Analyst Note
| Michael Wong, CFA, CPA |Ameriprise reported net income of $761 million, or $6.55 per diluted share, on $3.7 billion of net revenue for the first quarter of 2022. On a company-provided, adjusted operating basis that excludes the effect of changes in interest rates on some of its products, the company reported pro forma operating earnings per share of $5.98, up 10% from the previous year and down 3% sequentially. Adjusted operating return on equity excluding accumulated other comprehensive income was a strong 49.9% in the quarter. We are maintaining our $338 fair value estimate for narrow-moat Ameriprise and assess shares as being modestly undervalued.