Ameriprise Lifts Adjusted EPS 14% and Adds New $5.5 Billion Buyback Authorization

Ameriprise Financial said Thursday that third-quarter adjusted operating earnings per share rose 14% to $11.26 on continued asset growth, as it returned more than $1 billion to shareholders and pointed to a new $5.5 billion share repurchase authorization running through Sept. 30, 2028.

Excluding the annual "unlocking" review of insurance and annuity assumptions, adjusted operating EPS climbed 22% to $12.07, the wealth and asset manager said in its earnings release filed with an 8-K on Thursday. GAAP net income per diluted share was $12.32, up from $9.33 a year earlier.

Assets reach $1.8 trillion

Assets under management, administration and advisement grew 8% to $1.8 trillion, and adjusted operating net revenues rose 10% to $5.1 billion, which the company attributed mainly to asset growth and strong client engagement. GAAP net income rose 23% to $1.126 billion.

The pretax adjusted operating margin, excluding unlocking, was 28%, and adjusted operating return on equity excluding AOCI and unlocking reached 56.2% on a trailing 12-month basis, up from 52.8%.

The unlocking review produced an unfavorable after-tax hit of $74 million, or $0.81 a share, on an adjusted operating basis. The company said last year's review benefited from a one-time favorable model enhancement.

"Ameriprise delivered another strong quarter, reflecting the quality of our business, deep client relationships and focus on profitable growth," Chairman and CEO Jim Cracchiolo said in the release.

Wealth unit leads, asset manager widens margin

Advice & Wealth Management, the largest segment, grew adjusted operating net revenues 13% to $3.4 billion, and pretax adjusted operating earnings rose 12% to $989 million at a 29.3% margin. Total client assets increased 8% to $1.2 trillion, and wrap assets rose 12% to $729 billion.

Excluding the Comerica transition, client net inflows rose 56% to $5.3 billion. Including it, total client net flows were an outflow of $8.5 billion. The company added 79 experienced advisors in the quarter and said it expects about $32 billion of Huntington Bank assets to move to its platform through mid-2027, after 258 Huntington advisors completed their transition.

Asset Management pretax adjusted operating earnings jumped 18% to $308 million, and the net pretax adjusted operating margin widened 360 basis points to 45.7%. The unit still posted net outflows of $9.3 billion, including $5.5 billion of institutional outflows that the company tied mainly to client asset allocation decisions.

Retirement & Protection Solutions sales rose 24% to $1.8 billion, while pretax adjusted operating earnings excluding unlocking were $198 million, compared with $200 million a year earlier.

Capital returns

Ameriprise said it returned more than $1.0 billion to shareholders in the quarter, or 93% of operating earnings excluding unlocking. Common stock repurchases totaled $871 million, up 27% from $687 million a year earlier, and dividends paid were $155 million, according to the release. Diluted weighted average shares outstanding fell to 91.4 million from 97.8 million a year earlier.

By the numbers

• $11.26: adjusted operating EPS, up 14%
• $12.07: adjusted operating EPS excluding unlocking, up 22%
• $5.1 billion: adjusted operating net revenues, up 10%
• $1.8 trillion: assets under management, administration and advisement
• $5.5 billion: new buyback authorization through Sept. 30, 2028

The company expects its operating effective tax rate to be 20% to 22% for full-year 2026, after 21.0% in the third quarter.

Sources

1. Ameriprise Financial Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000820027-26-000050)

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