Ameriprise Financial Reports Fourth Quarter 2021 Results
|Earnings Per Diluted Share||Return on Equity, ex AOCI (1)|
|Q4 2021||Q4 2021|
|Adjusted Operating||$6.15||Adjusted Operating||50.6%|
“Ameriprise delivered another very strong quarter and a record year for client flows, assets and financial results.
“This significant organic growth was complemented by strategic actions, including our acquisition of BMO EMEA. In the quarter, we drove more than $40 billion in client net inflows.
“Wealth and Asset Management generated 80% of our 2021 adjusted operating earnings, and we continued to deliver consistently strong results in our high-quality insurance and annuity business. This allows us to generate a differentiated level of capital return to shareholders, while investing in the business and maintaining our balance sheet discipline.
“Ameriprise is well positioned to continue navigating the current environment successfully, and rising interest rates would be another positive. We remain focused on serving our clients well and are energized about the opportunity before us.”
- Fourth quarter adjusted operating earnings per diluted share was a record $6.15, up 36 percent from the prior year reflecting strong business growth. Full year adjusted operating earnings per diluted share excluding unlocking increased 35 percent to $22.75.
- Fourth quarter GAAP net income per diluted share was $5.96, versus $1.43 a year ago, from strong business performance and lower market impact on derivatives, with BMO integration costs in the current year period. Full year GAAP net income per diluted share increased 89 percent to $23.00.
- Assets under management and administration increased to a record high of $1.4 trillion. BMO’s EMEA Asset Management business (BMO EMEA) added $136 billion of acquired assets.
- Net flows from Advice & Wealth Management and Asset Management were over $40 billion, including a net $15 billion of BMO-related flows primarily from the U.S. asset transfers in North America mainly in December.
- Adjusted operating net revenue was $3.7 billion, an 18 percent increase from strong organic growth.
- Ameriprise generated strong profitability with pretax adjusted operating earnings up 33 percent to $894 million, driven by 45 percent earnings growth from Wealth and Asset Management. These businesses represented 81 percent of operating earnings in the quarter.
- Investment performance at Columbia Threadneedle Investments remains excellent with 133 funds with 4- and 5-star Morningstar ratings with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.
- The company returned $630 million of capital to shareholders in the quarter for a total of $2.4 billion for the full year, which was nearly 90 percent of adjusted operating earnings.
- The company announced a new share repurchase authorization of $3.0 billion through March 31, 2024.
- On November 8, 2021, the company successfully closed the acquisition of BMO EMEA and recognized $18 million of integration expense on a GAAP basis in the quarter.
The full press release is available for download below. Earnings materials are also available on the Investor Relations site at ir.ameriprise.com.