Ameriprise Financial (AMP) reported third-quarter earnings late Tuesday of $420 million, or $2.17 per diluted share, versus $382 million, or $1.86 per diluted share a year ago—a jump in net income of 15% year over year. Sales grew 11% to $3.1 billion. Both results topped analysts’ estimates.
“Ameriprise delivered another strong quarter, continuing the trend we set in the first half of the year,” said Chairman and CEO Jim Cracchiolo in a statement. “Our fee-based businesses drove our growth, led by Advice & Wealth Management.”
Total assets under management and administration grew 8% from Q3’13 to $797 billion “driven by Ameriprise advisor client net inflows and market appreciation,” the company says.
The unit’s total revenue jumped 12% year over year to $1.2 billion, and its pre-tax operating earnings improved 34% to $205 million.
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As for its advisor force, Ameriprise has a total of 9,696 advisors, up four from Q2’14 but down 65 from the year-ago period.