Dilok Klaisataporn
Ameriprise (NYSE:AMP) turned in stronger-than-expected Q1 earnings on Monday as pretax operating income at each of its main business lines climbed from a year ago. The investment firm also boosted its dividend by 9.6%.
Q1 adjusted operating EPS of $8.39, topping the average analyst estimate of $8.20, climbed from $7.20 in Q4 2023 and $7.25 in Q1 2023.
Assets under management and administration touched $1.42T, rising from $1.36T at Dec. 31, 2023.
The company’s board declared a quarterly dividend of $1.48, up from its previous dividend of $1.35.
Adjusted operating net revenue of $4.10B vs. $3.95B in the previous quarter and $3.70B a year ago.
Adjusted operating expenses of $3.02B increased from $2.97B in Q4 and $2.72B in Q1 2023.
Ameriprise’s (AMP) Advice & Wealth Management segment pretax adjusted operating earnings of $762M rose 10% Y/Y as total client assets increased 19% to $954B. Total client net flows, though, dropped 31% to $8.5B.
Asset Management segment pretax adjusted operating earnings rose 25% Y/Y to $206M as adjusted operating expenses declined by 2% to $649M. Total segment AUM of $652B increased 7% Y/Y. Total segment outflows were $5.7B vs. outflows of $2.5B in the year-ago quarter. Underlying fee rate remained stable at 46 basis points.
Retirement & Protection Solutions segment pretax adjusted operating earnings of $199M grew 3% Y/Y, reflecting the benefit of higher interest rates and equity markets offset by higher distribution expenses associated with strong annuity sales levels.
Ameriprise (AMP) stock slipped 0.3% in Monday after-hours trading.
Conference call on April 23 at 9:00 AM ET.
More on Ameriprise Financial
Source link
