Fourth quarter 2016 net income(1) per diluted share was $2.46
Operating EPS was $2.73
Full Year 2016 net income(1) per diluted share was $7.81
Operating EPS was $8.48
Excluding annual unlocking(2), operating EPS was $9.40
Fourth quarter 2016 return on equity excluding AOCI was 20.4 percent
Operating ROE excluding AOCI was 22.2 percent
Excluding annual unlocking(2), operating ROE excluding AOCI was 24.6 percent
MINNEAPOLIS – February 1, 2017 – Ameriprise Financial, Inc. (NYSE: AMP) today reported fourth quarter 2016 net income(1) of $400 million, or $2.46 per diluted share. Operating earnings were $443 million, with operating earnings per diluted share of $2.73.
GAAP Results – Fourth Quarter
Net revenues of $3.1 billion decreased 1 percent or $41 million from last year. The decrease in revenue related to the deconsolidation of certain collateralized loan obligations and property funds was offset by the increase in the market impact of hedges on investments. Operating net revenue decreased $41 million or 1 percent versus last year as described below.
Expenses of $2.6 billion decreased 2 percent as a result of lower general and administrative expenses and the deconsolidation of certain investment entities.
Operating Results – Fourth Quarter
Operating net revenues of $2.9 billion decreased 1 percent or $41 million versus last year. Strong net revenue growth in Advice & Wealth Management from growth in client assets was offset by lower Asset Management revenues relating to outflows, foreign exchange translation and elevated performance fees a year ago.
1. Net income represents net income attributable to Ameriprise Financial.
2. Unlocking represents the company’s annual review of insurance and annuity valuation assumptions and model changes and the long term care review conducted in the third quarter.