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Ameriprise Financial unit enters reinsurance deal with Global Atlantic unit

RiverSource Life Insurance Co. has entered into a reinsurance agreement with Global Atlantic Financial Group Ltd. subsidiary Commonwealth Annuity and Life Insurance Co. covering about 20% of the in-force fixed annuity account balances of its parent company, Ameriprise Financial Inc.

About $1.7 billion of fixed annuity policies sold through third parties will be reinsured under the deal. The deal, which is effective as of Jan. 1, generated about $200 million of deployable capital. The deal is also expected to be accretive to Ameriprise Financial's adjusted operating EPS in 2019.

The agreement does not affect RiverSource policyholder contractual provisions. RiverSource will also retain account administration and servicing of the fixed annuity policies.