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Ameriprise 4Q Net Down 22% As Revenue Falls

DOW JONES NEWSWIRES Ameriprise Financial Inc.'s (AMP) fourth-quarter earnings slipped 22% as the financial-services provider reported lower revenue. The company's results have been boosted recently by its $1 billion acquisition of the Columbia Management business from Bank of America Corp. (BAC) in 2010, and by strong growth from the company's advice and wealth-management business. However, Ameriprise's third-quarter results fell as the company's annual review of insurance and annuity valuation assumptions and other impacts weighed heavily on the period. For the fourth quarter, Ameriprise reported a profit of $240 million, or $1.02 a share, down from $306 million, or $1.18 a share, a year earlier. Operating earnings, which exclude integration expenses and other items, rose to $1.33 a share from $1.31. Net revenue on the same basis fell 2.3% to $2.46 billion and was up 0.9% to $2.58 billion on a fully reported basis. Analysts polled by Thomson Reuters expected a per-share profit of $1.39 on revenue of $2.53 billion. Assets under management and administration totaled $631 billion as of Dec. 31 down from $673 billion a year earlier. The advice and wealth-management business saw revenue rise 0.7% and pretax profit decrease 19%. Shares slipped by 1 cent to $54.77 after hours. The stock is up 24% in the past three months. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;

Stock News for Amp (AMP)
10/25/201617:54:00Ameriprise Earnings Miss Views
10/25/201616:17:19Current Report Filing (8-k)
10/25/201616:11:00Ameriprise Financial Declares Regular Quarterly Dividend
10/25/201616:10:00Ameriprise Financial Reports Third Quarter 2016 Results
10/13/201610:50:00Economists Believe a Recession Is Likely Within Next Four Years
09/27/201616:55:08Statement of Changes in Beneficial Ownership (4)
09/21/201606:00:00Ameriprise Study: Majority of American Couples Feel Confident...
09/19/201616:05:00Ameriprise Financial Announces Schedule for Third Quarter 2016...
09/12/201610:15:00Ameriprise Financial Helps Bring 11 Million Meals to Families...
09/09/201616:43:36Initial Statement of Beneficial Ownership (3)
09/09/201616:22:51Statement of Changes in Beneficial Ownership (4)
09/09/201616:22:25Statement of Changes in Beneficial Ownership (4)
09/07/201616:13:38Current Report Filing (8-k)
09/07/201616:05:00Ameriprise Financial Appoints New Director
09/01/201609:45:00Columbia Threadneedle Investments Completes Acquisition of Emerging...
08/11/201611:16:50Current Report Filing (8-k)
08/11/201609:53:00A.M. Best Assigns Rating to Ameriprise Financial, Inc.’s New S...
08/10/201616:46:11Statement of Changes in Beneficial Ownership (4)
08/10/201614:20:00Former Law Partner, Adviser Arrested For Insider Trading
08/10/201606:03:07Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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