Ameriprise Financial (AMP) reported third-quarter 2012 net income from continuing operations of $174 million, or $0.79 per share, compared with $322 million, or $1.33 per share, a year ago, the company said late Wednesday. Third-quarter operating earnings were $289 million, or $1.32 per diluted share, compared with $289 million, or $1.19 per diluted share, a year ago.
These results beat analysts’ estimates of operating earnings of $1.19 per share for the most-recent quarter.
According to the company, third-quarter operating results included a $48 million, or $0.22 per share, “unfavorable impact” from the company’s annual review of insurance and annuity valuation assumptions and modeling changes (so-called unlocking).
Third-quarter operating net revenues of $2.5 billion were unchanged from a year ago and included lower revenues from the impact of unlocking, the company says. Analysts had estimated that sales would total $2.65 billion in the third quarter.
After adjustments, operating net revenues for the quarter grew 3%, according to the company, “driven by strong Ameriprise advisor client net inflows and market appreciation.”
“We had another good quarter, led by solid results in our advisory and asset management businesses,” said Jim Cracchiolo (left), chairman and CEO, in a press release. “While equity markets improved in the quarter, low interest rates continue to create headwinds.”