Ameriprise Financial Reports Third Quarter 2021 Results
|Earnings Per Diluted Share||Return on Equity, ex AOCI (1)|
|Q3 2021||Q3 2021|
|Adjusted Operating||$5.86||Adjusted Operating||47.8%|
|Adjusted Operating Ex. Unlocking(2)||$5.91||Adjusted Operating Ex. Unlocking(2)||47.9%|
Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer:
“Ameriprise achieved another record quarter for client assets, revenue and earnings. We are executing our strategy well, driving organic growth and generating substantial shareholder value across market cycles.
“Consistent with our plans, our growth businesses of wealth and asset management delivered 80 percent of our adjusted operating earnings for the quarter. At the same time, our retirement and protection business is differentiated and generates significant free cash flow and earnings.
“2021 is proving to be a very strong year for Ameriprise. We are focused on maintaining our business momentum and strong performance through the remainder of the year into 2022.”
- Third quarter adjusted operating earnings per diluted share excluding unlocking was $5.91, up 38 percent from last year due to strong organic growth and market appreciation.
- Third quarter GAAP net income per diluted share was $8.65, compared to a loss of $1.14 in the prior year period, driven by the fixed annuity reinsurance transaction that closed in the quarter and market impacts.
- The company continues to generate strong organic growth,
- with approximately $14 billion of net inflows from Advice & Wealth Management and Asset Management, up substantially from a year ago.
- Adjusted operating net revenue was $3.5 billion, an 18 percent increase from strong organic growth in Wealth and Asset Management and market appreciation.
- Ameriprise generated strong profitability with pretax adjusted operating earnings excluding unlocking up 28 percent to $858 million, driven by 44 percent growth in Wealth and Asset Management. These businesses represented 80 percent of Ameriprise operating earnings in the quarter.
- Assets under management and administration was $1.2 trillion, up 21 percent from strong client flows in Wealth and Asset Management, as well as market appreciation.
- The company generated considerable free cash and returned $666 million of capital to shareholders in the quarter, which was 95 percent of adjusted operating earnings.
- Excess capital was strong at $2.7 billion with a strong adjusted operating return on equity excluding unlocking of 47.9 percent.
The full press release is available for download below. Earnings materials are also available on the Investor Relations site at ir.ameriprise.com.