Ameriprise二季度业绩小幅超预期但股价盘前走弱

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Introduction & Market Context
Ameriprise Financial (NYSE:AMP) presented second-quarter 2026 results on July 23, 2026, showcasing robust financial performance across its wealth management, asset management, and retirement businesses. The company reported adjusted operating earnings per share of $11.07, representing 22% year-over-year growth and surpassing analyst estimates by $0.29. Despite beating expectations on both earnings and revenue, shares declined 0.44% in pre-market trading to $524.52 from the previous close of $526.82, as the stock traded near its 52-week high of $550.18.
The presentation highlighted the company’s sustained profitable growth strategy, with return on equity reaching 55%—what management characterized as best-in-class performance. Total assets under management, administration and advisement grew 14% to $1.8 trillion, while the company maintained strong capital discipline by returning 91% of operating earnings to shareholders during the quarter.
Quarterly Performance Highlights
The company’s consolidated results demonstrated broad-based strength across both GAAP and adjusted operating metrics. As detailed in the following financial overview, Ameriprise delivered significant improvements in key performance indicators compared to the prior-year period.
On an adjusted operating basis, net revenues increased 13% to $4.9 billion, while adjusted operating earnings rose 14% to $1.03 billion. The company’s adjusted operating diluted EPS of $11.07 reflected 22% growth, outpacing revenue growth and demonstrating strong operating leverage. The pretax adjusted operating margin stood at 27%, indicating disciplined expense management despite investments in growth initiatives.
General and administrative expenses increased 5% to $982 million, driven by volume-related expenses, growth investments, and higher Seligman compensation tied to asset growth and performance. This measured expense growth relative to revenue expansion contributed to margin sustainability.
The company’s key performance achievements in the quarter are summarized in the following presentation slide:
Balance sheet fundamentals remained robust, with excess capital of $2.1 billion and holding company available liquidity of $2.8 billion. During the quarter, Ameriprise opportunistically repurchased 1.7 million shares at an average price of $459, contributing to the company’s capital return objective of 91% of adjusted operating earnings.
Wealth Management Drives Growth
Ameriprise’s Advice & Wealth Management segment delivered exceptional results, serving as the primary growth engine for the quarter. The segment’s financial performance demonstrated both revenue expansion and margin stability, as illustrated in the following earnings and margin charts:
Revenue in the wealth management segment increased 16% to $3.2 billion, with pretax adjusted operating earnings growing at the same pace to $939 million. The segment maintained its strong pretax adjusted operating margin of 29%, unchanged from the prior-year quarter. Core distribution earnings—excluding net investment income, off-balance sheet brokerage cash distribution fees, and banking and deposit interest expense—increased in the low-30 percent range, benefiting from higher client assets, advisory fees, strong activity levels, and well-controlled expenses.
Asset growth metrics underscored the segment’s momentum. As shown in the following asset growth analysis, total client assets and wrap assets both posted double-digit percentage gains:
Total client assets grew 15% or $164 billion to $1.2 trillion, while wrap assets increased 19% or $116 billion to $732 billion. The growth was driven by solid organic activity, strong advisor productivity, and equity market appreciation. Client flows reached $3.1 billion for the quarter, with wrap flows of $6.9 billion demonstrating consistent underlying organic activity.
The company noted that flows were impacted by advisor departures related to the Comerica relationship termination. However, management highlighted that the partnership with Huntington Bank will result in approximately $28 billion of assets moving onto the platform, offsetting the Comerica impact. The company recruited 79 experienced advisors during the quarter.
Advisor productivity reached new heights, as demonstrated in the following revenue and productivity metrics:
Revenue per advisor on a trailing twelve-month basis climbed 12% to $1.203 million, establishing a new company record. Core distribution revenue increased 18%, driven by higher client assets and advisory fees, as well as increased transactional activity. Transactional activity rose 13%, driven by increased sales in annuity products and brokerage transactions. The company noted sustained advisor productivity growth of 10% annually over the past five years, reflecting the effectiveness of its technology investments and advisor support model.
Asset Management Strength
The Asset Management segment generated strong financial results with margin expansion, as detailed in the following revenue and earnings presentation:
Total assets under management and advisement increased 10% to $759 billion. Revenue grew 14% to $947 million, with the underlying fee rate remaining stable. Pretax adjusted operating earnings increased 23% to $274 million, reflecting asset growth and the positive impact of business transformation actions. The net pretax adjusted operating margin improved to 43%, demonstrating the segment’s operating leverage as it scales.
Total expenses increased 11%, with distribution expenses up 13% and G&A expenses rising 9%. The G&A increase was driven by higher Seligman compensation due to AUM growth and performance, increased volume-related expenses, and an unfavorable foreign exchange impact. Despite these cost pressures, the segment maintained strong profitability through efficient operations.
Retirement & Protection Solutions Performance
The Retirement & Protection Solutions segment continued to generate consistent earnings and free cash flow, contributing to the company’s diversified business model. Performance metrics are shown in the following chart:
Adjusted operating revenue increased 4% to $975 million, driven by higher variable annuity account balances. Pretax adjusted operating earnings of $202 million remained within the company’s target range, representing a 6% decline from the prior year. The segment maintained a strong margin of approximately 21%.
Sales in the segment increased 20% to $1.6 billion, driven by strong client demand for structured variable annuities, variable annuities without living benefit riders, and variable universal life products. The company emphasized that these high-quality books of business continue to generate strong earnings, margins, and free cash flow. The estimated risk-based capital ratio stood at 497% with hedge effectiveness of 99%, demonstrating robust risk management.
Capital Return Acceleration
Ameriprise’s capital management strategy remained a key differentiator, supporting what management described as best-in-class return on equity. The following presentation illustrates the company’s ROE achievement and capital return program:
Return on equity (excluding AOCI) reached 55% in the second quarter, up from 53% in the prior-year period. The company increased capital return by 25% in the first half of 2026 to $1.87 billion. Opportunistic share repurchases totaled 3.3 million shares in the first half of 2026 at an average price of $467, representing 43% more shares than the first half of 2025.
In the second quarter alone, Ameriprise returned $932 million of capital to shareholders, equivalent to 91% of operating earnings. Management emphasized the sustainability of the capital return program, supported by holding company available liquidity of $2.8 billion, excess capital of $2.1 billion, a diversified AA-rated investment portfolio, and diversified cash flow streams with approximately 90% free cash flow generation.
Long-term Track Record
The company’s presentation highlighted its sustained profitable growth over both one-year and five-year periods, demonstrating consistent execution of its strategic priorities. The following performance summary illustrates key achievements:
Over the trailing twelve months ending June 30, 2026, compared to the same period in 2025, Ameriprise delivered 10% revenue growth, 15% EPS growth, a 260 basis point increase in return on equity (excluding AOCI), and $3.8 billion in capital returned to shareholders.
The five-year performance metrics were even more impressive. From the twelve months ending June 30, 2021, through the twelve months ending June 30, 2026, the company achieved a 9% revenue compound annual growth rate, 17% EPS CAGR, 1,020 basis points of ROE improvement (excluding AOCI), and $14.3 billion in cumulative capital returned to shareholders. These results demonstrate the effectiveness of the company’s approach to delivering sustained profitable growth across market cycles.
Forward-Looking Statements
Management provided guidance for the remainder of 2026, expecting general and administrative expenses in advice and wealth management to rise in the mid-single-digit range for the full year. The company indicated that the 29% wealth management margin achieved in the second quarter should remain sustainable going forward.
The asset management back-office transformation is on track to finish by the end of the third quarter, which should bring efficiency gains. For full-year asset management, the company expects G&A expenses to be flat, excluding Seligman and performance-fee compensation.
Ameriprise expects the Comerica relationship to fully unwind by the end of the third quarter, with approximately $19 billion of total client assets exiting. The company anticipates Huntington Bank to join in the fourth quarter and early 2027, bringing approximately 260 advisors and $28 billion of client assets. Management noted that the recruiting pipeline improved during the second quarter and looks even stronger in the third quarter.
The company reiterated its commitment to returning 85% to 90% of operating earnings to shareholders over time, supported by its strong capital position and diversified earnings streams. Management emphasized that its strong enterprise risk management capability and decisioning framework position the company to navigate potential stress scenarios while continuing to invest for growth.
Full presentation:
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