Ameriprise Financial Reports Fourth Quarter and
Full Year 2009 Results
Fourth quarter 2009 net income was $237 million, or $0.90 per diluted share, on revenues of $2.3 billion;
Full year 2009 net income was $722 million, or $2.95 per diluted share, on revenues of $7.8 billion;
Company’s balance sheet remains strong
February 03, 2010 04:08 PM Eastern Time
MINNEAPOLIS--(EON: Enhanced Online News)--Ameriprise Financial, Inc. (NYSE: AMP) today reported net
income of $237 million for the fourth quarter of 2009 compared to a net loss of $369 million for the fourth quarter of
2008. Net income per diluted share for the fourth quarter of 2009 was $0.90 compared to a loss of $1.69 per share
a year ago.
Fourth quarter 2009 net income was driven by increased asset-based fees from market appreciation, net inflows in
wrap accounts and Asset Management, higher income from spread products and re-engineering benefits. Excluding
the broad negative impacts of the equity and credit market dislocation from earnings in the fourth quarter of 2008,
core operating earnings grew 36 percent year-over-year, driven by business growth and market improvement.
Net revenues increased 70 percent to $2.3 billion in the fourth quarter of 2009, compared to $1.3 billion in the
fourth quarter of 2008 and $2.0 billion sequentially. Excluding net realized gains/(losses) and increased loan reserves
from both periods and other credit-related impacts in the fourth quarter of 2008, net revenues increased 28 percent
from a year ago, primarily reflecting higher asset-based fees from net inflows and market appreciation, as well as
higher investment yields and increased general account balances.
The company achieved more than $120 million in re-engineering benefits in the fourth quarter of 2009 and exceeded
$400 million in re-engineering benefits for the year. Underlying fourth quarter 2009 expenses remained well
As of December 31, 2009, the company’s excess capital position was more than $2 billion, which include