An 8% increase in the number of clients with at least $100,000 in assets served helped profits at Ameriprise Financial Inc. during the second quarter.
Ameriprise, Minneapolis, is reporting $286 million in net income for the latest quarter on $4 billion in revenue, up from $338 million in net income on $3.7 billion in revenue for the second quarter of 2005.
In addition to benefiting from the increase in the number of “mass affluent” clients served, Ameriprise benefited from a drop in disability insurance claims and long term care insurance claims, the company says.
In other earnings news:
- WellPoint Inc., Indianapolis, is reporting $751 million in net income for the second quarter on $14 billion in revenue, up from $559 million in net income on $11 billion in revenue for the second quarter of 2005.
The managed care company ended the quarter providing or administering health coverage for 34 million people, up from 29 million a year earlier.
Enrollment in large group plans fell during the quarter, but enrollment in individual and small group plans was higher, WellPoint says.
- Aflac Inc., Columbus, Ga., is reporting $408 million in net income for the second quarter on $3.7 billion in revenue, up from $336 million in net income on $3.6 billion in revenue for the second quarter of 2005.
Sales of U.S. hospital indemnity insurance increased 21, the company says.
In Japan, a major market for Aflac, sales of cancer insurance increased 14%, but sales of medical insurance were down, the company says.
- Bisys Group Inc., Roseland, N.J., is reporting $13 million in net income for the quarter that ended Sept. 30, 2005, on $206 million in revenue, compared with $23 million in net income on $207 million in revenue for the comparable period in 2004.
Bisys, a financial services support services firm with a fiscal year that starts June 30, has been having trouble with filing financial statements with the U.S. Securities and Exchange Commission because of difficulties with accounting.
The financial statement for the quarter ending Dec. 31, 2005 should be complete in early August, and the financial statement for the following quarter should be complete later in August, according to Bisys executives.
Because of “the late filing of its fiscal 2005 Form 10-K and the delay that it caused in completing its Sarbanes-Oxley assessment for 2006, there is a chance that the fiscal 2006 Form 10-K filing may be delayed beyond the normal filing date,” Bisys says.