	$2.84		$17,015		1.88	%		0.00	%	to	0.90	%		13.46	%	to	12.45	%
2022		6,337		$1.98	to	$2.52		$16,110		1.86	%		0.00	%	to	0.90	%		(7.43	%)	to	(8.26	%)
2021		6,441		$2.13	to	$2.75		$17,822		2.87	%		0.00	%	to	0.90	%		19.17	%	to	18.10	%
2020		6,866		$1.79	to	$2.33		$16,017		2.79	%		0.00	%	to	0.90	%		(5.04	%)	to	(5.89	%)
2019		7,714		$1.89	to	$2.47		$19,189		1.82	%		0.00	%	to	0.90	%		22.57	%	to	21.47	%
Frank Sm Cap Val, Cl 1
2023		4,162		$1.48	to	$1.48		$6,172		0.74	%		0.00	%	to	0.00	%		13.02	%	to	13.02	%
2022		3,124		$1.31	to	$1.31		$4,099		1.25	%		0.00	%	to	0.00	%		(9.82	%)	to	(9.82	%)
2021		1,916		$1.45	to	$1.45		$2,787		1.16	%		0.00	%	to	0.00	%		25.67	%	to	25.67	%
2020		950		$1.16	to	$1.16		$1,099		1.60	%		0.00	%	to	0.00	%		5.41	%	to	5.41	%
2019		291		$1.10	to	$1.10		$320		1.01	%		0.00	%	to	0.00	%		9.89	%⁽⁵⁾	to	9.89	%⁽⁵⁾
Frank Sm Cap Val, Cl 2
2023		11,783		$3.03	to	$6.58		$47,555		0.52	%		0.00	%	to	0.90	%		12.75	%	to	11.74	%
2022		11,635		$2.68	to	$5.89		$44,517		0.99	%		0.00	%	to	0.90	%		(10.06	%)	to	(10.87	%)
2021		12,267		$2.98	to	$6.61		$52,655		1.01	%		0.00	%	to	0.90	%		25.37	%	to	24.24	%
2020		11,315		$2.38	to	$5.32		$40,048		1.49	%		0.00	%	to	0.90	%		5.19	%	to	4.25	%
2019		11,462		$2.26	to	$5.10		$39,541		1.05	%		0.00	%	to	0.90	%		26.35	%	to	25.22	%
GS VIT Mid Cap Val, Inst
2023		19,258		$1.20	to	$7.67		$87,191		1.01	%		0.20	%	to	0.90	%		11.20	%	to	10.42	%
2022		18,874		$1.08	to	$6.94		$84,170		0.69	%		0.20	%	to	0.90	%		8.14	%⁽⁸⁾	to	(10.79	%)
2021		20,047		$2.88	to	$7.78		$100,229		0.47	%		0.30	%	to	0.90	%		30.56	%	to	29.78	%
2020		21,413		$2.20	to	$6.00		$82,944		0.64	%		0.30	%	to	0.90	%		8.08	%	to	7.43	%
2019		23,536		$2.04	to	$5.58		$84,916		0.79	%		0.30	%	to	0.90	%		31.13	%	to	30.35	%
GS VIT Multi-Strategy Alt, Advisor
2023		1,769		$1.10	to	$1.01		$1,891		6.56	%		0.00	%	to	0.90	%		7.53	%	to	6.57	%
2022		1,726		$1.02	to	$0.95		$1,730		3.33	%		0.00	%	to	0.90	%		(6.85	%)	to	(7.68	%)
2021		1,615		$1.10	to	$1.02		$1,738		1.51	%		0.00	%	to	0.90	%		4.66	%	to	3.72	%
2020		1,174		$1.05	to	$0.99		$1,207		1.72	%		0.00	%	to	0.90	%		6.58	%	to	5.62	%
2019		1,294		$0.98	to	$0.94		$1,243		2.61	%		0.00	%	to	0.90	%		8.60	%	to	7.63	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			161


	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⁾
GS VIT Sm Cap Eq Insights, Inst
2023		1,111		$5.75	to	$4.45		$6,042		0.99	%		0.45	%	to	0.90	%		18.74	%	to	18.21	%
2022		1,236		$4.85	to	$3.76		$5,638		0.31	%		0.45	%	to	0.90	%		(19.74	%)	to	(20.10	%)
2021		1,271		$6.04	to	$4.71		$7,159		0.46	%		0.45	%	to	0.90	%		23.23	%	to	22.68	%
2020		1,343		$4.90	to	$3.84		$6,147		0.22	%		0.45	%	to	0.90	%		8.09	%	to	7.61	%
2019		1,566		$4.53	to	$3.57		$6,649		0.48	%		0.45	%	to	0.90	%		24.28	%	to	23.72	%
GS VIT U.S. Eq Insights, Inst
2023		10,905		$1.29	to	$3.57		$54,892		0.69	%		0.20	%	to	0.90	%		23.56	%	to	22.70	%
2022		11,166		$1.05	to	$2.91		$48,260		0.81	%		0.20	%	to	0.90	%		5.39	%⁽⁸⁾	to	(20.46	%)
2021		11,927		$3.84	to	$3.66		$64,307		0.81	%		0.30	%	to	0.90	%		29.02	%	to	28.25	%
2020		13,046		$2.98	to	$2.85		$53,952		0.87	%		0.30	%	to	0.90	%		17.19	%	to	16.49	%
2019		14,289		$2.54	to	$2.45		$50,257		1.25	%		0.30	%	to	0.90	%		24.83	%	to	24.09	%
Invesco VI Am Fran, Ser I
2023		4,088		$3.92	to	$3.72		$15,868		—			0.45	%	to	0.90	%		40.30	%	to	39.67	%
2022		4,539		$2.79	to	$2.66		$12,554		—			0.45	%	to	0.90	%		(31.42	%)	to	(31.73	%)
2021		4,891		$4.07	to	$3.90		$19,737		—			0.45	%	to	0.90	%		11.42	%	to	10.92	%
2020		5,233		$3.66	to	$3.52		$18,978		0.07	%		0.45	%	to	0.90	%		41.71	%	to	41.08	%
2019		5,285		$2.58	to	$2.49		$13,533		—			0.45	%	to	0.90	%		36.14	%	to	35.53	%
Invesco VI Am Fran, Ser II
2023		3,816		$1.41	to	$3.61		$14,109		—			0.20	%	to	0.90	%		40.32	%	to	39.34	%
2022		4,044		$1.01	to	$2.59		$11,184		—			0.20	%	to	0.90	%		1.87	%⁽⁸⁾	to	(31.91	%)
2021		4,376		$4.22	to	$3.81		$17,685		—			0.30	%	to	0.90	%		11.31	%	to	10.65	%
2020		4,675		$3.79	to	$3.44		$16,970		—			0.30	%	to	0.90	%		41.57	%	to	40.73	%
2019		4,783		$2.68	to	$2.44		$12,265		—			0.30	%	to	0.90	%		36.02	%	to	35.20	%
Invesco VI Bal Risk Alloc, Ser I
2023		518		$1.19	to	$1.19		$616		—			0.00	%	to	0.00	%		6.63	%	to	6.63	%
2022		349		$1.12	to	$1.12		$389		8.45	%		0.00	%	to	0.00	%		(14.35	%)	to	(14.35	%)
2021		229		$1.30	to	$1.30		$298		3.85	%		0.00	%	to	0.00	%		9.55	%	to	9.55	%
2020		139		$1.19	to	$1.19		$166		10.02	%		0.00	%	to	0.00	%		10.22	%	to	10.22	%
2019		61		$1.08	to	$1.08		$66		—			0.00	%	to	0.00	%		8.13	%⁽⁵⁾	to	8.13	%⁽⁵⁾
Invesco VI Bal Risk Alloc, Ser II
2023		3,355		$1.45	to	$1.27		$4,497		—			0.00	%	to	0.90	%		6.40	%	to	5.45	%
2022		4,071		$1.37	to	$1.20		$5,131		6.84	%		0.00	%	to	0.90	%		(14.52	%)	to	(15.28	%)
2021		4,692		$1.60	to	$1.42		$6,929		3.00	%		0.00	%	to	0.90	%		9.26	%	to	8.28	%
2020		4,984		$1.46	to	$1.31		$6,778		7.66	%		0.00	%	to	0.90	%		9.99	%	to	9.00	%
2019		5,671		$1.33	to	$1.20		$7,026		—			0.00	%	to	0.90	%		14.88	%	to	13.85	%
Invesco VI Comstock, Ser II
2023		3,104		$1.24	to	$2.73		$12,339		1.59	%		0.20	%	to	0.90	%		11.87	%	to	11.09	%
2022		3,035		$1.11	to	$2.46		$11,358		1.49	%		0.20	%	to	0.90	%		11.38	%⁽⁸⁾	to	(0.06	%)
2021		2,550		$2.71	to	$2.46		$9,342		1.69	%		0.30	%	to	0.90	%		32.65	%	to	31.85	%
2020		2,468		$2.05	to	$1.87		$6,736		2.04	%		0.30	%	to	0.90	%		(1.38	%)	to	(1.97	%)
2019		2,967		$2.07	to	$1.90		$8,353		1.67	%		0.30	%	to	0.90	%		24.57	%	to	23.82	%
Invesco VI Core Eq, Ser I
2023		21,634		$4.43	to	$5.19		$104,071		0.73	%		0.45	%	to	0.90	%		22.81	%	to	22.26	%
2022		23,617		$3.60	to	$4.25		$92,773		0.92	%		0.45	%	to	0.90	%		(20.90	%)	to	(21.26	%)
2021		25,190		$4.56	to	$5.39		$125,393		0.66	%		0.45	%	to	0.90	%		27.17	%	to	26.59	%
2020		27,074		$3.58	to	$4.26		$106,411		1.34	%		0.45	%	to	0.90	%		13.34	%	to	12.83	%
2019		29,656		$3.16	to	$3.78		$103,131		0.94	%		0.45	%	to	0.90	%		28.39	%	to	27.81	%
Invesco VI Dis Mid Cap Gro, Ser I
2023		9,920		$1.13	to	$1.36		$13,710		—			0.20	%	to	0.90	%		12.93	%	to	12.14	%
2022		10,179		$1.00	to	$1.22		$12,519		—			0.20	%	to	0.90	%		1.14	%⁽⁸⁾	to	(31.60	%)
2021		10,665		$1.80	to	$1.78		$19,094		—			0.30	%	to	0.90	%		18.74	%	to	18.03	%
2020		11,024		$1.51	to	$1.51		$16,654		0.05	%		0.30	%	to	0.90	%		51.28	%⁽⁶⁾	to	50.66	%⁽⁶⁾



162		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Invesco VI Div Divd, Ser I
2023		6,836		$1.19	to	$2.71		$18,821		2.01	%		0.20	%	to	0.90	%		8.83	%	to	8.07	%
2022		7,207		$1.09	to	$2.51		$18,682		1.92	%		0.20	%	to	0.90	%		10.06	%⁽⁸⁾	to	(2.56	%)
2021		7,204		$2.54	to	$2.58		$19,078		2.14	%		0.30	%	to	0.90	%		18.54	%	to	17.83	%
2020		8,203		$2.14	to	$2.19		$18,342		3.03	%		0.30	%	to	0.90	%		(0.16	%)	to	(0.76	%)
2019		9,048		$2.15	to	$2.20		$20,296		2.87	%		0.30	%	to	0.90	%		24.72	%	to	23.97	%
Invesco VI EQV Intl Eq, Ser II
2023		8,802		$1.31	to	$1.54		$20,525		—			0.20	%	to	0.90	%		17.63	%	to	16.81	%
2022		9,259		$1.11	to	$1.32		$18,772		1.42	%		0.20	%	to	0.90	%		12.44	%⁽⁸⁾	to	(19.23	%)
2021		9,836		$1.85	to	$1.63		$24,299		1.06	%		0.30	%	to	0.90	%		5.29	%	to	4.66	%
2020		10,344		$1.76	to	$1.56		$24,077		2.13	%		0.30	%	to	0.90	%		13.40	%	to	12.72	%
2019		11,516		$1.55	to	$1.38		$23,704		1.27	%		0.30	%	to	0.90	%		27.85	%	to	27.09	%
Invesco VI Global, Ser I
2023		4,124		$1.56	to	$1.56		$6,451		0.26	%		0.00	%	to	0.00	%		34.73	%	to	34.73	%
2022		2,766		$1.16	to	$1.16		$3,211		—			0.00	%	to	0.00	%		(31.76	%)	to	(31.76	%)
2021		1,664		$1.70	to	$1.70		$2,831		—			0.00	%	to	0.00	%		15.49	%	to	15.49	%
2020		603		$1.47	to	$1.47		$888		0.80	%		0.00	%	to	0.00	%		27.64	%	to	27.64	%
2019		155		$1.15	to	$1.15		$179		0.81	%		0.00	%	to	0.00	%		14.36	%⁽⁵⁾	to	14.36	%⁽⁵⁾
Invesco VI Global, Ser II
2023		8,086		$3.08	to	$3.41		$30,674		—			0.00	%	to	0.90	%		34.45	%	to	33.25	%
2022		8,120		$2.29	to	$2.56		$23,844		—			0.00	%	to	0.90	%		(31.94	%)	to	(32.55	%)
2021		8,266		$3.37	to	$3.79		$35,636		—			0.00	%	to	0.90	%		15.17	%	to	14.14	%
2020		8,196		$2.92	to	$3.32		$30,817		0.46	%		0.00	%	to	0.90	%		27.34	%	to	26.20	%
2019		8,141		$2.29	to	$2.63		$23,970		0.64	%		0.00	%	to	0.90	%		31.45	%	to	30.28	%
Invesco VI Gbl Strat Inc, Ser I
2023		786		$1.02	to	$1.02		$802		—			0.00	%	to	0.00	%		8.88	%	to	8.88	%
2022		533		$0.94	to	$0.94		$500		—			0.00	%	to	0.00	%		(11.46	%)	to	(11.46	%)
2021		226		$1.06	to	$1.06		$240		6.68	%		0.00	%	to	0.00	%		(3.41	%)	to	(3.41	%)
2020		78		$1.10	to	$1.10		$85		7.81	%		0.00	%	to	0.00	%		3.40	%	to	3.40	%
2019		22		$1.06	to	$1.06		$24		3.04	%		0.00	%	to	0.00	%		5.81	%⁽⁵⁾	to	5.81	%⁽⁵⁾
Invesco VI Gbl Strat Inc, Ser II
2023		21,300		$1.14	to	$1.49		$30,476		—			0.00	%	to	0.90	%		8.60	%	to	7.63	%
2022		20,774		$1.05	to	$1.39		$28,013		—			0.00	%	to	0.90	%		(11.71	%)	to	(12.51	%)
2021		21,943		$1.19	to	$1.58		$33,769		4.29	%		0.00	%	to	0.90	%		(3.56	%)	to	(4.43	%)
2020		22,178		$1.24	to	$1.66		$35,774		5.34	%		0.00	%	to	0.90	%		2.99	%	to	2.07	%
2019		24,251		$1.20	to	$1.62		$38,201		3.39	%		0.00	%	to	0.90	%		10.61	%	to	9.61	%
Invesco VI Mn St Sm Cap, Ser I
2023		3,808		$1.57	to	$1.57		$5,988		1.32	%		0.00	%	to	0.00	%		18.13	%	to	18.13	%
2022		2,696		$1.33	to	$1.33		$3,588		0.63	%		0.00	%	to	0.00	%		(15.83	%)	to	(15.83	%)
2021		1,677		$1.58	to	$1.58		$2,652		0.45	%		0.00	%	to	0.00	%		22.55	%	to	22.55	%
2020		673		$1.29	to	$1.29		$868		0.80	%		0.00	%	to	0.00	%		19.93	%	to	19.93	%
2019		260		$1.08	to	$1.08		$280		0.17	%		0.00	%	to	0.00	%		7.92	%⁽⁵⁾	to	7.92	%⁽⁵⁾
Invesco VI Mn St Sm Cap, Ser II
2023		7,037		$3.38	to	$3.93		$30,300		0.97	%		0.00	%	to	0.90	%		17.82	%	to	16.77	%
2022		6,626		$2.87	to	$3.37		$25,087		0.24	%		0.00	%	to	0.90	%		(16.04	%)	to	(16.79	%)
2021		7,170		$3.42	to	$4.05		$32,012		0.18	%		0.00	%	to	0.90	%		22.26	%	to	21.17	%
2020		7,297		$2.80	to	$3.34		$27,277		0.37	%		0.00	%	to	0.90	%		19.63	%	to	18.56	%
2019		7,714		$2.34	to	$2.82		$24,402		—			0.00	%	to	0.90	%		26.13	%	to	25.00	%
Invesco VI Tech, Ser I
2023		3,928		$1.19	to	$4.68		$18,078		—			0.00	%	to	0.90	%		46.94	%	to	45.63	%
2022		3,280		$0.81	to	$3.21		$12,123		—			0.00	%	to	0.90	%		(20.38	%)⁽⁷⁾	to	(40.49	%)
2021		3,297		$4.51	to	$5.40		$22,281		—			0.30	%	to	0.90	%		14.07	%	to	13.39	%
2020		3,462		$3.95	to	$4.76		$20,536		—			0.30	%	to	0.90	%		45.68	%	to	44.81	%
2019		2,826		$2.71	to	$3.29		$11,505		—			0.30	%	to	0.90	%		35.47	%	to	34.66	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			163


	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 Tech, Ser II
2023		511		$1.18	to	$1.18		$605		—			0.00	%	to	0.00	%		46.72	%	to	46.72	%
2022		198		$0.81	to	$0.81		$160		—			0.00	%	to	0.00	%		(20.54	%)⁽⁷⁾	to	(20.54	%)⁽⁷⁾
Janus Henderson VIT Bal, Inst
2023		12,006		$1.48	to	$1.48		$17,770		2.28	%		0.00	%	to	0.00	%		15.41	%	to	15.41	%
2022		8,395		$1.28	to	$1.28		$10,767		1.41	%		0.00	%	to	0.00	%		(16.40	%)	to	(16.40	%)
2021		4,924		$1.53	to	$1.53		$7,553		1.04	%		0.00	%	to	0.00	%		17.20	%	to	17.20	%
2020		1,908		$1.31	to	$1.31		$2,497		2.14	%		0.00	%	to	0.00	%		14.31	%	to	14.31	%
2019		734		$1.15	to	$1.15		$841		2.88	%		0.00	%	to	0.00	%		14.51	%⁽⁵⁾	to	14.51	%⁽⁵⁾
Janus Henderson VIT Bal, Serv
2023		3,293		$1.56	to	$1.56		$5,138		1.79	%		0.00	%	to	0.00	%		15.13	%	to	15.13	%
2022		3,409		$1.36	to	$1.36		$4,620		0.97	%		0.00	%	to	0.00	%		(16.62	%)	to	(16.62	%)
2021		3,481		$1.63	to	$1.63		$5,657		0.68	%		0.00	%	to	0.00	%		16.91	%	to	16.91	%
2020		3,007		$1.39	to	$1.39		$4,180		1.53	%		0.00	%	to	0.00	%		14.03	%	to	14.03	%
2019		2,604		$1.22	to	$1.22		$3,174		1.72	%		0.00	%	to	0.00	%		22.27	%	to	22.27	%
Janus Henderson VIT Enter, Serv
2023		3,428		$8.39	to	$3.15		$22,304		0.09	%		0.45	%	to	0.90	%		17.25	%	to	16.72	%
2022		3,603		$7.15	to	$2.69		$19,831		0.08	%		0.45	%	to	0.90	%		(16.53	%)	to	(16.90	%)
2021		3,776		$8.57	to	$3.24		$25,037		0.24	%		0.45	%	to	0.90	%		16.02	%	to	15.50	%
2020		4,252		$7.39	to	$2.81		$23,989		—			0.45	%	to	0.90	%		18.65	%	to	18.12	%
2019		4,628		$6.23	to	$2.38		$21,607		0.05	%		0.45	%	to	0.90	%		34.55	%	to	33.95	%
Janus Henderson VIT Flex Bd, Inst
2023		1,782		$1.08	to	$1.08		$1,922		5.14	%		0.00	%	to	0.00	%		5.50	%	to	5.50	%
2022		768		$1.02	to	$1.02		$785		2.92	%		0.00	%	to	0.00	%		(13.66	%)	to	(13.66	%)
2021		434		$1.18	to	$1.18		$514		2.25	%		0.00	%	to	0.00	%		(0.90	%)	to	(0.90	%)
2020		232		$1.19	to	$1.19		$277		3.99	%		0.00	%	to	0.00	%		10.48	%	to	10.48	%
2019		26		$1.08	to	$1.08		$28		4.70	%		0.00	%	to	0.00	%		8.12	%⁽⁵⁾	to	8.12	%⁽⁵⁾
Janus Henderson VIT Flex Bd, Serv
2023		983		$1.19	to	$1.19		$1,167		3.62	%		0.00	%	to	0.00	%		5.29	%	to	5.29	%
2022		970		$1.13	to	$1.13		$1,094		2.15	%		0.00	%	to	0.00	%		(13.90	%)	to	(13.90	%)
2021		842		$1.31	to	$1.31		$1,102		1.75	%		0.00	%	to	0.00	%		(1.11	%)	to	(1.11	%)
2020		599		$1.32	to	$1.32		$794		2.51	%		0.00	%	to	0.00	%		10.25	%	to	10.25	%
2019		455		$1.20	to	$1.20		$547		2.90	%		0.00	%	to	0.00	%		9.28	%	to	9.28	%
Janus Hend VIT Gbl Tech Innov, Srv
2023		6,351		$1.56	to	$3.57		$52,441		—			0.20	%	to	0.90	%		53.97	%	to	52.90	%
2022		6,126		$1.01	to	$2.34		$34,653		—			0.20	%	to	0.90	%		3.74	%⁽⁸⁾	to	(37.69	%)
2021		6,625		$6.64	to	$3.75		$59,305		0.11	%		0.30	%	to	0.90	%		17.39	%	to	16.69	%
2020		7,289		$5.66	to	$3.21		$53,739		—			0.30	%	to	0.90	%		50.28	%	to	49.38	%
2019		7,220		$3.77	to	$2.15		$34,159		—			0.30	%	to	0.90	%		44.38	%	to	43.52	%
Janus Henderson VIT Overseas, Serv
2023		17,173		$1.28	to	$1.99		$39,312		1.43	%		0.20	%	to	0.90	%		10.36	%	to	9.60	%
2022		17,334		$1.16	to	$1.82		$36,993		1.71	%		0.20	%	to	0.90	%		17.25	%⁽⁸⁾	to	(9.65	%)
2021		17,623		$1.66	to	$2.01		$41,478		1.04	%		0.30	%	to	0.90	%		12.95	%	to	12.27	%
2020		17,853		$1.47	to	$1.79		$37,284		1.21	%		0.30	%	to	0.90	%		15.68	%	to	14.98	%
2019		19,652		$1.27	to	$1.56		$35,591		1.83	%		0.30	%	to	0.90	%		26.33	%	to	25.57	%
Janus Henderson VIT Res, Inst
2023		3,715		$1.91	to	$1.91		$7,098		0.14	%		0.00	%	to	0.00	%		43.17	%	to	43.17	%
2022		2,596		$1.33	to	$1.33		$3,464		0.21	%		0.00	%	to	0.00	%		(29.89	%)	to	(29.89	%)
2021		1,254		$1.90	to	$1.90		$2,388		0.08	%		0.00	%	to	0.00	%		20.33	%	to	20.33	%
2020		293		$1.58	to	$1.58		$464		0.45	%		0.00	%	to	0.00	%		32.95	%	to	32.95	%
2019		112		$1.19	to	$1.19		$133		0.70	%		0.00	%	to	0.00	%		18.81	%⁽⁵⁾	to	18.81	%⁽⁵⁾



164		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Janus Henderson VIT Res, Serv
2023		3,293		$4.20	to	$3.86		$16,641		0.06	%		0.00	%	to	0.90	%		42.81	%	to	41.54	%
2022		3,380		$2.94	to	$2.73		$12,395		—			0.00	%	to	0.90	%		(30.06	%)	to	(30.69	%)
2021		3,568		$4.20	to	$3.94		$18,747		0.02	%		0.00	%	to	0.90	%		20.05	%	to	18.97	%
2020		3,601		$3.50	to	$3.31		$15,839		0.22	%		0.00	%	to	0.90	%		32.57	%	to	31.39	%
2019		3,750		$2.64	to	$2.52		$12,617		0.31	%		0.00	%	to	0.90	%		35.23	%	to	34.01	%
Lazard Ret Global Dyn MA, Inv
2023		446		$1.14	to	$1.14		$507		—			0.00	%	to	0.00	%		11.06	%	to	11.06	%
2022		308		$1.02	to	$1.02		$315		0.24	%		0.00	%	to	0.00	%		(17.28	%)	to	(17.28	%)
2021		230		$1.24	to	$1.24		$284		2.50	%		0.00	%	to	0.00	%		12.16	%	to	12.16	%
2020		179		$1.10	to	$1.10		$198		0.82	%		0.00	%	to	0.00	%		0.96	%	to	0.96	%
2019		28		$1.09	to	$1.09		$31		0.04	%		0.00	%	to	0.00	%		9.31	%⁽⁵⁾	to	9.31	%⁽⁵⁾
Lazard Ret Global Dyn MA, Serv
2023		943		$1.55	to	$1.29		$1,303		—			0.00	%	to	0.90	%		10.81	%	to	9.82	%
2022		1,060		$1.40	to	$1.17		$1,327		0.08	%		0.00	%	to	0.90	%		(17.37	%)	to	(18.11	%)
2021		1,215		$1.69	to	$1.43		$1,850		2.79	%		0.00	%	to	0.90	%		11.94	%	to	10.93	%
2020		1,966		$1.51	to	$1.29		$2,667		0.60	%		0.00	%	to	0.90	%		0.81	%	to	(0.10	%)
2019		2,202		$1.50	to	$1.29		$2,952		0.05	%		0.00	%	to	0.90	%		17.79	%	to	16.73	%
MFS Mass Inv Gro Stock, Serv Cl
2023		17,981		$1.32	to	$2.65		$49,190		0.05	%		0.20	%	to	0.90	%		23.46	%	to	22.60	%
2022		18,613		$1.07	to	$2.16		$41,514		—			0.20	%	to	0.90	%		8.09	%⁽⁸⁾	to	(20.17	%)
2021		19,515		$2.82	to	$2.71		$54,276		0.03	%		0.30	%	to	0.90	%		25.28	%	to	24.53	%
2020		21,364		$2.25	to	$2.17		$47,491		0.22	%		0.30	%	to	0.90	%		21.83	%	to	21.10	%
2019		22,675		$1.85	to	$1.79		$41,453		0.34	%		0.30	%	to	0.90	%		39.17	%	to	38.33	%
MFS New Dis, Serv Cl
2023		5,965		$1.18	to	$3.65		$28,058		—			0.20	%	to	0.90	%		14.03	%	to	13.23	%
2022		5,628		$1.04	to	$3.22		$26,224		—			0.20	%	to	0.90	%		5.44	%⁽⁸⁾	to	(30.62	%)
2021		5,906		$3.55	to	$4.65		$39,453		—			0.30	%	to	0.90	%		1.27	%	to	0.66	%
2020		6,018		$3.50	to	$4.62		$39,984		—			0.30	%	to	0.90	%		45.15	%	to	44.28	%
2019		6,154		$2.41	to	$3.20		$28,454		—			0.30	%	to	0.90	%		40.85	%	to	40.01	%
MFS Utilities, Init Cl
2023		2,288		$1.37	to	$1.37		$3,130		3.64	%		0.00	%	to	0.00	%		(2.11	%)	to	(2.11	%)
2022		1,767		$1.40	to	$1.40		$2,470		2.57	%		0.00	%	to	0.00	%		0.76	%	to	0.76	%
2021		1,078		$1.39	to	$1.39		$1,495		1.76	%		0.00	%	to	0.00	%		14.09	%	to	14.09	%
2020		598		$1.22	to	$1.22		$727		2.79	%		0.00	%	to	0.00	%		5.90	%	to	5.90	%
2019		228		$1.15	to	$1.15		$261		5.24	%		0.00	%	to	0.00	%		15.19	%⁽⁵⁾	to	15.19	%⁽⁵⁾
MFS Utilities, Serv Cl
2023		7,481		$2.29	to	$6.19		$23,338		3.28	%		0.00	%	to	0.90	%		(2.33	%)	to	(3.20	%)
2022		8,179		$2.34	to	$6.40		$27,068		2.27	%		0.00	%	to	0.90	%		0.48	%	to	(0.42	%)
2021		7,307		$2.33	to	$6.42		$24,415		1.53	%		0.00	%	to	0.90	%		13.82	%	to	12.80	%
2020		7,495		$2.05	to	$5.69		$22,350		2.21	%		0.00	%	to	0.90	%		5.62	%	to	4.67	%
2019		8,490		$1.94	to	$5.44		$24,381		3.79	%		0.00	%	to	0.90	%		24.80	%	to	23.68	%
MS VIF Dis, Cl I
2023		5,406		$1.36	to	$1.36		$7,367		—			0.00	%	to	0.00	%		44.34	%	to	44.34	%
2022		3,634		$0.94	to	$0.94		$3,430		—			0.00	%	to	0.00	%		(62.96	%)	to	(62.96	%)
2021		2,007		$2.55	to	$2.55		$5,117		—			0.00	%	to	0.00	%		(11.06	%)	to	(11.06	%)
2020		1,054		$2.87	to	$2.87		$3,020		—			0.00	%	to	0.00	%		152.30	%	to	152.30	%
2019		355		$1.14	to	$1.14		$403		—			0.00	%	to	0.00	%		12.49	%⁽⁵⁾	to	12.49	%⁽⁵⁾
MS VIF Dis, Cl II
2023		5,728		$3.22	to	$3.22		$22,416		—			0.00	%	to	0.90	%		44.13	%	to	42.84	%
2022		5,392		$2.23	to	$2.26		$15,695		—			0.00	%	to	0.90	%		(62.97	%)	to	(63.30	%)
2021		5,974		$6.02	to	$6.15		$46,836		—			0.00	%	to	0.90	%		(11.19	%)	to	(11.99	%)
2020		6,550		$6.78	to	$6.98		$58,195		—			0.00	%	to	0.90	%		152.04	%	to	149.79	%
2019		4,958		$2.69	to	$2.80		$17,875		—			0.00	%	to	0.90	%		39.97	%	to	38.71	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			165


	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⁾
MS VIF Global Real Est, Cl II
2023		3,208		$1.21	to	$1.03		$5,677		1.93	%		0.20	%	to	0.90	%		10.25	%	to	9.48	%
2022		3,551		$1.09	to	$0.94		$5,689		4.61	%		0.20	%	to	0.90	%		10.43	%⁽⁸⁾	to	(26.86	%)
2021		4,169		$1.52	to	$1.28		$9,239		2.23	%		0.30	%	to	0.90	%		23.46	%	to	22.72	%
2020		4,040		$1.23	to	$1.04		$6,830		4.30	%		0.30	%	to	0.90	%		(15.11	%)	to	(15.62	%)
2019		5,039		$1.45	to	$1.24		$9,894		2.59	%		0.30	%	to	0.90	%		17.70	%	to	17.00	%
NB AMT Sus Eq, Cl I
2023		1,332		$1.72	to	$1.72		$2,293		0.37	%		0.00	%	to	0.00	%		26.90	%	to	26.90	%
2022		1,161		$1.36	to	$1.36		$1,576		0.45	%		0.00	%	to	0.00	%		(18.45	%)	to	(18.45	%)
2021		387		$1.66	to	$1.66		$644		0.46	%		0.00	%	to	0.00	%		23.48	%	to	23.48	%
2020		148		$1.35	to	$1.35		$199		0.79	%		0.00	%	to	0.00	%		19.56	%	to	19.56	%
2019		81		$1.13	to	$1.13		$91		0.70	%		0.00	%	to	0.00	%		12.46	%⁽⁵⁾	to	12.46	%⁽⁵⁾
NB AMT Sus Eq, Cl S
2023		244		$3.59	to	$3.59		$877		0.08	%		0.00	%	to	0.00	%		26.57	%	to	26.57	%
2022		258		$2.84	to	$2.84		$731		0.13	%		0.00	%	to	0.00	%		(18.65	%)	to	(18.65	%)
2021		266		$3.49	to	$3.49		$927		0.19	%		0.00	%	to	0.00	%		23.16	%	to	23.16	%
2020		255		$2.83	to	$2.83		$721		0.41	%		0.00	%	to	0.00	%		19.28	%	to	19.28	%
2019		210		$2.37	to	$2.37		$499		0.31	%		0.00	%	to	0.00	%		25.58	%	to	25.58	%
NB AMT US Eq Index PW Strat, Cl S
2023		924		$1.40	to	$1.28		$1,243		—			0.00	%	to	0.90	%		15.00	%	to	13.97	%
2022		757		$1.21	to	$1.12		$892		—			0.00	%	to	0.90	%		(11.28	%)	to	(12.07	%)
2021		502		$1.37	to	$1.28		$670		0.32	%		0.00	%	to	0.90	%		17.94	%	to	16.89	%
2020		444		$1.16	to	$1.09		$503		0.83	%		0.00	%	to	0.90	%		8.26	%	to	7.29	%
2019		419		$1.07	to	$1.02		$440		0.14	%		0.00	%	to	0.90	%		15.26	%	to	14.22	%
PIMCO VIT All Asset, Advisor Cl
2023		6,334		$1.53	to	$1.81		$12,131		2.84	%		0.00	%	to	0.90	%		8.02	%	to	7.05	%
2022		6,499		$1.41	to	$1.69		$11,758		7.59	%		0.00	%	to	0.90	%		(11.87	%)	to	(12.66	%)
2021		6,552		$1.60	to	$1.94		$13,665		10.90	%		0.00	%	to	0.90	%		16.04	%	to	15.00	%
2020		7,112		$1.38	to	$1.68		$12,828		4.84	%		0.00	%	to	0.90	%		7.91	%	to	6.94	%
2019		8,557		$1.28	to	$1.57		$14,439		2.81	%		0.00	%	to	0.90	%		11.74	%	to	10.74	%
PIMCO VIT All Asset, Inst Cl
2023		886		$1.28	to	$1.28		$1,138		4.18	%		0.00	%	to	0.00	%		8.28	%	to	8.28	%
2022		167		$1.19	to	$1.19		$198		8.02	%		0.00	%	to	0.00	%		(11.66	%)	to	(11.66	%)
2021		112		$1.34	to	$1.34		$150		10.93	%		0.00	%	to	0.00	%		16.41	%	to	16.41	%
2020		86		$1.15	to	$1.15		$99		5.75	%		0.00	%	to	0.00	%		8.17	%	to	8.17	%
2019		42		$1.07	to	$1.07		$45		3.67	%		0.00	%	to	0.00	%		6.52	%⁽⁵⁾	to	6.52	%⁽⁵⁾
PIMCO VIT Glb Man As Alloc, Adv Cl
2023		555		$1.56	to	$1.56		$867		2.51	%		0.00	%	to	0.00	%		12.85	%	to	12.85	%
2022		319		$1.38	to	$1.38		$441		2.50	%		0.00	%	to	0.00	%		(18.40	%)	to	(18.40	%)
2021		76		$1.70	to	$1.70		$129		2.32	%		0.00	%	to	0.00	%		12.60	%	to	12.60	%
2020		79		$1.51	to	$1.51		$120		7.82	%		0.00	%	to	0.00	%		16.71	%	to	16.71	%
2019		75		$1.29	to	$1.29		$97		1.96	%		0.00	%	to	0.00	%		16.96	%	to	16.96	%
PIMCO VIT Tot Return, Advisor Cl
2023		13,673		$1.17	to	$1.05		$15,066		3.48	%		0.00	%	to	0.90	%		5.83	%	to	4.88	%
2022		10,438		$1.11	to	$1.00		$10,911		2.51	%		0.00	%	to	0.90	%		(14.39	%)	to	(15.15	%)
2021		10,893		$1.29	to	$1.18		$13,353		1.72	%		0.00	%	to	0.90	%		(1.36	%)	to	(2.25	%)
2020		12,119		$1.31	to	$1.21		$15,103		1.96	%		0.00	%	to	0.90	%		8.54	%	to	7.57	%
2019		6,815		$1.21	to	$1.13		$7,856		2.87	%		0.00	%	to	0.90	%		8.25	%	to	7.28	%
PIMCO VIT Tot Return, Inst Cl
2023		3,601		$1.05	to	$1.05		$3,766		3.76	%		0.00	%	to	0.00	%		6.09	%	to	6.09	%
2022		1,650		$0.99	to	$0.99		$1,627		2.85	%		0.00	%	to	0.00	%		(14.17	%)	to	(14.17	%)
2021		1,031		$1.15	to	$1.15		$1,184		1.99	%		0.00	%	to	0.00	%		(1.12	%)	to	(1.12	%)
2020		464		$1.16	to	$1.16		$539		2.19	%		0.00	%	to	0.00	%		8.81	%	to	8.81	%
2019		142		$1.07	to	$1.07		$152		3.02	%		0.00	%	to	0.00	%		6.85	%⁽⁵⁾	to	6.85	%⁽⁵⁾



166		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Put VT Global Hlth Care, Cl IA
2023		1,120		$1.12	to	$1.12		$1,256		0.38	%		0.00	%	to	0.00	%		9.39	%	to	9.39	%
2022		432		$1.03	to	$1.03		$443		—			0.00	%	to	0.00	%		3.27	%⁽⁷⁾	to	3.27	%⁽⁷⁾
Put VT Global Hlth Care, Cl IB
2023		7,116		$1.12	to	$5.04		$28,810		0.29	%		0.00	%	to	0.90	%		9.14	%	to	8.16	%
2022		7,234		$1.02	to	$4.66		$28,236		0.40	%		0.00	%	to	0.90	%		3.12	%⁽⁷⁾	to	(5.53	%)
2021		6,243		$3.50	to	$4.93		$29,500		1.08	%		0.30	%	to	0.90	%		19.04	%	to	18.33	%
2020		6,443		$2.94	to	$4.17		$25,621		0.46	%		0.30	%	to	0.90	%		15.93	%	to	15.24	%
2019		6,068		$2.54	to	$3.62		$21,109		—			0.30	%	to	0.90	%		29.90	%	to	29.13	%
Put VT Hi Yield, Cl IB
2023		1,769		$2.79	to	$2.84		$4,960		5.36	%		0.45	%	to	0.90	%		11.64	%	to	11.13	%
2022		1,916		$2.50	to	$2.56		$4,816		5.21	%		0.45	%	to	0.90	%		(12.00	%)	to	(12.39	%)
2021		2,053		$2.84	to	$2.92		$5,871		4.79	%		0.45	%	to	0.90	%		4.51	%	to	4.03	%
2020		2,232		$2.72	to	$2.81		$6,114		5.90	%		0.45	%	to	0.90	%		4.74	%	to	4.26	%
2019		2,581		$2.60	to	$2.69		$6,763		5.98	%		0.45	%	to	0.90	%		13.89	%	to	13.37	%
Put VT Intl Eq, Cl IB
2023		3,398		$1.37	to	$2.23		$7,750		0.04	%		0.20	%	to	0.90	%		18.27	%	to	17.45	%
2022		3,258		$1.15	to	$1.90		$6,565		1.56	%		0.20	%	to	0.90	%		16.28	%⁽⁸⁾	to	(15.53	%)
2021		3,271		$1.86	to	$2.25		$7,787		1.15	%		0.30	%	to	0.90	%		8.49	%	to	7.85	%
2020		3,020		$1.71	to	$2.09		$6,531		1.54	%		0.30	%	to	0.90	%		11.76	%	to	11.09	%
2019		2,706		$1.53	to	$1.88		$5,321		1.36	%		0.30	%	to	0.90	%		24.78	%	to	24.03	%
Put VT Sus Leaders, Cl IA
2023		18,872		$7.94	to	$6.68		$137,266		0.75	%		0.45	%	to	0.90	%		25.85	%	to	25.29	%
2022		20,480		$6.31	to	$5.33		$118,584		0.83	%		0.45	%	to	0.90	%		(23.07	%)	to	(23.41	%)
2021		21,923		$8.20	to	$6.96		$165,256		0.34	%		0.45	%	to	0.90	%		23.28	%	to	22.73	%
2020		23,599		$6.65	to	$5.67		$144,393		0.64	%		0.45	%	to	0.90	%		28.48	%	to	27.91	%
2019		25,920		$5.18	to	$4.43		$123,672		0.68	%		0.45	%	to	0.90	%		36.11	%	to	35.50	%
Put VT Sus Leaders, Cl IB
2023		1,184		$1.31	to	$4.98		$5,503		0.51	%		0.20	%	to	0.90	%		25.86	%	to	24.98	%
2022		1,165		$1.04	to	$3.99		$4,485		0.56	%		0.20	%	to	0.90	%		5.04	%⁽⁸⁾	to	(23.60	%)
2021		1,230		$4.57	to	$5.22		$6,234		0.14	%		0.30	%	to	0.90	%		23.16	%	to	22.43	%
2020		1,239		$3.71	to	$4.26		$5,145		0.41	%		0.30	%	to	0.90	%		28.51	%	to	27.74	%
2019		1,202		$2.89	to	$3.34		$3,889		0.43	%		0.30	%	to	0.90	%		35.95	%	to	35.14	%
Royce Micro-Cap, Invest Cl
2023		6,886		$4.06	to	$5.74		$29,908		—			0.45	%	to	0.90	%		18.25	%	to	17.72	%
2022		7,418		$3.43	to	$4.88		$27,319		—			0.45	%	to	0.90	%		(22.78	%)	to	(23.13	%)
2021		7,906		$4.45	to	$6.35		$37,739		—			0.45	%	to	0.90	%		29.40	%	to	28.82	%
2020		8,609		$3.44	to	$4.93		$31,936		—			0.45	%	to	0.90	%		23.24	%	to	22.68	%
2019		9,643		$2.79	to	$4.02		$29,104		—			0.45	%	to	0.90	%		19.02	%	to	18.48	%
Temp Global Bond, Cl 1
2023		875		$0.88	to	$0.88		$772		—			0.00	%	to	0.00	%		3.20	%	to	3.20	%
2022		608		$0.85	to	$0.85		$519		—			0.00	%	to	0.00	%		(4.85	%)	to	(4.85	%)
2021		248		$0.90	to	$0.90		$223		—			0.00	%	to	0.00	%		(4.62	%)	to	(4.62	%)
2020		152		$0.94	to	$0.94		$143		7.82	%		0.00	%	to	0.00	%		(5.07	%)	to	(5.07	%)
2019		73		$0.99	to	$0.99		$72		2.65	%		0.00	%	to	0.00	%		(0.96	%)⁽⁵⁾	to	(0.96	%)⁽⁵⁾
Temp Global Bond, Cl 2
2023		3,195		$0.95	to	$0.84		$2,831		—			0.00	%	to	0.90	%		2.88	%	to	1.97	%
2022		3,373		$0.93	to	$0.82		$2,913		—			0.00	%	to	0.90	%		(4.95	%)	to	(5.80	%)
2021		3,391		$0.98	to	$0.87		$3,085		—			0.00	%	to	0.90	%		(4.99	%)	to	(5.84	%)
2020		3,686		$1.03	to	$0.92		$3,542		8.39	%		0.00	%	to	0.90	%		(5.28	%)	to	(6.13	%)
2019		3,922		$1.08	to	$0.98		$3,987		7.27	%		0.00	%	to	0.90	%		2.01	%	to	1.10	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			167


	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
2023		7,472		$3.66	to	$4.54		$28,722		2.37	%		0.45	%	to	0.90	%		20.27	%	to	19.73	%
2022		8,118		$3.04	to	$3.79		$25,991		1.49	%		0.45	%	to	0.90	%		15.59	%	to	15.07	%
2021		8,504		$2.63	to	$3.30		$23,592		0.69	%		0.45	%	to	0.90	%		21.51	%	to	20.97	%
2020		9,147		$2.17	to	$2.73		$20,951		2.67	%		0.45	%	to	0.90	%		(2.83	%)	to	(3.27	%)
2019		9,991		$2.23	to	$2.82		$23,640		0.27	%		0.45	%	to	0.90	%		11.96	%	to	11.45	%
VanEck VIP Global Gold, Cl S
2023		5,084		$1.35	to	$1.17		$6,333		—			0.00	%	to	0.90	%		10.41	%	to	9.42	%
2022		4,927		$1.23	to	$1.07		$5,555		—			0.00	%	to	0.90	%		(13.36	%)	to	(14.13	%)
2021		4,425		$1.42	to	$1.25		$5,768		11.15	%		0.00	%	to	0.90	%		(14.01	%)	to	(14.78	%)
2020		5,145		$1.65	to	$1.46		$7,830		2.86	%		0.00	%	to	0.90	%		38.62	%	to	37.38	%
2019		3,770		$1.19	to	$1.07		$4,141		—			0.00	%	to	0.90	%		38.75	%	to	37.50	%
VP Aggr, Cl 1
2023		70,330		$1.43	to	$1.43		$100,692		—			0.00	%	to	0.00	%		17.51	%	to	17.51	%
2022		50,815		$1.22	to	$1.22		$61,911		—			0.00	%	to	0.00	%		(17.99	%)	to	(17.99	%)
2021		29,035		$1.49	to	$1.49		$43,136		—			0.00	%	to	0.00	%		16.03	%	to	16.03	%
2020		11,213		$1.28	to	$1.28		$14,357		—			0.00	%	to	0.00	%		15.30	%	to	15.30	%
2019		3,674		$1.11	to	$1.11		$4,079		—			0.00	%	to	0.00	%		10.93	%⁽⁵⁾	to	10.93	%⁽⁵⁾
VP Aggr, Cl 2
2023		156,719		$2.34	to	$2.48		$377,076		—			0.00	%	to	0.90	%		17.22	%	to	16.18	%
2022		154,880		$2.00	to	$2.14		$323,447		—			0.00	%	to	0.90	%		(18.19	%)	to	(18.92	%)
2021		148,828		$2.44	to	$2.64		$381,718		—			0.00	%	to	0.90	%		15.76	%	to	14.72	%
2020		145,597		$2.11	to	$2.30		$324,256		—			0.00	%	to	0.90	%		14.99	%	to	13.96	%
2019		148,099		$1.84	to	$2.02		$288,958		—			0.00	%	to	0.90	%		21.59	%	to	20.50	%
VP Aggr, Cl 4
2023		148,631		$1.25	to	$2.49		$360,394		—			0.20	%	to	0.90	%		16.96	%	to	16.15	%
2022		152,995		$1.07	to	$2.14		$325,260		—			0.20	%	to	0.90	%		7.96	%⁽⁸⁾	to	(18.92	%)
2021		158,006		$2.33	to	$2.64		$412,243		—			0.30	%	to	0.90	%		15.43	%	to	14.74	%
2020		165,392		$2.02	to	$2.30		$374,911		—			0.30	%	to	0.90	%		14.62	%	to	13.93	%
2019		177,281		$1.76	to	$2.02		$351,736		—			0.30	%	to	0.90	%		21.31	%	to	20.59	%
VP Conserv, Cl 1
2023		2,638		$1.12	to	$1.12		$2,943		—			0.00	%	to	0.00	%		8.65	%	to	8.65	%
2022		976		$1.03	to	$1.03		$1,002		—			0.00	%	to	0.00	%		(15.26	%)	to	(15.26	%)
2021		953		$1.21	to	$1.21		$1,155		—			0.00	%	to	0.00	%		3.05	%	to	3.05	%
2020		253		$1.18	to	$1.18		$297		—			0.00	%	to	0.00	%		9.55	%	to	9.55	%
2019		149		$1.07	to	$1.07		$160		—			0.00	%	to	0.00	%		7.31	%⁽⁵⁾	to	7.31	%⁽⁵⁾
VP Conserv, Cl 2
2023		14,940		$1.34	to	$1.36		$20,767		—			0.00	%	to	0.90	%		8.46	%	to	7.49	%
2022		16,047		$1.24	to	$1.26		$20,754		—			0.00	%	to	0.90	%		(15.54	%)	to	(16.30	%)
2021		16,880		$1.47	to	$1.51		$26,018		—			0.00	%	to	0.90	%		2.82	%	to	1.89	%
2020		21,852		$1.43	to	$1.48		$32,926		—			0.00	%	to	0.90	%		9.30	%	to	8.32	%
2019		11,798		$1.30	to	$1.37		$16,251		—			0.00	%	to	0.90	%		10.75	%	to	9.76	%
VP Conserv, Cl 4
2023		15,252		$1.11	to	$1.36		$21,136		—			0.20	%	to	0.90	%		8.18	%	to	7.42	%
2022		15,526		$1.03	to	$1.26		$20,096		—			0.20	%	to	0.90	%		3.31	%⁽⁸⁾	to	(16.25	%)
2021		16,745		$1.41	to	$1.51		$25,785		—			0.30	%	to	0.90	%		2.51	%	to	1.90	%
2020		19,543		$1.38	to	$1.48		$29,322		—			0.30	%	to	0.90	%		8.91	%	to	8.26	%
2019		16,344		$1.26	to	$1.37		$22,424		—			0.30	%	to	0.90	%		10.42	%	to	9.76	%
VP Man Vol Conserv, Cl 1
2023		547		$1.10	to	$1.10		$602		—			0.00	%	to	0.00	%		8.05	%	to	8.05	%
2022		402		$1.02	to	$1.02		$410		—			0.00	%	to	0.00	%		(15.75	%)	to	(15.75	%)
2021		336		$1.21	to	$1.21		$407		—			0.00	%	to	0.00	%		2.91	%	to	2.91	%
2020		297		$1.18	to	$1.18		$349		—			0.00	%	to	0.00	%		8.35	%	to	8.35	%
2019		37		$1.08	to	$1.08		$40		—			0.00	%	to	0.00	%		8.45	%⁽⁵⁾	to	8.45	%⁽⁵⁾



168		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾		Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Man Vol Conserv, Cl 2
2023		2,245		$1.22	to	$1.12		$2,647		—		0.00	%	to	0.90	%		7.87	%	to	6.90	%
2022		2,548		$1.13	to	$1.05		$2,783		—		0.00	%	to	0.90	%		(15.99	%)	to	(16.74	%)
2021		2,829		$1.35	to	$1.26		$3,687		—		0.00	%	to	0.90	%		2.63	%	to	1.71	%
2020		5,350		$1.31	to	$1.24		$6,839		—		0.00	%	to	0.90	%		8.12	%	to	7.15	%
2019		2,952		$1.21	to	$1.16		$3,492		—		0.00	%	to	0.90	%		11.92	%	to	10.91	%
VP Man Vol Conserv Gro, Cl 1
2023		1,440		$1.15	to	$1.15		$1,662		—		0.00	%	to	0.00	%		10.19	%	to	10.19	%
2022		921		$1.05	to	$1.05		$964		—		0.00	%	to	0.00	%		(16.88	%)	to	(16.88	%)
2021		757		$1.26	to	$1.26		$954		—		0.00	%	to	0.00	%		5.77	%	to	5.77	%
2020		454		$1.19	to	$1.19		$541		—		0.00	%	to	0.00	%		9.35	%	to	9.35	%
2019		188		$1.09	to	$1.09		$204		—		0.00	%	to	0.00	%		8.81	%⁽⁵⁾	to	8.81	%⁽⁵⁾
VP Man Vol Conserv Gro, Cl 2
2023		2,743		$1.31	to	$1.20		$3,438		—		0.00	%	to	0.90	%		9.98	%	to	8.99	%
2022		4,562		$1.19	to	$1.10		$5,217		—		0.00	%	to	0.90	%		(17.06	%)	to	(17.81	%)
2021		5,248		$1.43	to	$1.34		$7,264		—		0.00	%	to	0.90	%		5.45	%	to	4.51	%
2020		5,346		$1.36	to	$1.28		$7,037		—		0.00	%	to	0.90	%		9.15	%	to	8.17	%
2019		4,191		$1.24	to	$1.18		$5,088		—		0.00	%	to	0.90	%		14.00	%	to	12.97	%
VP Man Vol Gro, Cl 1
2023		21,742		$1.27	to	$1.27		$27,704		—		0.00	%	to	0.00	%		14.87	%	to	14.87	%
2022		15,570		$1.11	to	$1.11		$17,271		—		0.00	%	to	0.00	%		(19.22	%)	to	(19.22	%)
2021		10,636		$1.37	to	$1.37		$14,605		—		0.00	%	to	0.00	%		12.22	%	to	12.22	%
2020		4,940		$1.22	to	$1.22		$6,044		—		0.00	%	to	0.00	%		11.56	%	to	11.56	%
2019		1,799		$1.10	to	$1.10		$1,973		—		0.00	%	to	0.00	%		9.52	%⁽⁵⁾	to	9.52	%⁽⁵⁾
VP Man Vol Gro, Cl 2
2023		30,490		$1.49	to	$1.37		$44,069		—		0.00	%	to	0.90	%		14.59	%	to	13.57	%
2022		32,153		$1.30	to	$1.20		$40,637		—		0.00	%	to	0.90	%		(19.43	%)	to	(20.15	%)
2021		33,101		$1.61	to	$1.51		$52,199		—		0.00	%	to	0.90	%		11.89	%	to	10.89	%
2020		35,243		$1.44	to	$1.36		$49,789		—		0.00	%	to	0.90	%		11.30	%	to	10.30	%
2019		38,883		$1.30	to	$1.23		$49,401		—		0.00	%	to	0.90	%		18.26	%	to	17.20	%
VP Man Vol Mod Gro, Cl 1
2023		13,843		$1.22	to	$1.22		$16,843		—		0.00	%	to	0.00	%		12.49	%	to	12.49	%
2022		12,316		$1.08	to	$1.08		$13,321		—		0.00	%	to	0.00	%		(17.94	%)	to	(17.94	%)
2021		8,411		$1.32	to	$1.32		$11,086		—		0.00	%	to	0.00	%		9.02	%	to	9.02	%
2020		3,495		$1.21	to	$1.21		$4,226		—		0.00	%	to	0.00	%		10.62	%	to	10.62	%
2019		993		$1.09	to	$1.09		$1,085		—		0.00	%	to	0.00	%		9.21	%⁽⁵⁾	to	9.21	%⁽⁵⁾
VP Man Vol Mod Gro, Cl 2
2023		28,243		$1.41	to	$1.29		$38,488		—		0.00	%	to	0.90	%		12.27	%	to	11.27	%
2022		30,515		$1.26	to	$1.16		$37,157		—		0.00	%	to	0.90	%		(18.15	%)	to	(18.89	%)
2021		31,835		$1.53	to	$1.43		$47,482		—		0.00	%	to	0.90	%		8.70	%	to	7.72	%
2020		32,529		$1.41	to	$1.33		$44,786		—		0.00	%	to	0.90	%		10.37	%	to	9.38	%
2019		29,853		$1.28	to	$1.22		$37,298		—		0.00	%	to	0.90	%		16.17	%	to	15.13	%
VP Mod, Cl 1
2023		51,970		$1.28	to	$1.28		$66,441		—		0.00	%	to	0.00	%		13.22	%	to	13.22	%
2022		32,712		$1.13	to	$1.13		$36,939		—		0.00	%	to	0.00	%		(16.42	%)	to	(16.42	%)
2021		18,995		$1.35	to	$1.35		$25,663		—		0.00	%	to	0.00	%		9.31	%	to	9.31	%
2020		7,609		$1.24	to	$1.24		$9,404		—		0.00	%	to	0.00	%		13.12	%	to	13.12	%
2019		3,120		$1.09	to	$1.09		$3,409		—		0.00	%	to	0.00	%		9.26	%⁽⁵⁾	to	9.26	%⁽⁵⁾
VP Mod, Cl 2
2023		201,445		$1.80	to	$1.89		$380,800		—		0.00	%	to	0.90	%		12.96	%	to	11.95	%
2022		207,403		$1.59	to	$1.69		$351,694		—		0.00	%	to	0.90	%		(16.61	%)	to	(17.35	%)
2021		219,117		$1.91	to	$2.05		$448,231		—		0.00	%	to	0.90	%		9.00	%	to	8.03	%
2020		222,654		$1.75	to	$1.90		$420,315		—		0.00	%	to	0.90	%		12.87	%	to	11.85	%
2019		227,793		$1.55	to	$1.69		$383,237		—		0.00	%	to	0.90	%		16.13	%	to	15.09	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			169


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Mod, Cl 4
2023		265,810		$1.18	to	$1.90		$505,008		—			0.20	%	to	0.90	%		12.72	%	to	11.93	%
2022		282,125		$1.05	to	$1.70		$484,159		—			0.20	%	to	0.90	%		5.51	%⁽⁸⁾	to	(17.33	%)
2021		304,930		$1.83	to	$2.05		$630,044		—			0.30	%	to	0.90	%		8.72	%	to	8.07	%
2020		319,471		$1.69	to	$1.90		$608,612		—			0.30	%	to	0.90	%		12.45	%	to	11.78	%
2019		343,553		$1.50	to	$1.70		$583,300		—			0.30	%	to	0.90	%		15.83	%	to	15.14	%
VP Mod Aggr, Cl 1
2023		149,201		$1.35	to	$1.35		$201,149		—			0.00	%	to	0.00	%		15.23	%	to	15.23	%
2022		106,704		$1.17	to	$1.17		$124,844		—			0.00	%	to	0.00	%		(17.38	%)	to	(17.38	%)
2021		65,043		$1.42	to	$1.42		$92,106		—			0.00	%	to	0.00	%		12.61	%	to	12.61	%
2020		29,363		$1.26	to	$1.26		$36,923		—			0.00	%	to	0.00	%		14.26	%	to	14.26	%
2019		8,970		$1.10	to	$1.10		$9,871		—			0.00	%	to	0.00	%		9.99	%⁽⁵⁾	to	9.99	%⁽⁵⁾
VP Mod Aggr, Cl 2
2023		339,295		$2.05	to	$2.17		$719,979		—			0.00	%	to	0.90	%		14.93	%	to	13.91	%
2022		348,746		$1.78	to	$1.90		$650,500		—			0.00	%	to	0.90	%		(17.59	%)	to	(18.33	%)
2021		357,969		$2.16	to	$2.33		$813,230		—			0.00	%	to	0.90	%		12.31	%	to	11.30	%
2020		357,294		$1.92	to	$2.10		$726,401		—			0.00	%	to	0.90	%		14.03	%	to	13.01	%
2019		366,784		$1.69	to	$1.85		$659,245		—			0.00	%	to	0.90	%		18.71	%	to	17.65	%
VP Mod Aggr, Cl 4
2023		464,108		$1.22	to	$2.17		$996,386		—			0.20	%	to	0.90	%		14.68	%	to	13.88	%
2022		483,099		$1.06	to	$1.91		$921,539		—			0.20	%	to	0.90	%		6.74	%⁽⁸⁾	to	(18.30	%)
2021		501,422		$2.07	to	$2.34		$1,166,624		—			0.30	%	to	0.90	%		12.00	%	to	11.33	%
2020		523,905		$1.85	to	$2.10		$1,089,410		—			0.30	%	to	0.90	%		13.67	%	to	12.99	%
2019		566,475		$1.62	to	$1.86		$1,037,870		—			0.30	%	to	0.90	%		18.39	%	to	17.68	%
VP Mod Conserv, Cl 1
2023		3,599		$1.19	to	$1.19		$4,285		—			0.00	%	to	0.00	%		10.78	%	to	10.78	%
2022		1,675		$1.07	to	$1.07		$1,801		—			0.00	%	to	0.00	%		(15.93	%)	to	(15.93	%)
2021		1,234		$1.28	to	$1.28		$1,578		—			0.00	%	to	0.00	%		5.99	%	to	5.99	%
2020		813		$1.21	to	$1.21		$981		—			0.00	%	to	0.00	%		11.28	%	to	11.28	%
2019		141		$1.08	to	$1.08		$153		—			0.00	%	to	0.00	%		8.39	%⁽⁵⁾	to	8.39	%⁽⁵⁾
VP Mod Conserv, Cl 2
2023		26,415		$1.55	to	$1.60		$42,844		—			0.00	%	to	0.90	%		10.50	%	to	9.51	%
2022		29,163		$1.40	to	$1.46		$43,275		—			0.00	%	to	0.90	%		(16.09	%)	to	(16.84	%)
2021		31,917		$1.67	to	$1.76		$56,512		—			0.00	%	to	0.90	%		5.74	%	to	4.79	%
2020		36,946		$1.58	to	$1.68		$62,370		—			0.00	%	to	0.90	%		11.00	%	to	10.01	%
2019		32,291		$1.42	to	$1.52		$49,591		—			0.00	%	to	0.90	%		13.52	%	to	12.50	%
VP Mod Conserv, Cl 4
2023		34,753		$1.15	to	$1.60		$56,234		—			0.20	%	to	0.90	%		10.26	%	to	9.49	%
2022		37,850		$1.04	to	$1.46		$56,077		—			0.20	%	to	0.90	%		4.54	%⁽⁸⁾	to	(16.85	%)
2021		41,862		$1.61	to	$1.76		$74,134		—			0.30	%	to	0.90	%		5.47	%	to	4.84	%
2020		48,949		$1.52	to	$1.68		$82,043		—			0.30	%	to	0.90	%		10.65	%	to	9.99	%
2019		49,660		$1.38	to	$1.53		$75,729		—			0.30	%	to	0.90	%		13.15	%	to	12.47	%
VP Ptnrs Core Bond, Cl 1
2023		1,198		$1.06	to	$1.06		$1,268		2.78	%		0.00	%	to	0.00	%		6.30	%	to	6.30	%
2022		546		$1.00	to	$1.00		$544		1.73	%		0.00	%	to	0.00	%		(13.29	%)	to	(13.29	%)
2021		397		$1.15	to	$1.15		$455		1.57	%		0.00	%	to	0.00	%		(1.24	%)	to	(1.24	%)
2020		203		$1.16	to	$1.16		$236		1.87	%		0.00	%	to	0.00	%		8.27	%	to	8.27	%
2019		83		$1.07	to	$1.07		$89		0.05	%		0.00	%	to	0.00	%		7.38	%⁽⁵⁾	to	7.38	%⁽⁵⁾
VP Ptnrs Core Bond, Cl 2
2023		537		$1.16	to	$1.16		$621		2.73	%		0.00	%	to	0.00	%		6.06	%	to	6.06	%
2022		407		$1.09	to	$1.09		$444		1.33	%		0.00	%	to	0.00	%		(13.60	%)	to	(13.60	%)
2021		764		$1.26	to	$1.26		$964		1.16	%		0.00	%	to	0.00	%		(1.41	%)	to	(1.41	%)
2020		699		$1.28	to	$1.28		$895		1.85	%		0.00	%	to	0.00	%		7.97	%	to	7.97	%
2019		355		$1.19	to	$1.19		$421		2.22	%		0.00	%	to	0.00	%		8.39	%	to	8.39	%



170		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
VP Ptnrs Core Eq, Cl 1
2023		694		$1.76	to	$1.76		$1,221		—			0.00	%	to	0.00	%		24.71	%	to	24.71	%
2022		364		$1.41	to	$1.41		$514		—			0.00	%	to	0.00	%		(17.33	%)	to	(17.33	%)
2021		160		$1.71	to	$1.71		$274		—			0.00	%	to	0.00	%		29.45	%	to	29.45	%
2020		15		$1.32	to	$1.32		$20		—			0.00	%	to	0.00	%		17.02	%	to	17.02	%
2019		4		$1.13	to	$1.13		$4		—			0.00	%	to	0.00	%		12.66	%⁽⁵⁾	to	12.66	%⁽⁵⁾
VP Ptnrs Core Eq, Cl 2
2023		159		$3.44	to	$3.44		$549		—			0.00	%	to	0.00	%		24.43	%	to	24.43	%
2022		197		$2.77	to	$2.77		$546		—			0.00	%	to	0.00	%		(17.55	%)	to	(17.55	%)
2021		178		$3.35	to	$3.35		$597		—			0.00	%	to	0.00	%		29.18	%	to	29.18	%
2020		163		$2.60	to	$2.60		$424		—			0.00	%	to	0.00	%		16.73	%	to	16.73	%
2019		118		$2.22	to	$2.22		$263		—			0.00	%	to	0.00	%		26.20	%	to	26.20	%
VP Ptnrs Core Eq, Cl 3
2023		1,739		$1.31	to	$2.77		$6,788		—			0.20	%	to	0.90	%		24.30	%	to	23.44	%
2022		1,667		$1.06	to	$2.24		$5,869		—			0.20	%	to	0.90	%		6.59	%⁽⁸⁾	to	(18.17	%)
2021		1,815		$3.22	to	$2.74		$7,679		—			0.30	%	to	0.90	%		28.95	%	to	28.18	%
2020		1,929		$2.50	to	$2.14		$6,275		—			0.30	%	to	0.90	%		16.49	%	to	15.80	%
2019		2,154		$2.14	to	$1.85		$5,885		—			0.30	%	to	0.90	%		26.00	%	to	25.25	%
VP Ptnrs Intl Core Eq, Cl 1
2023		2,310		$1.30	to	$1.30		$2,999		1.26	%		0.00	%	to	0.00	%		17.70	%	to	17.70	%
2022		1,575		$1.10	to	$1.10		$1,737		1.92	%		0.00	%	to	0.00	%		(19.51	%)	to	(19.51	%)
2021		1,040		$1.37	to	$1.37		$1,425		1.53	%		0.00	%	to	0.00	%		13.55	%	to	13.55	%
2020		263		$1.21	to	$1.21		$317		0.17	%		0.00	%	to	0.00	%		11.16	%	to	11.16	%
2019		129		$1.09	to	$1.09		$140		2.20	%		0.00	%	to	0.00	%		8.37	%⁽⁵⁾	to	8.37	%⁽⁵⁾
VP Ptnrs Intl Core Eq, Cl 2
2023		1,287		$1.70	to	$1.70		$2,185		1.11	%		0.00	%	to	0.00	%		17.34	%	to	17.34	%
2022		1,209		$1.45	to	$1.45		$1,748		1.90	%		0.00	%	to	0.00	%		(19.64	%)	to	(19.64	%)
2021		1,269		$1.80	to	$1.80		$2,284		1.38	%		0.00	%	to	0.00	%		13.18	%	to	13.18	%
2020		494		$1.59	to	$1.59		$785		0.18	%		0.00	%	to	0.00	%		10.96	%	to	10.96	%
2019		413		$1.43	to	$1.43		$592		2.55	%		0.00	%	to	0.00	%		18.41	%	to	18.41	%
VP Ptnrs Intl Gro, Cl 1
2023		4,117		$1.31	to	$1.31		$5,383		0.44	%		0.00	%	to	0.00	%		14.77	%	to	14.77	%
2022		3,039		$1.14	to	$1.14		$3,463		—			0.00	%	to	0.00	%		(26.69	%)	to	(26.69	%)
2021		1,925		$1.55	to	$1.55		$2,993		0.04	%		0.00	%	to	0.00	%		10.63	%	to	10.63	%
2020		618		$1.41	to	$1.41		$868		0.16	%		0.00	%	to	0.00	%		22.62	%	to	22.62	%
2019		212		$1.15	to	$1.15		$243		0.74	%		0.00	%	to	0.00	%		14.04	%⁽⁵⁾	to	14.04	%⁽⁵⁾
VP Ptnrs Intl Gro, Cl 2
2023		3,686		$1.73	to	$1.73		$6,362		0.24	%		0.00	%	to	0.00	%		14.45	%	to	14.45	%
2022		3,488		$1.51	to	$1.51		$5,260		—			0.00	%	to	0.00	%		(26.87	%)	to	(26.87	%)
2021		3,294		$2.06	to	$2.06		$6,793		—			0.00	%	to	0.00	%		10.33	%	to	10.33	%
2020		2,677		$1.87	to	$1.87		$5,003		0.08	%		0.00	%	to	0.00	%		22.30	%	to	22.30	%
2019		2,185		$1.53	to	$1.53		$3,339		0.92	%		0.00	%	to	0.00	%		26.36	%	to	26.36	%
VP Ptnrs Intl Val, Cl 1
2023		2,054		$1.17	to	$1.17		$2,402		1.91	%		0.00	%	to	0.00	%		17.14	%	to	17.14	%
2022		1,427		$1.00	to	$1.00		$1,424		2.17	%		0.00	%	to	0.00	%		(11.46	%)	to	(11.46	%)
2021		921		$1.13	to	$1.13		$1,038		1.77	%		0.00	%	to	0.00	%		11.80	%	to	11.80	%
2020		342		$1.01	to	$1.01		$345		0.44	%		0.00	%	to	0.00	%		(3.82	%)	to	(3.82	%)
2019		100		$1.05	to	$1.05		$104		2.47	%		0.00	%	to	0.00	%		4.42	%⁽⁵⁾	to	4.42	%⁽⁵⁾
VP Ptnrs Intl Val, Cl 2
2023		2,380		$1.58	to	$1.58		$3,756		1.81	%		0.00	%	to	0.00	%		16.96	%	to	16.96	%
2022		2,046		$1.35	to	$1.35		$2,760		2.13	%		0.00	%	to	0.00	%		(11.75	%)	to	(11.75	%)
2021		1,947		$1.53	to	$1.53		$2,976		1.77	%		0.00	%	to	0.00	%		11.64	%	to	11.64	%
2020		1,124		$1.37	to	$1.37		$1,540		0.68	%		0.00	%	to	0.00	%		(4.14	%)	to	(4.14	%)
2019		1,121		$1.43	to	$1.43		$1,601		3.57	%		0.00	%	to	0.00	%		13.20	%	to	13.20	%



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			171


	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 Sm Cap Gro, Cl 1
2023		845		$1.17	to	$1.17		$992		—			0.00	%	to	0.00	%		7.20	%	to	7.20	%
2022		530		$1.10	to	$1.10		$580		—			0.00	%	to	0.00	%		(28.97	%)	to	(28.97	%)
2021		371		$1.54	to	$1.54		$572		—			0.00	%	to	0.00	%		8.29	%	to	8.29	%
2020		129		$1.42	to	$1.42		$183		—			0.00	%	to	0.00	%		38.77	%	to	38.77	%
2019		43		$1.03	to	$1.03		$44		—			0.00	%	to	0.00	%		2.55	%⁽⁵⁾	to	2.55	%⁽⁵⁾
VP Ptnrs Sm Cap Gro, Cl 2
2023		379		$2.20	to	$2.20		$833		—			0.00	%	to	0.00	%		6.93	%	to	6.93	%
2022		355		$2.06	to	$2.06		$731		—			0.00	%	to	0.00	%		(29.13	%)	to	(29.13	%)
2021		368		$2.91	to	$2.91		$1,070		—			0.00	%	to	0.00	%		8.02	%	to	8.02	%
2020		339		$2.69	to	$2.69		$911		—			0.00	%	to	0.00	%		38.43	%	to	38.43	%
2019		263		$1.94	to	$1.94		$511		—			0.00	%	to	0.00	%		20.95	%	to	20.95	%
VP Ptnrs Sm Cap Val, Cl 1
2023		553		$1.27	to	$1.27		$704		—			0.00	%	to	0.00	%		11.38	%	to	11.38	%
2022		432		$1.14	to	$1.14		$494		—			0.00	%	to	0.00	%		(12.94	%)	to	(12.94	%)
2021		322		$1.31	to	$1.31		$422		—			0.00	%	to	0.00	%		24.01	%	to	24.01	%
2020		124		$1.06	to	$1.06		$132		—			0.00	%	to	0.00	%		4.27	%	to	4.27	%
2019		17		$1.02	to	$1.02		$18		—			0.00	%	to	0.00	%		1.97	%⁽⁵⁾	to	1.97	%⁽⁵⁾
VP Ptnrs Sm Cap Val, Cl 2
2023		523		$2.26	to	$2.26		$1,180		—			0.00	%	to	0.00	%		11.08	%	to	11.08	%
2022		506		$2.03	to	$2.03		$1,028		—			0.00	%	to	0.00	%		(13.16	%)	to	(13.16	%)
2021		609		$2.34	to	$2.34		$1,425		—			0.00	%	to	0.00	%		23.75	%	to	23.75	%
2020		268		$1.89	to	$1.89		$507		—			0.00	%	to	0.00	%		3.99	%	to	3.99	%
2019		246		$1.82	to	$1.82		$447		—			0.00	%	to	0.00	%		19.53	%	to	19.53	%
VP Ptnrs Sm Cap Val, Cl 3
2023		4,826		$1.20	to	$3.65		$13,822		—			0.20	%	to	0.90	%		11.04	%	to	10.27	%
2022		4,385		$1.08	to	$3.31		$13,017		—			0.20	%	to	0.90	%		8.27	%⁽⁸⁾	to	(13.84	%)
2021		4,687		$2.25	to	$3.84		$16,045		—			0.30	%	to	0.90	%		23.52	%	to	22.78	%
2020		4,998		$1.82	to	$3.13		$13,826		—			0.30	%	to	0.90	%		3.80	%	to	3.18	%
2019		5,162		$1.75	to	$3.03		$13,740		—			0.30	%	to	0.90	%		19.30	%	to	18.58	%
VP US Flex Conserv Gro, Cl 1
2023		354		$1.17	to	$1.17		$414		—			0.00	%	to	0.00	%		11.53	%	to	11.53	%
2022		285		$1.05	to	$1.05		$300		—			0.00	%	to	0.00	%		(16.54	%)	to	(16.54	%)
2021		112		$1.26	to	$1.26		$140		—			0.00	%	to	0.00	%		7.76	%	to	7.76	%
2020		80		$1.17	to	$1.17		$93		—			0.00	%	to	0.00	%		6.18	%	to	6.18	%
2019		—		$1.10	to	$1.10		$0		—			0.00	%	to	0.00	%		9.92	%⁽⁵⁾	to	9.92	%⁽⁵⁾
VP US Flex Gro, Cl 1
2023		7,333		$1.30	to	$1.30		$9,547		—			0.00	%	to	0.00	%		17.14	%	to	17.14	%
2022		5,639		$1.11	to	$1.11		$6,268		—			0.00	%	to	0.00	%		(18.54	%)	to	(18.54	%)
2021		3,562		$1.36	to	$1.36		$4,860		—			0.00	%	to	0.00	%		15.76	%	to	15.76	%
2020		784		$1.18	to	$1.18		$924		—			0.00	%	to	0.00	%		5.07	%	to	5.07	%
2019		115		$1.12	to	$1.12		$129		—			0.00	%	to	0.00	%		12.09	%⁽⁵⁾	to	12.09	%⁽⁵⁾
VP US Flex Mod Gro, Cl 1
2023		3,894		$1.24	to	$1.24		$4,827		—			0.00	%	to	0.00	%		14.29	%	to	14.29	%
2022		3,147		$1.08	to	$1.08		$3,413		—			0.00	%	to	0.00	%		(17.36	%)	to	(17.36	%)
2021		2,247		$1.31	to	$1.31		$2,948		—			0.00	%	to	0.00	%		11.71	%	to	11.71	%
2020		1,337		$1.17	to	$1.17		$1,571		—			0.00	%	to	0.00	%		5.74	%	to	5.74	%
2019		267		$1.11	to	$1.11		$297		—			0.00	%	to	0.00	%		11.01	%⁽⁵⁾	to	11.01	%⁽⁵⁾
Wanger Acorn
2023		22,136		$1.22	to	$5.61		$93,893		—			0.20	%	to	0.90	%		21.49	%	to	20.65	%
2022		21,324		$1.01	to	$4.65		$82,361		—			0.20	%	to	0.90	%		2.29	%⁽⁸⁾	to	(34.06	%)
2021		22,005		$3.35	to	$7.05		$128,789		0.75	%		0.30	%	to	0.90	%		8.57	%	to	7.92	%
2020		23,590		$3.09	to	$6.53		$127,425		—			0.30	%	to	0.90	%		23.86	%	to	23.11	%
2019		26,202		$2.49	to	$5.30		$115,353		0.26	%		0.30	%	to	0.90	%		30.71	%	to	29.93	%



172		∎ RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT


	At December 31								For the year ended December 31
	Units (000s)		Accumulation unit value lowest to highest⁽¹⁾				Net assets (000s)		Investment income ratio⁽²⁾			Expense ratio lowest to highest⁽³⁾						Total return lowest to highest⁽¹⁾⁽⁴⁾
Wanger Intl
2023		26,324		$1.34	to	$2.81		$69,984		0.32	%		0.20	%	to	0.90	%		16.72	%	to	15.91	%
2022		26,402		$1.15	to	$2.42		$63,137		0.92	%		0.20	%	to	0.90	%		15.79	%⁽⁸⁾	to	(34.44	%)
2021		27,689		$2.23	to	$3.69		$100,656		0.55	%		0.30	%	to	0.90	%		18.45	%	to	17.74	%
2020		29,062		$1.88	to	$3.14		$89,520		2.03	%		0.30	%	to	0.90	%		14.02	%	to	13.34	%
2019		32,683		$1.65	to	$2.77		$89,412		0.82	%		0.30	%	to	0.90	%		29.60	%	to	28.83	%
WA Var Global Hi Yd Bond, Cl I
2023		927		$1.12	to	$1.12		$1,036		6.42	%		0.00	%	to	0.00	%		10.26	%	to	10.26	%
2022		739		$1.01	to	$1.01		$749		8.25	%		0.00	%	to	0.00	%		(13.72	%)	to	(13.72	%)
2021		411		$1.17	to	$1.17		$483		5.05	%		0.00	%	to	0.00	%		1.33	%	to	1.33	%
2020		237		$1.16	to	$1.16		$274		4.75	%		0.00	%	to	0.00	%		7.32	%	to	7.32	%
2019		76		$1.08	to	$1.08		$82		8.13	%		0.00	%	to	0.00	%		7.73	%⁽⁵⁾	to	7.73	%⁽⁵⁾
WA Var Global Hi Yd Bond, Cl II
2023		216		$1.33	to	$1.33		$288		5.21	%		0.00	%	to	0.00	%		9.96	%	to	9.96	%
2022		228		$1.21	to	$1.21		$276		5.29	%		0.00	%	to	0.00	%		(13.87	%)	to	(13.87	%)
2021		303		$1.40	to	$1.40		$425		3.70	%		0.00	%	to	0.00	%		1.04	%	to	1.04	%
2020		230		$1.39	to	$1.39		$320		3.98	%		0.00	%	to	0.00	%		7.12	%	to	7.12	%
2019		221		$1.30	to	$1.30		$287		5.22	%		0.00	%	to	0.00	%		14.01	%	to	14.01	%

⁽¹⁾	The accumulation unit values and total returns are presented as a range of values based on the life insurance policies 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 policy 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 policy 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 February 25, 2019.

⁽⁶⁾	New subaccount operations commenced on April 24, 2020.

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

⁽⁸⁾	New subaccount operations commenced on October 10, 2022.



RIVERSOURCE VARIABLE LIFE SEPARATE ACCOUNT ∎			173

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF

RIVERSOURCE LIFE INSURANCE COMPANY

Opinion on the Financial Statements

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

Change in Accounting Principle

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

Basis for Opinion

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

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

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

Critical Audit Matters

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

F-1

Valuation of market risk benefits

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

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

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


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

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

F-2

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


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

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	37,535		$	34,122
Market risk benefits		1,762			2,118
Short-term borrowings		201			201
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,155			2,363
Other liabilities		5,896			4,131
Other liabilities of consolidated investment entities, at fair value		45			119
Separate account liabilities		74,634			70,876
Total liabilities		122,728			114,430
Shareholder’s equity:
Common stock, $30 par value; 100,000 shares authorized, issued and outstanding		3			3
Additional paid-in capital		2,466			2,466
Accumulated deficit		(618	)		(412	)
Accumulated other comprehensive income (loss), net of tax		(694	)		(1,084	)
Total shareholder’s equity		1,157			973
Total liabilities and shareholder’s equity	$	123,885		$	115,403

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

See Notes to Consolidated Financial Statements.

F-3

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF INCOME

(in millions)


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

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

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

See Notes to Consolidated Financial Statements.

F-4

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


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

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

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

See Notes to Consolidated Financial Statements.

F-5

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)


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

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

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

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

See Notes to Consolidated Financial Statements.

F-6

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


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

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

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

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

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

See Notes to Consolidated Financial Statements.

F-7

RiverSource Life Insurance Company

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS AND BASIS OF PRESENTATION

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

•

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

•

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

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

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

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16. Certain reclassifications of prior period amounts have been made to conform with the current presentation.

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

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

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Principles of Consolidation

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

Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the

F-8

RiverSource Life Insurance Company

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

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

•

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

•

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

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

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

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

Amounts Based on Estimates and Assumptions

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

Investments

Available-for-Sale Securities

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

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

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

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

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

In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of

F-9

RiverSource Life Insurance Company

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

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

Other Investments

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

Financing Receivables

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

Commercial Loans

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

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

Policy Loans

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

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

Deposit Receivables

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

See Note 7 for additional information on financing receivables.

Allowance for Credit Losses

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

Commercial Loans

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

F-10

RiverSource Life Insurance Company

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

Deposit Receivables

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

Nonaccrual Loans

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

Loan Modifications

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

Charge-off and Foreclosure

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

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

Cash and Cash Equivalents

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

Reinsurance

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

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

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

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

F-11

RiverSource Life Insurance Company

periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

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

See Note 9 for additional information on reinsurance.

Land, Buildings, Equipment and Software

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

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

Derivative Instruments and Hedging Activities

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

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

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

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

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

F-12

RiverSource Life Insurance Company

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

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

Market Risk Benefits

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

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

Deferred Acquisition Costs

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

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

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

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

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

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

Deferred Sales Inducement Costs

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

F-13

RiverSource Life Insurance Company

Separate Account Assets and Liabilities

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

Policyholder Account Balances, Future Policy Benefits and Claims

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

Non-Traditional Long-Duration Products

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

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

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

See Note 12 for information regarding variable annuity guarantees.

Embedded Derivatives

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

Traditional Long-Duration Products

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

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

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

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

F-14

RiverSource Life Insurance Company

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

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

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

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

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

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

Deferred Profit Liability

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

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

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

Unearned Revenue Liability

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

Income Taxes

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

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

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

F-15

RiverSource Life Insurance Company

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

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

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

Revenue Recognition

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

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

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

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

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

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

3. RECENT ACCOUNTING PRONOUNCEMENTS

Adoption of New Accounting Standards

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

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

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

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

F-16

RiverSource Life Insurance Company

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

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


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

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


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

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

Leases — Common Control Arrangements

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

F-17

RiverSource Life Insurance Company

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

Future Adoption of New Accounting Standards

Segment Reporting — Improvements to Reportable Segment Disclosures

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

Income Taxes — Improvements to Income Tax Disclosures

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

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

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


	Years Ended December 31,
(in millions)	2023		2022		2021
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	152	$	164	$	193
Unaffiliated		14		14		17
Total		166		178		210
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		39		42		49
Unaffiliated		17		18		20
		56		60		69
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)		307		334		389
Unaffiliated		4		4		5
		311		338		394
Total		367		398		463
Total revenue from contracts with customers		533		576		673
Revenue from other sources⁽¹⁾		3,759		3,179		2,744
Total revenues	$	4,292	$	3,755	$	3,417

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

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

Policy and Contract Charges

The Company earns revenue for providing distribution-related services to affiliated and unaffiliated mutual funds that are available as underlying investments in its variable annuity and variable life insurance products. The performance obligation is satisfied at the time the mutual fund is distributed. Revenue is recognized over the time the mutual fund is held in the variable product and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund. The revenue is

F-18

RiverSource Life Insurance Company

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

Other Revenues

Administrative Fees

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

Other Fees

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $49 million and $48 million as of December 31, 2023 and 2022, respectively.

5. VARIABLE INTEREST ENTITIES

The Company provides asset management services to CLOs which are considered to be VIEs that are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $24 million and $30 million as of December 31, 2023 and 2022, respectively.

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

Structured Investments

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

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

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

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an

F-19

RiverSource Life Insurance Company

affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.

A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in other investments and was $70 million and $92 million as of December 31, 2023 and 2022, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of December 31, 2023 and 2022, respectively. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Fair Value of Assets and Liabilities

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

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


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


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

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively.

F-20

RiverSource Life Insurance Company

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


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


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


(in millions)	Syndicated Loans			Other Assets
Balance at January 1, 2021	$	92		$	2
Total gains (losses) included in:
Net income		2	⁽¹⁾		1	⁽¹⁾
Purchases		106			—
Sales		(38	)		—
Settlements		(49	)		—
Transfers into Level 3		119			2
Transfers out of Level 3		(150	)		(2	)
Deconsolidation of consolidated investment entities		(18	)		—
Balance at December 31, 2021	$	64		$	3
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2021	$	—		$	1	⁽¹⁾

⁽¹⁾	Included in Net investment income.

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

All Level 3 measurements as of December 31, 2023 and 2022 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

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

Receivables

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

F-21

RiverSource Life Insurance Company

Liabilities

Debt

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

Other Liabilities

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

Fair Value Option

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

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


	December 31,
(in millions)	2023			2022
Syndicated loans
Unpaid principal balance	$	2,190		$	2,525
Excess unpaid principal over fair value		(136	)		(209	)
Fair value	$	2,054		$	2,316
Fair value of loans more than 90 days past due	$	—		$	—
Fair value of loans in nonaccrual status		13			23
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both		40			48
Debt
Unpaid principal balance	$	2,362		$	2,636
Excess unpaid principal over fair value		(207	)		(273	)
Carrying value ⁽¹⁾	$	2,155		$	2,363

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively.

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

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2023, 2022 and 2021.

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


	Carrying Value				Weighted Average Interest Rate
	December 31,				December 31,
(in millions)	2023		2022		2023			2022
Debt of consolidated CLOs due 2028-2034	$	2,155	$	2,363		6.6	%		5.3	%

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

F-22

RiverSource Life Insurance Company

6. INVESTMENTS

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


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


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

As of December 31, 2023 and 2022, accrued interest of $168 million and $139 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.

As of December 31, 2023 and 2022, fixed maturity securities comprised approximately 87% and 85%, respectively, of the Company’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2023 and 2022, $265 million and $257 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.

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


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

⁽¹⁾

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

F-23

RiverSource Life Insurance Company

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

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


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

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

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

F-24

RiverSource Life Insurance Company

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


(in millions)	Corporate Debt Securities			State and Municipal Obligations			Total
Balance at January 1, 2021	$	10		$	—		$	10
Additions for which credit losses were not previously recorded		—			1			1
Charge-offs		(10	)		—			(10	)
Balance at December 31, 2021		—			1			1
Additions for which credit losses were not previously recorded		20			—			20
Additional increases (decreases) on securities that had an allowance recorded in a previous period		—			1			1
Balance at December 31, 2022		20			2			22
Additions for which credit losses were not previously recorded		1			—			1
Reductions for securities sold during the period (realized)		(20	)		(1	)		(21	)
Balance at December 31, 2023	$	1		$	1		$	2

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


	Years Ended December 31,
(in millions)	2023			2022			2021
Gross realized investment gains	$	11		$	28		$	576
Gross realized investment losses		(57	)		(25	)		(6	)
Credit reversals (losses)		20			(21	)		(1	)
Other impairments		(1	)		(70	)		(13	)
Total	$	(27	)	$	(88	)	$	556

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

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

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


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

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

The following is a summary of Net investment income:


	Years Ended December 31,
(in millions)	2023		2022		2021
Fixed maturities	$	830	$	615	$	643
Mortgage loans		69		73		102
Other investments		431		159		101
		1,330		847		846
Less: investment expenses		26		20		19
Total	$	1,304	$	827	$	827

F-25

RiverSource Life Insurance Company

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


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

7. FINANCING RECEIVABLES

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

Allowance for Credit Losses

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


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

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

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

Purchases and Sales

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

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

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

Credit Quality Information

There were no nonperforming loans as of both December 31, 2023 and 2022. All loans were considered to be performing.

Commercial Loans

Commercial Mortgage Loans

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

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2023 and 2022. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2023 and 2022.

F-26

RiverSource Life Insurance Company

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


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


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

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

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


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

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


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

Syndicated Loans

The investment in syndicated loans as of December 31, 2023 and 2022 was $57 million and $72 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2023 and 2022. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2023, write-offs of syndicated loans were not material.

F-27

RiverSource Life Insurance Company

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


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


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

Policy Loans

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

Deposit Receivables

Deposit receivables were $6.5 billion and $7.4 billion as of December 31, 2023 and 2022, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2023 and 2022.

Modifications with Borrowers Experiencing Financial Difficulty

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

8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS

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


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


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

F-28

RiverSource Life Insurance Company


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


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


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


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

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


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


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


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

F-29

RiverSource Life Insurance Company

9. REINSURANCE

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

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

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

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

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

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

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are 89% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 (2010 for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007 (2010 for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2023 and 2022, traditional life and UL insurance policies in force were $198.8 billion and $198.9 billion, respectively, of which $144.7 billion and $146.2 billion as of December 31, 2023 and 2022 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:


	Years Ended December 31,
(in millions)	2023			2022			2021
Direct premiums	$	674		$	530		$	490
Reinsurance ceded		(226	)		(224	)		(1,361	)
Net premiums	$	448		$	306		$	(871	)

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

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

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

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

F-30

RiverSource Life Insurance Company

10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS

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


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

Variable Annuities

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

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

Structured Variable Annuities

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

Fixed Annuities

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

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

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

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

Insurance Liabilities

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

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

F-31

RiverSource Life Insurance Company

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

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

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


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


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


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

F-32

RiverSource Life Insurance Company


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

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

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

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2023 and 2022 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.


							December 31, 2023
							Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates						At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1	%	–	1.99	%	$	43	$	131	$	52	$	15	$	2	$	243
		2	%	–	2.99	%		137		1		—		—		—		138
		3	%	–	3.99	%		2,214		—		—		1		—		2,215
		4	%	–	5.00	%		1,514		—		—		—		—		1,514

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

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

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

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

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

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

		Total					$	—	$	2	$	7	$	13	$	—	$	22

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

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

F-33

RiverSource Life Insurance Company


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

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

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

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

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

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

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

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

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

F-34

RiverSource Life Insurance Company


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

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

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

		Total					$	12	$	7	$	3	$	1	$	—	$	23

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

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

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

		Total					$	1	$	3	$	7	$	14	$	—	$	25

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

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

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

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

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

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

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

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

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

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

F-35

RiverSource Life Insurance Company


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

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


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

F-36

RiverSource Life Insurance Company


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

F-37

RiverSource Life Insurance Company


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

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

F-38

RiverSource Life Insurance Company


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

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

F-39

RiverSource Life Insurance Company

The balances of and changes in additional liabilities related to insurance guarantees were as follows:


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


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

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


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

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


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

F-40

RiverSource Life Insurance Company

11. SEPARATE ACCOUNT ASSETS AND LIABILITIES

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

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


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

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

12. MARKET RISK BENEFITS

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary GMDB provisions:

•

Return of premium — provides purchase payments minus adjusted partial surrenders.

•

Reset — provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

•

Ratchet — provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.

The Company has GMWB riders in force, which contain one or more of the following provisions:

•

Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

•

Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).

•

Withdrawals at a specified rate per year for joint contractholders while either is alive.

•

Withdrawals based on performance of the contract.

•

Withdrawals based on the age withdrawals begin.

•

Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

F-41

RiverSource Life Insurance Company

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

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

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


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


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

F-42

RiverSource Life Insurance Company

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:


	December 31, 2023
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range						Weighted Average
	(in millions)
Market risk benefits	$	335	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0	%	–	48.0	%		11.6	%
				Surrender rate⁽²⁾		0.3	%	–	75.0	%		3.7	%
				Market volatility⁽³⁾		0.0	%	–	25.2	%		10.6	%
				Nonperformance risk⁽⁴⁾		85 bps						85	bps
				Mortality rate⁽⁵⁾		0.0	%	–	41.6	%		1.6	%

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

⁽¹⁾

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

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

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

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

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

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2023 and 2022, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2023

•

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

•

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

Year ended December 31, 2022

•

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

•

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

•

Updates to mortality assumptions resulted in a decrease to pre-tax income of $49 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair values measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calender year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

F-43

RiverSource Life Insurance Company

Determination of Fair Value

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

13. DEBT

Short-Term Borrowings

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

Lines of Credit

RiverSource Life Insurance Company, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets (excluding separate accounts) as of the prior year end. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to London Interbank Offered Rate (“LIBOR”) for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Daily Simple Secured Overnight Financing Rate plus 0.1% (“Adjusted Daily Simple SOFR”) plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.

RiverSource Life of NY, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed the lesser of $25 million or 3% of RiverSource Life of NY’s statutory admitted assets (excluding separate accounts) as of the prior year end. Prior to July 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period. In July 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. The credit agreement is amended to extend the maturity on an annual basis with Ameriprise Financial, subject to the New York Department of Financial Services’ non-disapproval. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.

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

Long-Term Debt

The Company has a $500 million unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The surplus note is subordinate in right of payment to the prior payment in full of the Company’s obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life Insurance Company’s statutory surplus. Interest payments, which commenced on June 30, 2021, are due semiannually in arrears on June 30 and December 31. Subject to the preceding conditions, the Company may prepay all or a portion of the principal at any time. The outstanding balance was $500 million as of both December 31, 2023 and 2022 and is recorded in Long-term debt.

F-44

RiverSource Life Insurance Company

14. FAIR VALUES OF ASSETS AND LIABILITIES

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

Valuation Hierarchy

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

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

Level 1

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

Level 2

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

Level 3

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

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


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	10,283	$	452	$	10,735
Residential mortgage backed securities		—		3,642		—		3,642
Commercial mortgage backed securities		—		2,597		—		2,597
State and municipal obligations		—		758		—		758
Asset backed securities		—		976		555		1,531
Foreign government bonds and obligations		—		12		—		12
U.S. government and agency obligations		99		—		—		99
Total Available-for-Sale securities		99		18,268		1,007		19,374
Cash equivalents		558		2,012		—		2,570
Market risk benefits		—		—		1,427		1,427	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		51		51
Other assets:
Interest rate derivative contracts		1		184		—		185
Equity derivative contracts		65		4,945		—		5,010
Foreign exchange derivative contracts		1		20		—		21
Credit derivative contracts		—		1		—		1
Total other assets		67		5,150		—		5,217
Separate account assets at net asset value (“NAV”)								74,634	⁽²⁾
Total assets at fair value	$	724	$	25,430	$	2,485	$	103,273

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

F-45

RiverSource Life Insurance Company


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

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

⁽¹⁾	See Note 12 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

⁽²⁾	Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

⁽³⁾	The Company’s adjustment for nonperformance risk resulted in a $195 million cumulative decrease to the embedded derivatives as of December 31, 2023.

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

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

F-46

RiverSource Life Insurance Company

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


	Available-for-Sale Securities								Receivables
(in millions)	Corporate Debt Securities			Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2023	$	395		$	545	$	940		$	48
Total gains (losses) included in:
Net income		—			—		—	⁽¹⁾		6
Other comprehensive income (loss)		12			10		22			—
Purchases		110			—		110			—
Settlements		(65	)		—		(65	)		(3	)
Balance at December 31, 2023	$	452		$	555	$	1,007		$	51
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023	$	11		$	10	$	21		$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2023	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Total (gains) losses included in:
Net income		8	⁽²⁾		198	⁽²⁾		1,166	⁽³⁾		1,372
Issues		—			59			104			163
Settlements		(3	)		(123	)		(122	)		(248	)
Balance at December 31, 2023	$	49		$	873		$	1,011		$	1,933
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023	$	—		$	198	⁽²⁾	$	1,166	⁽³⁾	$	1,364


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2022	$	496		$	—		$	291		$	787		$	59
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		(8	)
Other comprehensive income (loss)		(44	)		—			(25	)		(69	)		—
Purchases		29			30			564			623			—
Settlements		(85	)		—			(285	)		(370	)		(3	)
Transfers out of Level 3		—			(30	)		—			(30	)		—
Balance at December 31, 2022	$	395		$	—		$	545		$	940		$	48
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022	$	(42	)	$	—		$	(21	)	$	(63	)	$	—

F-47

RiverSource Life Insurance Company


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2022	$	56		$	905		$	406		$	1,367
Total (gains) losses included in:
Net income		(9	)⁽²⁾		(105	)⁽²⁾		(633	)⁽³⁾		(747	)
Issues		—			51			90			141
Settlements		(3	)		(112	)		—			(115	)
Balance at December 31, 2022	$	44		$	739		$	(137	)⁽⁴⁾	$	646
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022	$	—		$	(105	)⁽²⁾	$	(633	)⁽³⁾	$	(738	)


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Residential Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2021	$	766		$	9		$	395		$	1,170		$	—
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		3
Other comprehensive income (loss)		(10	)		—			(1	)		(11	)		—
Purchases		108			—			—			108			—
Issues		—			—			—			—			57
Settlements		(119	)		—			(81	)		(200	)		(1	)
Transfers into Level 3		168			—			2			170			—
Transfers out of Level 3		(416	)		(9	)		(24	)		(449	)		—
Balance at December 31, 2021	$	496		$	—		$	291		$	787		$	59
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021	$	(1	)	$	—		$	—		$	(1	)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2021	$	(8	)	$	—		$	(1	)	$	(9	)	$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2021	$	49		$	935		$	70		$	1,054
Total (gains) losses included in:
Net income		10	⁽²⁾		68	⁽²⁾		393	⁽³⁾		471
Issues		—			—			(28	)		(28	)
Settlements		(3	)		(98	)		(29	)		(130	)
Balance at December 31, 2021	$	56		$	905		$	406		$	1,367
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2021	$	—		$	68	⁽²⁾	$	—		$	68

⁽¹⁾	Included in Net investment income.

⁽²⁾	Included in Interest credited to fixed accounts.

⁽³⁾	Included in Benefits, claims, losses and settlement expenses.

⁽⁴⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $51 million, $45 million and $(23) million, net of the reinsurance accrual, for the years ended December 31, 2023, 2022 and 2021, respectively.

F-48

RiverSource Life Insurance Company

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:



	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	451	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		1.0%	–	2.4%		1.2	%
Asset backed securities	$	555	Discounted cash flow	Annual default rate		3.1%				3.1	%
				Loss severity		25.0%				25.0	%
				Yield/spread to U.S. Treasuries⁽²⁾		275 bps	–	515 bps		284	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	51	Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	49	Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
				Nonperformance risk⁽⁴⁾		85 bps				85	bps
IUL embedded derivatives	$	873	Discounted cash flow	Nonperformance risk⁽⁴⁾		85 bps				85	bps
Structured variable annuity embedded derivatives	$	1,011	Discounted cash flow	Surrender rate⁽³⁾		0.5%	–	75.0%		2.6	%
				Nonperformance risk⁽⁴⁾		85 bps				85	bps



	December 31, 2022
	Fair Value			Valuation Technique	Unobservable Input	Range				Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	395		Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾		1.1%	–	2.3%		1.4	%
Asset backed securities	$	545		Discounted cash flow	Annual default rate		2.4%				2.4	%
					Loss severity		25.0%				25.0	%
					Yield/spread to U.S. Treasuries⁽²⁾		320 bps	–	550 bps		329	bps
Fixed deferred indexed annuity ceded embedded derivatives	$	48		Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	44		Discounted cash flow	Surrender rate⁽³⁾		0.0%	–	66.8%		1.4	%
					Nonperformance risk⁽⁴⁾		95 bps				95	bps
IUL embedded derivatives	$	739		Discounted cash flow	Nonperformance risk⁽⁴⁾		95 bps				95	bps
Structured variable annuity embedded derivatives	$	(137	)⁽⁵⁾	Discounted cash flow	Surrender rate⁽³⁾		0.8%	–	40.0%		0.9	%
					Nonperformance risk⁽⁴⁾		95 bps				95	bps

⁽¹⁾	The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

⁽²⁾	The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each tranche’s balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches.

⁽³⁾	The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

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

⁽⁵⁾	The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022 and the amount is presented as a contra liability.

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities and asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the annual default rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

F-49

RiverSource Life Insurance Company

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Available-for-Sale Securities

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in the affiliated asset backed securities is classified as Level 3.

Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Receivables

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

F-50

RiverSource Life Insurance Company

Other Assets

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

Other Liabilities

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Fair Value on a Nonrecurring Basis

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $41 million and $58 million as of December 31, 2023 and 2022, respectively, and is classified as Level 3 in the fair value hierarchy.

F-51

RiverSource Life Insurance Company

Assets and Liabilities Not Reported at Fair Value

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


	December 31, 2023
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,725	$	—	$	—	$	1,599	$	1,599
Policy loans		912		—		912		—		912
Other investments		76		—		54		22		76
Receivables		6,514		—		—		5,566		5,566
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	16,641	$	—	$	—	$	14,243	$	14,243
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		339		—		339
Other liabilities		5		—		—		5		5
Separate account liabilities — investment contracts		332		—		332		—		332


	December 31, 2022
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,768	$	—	$	—	$	1,600	$	1,600
Policy loans		847		—		847		—		847
Other investments		89		—		69		20		89
Receivables		7,372		—		—		6,174		6,174
Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	14,450	$	—	$	—	$	12,470	$	12,470
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		315		—		315
Other liabilities		8		—		—		7		7
Separate account liabilities — investment contracts		298		—		298		—		298

Other investments include syndicated loans and the Company’s membership in the FHLB. Receivables include deposit receivables. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 13 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships. Separate account liabilities are related to certain annuity products that are classified as investment contracts.

15. RELATED PARTY TRANSACTIONS

Revenues

See Note 4 for information about revenues from contracts with customers earned by the Company from related party transactions with affiliates.

The Company is the lessor of one real estate property which it leases to Ameriprise Financial under an operating lease that expires November 30, 2029. The Company earned $5 million in rental income for each of the years ended December 31, 2023, 2022 and 2021, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the five year period ending December 31, 2028 and a total of $4 million thereafter.

Expenses

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $338 million, $320 million and $345 million for the years ended December 31, 2023, 2022 and 2021, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

F-52

RiverSource Life Insurance Company

Income Taxes

The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from (to) Ameriprise Financial for federal income taxes was $269 million and $(56) million as of December 31, 2023 and 2022, respectively, which is reflected in Other assets and Other liabilities, respectively.

Investments

The Company invested in AA and A rated asset backed securities issued by AAF as of December 31, 2021 and in AA, A and BBB rated asset backed securities issued by AAF 2 as of December 31, 2023 and 2022, both affiliates of the Company. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. During the third quarter of 2022, the Company redeemed the outstanding AA and A rated securities issued by AAF at par and invested $564 million in new AA, A and BBB rated asset backed securities issued by AAF 2. As of December 31, 2023 and 2022, the fair value of these asset backed securities was $554 million and $544 million, respectively. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $34 million, $17 million and $12 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is reported in Net investment income.

Lines of Credit

RiverSource Life Insurance Company, as the lender, has amended its revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is not to exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets as of the prior year end. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of both December 31, 2023 and 2022. See Note 13 for information about additional lines of credit with an affiliate.

Long-Term Debt

See Note 13 for information about a surplus note to an affiliate.

Dividends, Return of Capital or Distributions

Cash dividends and return of capital or distributions paid and received by RiverSource Life Insurance Company were as follows:


	Years Ended December 31,
(in millions)	2023		2022		2021
Dividends paid to Ameriprise Financial	$	600	$	600	$	1,900
Dividend received from RiverSource Life of NY		50		63		—
Dividends received from RTA		—		—		50
Return of capital received from RTA		75		80		—

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

16. REGULATORY REQUIREMENTS

The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

F-53

RiverSource Life Insurance Company

State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce, RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $582 million and $679 million as of December 31, 2023 and 2022, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the Minnesota Department of Commerce, and are subject to potential disapproval. Statutory capital and surplus was $3.1 billion as of both December 31, 2023 and 2022.

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


	Years Ended December 31,
(in millions)	2023		2022		2021
Statutory net gain from operations	$	1,331	$	1,615	$	1,366
Statutory net income		845		1,769		253

Government debt securities of $4 million as of both December 31, 2023 and 2022 were on deposit with various states as required by law.

17. OFFSETTING ASSETS AND LIABILITIES

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

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


	December 31, 2023
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	5,170	$	—	$	5,170	$	(3,694	)	$	(1,101	)	$	(357	)	$	18
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		38		—		38		(18	)		—			—			20
Total	$	5,217	$	—	$	5,217	$	(3,721	)	$	(1,101	)	$	(357	)	$	38


	December 31, 2022
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	2,887	$	—	$	2,887	$	(2,313	)	$	(565	)	$	(5	)	$	4
OTC cleared		23		—		23		(9	)		—			—			14
Exchange-traded		97		—		97		(75	)		—			—			22
Total	$	3,007	$	—	$	3,007	$	(2,397	)	$	(565	)	$	(5	)	$	40

⁽¹⁾	Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

F-54

RiverSource Life Insurance Company

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


	December 31, 2023
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	3,812	$	—	$	3,812	$	(3,694	)	$	(34	)	$	(78	)	$	6
OTC cleared		35		—		35		(9	)		—			—			26
Exchange-traded		18		—		18		(18	)		—			—			—
Total	$	3,865	$	—	$	3,865	$	(3,721	)	$	(34	)	$	(78	)	$	32


	December 31, 2022
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount
Derivatives:
OTC	$	2,630	$	—	$	2,630	$	(2,313	)	$	(38	)	$	(277	)	$	2
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		92		—		92		(75	)		—			(17	)		—
Total	$	2,731	$	—	$	2,731	$	(2,397	)	$	(38	)	$	(294	)	$	2

⁽¹⁾	Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the Company’s derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.

18. DERIVATIVES AND HEDGING ACTIVITIES

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

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

F-55

RiverSource Life Insurance Company

Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:


	December 31, 2023						December 31, 2022
	Notional		Gross Fair Value				Notional		Gross Fair Value
(in millions)	Notional		Assets⁽¹⁾		Liabilities⁽²⁾		Notional		Assets⁽¹⁾		Liabilities⁽²⁾
Derivatives not designated as hedging instruments
Interest rate contracts	$	42,516	$	185	$	305	$	101,302	$	267	$	355
Equity contracts		81,905		5,010		3,450		67,416		2,693		2,366
Credit contracts		3,375		1		106		1,802		13		—
Foreign exchange contracts		2,952		21		4		2,870		34		10
Total non-designated hedges		130,748		5,217		3,865		173,390		3,007		2,731
Embedded derivatives
IUL		N/A		—		873		N/A		—		739
Fixed deferred indexed annuities and deposit receivables		N/A		51		52		N/A		48		47
Structured variable annuity⁽³⁾		N/A		—		1,011		N/A		—		(137	)
Total embedded derivatives		N/A		51		1,936		N/A		48		649
Total derivatives	$	130,748	$	5,268	$	5,801	$	173,390	$	3,055	$	3,380

N/A	Not applicable.

⁽¹⁾	The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded derivative assets related to deposit receivables is included in Receivables.

⁽²⁾	The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims.

⁽³⁾

The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2022 included $194 million of individual contracts in a liability position and $331 million of individual contracts in an asset position.

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

As of December 31, 2023 and 2022, investment securities with a fair value of $1.5 billion and $1.7 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $145 million and $302 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2023 and 2022, investment securities with a fair value of $376 million and $14 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $314 million and $5 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2023 and 2022, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2023 and 2022, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 2023
Interest rate contracts	$	—	$	(5	)	$	—		$	(422	)
Equity contracts		—		770			79			(1,239	)
Credit contracts		—		—			—			7
Foreign exchange contracts		—		—			—			5
IUL embedded derivatives		—		—			(75	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			(3	)		—
Structured variable annuity embedded derivatives		—		(1,166	)		—			—
Total gain (loss)	$	—	$	(401	)	$	1		$	(1,649	)

F-56

RiverSource Life Insurance Company


(in millions)	Net Investment Income		Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits

Year Ended December 31, 2022
Interest rate contracts	$	—	$	(26	)	$	—		$	(2,874	)
Equity contracts		—		(164	)		(126	)		899
Credit contracts		—		—			—			279
Foreign exchange contracts		—		—			—			105
IUL embedded derivatives		—		—			217			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			4			—
Structured variable annuity embedded derivatives		—		633			—			—
Total gain (loss)	$	—	$	443		$	95		$	(1,591	)

Year Ended December 31, 2021
Interest rate contracts	$	—	$	—		$	—		$	(886	)
Equity contracts		1		34			91			(851	)
Credit contracts		—		—			—			43
Foreign exchange contracts		—		—			—			5
IUL embedded derivatives		—		—			30			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—		—			(8	)		—
Structured variable annuity embedded derivatives		—		(393	)		—			—
Total gain (loss)	$	1	$	(359	)	$	113		$	(1,689	)

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2023:


(in millions)	Premiums Payable		Premiums Receivable
2024	$	131	$	23
2025		121		20
2026		247		88
2027		20		—
2028		30		—
2029-2030		378		—
Total	$	927	$	131

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

F-57

RiverSource Life Insurance Company

Credit Risk

Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 17 for additional information on the Company’s credit exposure related to derivative assets.

Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of December 31, 2023 and 2022, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $62 million and $234 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2023 and 2022 was $55 million and $232 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2023 and 2022 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $7 million and $2 million as of December 31, 2023 and 2022, respectively.

19. SHAREHOLDER’S EQUITY

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


	Year Ended December 31, 2023
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	652		$	(144	)	$	508
Reclassification of net (gains) losses on securities included in net income⁽²⁾		27			(7	)		20
Impact of benefit reserves and reinsurance recoverables		(24	)		5			(19	)
Net unrealized gains (losses) on securities		655			(146	)		509
Effect of changes in discount rate assumptions on certain long-duration contracts		(69	)		15			(54	)
Effect of changes in instrument-specific credit risk on MRBs		(83	)		18			(65	)
Total other comprehensive income (loss)	$	503		$	(113	)	$	390


	Year Ended December 31, 2022
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(2,784	)	$	595		$	(2,189	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		88			(19	)		69
Impact of benefit reserves and reinsurance recoverables		103			(18	)		85
Net unrealized gains (losses) on securities		(2,593	)		558			(2,035	)
Effect of changes in discount rate assumptions on certain long-duration contracts		1,095			(234	)		861
Effect of changes in instrument-specific credit risk on MRBs		517			(110	)		407
Total other comprehensive income (loss)	$	(981	)	$	214		$	(767	)

F-58

RiverSource Life Insurance Company


	Year Ended December 31, 2021
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(527	)	$	111		$	(416	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		(556	)		117			(439	)
Impact of benefit reserves and reinsurance recoverables		8			(1	)		7
Net unrealized gains (losses) on securities		(1,075	)		227			(848	)
Effect of changes in discount rate assumptions on certain long-duration contracts		361			(77	)		284
Effect of changes in instrument-specific credit risk on MRBs		127			(27	)		100
Total other comprehensive income (loss)	$	(587	)	$	123		$	(464	)

⁽¹⁾	Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

⁽²⁾	Reclassification amounts are recorded in Net realized investment gains (losses).

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

The following table presents the changes in the balances of each component of AOCI, net of tax:


(in millions)	Net Unrealized Gains (Losses) on Securities			Effect of Changes in Discount Rate Assumptions			Effect of Changes in Instrument- Specific Credit Risk on MRBs			Other			Total
Balance at January 1, 2021	$	1,185		$	—		$	—		$	(1	)	$	1,184
Cumulative effect of adoption of long-duration contracts guidance		707			(1,217	)		(527	)		—			(1,037	)
OCI before reclassifications		(409	)		284			100			—			(25	)
Amounts reclassified from AOCI		(439	)		—			—			—			(439	)
Total OCI		(848	)		284			100			—			(464	)
Balance at December 31, 2021		1,044			(933	)		(427	)		(1	)		(317	)
OCI before reclassifications		(2,104	)		861			407			—			(836	)
Amounts reclassified from AOCI		69			—			—			—			69
Total OCI		(2,035	)		861			407			—			(767	)
Balance at December 31, 2022		(991	)		(72	)		(20	)		(1	)		(1,084	)
OCI before reclassifications		489			(54	)		(65	)		—			370
Amounts reclassified from AOCI		20			—			—			—			20
Total OCI		509			(54	)		(65	)		—			390
Balance at December 31, 2023	$	(482	)	$	(126	)	$	(85	)	$	(1	)	$	(694	)

20. INCOME TAXES

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


	Years Ended December 31,
(in millions)	2023			2022			2021
Current income tax
Federal	$	(112	)	$	57		$	172
State		2			(2	)		6
Total current income tax		(110	)		55			178
Deferred income tax
Federal		98			150			136
State		2			4			2
Total deferred income tax		100			154			138
Total income tax provision (benefit)	$	(10	)	$	209		$	316

F-59

RiverSource Life Insurance Company

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


	Years Ended December 31,
	2023			2022			2021
Tax at U.S. statutory rate		21.0	%		21.0	%		21.0	%
Changes in taxes resulting from:
Dividends received deduction		(8.2	)		(2.3	)		(1.7	)
Low income housing tax credits		(8.0	)		(2.9	)		(3.3	)
Foreign tax credit, net of addback		(7.0	)		(1.7	)		(0.9	)
Audit adjustments		(3.4	)		—			—
Uncertain tax positions		1.6			—			—
Other, net		1.5			(0.3	)		0.4
Income tax provision (benefit)		(2.5	)%		13.8	%		15.5	%

The decrease in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily due to lower pretax income in the current year.

The decrease in the Company’s effective tax rate for the year ended December 31, 2022 compared to 2021 is primarily due to lower pretax income relative to tax preferred items.

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2023 and 2022. The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:


	December 31,
(in millions)	2023		2022⁽¹⁾
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	1,244	$	1,431
Investments including net unrealized on Available-for-Sale securities		118		165
Other		30		29
Gross deferred income tax assets		1,392		1,625
Less: valuation allowance		30		30
Total deferred income tax assets		1,362		1,595
Deferred income tax liabilities
Deferred acquisition costs		380		410
Other		56		52
Gross deferred income tax liabilities		436		462
Net deferred income tax assets	$	926	$	1,133

⁽¹⁾	Prior period amounts have been reclassified to conform to current year presentation and primarily relate to derivative activity being presented with the liabilities they are hedging and remaining investments being presented together inclusive of net unrealized on Available-for-Sale securities.

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $28 million, net of federal benefit, which will expire beginning December 31, 2024. Based on analysis of the Company’s tax position as of December 31, 2023, management believes it is more likely than not that the Company will not realize certain state net operating losses of $28 million and state deferred tax assets of $2 million; therefore, a valuation allowance of $30 million has been established.

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


(in millions)	2023			2022			2021
Balance at January 1	$	37		$	37		$	38
Reductions for tax positions related to the current year		(3	)		(1	)		(1	)
Additions for tax positions of prior years		65			1			—
Reductions for tax positions of prior years		(71	)		—			—
Reductions due to lapse of statutes of limitations		(1	)		—			—
Balance at December 31	$	27		$	37		$	37

F-60

RiverSource Life Insurance Company

If recognized, approximately $19 million, $20 million and $20 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $2 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $8 million, nil and a net increase of $1 million in interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company had a payable of $11 million and $3 million related to accrued interest and penalties, respectively.

The Company files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. As of December 31, 2023, the federal statutes of limitations are closed on years through 2018. A previously open item for 2014 and 2015 was resolved in the second quarter of 2023. Also in the second quarter of 2023, the Internal Revenue Service (“IRS”) audit for tax years 2016 through 2018 was finalized. The IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial and its subsidiaries, including the Company, are currently under examination by various jurisdictions for years ranging from 2017 through 2021.

21. COMMITMENTS AND CONTINGENCIES

Commitments

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


(in millions)	2023		2022
Commercial mortgage loans	$	15	$	—

Contingencies

The Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.

As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous pending matters, which include information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure practices related to, various products, including the Company’s insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates are cooperating with the applicable regulators.

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, or adverse publicity each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to

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monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

Guaranty Fund Assessments

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

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2023 and 2022, the estimated liability was $34 million and $12 million, respectively. As of December 31, 2023 and 2022, the related premium tax asset was $29 million and $10 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

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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.

ANN9125_12_C01_(05/24)		© 2008-2024 RiverSource Life Insurance Company. All rights reserved.