By Josh Beckerman 
 

Ameriprise Financial Inc. said its second-quarter earnings rose 11% as its advice-and-wealth-management business continued to post strong growth.

The financial-services company said: "We're managing through this protracted period of low interest rates and higher equity market volatility while continuing to invest in the business."

Earlier this month, Goldman Sachs downgraded Ameriprise and said it expected "soft" second-quarter results from asset managers.

Ameriprise reported a profit of $415 million, or $2.23 a share, compared with $374 million, or $1.91 a share, a year earlier.

Per-share operating earnings, which exclude realized gains and losses, market effects on variable annuity benefits and other items, rose to $2.33 from $2.08. Operating earnings include five cents a share of unfavorable items, including weather-related catastrophe losses in its Auto & Home insurance business.

Revenue increased 2% to $3.13 billion.

Analysts polled by Thomson Reuters expected per-share operating profit of $2.28 and revenue of $3.11 billion.

Total assets under management and administration were $811 billion at the end of the quarter.

Advice-and-wealth-management client assets rose 4% to $453 billion, reflecting strong fee-based investment advisory net inflows.

In April, Ameriprise said it agreed to buy the retail assets of JHS Capital Advisors, which had retail assets totaling $4.1 billion at the end of 2014.

Ameriprise was spun off from American Express Co. in 2005.

Write to Josh Beckerman at josh.beckerman@wsj.com

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