Ameriprise Doubles Profits on Higher Sales, Assets in Q3

Ameriprise Financial (AMP) said late Tuesday that its net income was $381 million, or $1.86 per share, in the third quarter vs. $174 million, or $0.79 per share, a year ago.

Operating net revenues increased 7% to $2.7 billion, driven by growing client net inflows, client activity and market appreciation.

“We had an excellent quarter with strong growth in revenue and record operating earnings,” said Chairman and CEO Jim Cracchiolo, in an earnings release.“We are building on the momentum we’ve experienced throughout the year; wealth management is producing strong results and assets under management are up across the firm.”

Also recently, the company relaunched its advertising campaign that features actor Tommy Lee Jones, who stresses the firm’s reputation of strength and stability, according to Ameriprise.

“In terms of our brand and advertising, we’re working with Tommy Lee Jones again, because we like the way he conveys our story and consumers and advisors have responded well,” Cracchiolo said during a conference call with equity analysts. “We’re currently filming new ads that you’ll see early next year.”

He added that external research shows “Ameriprise is one of the most trusted financial firms in the industry.”

Wealth Results

Advice & Wealth Management saw its client assets grew 13% year over year to $389 billion, while total wrap assets increased 19% to $144 billion.