Ameriprise Raises Net Income 23% to $1.126 Billion in Third Quarter

Key Facts

Ameriprise Financial reported net income of $1.126 billion in the third quarter of 2026, up 23% from $912 million in the same period a year earlier. Diluted earnings per share under U.S. generally accepted accounting principles rose to $12.32, compared with $9.33 a year earlier, an increase of 32%. Net revenue also increased 7% to $5.117 billion from $4.791 billion. Results showed growth in assets and wealth management revenue, alongside higher administrative and general expenses. Assets under management, administration and advisement totaled $1.8 trillion, up 8% year over year.

In wealth management, adjusted operating revenue rose 13% to $3.4 billion. Fee and transaction revenue increased 15%, according to the results presentation, as the business benefited from growth in client assets and higher activity levels. Client assets rose 8% year over year. The wealth management and advice business added 79 experienced advisors during the quarter. These indicators reflect a broader base of assets and clients, along with increased fee- and transaction-related activity.

Sales of retirement and protection solutions totaled $1.8 billion, up 24%, and the company said the sales provided solutions for wealth management clients. In contrast, the annual actuarial assumption update reduced adjusted operating earnings after taxes by $74 million. The update included insurance and annuity valuation assumptions and model changes, according to the results presentation. This impact provides context for reading adjusted operating results alongside reported net income and earnings per share under accounting standards. The company had recorded an unfavorable impact from the update on an adjusted operating earnings basis.

Administrative and general expenses rose 3% to $975 million. The company attributed the increase to expenses tied to business activity, ongoing investments to support growth, and higher performance-based compensation linked to asset growth and performance. These expenses were among the concerns ahead of the results, alongside questions about organic growth. On October 19, BofA Securities downgraded the stock to Underperform from Buy, citing slowing organic growth and rising expenses. Before the results, analysts had expected earnings of $11.77 per share and revenue of $5.10 billion.

The company expected full-year administrative and general expenses to rise within the mid-single-digit range, according to the earnings call. It also said it returned 93% of adjusted operating earnings to shareholders through share repurchases and dividends. Repurchases included 1.6 million shares during the quarter. The company ended the period with excess capital of $2 billion and holding-company cash available of $2.3 billion. These figures provide a picture of expected expenses, capital and liquidity alongside the returns delivered to shareholders.

The board had authorized an additional $5.5 billion share repurchase authorization, effective through September 30, 2028. About $1.1 billion remained available under the previous authorization as of June 30, 2026, and that authorization runs through June 30, 2027. In premarket trading on October 29, the stock rose 0.24% to $490.96, compared with a previous close of $489.80. The stock closed at $489.8 on October 28, according to EL7 data. The company said its investor call to review the quarter's results would begin at about 9:00 a.m. Eastern Time on October 29.