RiverSource

What RiverSource does

RiverSource Life Insurance Company, founded in 1894 and headquartered in Minneapolis, Minnesota, is the U.S. retail life insurance and annuity subsidiary of Ameriprise Financial, Inc. (NYSE: AMP) — operating alongside a separate New York-domiciled entity, RiverSource Life Insurance Co. of New York, that handles the NY market. The company underwrites and distributes a comprehensive suite of retirement and protection products — variable annuities (RAVA Apex, Vista, 5 Access, 5 Advantage), an immediate annuity (SecureProvider), and structured/index-linked annuities (Structured Solutions 2 with 120+ indexed accounts across five equity indexes and ETFs, with buffer protection ranging from -10% to -100%) — as well as a full life-insurance portfolio (term, universal, variable universal, and indexed universal life including multi-index and survivorship variants), long-term care insurance (with an AdvanceSource rider), disability income insurance, and business overhead expense coverage.

Product economics are driven by recurring fee streams: Mortality & Expense (M&E) charges of roughly 0.95%–1.50%, contract administrative fees (commonly $50 annually), declining multi-year surrender charges (up to 10 years on certain RAVA Apex variants), and cost-of-insurance charges on life and disability policies. RiverSource products are sold exclusively through the Ameriprise Financial advisor network, with RiverSource Distributors, Inc. acting as the FINRA-member intermediary; client self-service portals and financial-professional portals provide servicing. The customer base is anchored by Ameriprise's affluent client relationships — pre-retirees, retirees, individuals seeking financial protection, and a smaller cohort of small/mid-sized business owners — exceeding one million clients. RiverSource is rated A1 (Moody's), A+ (A.M. Best), and AA- (S&P) with stable outlooks, was never downgraded during the 2008–2009 financial crisis, and ranks in the Top 10 in SVUL/SSA/VUL premiums per 2Q 2023 LIMRA data; sub-advised investment options link it tightly into a broader Ameriprise-affiliated ecosystem including Columbia Management and Ameriprise Trust Company.

Name

RiverSource

Legal name

RiverSource Life Insurance Company

Website

https://riversource.com

Company type

Private

Founded year

1894

Operating status

Operating

Headcount range

501–1,000 employees

Short description

RiverSource is the life insurance and annuity subsidiary of Ameriprise Financial, underwriting variable, structured, and immediate annuities plus term, universal, and indexed universal life insurance sold exclusively through Ameriprise financial advisors to U.S. pre-retirees, retirees, and small-business owners.

Ownership category

akta.pro rank

Product category

Life Insurance and Annuities

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Annuities & Investment-Linked Insurance Solutions (Retail) (FSAAAAAM)

akta.pro secondary industries

Annuity Riders & Guarantees (GLWB/GMWB/GMIB/Death Benefits) (FSAIACAL), Annuity + LTC / Long-Term Care Riders (FSAIAJAC), Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

Keywords

• Annuity products
• Life insurance
• Variable annuities
• Structured annuities
• Long-term care insurance

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Annuity Products: Revenue from variable annuities, structured annuities, and immediate annuities through Mortality and Expense (M&E) fees, surrender charges, and contract administrative charges. M&E fees typically range from 0.95% to 1.50% depending on product and contract terms.
2. Life Insurance Products: Revenue from term life, universal life, indexed universal life, and variable universal life insurance products through premium payments and cost of insurance charges.
3. Long-Term Care and Disability Insurance: Revenue from long-term care insurance and disability income insurance products through premium payments.
4. Optional Benefits and Riders: Additional fees from optional death benefits (MAV, MAV5, ROPP), Enhanced Legacy benefits, Benefit Protector riders, and income riders added to annuity and insurance contracts.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

RiverSource underwrites and sells a comprehensive suite of annuity and insurance products, including variable annuities (RAVA Apex, Vista, 5 Access, 5 Advantage), structured/index-linked annuities (Structured Solutions 2 with 120+ indexed accounts), immediate annuities (SecureProvider), term life, universal life, variable universal life, indexed universal life, survivorship indexed universal life, long-term care, and disability income insurance. These products are distributed exclusively through Ameriprise Financial advisors and are designed to help individual clients with retirement income, wealth accumulation, market downside protection, and financial protection for loved ones and businesses.

Product overview

RiverSource offers a comprehensive suite of annuity and insurance products through its parent company Ameriprise Financial. The annuity portfolio includes variable annuities (RAVA Apex, RAVA Vista, RAVA 5 Access, RAVA 5 Advantage), immediate annuities (SecureProvider), and structured/index-linked annuities (Structured Solutions, Structured Solutions 2) with 120+ indexed account options. The insurance portfolio comprises term life, universal life, variable universal life, and indexed universal life insurance (Multi-Index, Survivorship Multi-Index, Indexed Universal Life 2), plus long-term care insurance, disability income insurance, and business overhead expense insurance. Products are distributed exclusively through Ameriprise financial advisors, with separate entities for New York (RiverSource Life Insurance Co. of New York) and national markets (RiverSource Life Insurance Company). The RAVA product suite offers optional death benefits including Enhanced Legacy and Benefit Protector, while the Structured Solutions annuities provide market-linked growth with buffer protection against losses.

Differentiator

Problem solved

Functional benefit

Brands

• RAVA Apex: Variable annuity product with multiple surrender charge options (5, 7, or 10-year periods).
• RAVA Vista
• RAVA 5 Access
• RAVA 5 Advantage
• SecureProvider
• RiverSource Structured Solutions
• RiverSource Structured Solutions 2
• RiverSource Multi-Index Universal Life
• RiverSource Survivorship Multi-Index Universal Life
• RiverSource Indexed Universal Life 2

Products and services

• RiverSource RAVA Apex Variable Annuity A variable annuity offering multiple surrender charge schedules (5, 7, or 10 years), optional death benefits including Enhanced Legacy and Benefit Protector, with M&E fees ranging from 0.95% to 1.50% depending on contract type and issue age. Designed for retirement growth and income for individual investors served through Ameriprise Financial advisors.
• RiverSource RAVA Apex NY Variable Annuity New York-specific version of the RAVA Apex variable annuity with a 7-year surrender charge schedule and M&E fees starting at 1.05% for issue age 80 or younger. Available only to New York residents through RiverSource Life Insurance Co. of New York.
• RiverSource RAVA Vista Variable Annuity Variable annuity with optional death benefits including Enhanced Legacy and Benefit Protector, designed for retirement growth and wealth transfer with a 7-year surrender charge schedule and 1.20% M&E fee. Sold through Ameriprise Financial advisors.
• RiverSource RAVA Vista NY Variable Annuity New York-specific variable annuity featuring the Income Guide program, MAV and MAV5 optional death benefits, nursing home confinement and terminal illness surrender charge waivers. Sold only in New York.
• RiverSource RAVA 5 Access Variable Annuity Inherited nonqualified stretch annuity allowing beneficiaries to stretch required distributions over their lifetime, with no surrender charges and a 1.50% M&E fee. Designed for beneficiaries receiving inherited retirement assets.
• RiverSource RAVA 5 Access NY Variable Annuity New York-specific inherited nonqualified stretch annuity with $10,000 minimum initial payment, maximum issue age of 90, no surrender charges, and a 1.50% M&E fee. Available only to New York residents.
• RiverSource RAVA 5 Advantage Variable Annuity Variable annuity with a 1.10% M&E fee and 7.00% declining surrender charge for purchase payments less than 7 years old, offering death benefit options and income solutions for retirement investors.
• SecureProvider Immediate Annuity Immediate annuity providing guaranteed fixed income payments for life or a specified period in exchange for a lump sum, creating personal pension-like retirement income. Sold through Ameriprise Financial advisors.
• RiverSource Structured Solutions 2 Annuity Structured annuity (Registered Index-Linked Annuity / RILA) offering 120+ indexed accounts across five equity indexes and ETFs with various buffer options for downside protection, available in 3-year and 6-year surrender charge schedules. Not available in New York or Oregon.
• RiverSource Multi-Index Universal Life Insurance Indexed universal life insurance providing permanent protection with multiple indexed account options, income tax-advantaged growth, and potential for higher interest rates. Sold through Ameriprise Financial advisors.
• RiverSource Survivorship Multi-Index Universal Life Insurance Survivorship indexed universal life insurance covering two lives with multiple indexed account options including global accounts, providing permanent coverage and tax-advantaged growth for second-to-die planning.
• RiverSource Indexed Universal Life 2 Insurance Simplified indexed universal life insurance using one well-known index with two crediting options and a No Lapse Guarantee option up to age 90 or 20 years if later.
• Term Life Insurance Life insurance providing protection for a specified term (1-30 years) with more affordable premiums, offering a death benefit payment during the term period for individuals and families needing temporary coverage.
• Universal Life Insurance Permanent life insurance providing lifetime protection with tax-free death benefit and living benefits through tax-deferred cash value that can be borrowed against for major expenses.
• Variable Universal Life Insurance Permanent life insurance with cash value tied to market performance, offering death benefit protection and growth potential through variable investment options for individuals seeking market-linked permanent coverage.
• Long-Term Care Insurance Insurance covering non-medical custodial care services including nursing home stays, home healthcare aides, assisted living, and adult day care not covered by traditional health insurance, for individuals planning for future care needs.
• Disability Income Insurance Insurance providing income protection if the insured becomes unable to work due to illness or injury, helping maintain financial stability and protect retirement savings for working individuals.
• Business Overhead Expense Insurance Business overhead expense protection helping cover eligible business expenses (rent, salaries, utilities) while the owner is ill or injured, keeping the business operational for small and mid-sized business owners.

Quantifiable outcome

• Over 1 million clients served
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and support.

• Ameriprise Financial Services, LLCcoreChannel Partner/ Reseller/ DistributorAmeriprise Financial Services, LLC offers financial advisory services, investments, insurance and annuity products. RiverSource products are offered by affiliates of Ameriprise Financial Services, LLC, member FINRA and SIPC. This is the exclusive distribution channel for RiverSource annuities and insurance products.
• Columbia Management Investment Advisers, LLCcoreTechnology or IntegrationAn affiliate of RiverSource Life that manages the Portfolio Stabilizer and Portfolio Navigator funds offered within RiverSource variable annuity products. Columbia Management, RiverSource Life and their affiliates may receive revenue related to assets allocated to these funds.
• RiverSource Distributors, Inc.coreChannel Partner/ Reseller/ DistributorMember FINRA, distributes insurance and annuity products that are issued by RiverSource Life Insurance Company and in New York, by RiverSource Life Insurance Co. of New York.
• Ameriprise Trust CompanysupportOthersActs as custodian for retirement accounts including Individual Retirement Accounts. Also maintains collective investment funds and provides other services to retirement plans.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/riversource

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RiverSource