Ameriprise Financial Reports Second Quarter 2022 Results

 

Earnings Per Diluted Share			Return on Equity, ex AOCI (1)
	Q2 2022			Q2 2022
GAAP	$6.61		GAAP	57.0%
Adjusted Operating	$5.81		Adjusted Operating	48.8%

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer:
 
“Ameriprise delivered a solid quarter in a more challenging operating environment.  We’re focused on clients’ comprehensive needs and executing our key priorities.
 
“In Wealth Management, we’re generating good organic growth and results remain strong, with excellent client and advisor engagement around our advice value proposition.
 
“In addition, we had important contributions from our interest rate sensitive businesses, including Ameriprise Bank. These interest rate benefits helped to partially offset equity market-related pressure in Asset Management.
 
“Our capital strength and expense discipline are important differentiators for Ameriprise and help us consistently deliver shareholder value. Our firm generates strong free cash flow across market cycles that we reinvest in the business and return to shareholders at an attractive rate. In fact, we are on track to return approximately 90% of capital to shareholders again this year.
 
“As I look forward, Ameriprise is well positioned to continue to navigate equity market headwinds and benefit from a rising interest rate environment.”
 
 

• Second quarter adjusted operating earnings per diluted share was $5.81, up 10 percent from $5.27 in the prior year reflecting strong business performance in a challenging market environment.
• Second quarter GAAP net income per diluted share was $6.61, versus $4.88 a year ago, driven by strong business performance and lower market impact on derivatives.
• Adjusted operating net revenue was $3.5 billion, a 3 percent increase, as market depreciation and elevated volatility in the quarter were more than offset by business growth and higher interest earnings.
• Assets under management and administration were $1.2 trillion, as market depreciation more than offset net inflows.
• Long-term investment performance at Columbia Threadneedle Investments remains excellent with 144 funds with 4- and 5-star Morningstar ratings and more than 75 percent of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.
• The company returned $600 million of capital to shareholders in the quarter and remains on track to return 90 percent of operating earnings to shareholders during the year.
• The integration of the BMO EMEA acquisition is proceeding as planned and the company completed the rebranding of BMO strategies to Columbia Threadneedle.

 
⁽¹⁾ Return on equity excluding AOCI is calculated on a trailing 12-month basis.
 
The full press release is available for download below. Earnings materials are also available on the Investor Relations site at ir.ameriprise.com.