Summary
Ameriprise Financial, Inc. (AMP) reported solid results for the third quarter and first nine months of 2024, driven by strong performance in its Advice & Wealth Management and Asset Management segments. Total net revenues for the third quarter increased by 12% year-over-year to $4.4 billion, with a notable 13% increase in Management and financial advice fees. Net income for the quarter was $511 million, a decrease of 41% compared to the prior year, impacted by a significant negative change in the fair value of market risk benefits. However, on an adjusted operating basis, which excludes certain market impacts and realized gains/losses, adjusted operating earnings showed growth, particularly in the Asset Management segment (up 23% year-over-year for the quarter). Assets under management and administration (AUM/AUA) saw a robust 22% increase to $1.5 trillion, reflecting positive market performance and continued client inflows. The company continues to focus on enhancing operational efficiency and advisor productivity. The company's capital position remains strong, with available capital for capital adequacy of $5.5 billion as of September 30, 2024. Ameriprise also returned capital to shareholders through dividends and share repurchases, demonstrating a commitment to shareholder value. While the company faces ongoing market volatility and regulatory scrutiny, its diversified business model and strategic initiatives position it to navigate these challenges.
Financial Highlights
30 data points| Revenue | $4.56B |
| Operating Expenses | $3.75B |
| Net Income | $511.00M |
| EPS (Basic) | $5.09 |
| EPS (Diluted) | $5.00 |
| Shares Outstanding (Basic) | 100.40M |
| Shares Outstanding (Diluted) | 102.20M |
Key Highlights
- 1Total net revenues increased by 12% year-over-year to $4.4 billion for the third quarter of 2024.
- 2Assets under management and administration (AUM/AUA) grew by 22% to $1.5 trillion as of September 30, 2024.
- 3Advice & Wealth Management segment's adjusted operating earnings increased by 13% year-over-year for the third quarter.
- 4Asset Management segment's adjusted operating earnings grew by 23% year-over-year for the third quarter.
- 5Net income for the third quarter was $511 million, though this was impacted by changes in the fair value of market risk benefits.
- 6The company returned $444 million to shareholders via dividends and continued its share repurchase program, with $1.5 billion remaining authorization as of September 30, 2024.