RiverSource Life Insurance Company("RiverSource Life") and its subsidiaries are referred to collectively in this Form 10-Q as the "Company". The following discussion and management's narrative analysis of the financial condition and results of operations should be read in conjunction with the "Forward-Looking Statements" that follow, the Consolidated Financial Statements and Notes presented in Item 1 and its Annual Report on Form 10-K for the year ended December 31, 2021filed with the Securities and Exchange Commission("SEC") on February 25, 2022("2021 10-K"), as well as any current reports on Form 8-K and other publicly available information. The Consolidated Financial Statements are prepared in accordance with U.S.generally accepted accounting principles ("GAAP"). Management's narrative analysis is presented pursuant to General Instructions H(2)(a) of Form 10-Q in lieu of Management's Discussion and Analysis of Financial Condition and Results of Operations.
The coronavirus disease 2019 (''COVID-19'') pandemic has presented ongoing significant economic and societal disruption and market unpredictability, which has affected the Company's business and operating environment driven by what has been a low interest rate environment and volatility and changes in the equity markets and the potential associated implications to client behavior. COVID-19 continues its ongoing impact and has been occurring in multiple waves, so there are still no reliable estimates of how long the implications from the pandemic will last, the effects current and other new variants will ultimately have, how many people are likely to be affected by it, or its impact on the overall economy. There is still significant uncertainty around the extent to which the COVID-19 pandemic will continue to impact the Company's business, results of operations, and financial condition, which depends on current and future developments, including the ultimate scope, duration and severity of the pandemic, success of worldwide vaccination efforts, multiple mutations of COVID-19 or similar diseases, the effectiveness of the Company's office reopenings, the additional measures that may be taken by various governmental authorities in response to the outbreak, the actions of third parties in response to the pandemic, and the possible further impacts on the global economy. Given the ongoing impact of the pandemic, financial results may not be comparable to previous years and the results presented in this report may not necessarily be indicative of future operating results. For further information regarding the impact of the COVID-19 pandemic, and any potentially material effects, see Part 1 - Item 1A "Risk Factors" in the Company's 2021 10-K. The Company consolidates certain variable interest entities for which it provides investment management services. These entities are defined as consolidated investment entities ("CIEs"). While the consolidation of the CIEs impacts the Company's balance sheet and income statement, the exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 4 to the Consolidated Financial Statements. Changes in the fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in net investment income.
The accounting and reporting policies that the Company uses affect its Consolidated Financial Statements. Certain of the Company's accounting and reporting policies are critical to an understanding of the Company's financial condition and results of operations. In some cases, the application of these policies can be significantly affected by the estimates, judgments and assumptions made by management during the preparation of the Consolidated Financial Statements. These accounting policies are discussed in detail in "Management's Narrative Analysis - Critical Accounting Estimates" in the Company's 2021 10-K.
For information regarding recent accounting pronouncements and their expected impact on the Company's future consolidated financial condition or results of operations, see Note 2 to the Consolidated Financial Statements.
RIVERSOURCE LIFE INSURANCE COMPANY
The following table presents the Company's consolidated results of operations: Three Months Ended March 31, 2022 2021 Change (in millions) Revenues Premiums
$ 73 $ 78 $ (5)(6) % Net investment income 159 247 (88) (36) Policy and contract charges 564 547 17 3 Other revenues 173 128 45 35 Net realized investment gains (losses) 18 48 (30) (63) Total revenues 987 1,048 (61) (6) Benefits and expenses Benefits, claims, losses and settlement expenses 210 652 (442) (68) Interest credited to fixed accounts 141 159 (18) (11) Amortization of deferred acquisition costs 92 2 90 NM Interest and debt expense 19 21 (2) (10) Other insurance and operating expenses 171 194 (23) (12) Total benefits and expenses 633 1,028 (395) (38) Pretax income 354 20 334 NM Income tax provision 39 2 37 NM Net income $ 315 $ 18 $ 297NM NM Not Meaningful. Overall
•The market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life ("UL") insurance contracts), net of hedges and the related deferred sales inducement costs ("DSIC") and deferred acquisition costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual was a benefit of
$134 millionfor the three months ended March 31, 2022compared to an expense of $396 millionfor the prior year period. •The impact on variable annuity and variable universal life products for the difference between assumed and updated separate account investment performance on DAC, DSIC, unearned revenue amortization, reinsurance accrual and additional insurance benefit reserves ("mean reversion related impact") was an expense of $59 millionfor the three months ended March 31, 2022compared to a benefit of $56 millionfor the prior year period.
当前期间的保险索赔与 COVID-19 的表现相比
•Net realized investment gains of
$18 millionfor the three months ended March 31, 2022compared to net realized investment gains of $48 millionfor the prior year period. Variable annuity account balances decreased 1% to $85.8 billionas of March 31, 2022compared to the prior year period due to net outflows of $1.9 billion, partially offset by market appreciation. Variable annuity sales decreased 27% compared to the prior year period reflecting a decrease in sales of variable annuities with living benefit guarantees. The risk profile of its inforce block continues to improve, with account values with living benefit riders down to 60% as of March 31, 2022compared to 63% a year ago. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time. The Company continues to optimize its risk profile and shift its business mix to lower risk offerings. During the fourth quarter of 2021, the Company made the decision to discontinue new sales of substantially all of its variable annuities with living benefit guarantees at the end of 2021, with a full exit by mid-2022. In addition, the Company has discontinued new sales of its universal life insurance with secondary guarantees and its single-pay fixed universal life with a long term care rider products at the end of 2021.
RIVERSOURCE LIFE INSURANCE COMPANYFixed deferred annuity account balances declined 4% to $7.5 billionas of March 31, 2022compared to the prior year period as policies continue to lapse and the discontinuance of new sales of fixed deferred annuities and fixed index annuities. During the third quarter of 2021, the Company closed on a transaction to reinsure RiverSource Life's fixed deferred and immediate annuity policies.
Net investment income decreased
$88 million, or 36%, for the three months ended March 31, 2022compared to the prior year period reflecting lower average invested assets due to the sale of investments to a reinsurer as a result of the fixed deferred and immediate annuity reinsurance transaction, a decrease in investment income on fixed maturities due to lower yields as a result of continued low interest rates, and lower net investment income of consolidated CIEs. Policy and contract charges increased $17 million, or 3%, for the three months ended March 31, 2022compared to the prior year period primarily reflecting a favorable change in unearned revenue amortization and the reinsurance accrual offset to the market impact of IUL benefits. Other revenues increased $45 million, or 35%, for the three months ended March 31, 2022compared to the prior year period primarily reflecting the yield on deposit receivables arising from reinsurance transactions. Net realized investment gains were $18 millionfor the three months ended March 31, 2022compared to net realized investment gains of $48 millionfor the prior year period. The three months ended March 31, 2022included net realized gains of $17 millionon Available-for-Sale securities. The three months ended March 31, 2021included net realized gains of $49 millionon Available-for-Sale securities due to sales, calls and tenders.
Benefits, claims, losses and settlement expenses decreased
$442 million, or 68%, for the three months ended March 31, 2022compared to the prior year period primarily reflecting the following items: •A $207 milliondecrease in expense primarily reflecting the impact of year-over-year changes in the unhedged nonperformance credit spread risk adjustment on variable annuity guaranteed benefits. The unfavorable impact of the nonperformance credit spread was $18 millionfor the three months ended March 31, 2022compared to an unfavorable impact of $225 millionfor the prior year period. As the undiscounted embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread on benefits expenses is favorable (unfavorable). Additionally, as the estimate of the nonperformance credit spread over the LIBOR swap curve tightens or widens, the embedded derivative liability will increase or decrease. •A $339 milliondecrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges in place to offset those risks and the related DSIC amortization. This decrease was the result of a favorable $1.3 billionchange in the market impact on derivatives hedging the variable annuity guaranteed benefits, partially offset by an unfavorable $950 millionchange in the market impact on variable annuity guaranteed living benefits reserves. The main market drivers contributing to these changes are summarized below:
•Volatility impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended
March 31, 2022compared to the prior year period. •Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and various behavioral items, were a net expense for the three months ended March 31, 2022compared to a net benefit for the prior year period. •The mean reversion related impact was an expense of $34 millionfor the three months ended March 31, 2022compared to a benefit of $34 millionfor the prior year period.
与 COVID-19 相关的影响。
$29 milliondecrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The favorable impact of the nonperformance credit spread was $28 millionfor the three months ended March 31, 2022compared to an unfavorable impact of $1 millionfor the prior year period. 43
RIVERSOURCE LIFE INSURANCE COMPANY•A $14 millionincrease in expense from other market impacts on IUL benefits, net of hedges, which was an expense of $12 millionfor the three months ended March 31, 2022compared to a benefit of $2 millionfor the prior year period. The increase in expense was primarily due to an increase in the IUL embedded derivative in the current period, which reflected higher option costs due to a higher new money rate.
•The DAC offset to the market impact on non-traditional long-duration products was an expense of
$11 millionfor the three months ended March 31, 2022compared to a benefit of $46 millionfor the prior year period. •The mean reversion related impact was an expense of $25 millionfor the three months ended March 31, 2022compared to a benefit of $22 millionfor the prior year period.
Other insurance and operating expenses decreased
$23 million, or 12%, for the three months ended March 31, 2022compared to the prior year period primarily reflecting lower expenses from the consolidation of CIEs.
The Company's effective tax rate was 11.1% for the three months ended
March 31, 2022compared to 9.1% for the prior year period. The increase in the effective tax rate for the three months ended March 31, 2022compared to March 31, 2021is primarily the result of higher pretax income and a decrease in low income housing tax credits, partially offset by an increase in foreign tax credits in the current period compared to the prior period. See Note 15 to the Consolidated Financial Statements for additional discussion on income taxes.
The Company's primary market risk exposures are interest rate, equity price and credit risk. Equity price and interest rate fluctuations can have a significant impact on the Company's results of operations, primarily due to the effects on asset-based fees and expenses, the "spread" income generated on its fixed insurance, fixed portion of its variable annuities and variable insurance contracts, and the fixed deferred annuities, the value of DAC and DSIC assets, the value of liabilities for guaranteed benefits associated with its variable annuities and the value of derivatives held to hedge these benefits. The Company's earnings from fixed insurance, the fixed portion of variable annuities and variable insurance contracts, and fixed deferred annuities are based upon the spread between rates earned on assets held and the rates at which interest is credited to accounts. The Company primarily invests in fixed rate securities to fund the rate credited to clients. The Company guarantees an interest rate to the holders of these products. Investment assets and client liabilities generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients' accounts generally reset at shorter intervals than the yield on the underlying investments. Therefore, in an increasing interest rate environment, higher interest rates may be reflected in crediting rates to clients sooner than in rates earned on invested assets, which could result in a reduced spread between the two rates, reduced earned income and a negative impact on pretax income. However, the current low interest rate environment is resulting in interest rates below the level of some of the Company's liability guaranteed minimum interest rates ("GMIRs"). Hence, a modest rise in interest rates would not necessarily result in changes to all the liability credited rates while projected asset purchases would capture the full increase in interest rates. This dynamic would result in widening spreads under a modestly rising rate scenario given the current relationship between the current level of interest rates and the underlying GMIRs on the business. As a result of the current interest rate environment, the Company's reinvestment yields are generally lower than the current portfolio yield. The Company expects its portfolio income yields to continue to decline in future periods should interest rates remain comparatively low. The carrying value and weighted average yield of total non-structured fixed maturity securities and commercial mortgage loans in the Company's investment portfolio that may generate proceeds to reinvest through
March 31, 2024due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $1.0 billionand 3.9%, respectively, as of March 31, 2022. In addition, residential mortgage-backed securities, which could be subject to prepayment risk if the low interest rate environment continues, totaled $2.4 billionand had a weighted average yield of 2.1% as of March 31, 2022. While these amounts represent investments that could be subject to reinvestment risk, it is also possible that these investments will be used to fund liabilities or may not be prepaid and will remain invested at their current yields. In addition to the interest rate environment, the mix of benefit payments versus product sales as well as the timing and volumes associated with such mix may impact the Company's investment yield. Furthermore, reinvestment activities and the associated investment yield may also be impacted by corporate strategies implemented at management's discretion. The average yield for investment purchases during the three months ended March 31, 2022was approximately 2.9%.
RIVERSOURCE LIFE INSURANCE COMPANYThe reinvestment of proceeds from maturities, calls and prepayments at rates below the current portfolio yield, which may be below the level of some liability GMIRs, will have a negative impact to future operating results. To mitigate the unfavorable impact that the low interest rate environment has on the Company's spread income, it assesses reinvestment risk in its investment portfolio and monitors this risk in accordance with its asset/liability management framework. In addition, the Company may reduce the crediting rates on its fixed products when warranted, subject to guaranteed minimums. In addition to the fixed rate exposures noted above, the Company also has the following variable annuity guarantee benefits: guaranteed minimum withdrawal benefits ("GMWB"), guaranteed minimum accumulation benefits ("GMAB"), guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB"). Each of these benefits guarantees payouts to the annuity holder under certain specific conditions regardless of the performance of the underlying invested assets. The variable annuity guarantees continue to be managed by utilizing a hedging program which attempts to match the sensitivity of the assets with the sensitivity of the liabilities. This approach works with the premise that matched sensitivities will produce a highly effective hedging result. The Company's comprehensive hedging program focuses mainly on first order sensitivities of assets and liabilities: Equity Market Level (Delta), Interest Rate Level (Rho) and Volatility (Vega). Additionally, various second order sensitivities are managed. The Company uses various options, swaptions, swaps and futures to manage risk exposures. The exposures are measured and monitored daily and adjustments to the hedge portfolio are made as necessary. The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities. The Company assesses this residual risk under a range of scenarios in creating and executing the macro hedge program. As a means of economically hedging these risks, the Company may use a combination of futures, options, swaps and swaptions. Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts. The macro hedge program could result in additional earnings volatility as changes in the value of the macro hedge derivatives, which are designed to reduce statutory capital volatility, may not be closely aligned to changes in the variable annuity guarantee embedded derivatives. To evaluate interest rate and equity price risk, the Company performs sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of variable annuity riders, indexed annuities, IUL insurance and the associated hedge assets, the Company assumed no change in implied market volatility despite the 10% drop in equity prices.
Equity Price Exposure to Pretax Income Equity Price Decline 10% Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based fees and expenses $ (66) $ -
$ (66)DAC and DSIC amortization (1) (2) (26) - (26) Variable annuities: GMDB and GMIB (2) (12) - (12) GMWB (2) (499) 556 57 GMAB (27) 28 1 Structured variable annuities 397 (365) 32 DAC and DSIC amortization (3) N/A N/A (12) Total variable annuities (141) 219 66 Macro hedge program (4) - 119 119 IUL insurance 66 (71) (5) Total $ (167) $ 267 $ 8845
RIVERSOURCE LIFE INSURANCE COMPANY Interest Rate Exposure to Pretax Income Interest Rate Increase 100 Basis Points Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based fees and expenses $ (14) $ -
$ (14)Variable annuities: GMWB 1,031 (1,263) (232) GMAB 9 (12) (3) Structured variable annuities (20) 117
DAC and DSIC amortization (3) N/A N/A 21 Total variable annuities 1,020 (1,158) (117) Macro hedge program (4) - (1) (1)
53 - 53 IUL insurance 19 2 21 Total
$ 1,078 $ (1,157) $ (58)N/A Not Applicable.
(1) 下调预测对 DAC 和 DSIC 折旧的市场影响
(2) In estimating the impact to pretax income on DAC and DSIC amortization and additional insurance benefit reserves, the assumed equity asset growth rates reflect what management would follow in its mean reversion guidelines.
The above results compare to an estimated positive net impact to pretax income of
$98 millionrelated to a 10% equity price decline and an estimated negative net impact to pretax income of $170 millionrelated to a 100 basis point increase in interest rates as of December 31, 2021. The change in interest rate exposure as of March 31, 2022compared to December 31, 2021was driven by variable annuity riders, specifically GMWB, primarily due to changes in market rates. Net impacts shown in the above table from GMWB riders result largely from differences between the liability valuation basis and the hedging basis. Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior assumptions and with discount rates increased to reflect a current market estimate of the Company's risk of nonperformance specific to these liabilities. The Company's hedging is based on its determination of economic risk, which excludes certain items in the liability valuation including the nonperformance spread risk. Actual results will differ materially from those illustrated above as they are based on a number of estimates and assumptions. These include assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, the Company has not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor has the Company tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios. The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices may not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.
The Company reports certain assets and liabilities at fair value; specifically, separate account assets, derivatives, embedded derivatives, most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. The Company includes actual market prices, or observable inputs, in its fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. The Company validates prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 11 to the Consolidated Financial Statements for additional information on the Company's fair value measurements.
Companies are required to measure the fair value of liabilities at the price that would be received to transfer the liability to a market participant (an exit price). Since there is not a market for the Company's obligations of its variable annuity riders, fixed deferred indexed annuities, structured variable annuities, and IUL insurance, the Company considers the assumptions participants in a hypothetical market would make to reflect an exit price. As a result, the Company adjusts the valuation of variable annuity riders, fixed deferred indexed annuities, structured variable annuities, and IUL insurance by updating certain contractholder assumptions, 46
RIVERSOURCE LIFE INSURANCE COMPANYadding explicit margins to provide for risk, and adjusting the rates used to discount expected cash flows to reflect a current market estimate of the Company's nonperformance risk. The nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of the Company not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the LIBOR swap curve as of March 31, 2022. As the Company's estimate of this spread widens or tightens, the liability will decrease or increase. If this nonperformance credit spread moves to a zero spread over the LIBOR swap curve, the reduction to future net income would be approximately $420 million, net of DAC, DSIC, unearned revenue amortization, the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on March 31, 2022credit spreads.
The liquidity requirements of the Company are generally met by funds provided by investment income, maturities and periodic repayments of investments, premiums and proceeds from sales of investments, fixed annuity and fixed insurance deposits as well as capital contributions from its parent, Ameriprise Financial Inc. ("Ameriprise Financial"). Other liquidity sources the Company has established are short-term borrowings and available lines of credit with Ameriprise Financial aggregating
$854 million. The Company enters into short-term borrowings, which may include repurchase agreements and Federal Home Loan Bank("FHLB") advances to reduce reinvestment risk. Short-term borrowings allow the Company to receive cash to reinvest in longer-duration assets, while maintaining the flexibility to pay back the short-term debt with cash flows generated by the fixed income portfolio. RiverSource Life Insurance Companyis a member of the FHLB of Des Moines, which provides RiverSource Life Insurance Companyaccess to collateralized borrowings. As of both March 31, 2022and December 31, 2021, the Company had estimated maximum borrowing capacity of $4.0 billionunder the FHLB facility, of which $200 millionwas outstanding as of both March 31, 2022and December 31, 2021, and is collateralized with commercial mortgage backed securities.
在公司的 2021 年 10-K 中披露。
The primary uses of funds are policy benefits, commissions, other product-related acquisition and sales inducement costs, operating expenses, policy loans, dividends to Ameriprise Financial and investment purchases. The Company routinely reviews its sources and uses of funds in order to meet its ongoing obligations. The Company believes these cash flows will be sufficient to fund its short-term and long-term operating liquidity needs and dividends to Ameriprise Financial. In 2009, the Company established an agreement to protect its exposure to
Genworth Life Insurance Company("GLIC") for its reinsured long term care ("LTC"). In 2016, substantial enhancements to this reinsurance protection agreement were finalized. The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with the Company's domiciliary regulator and rating agencies. GLIC is domiciled in Delaware, so in the event GLIC were subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delawarelaws. Delawarecourts have a long tradition of respecting commercial and reinsurance affairs as well as contracts among sophisticated parties. Similar credit protections to what the Company has with GLIC have been tested and respected in Delawareand elsewhere in the United States, and as a result the Company believes its credit protections would be respected even in the unlikely event that GLIC becomes subject to rehabilitation or insolvency proceedings in Delaware. Accordingly, while no credit protections are perfect, the Company believes the correct way to think about the risks represented by its counterparty credit exposure to GLIC is not the full amount of the gross liability that GLIC reinsures, but a much smaller net exposure to GLIC (if any that might exist after taking into account the Company's credit protections). Thus, management believes that this agreement and offsetting non LTC legacy arrangements with Genworth will enable the Company to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC. Capital Activity Cash dividends or distributions paid and received by RiverSource Life Insurance Companywere as follows: Three Months Ended March 31, 2022 2021 (in millions) Paid to Ameriprise Financial $ 300 $ 250
RIVERSOURCE LIFE INSURANCE COMPANY
RiverSource Life Insurance Companyand RiverSource Life of NY are subject to regulatory capital requirements. Actual capital, determined on a statutory basis, and regulatory capital requirements for each of the life insurance entities were as follows: Regulatory Capital Actual Capital (1) Requirements (2) December 31, December 31, March 31, 2022 2021 2021 (in millions) RiverSource Life Insurance Company $ 3,131 $ 3,419$ 502 RiverSource Life Insurance Co. of NY 273 310 42
(2) Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing. The regulatory capital requirement is only required to be calculated annually.
•statements of the Company's plans, intentions, expectations, objectives, or goals, including those related to the introduction, cessation, terms or pricing of new or existing products and services and the consolidated tax rate; •statements of the Company's position, future performance and ability to pursue business strategy relative to the spread and impact of the COVID-19 pandemic and the related market, economic, client, governmental and healthcare system response;
•other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of
the United Statesand of global markets; and
The words "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," "on track," "project," "continue," "able to remain," "resume," "deliver," "develop," "evolve," "drive," "enable," "flexibility," "scenario," "case" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from such statements.
• COVID-19 大流行的影响及对公司业务的相关影响
人才保留，包括通过 AFS 吸引和留住财务顾问；
• LIBOR 取消对证券和其他资产的影响和价值
与 LIBOR 挂钩的资产和负债；
RIVERSOURCE LIFE INSURANCE COMPANY
The Company cautions the reader that the foregoing list of factors is not exhaustive. There may also be other risks that the Company is unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statements. The foregoing list of factors should be read in conjunction with the "Risk Factors" discussion included in Part I, Item 1A of the Company's 2021 10-K.