Ameriprise Financial Inc. announced Monday it merged and renamed its five life insurance subsidiaries into two RiverSource branded entities.
Effective Dec. 31, American Partners Life Insurance Co. and American Enterprise Life Insurance Co. have merged into IDS Life Insurance Co., which has been renamed RiverSource Life Insurance Co. American Centurion Life Assurance Co. has merged into IDS Life Insurance Co. of New York, which has been renamed RiverSource Life Insurance Co. of New York.
These mergers are not expected to have a material effect on Amerprise's financial conditions.The Minneapolis company said in press release that it rebranding from five life insurance companies to two it will allow Amerprise to better align its product offerings and leverage its growing brand.
RiverSource Annuities, an Ameriprise unit, are distributed through 10,000 financial advisors affiliated with Ameriprise and through outside distributors, including unaffiliated banks and independent broker-dealers.
