MINNEAPOLIS – October 25, 2016 – Ameriprise Financial, Inc. (NYSE: AMP) today reported third quarter 2016 net income of $215 million, or $1.30 per diluted share. Operating earnings were $227 million, with operating earnings per diluted share of $1.37. Excluding the non-cash impact of annual unlocking in both periods, operating earnings per diluted share increased 4 percent to $2.29 with operating earnings of $380 million in the quarter.
Net revenues of $3.0 billion increased 4 percent reflecting the cumulative impact of wrap net inflows, higher average equity markets and an impact from annual unlocking, partially offset by asset management outflows and lower client transactional activity.
Expenses of $2.8 billion increased 14 percent as a result of higher expenses related to unlocking as general and administrative expenses remained well controlled.
Operating net revenues of $3.0 billion increased 3 percent. Excluding annual unlocking in both quarters, operating net revenues were essentially flat, reflecting the cumulative impact of wrap net inflows and higher average equity markets compared to the year ago, offset by the cumulative impact of asset management outflows and lower client transactional activity.
Operating expenses of $2.7 billion increased 16 percent. Excluding annual unlocking in both quarters, operating expenses increased 1 percent from higher distribution expenses and well controlled general and administrative expenses.
In the quarter, the company continued to deliver a strong return to shareholders through share repurchases and dividends of $502 million.