Ameriprise Financial Reports First Quarter 2016 Results

MINNEAPOLIS – April 27, 2016 – Ameriprise Financial, Inc. (NYSE: AMP) today reported first quarter 2016 net income(1) of $364 million, or $2.09 per diluted share. Operating earnings were $378 million, with operating earnings per diluted share of $2.17. Operating results include previously announced unfavorable items of $0.09 per share.  In addition, the company raised its regular quarterly dividend 12 percent to $0.75 per share.

Operating net revenues of $2.8 billion were down 4 percent, reflecting the dislocation in equity markets during the quarter, which caused a lower level of average assets under management, resulting in lower fee revenue. The dislocation in equity markets also impacted revenues on a sequential basis.
 
Operating expenses of $2.3 billion were down 2 percent from a year ago as a result of lower distribution expenses and well controlled general and administrative expenses. General and administrative expenses decreased 2 percent, primarily associated with ongoing reengineering and disciplined expense control in response to the challenging market environment during the quarter. Overall, the company will continue to manage expenses tightly in response to the market environment while maintaining targeted growth investments.
 
In the quarter, the company continued to deliver a strong return to shareholders through share repurchases and dividends of $568 million, returning 150 percent of its operating earnings. 
 

from http://newsroom.ameriprise.com/news/ameriprise-financial-reports-first-quarter-2016-results.htm

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