Ameriprise Financial Reports First Quarter 2018 Results
Adjusted operating EPS was $3.70, up 37 percent
First quarter 2018 return on equity excluding AOCI was 28.3 percent
Adjusted operating ROE excluding AOCI was 29.3 percent, up 570 bps
Regular quarterly dividend raised 8 percent to $0.90 per diluted share,
representing the eleventh increase during the past nine years
“Ameriprise delivered a strong first quarter and a good start to the year,” said Jim Cracchiolo, chairman and chief executive officer. “We are generating strong earnings across the firm, and our momentum in Advice and Wealth Management continues with double-digit revenue growth, increased client activity and one of our strongest quarters of client net inflows. We’re serving more clients in personal advice relationships and continue to invest to deliver an exceptional client and advisor experience.”
“As we grow, we continue to generate significant free cash flow that we invest in the firm and return to shareholders through dividends and share repurchases. During the quarter, we increased our repurchases opportunistically, while also increasing our excess capital. And today, we announced another increase in our regular quarterly dividend – the eleventh increase over the past nine years.”
GAAP Results – First quarter
Net revenues of $3.2 billion increased 8 percent, or $242 million, from a year ago primarily due to strong net revenue growth in Advice & Wealth Management from growth in client assets.
Expenses of $2.5 billion increased 1 percent compared to a year ago.
Adjusted Operating Results – First quarter
Adjusted operating net revenues increased 9 percent to $3.1 billion after normalizing for the net impacts of 12b-1 fees. Advice & Wealth Management net revenues increased 16 percent driven by growth in client assets after normalizing for the net impacts of 12b-1 fees.
Adjusted operating expenses of $2.5 billion increased 4 percent. General and administrative expense increased 1 percent reflecting ongoing expense discipline.
The full press release is available for download below. Earnings materials are also available on the Investor Relations site at ir.ameriprise.com.