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Ameriprise Financial Inc AMP

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Morningstar’s Analysis

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Ameriprise’s Client Assets Remain Near Record High and Excess Capital Receives a Major Boost

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Ameriprise continued to report strong core results in the third quarter. The company reported net income of $1.03 billion, or $8.65 per diluted share, on $2.9 billion of net revenue for the third quarter of 2021. On a company-provided, adjusted operating basis that excludes the effect of changes in interest rates on some of its products and a $521 million gain from a reinsurance transaction, the company reported pro forma operating earnings per share of $5.91, up 38% from the previous year. Adjusted operating return on equity excluding accumulated other comprehensive income was a strong 47.9% in the quarter. We don’t anticipate making a material change to our $236 fair value estimate for narrow-moat Ameriprise Financial.

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Company Profile

Business Description

Spun off from American Express in 2005, Ameriprise Financial has emerged as a major player in the U.S. market for asset and wealth management, with around $1.1 trillion in total assets under management and advisement at the end of 2020. Ameriprise has one of the largest branded advisor networks in the industry, and about 80% of the company's revenue comes from its asset and wealth management segments. Ameriprise has reduced its exposure to insurance with the sale of its auto and home insurance business in 2019 and discontinuing the sale of its proprietary fixed annuities in 2020. Around 90% of the company's pretax earnings are from the United States.

1099 Ameriprise Financial Center
Minneapolis, MN, 55474
T +1 612 671-3131
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 12,300