# Ameriprise Financial, Inc. (AMP) Q2 2025 Financial Results Summary
Ameriprise Financial, Inc. released its financial results for the second quarter of 2025 on July 24, 2025.
## Financial Highlights
– **Earnings Per Diluted Share:**
– GAAP: $10.73, compared to $8.02 a year ago, up **34%**.
– Adjusted Operating: $9.11, up **7%** from $8.53 in Q2 2024.
– **Return on Equity (ROE)**:
– ROE ex AOCI: **45.8%**, compared to **45.9%** in Q2 2024.
– Adjusted Operating ROE ex AOCI: **51.5%**, up from **48.9%** in Q2 2024.
– **Assets Under Management, Administration, and Advisement:**
– Reached a record high of $1.6 trillion, up **9%** year-over-year.
– **Adjusted Operating Net Revenues:**
– Increased **4%** to $4.3 billion, primarily from asset growth.
– **General and Administrative Expenses:**
– Improved **1%** year-over-year, reflecting operational efficiency.
– **Pretax Adjusted Operating Margin:**
– Remained strong at **27%**.
– **Capital Returned to Shareholders:**
– A total of $731 million returned, which is **81%** of adjusted operating earnings.
– Included **dividends paid** of $158 million (up **5%** from $151 million last year) and **share repurchases** of $573 million (up **6%** from $542 million year-ago).
## Business Segments Performance
### Advice & Wealth Management
– **Adjusted Operating Net Revenues**:
– $2.8 billion, up **6%** from $2.6 billion in Q2 2024.
– **Total Client Assets**:
– Grew **11%** to $1.1 trillion.
– **Total Client Net Flows**:
– Decreased **35%** to $4.3 billion.
– **Wrap Assets**:
– Increased **15%** to $615 billion.
– **Adjusted Operating Expenses**:
– Increased **9%** to $2.0 billion, attributed to advisor productivity growth.
### Asset Management
– **Adjusted Operating Net Revenues**:
– $830 million, down **2%** from $848 million in the prior year.
– **Adjusted Operating Earnings**:
– Increased **2%** to $222 million.
– **Assets Under Management and Advisement**:
– Increased **2%** to $690 billion.
– **Net Outflows**:
– Totaled $8.7 billion, which is an improvement of **21%** compared to the previous year’s Q2.
### Retirement & Protection Solutions
– **Adjusted Operating Net Revenues**:
– $936 million, up **1%** from $928 million year-over-year.
– **Pretax Adjusted Operating Earnings**:
– Increased **9%** to $214 million.
### Corporate & Other
– **Corporate Segment Adjusted Operating Loss**:
– Loss of $100 million, improving **19%** from a loss of $123 million in Q2 2024.
## Shareholder Returns
– **Dividends and Share Repurchases**:
– Total capital returned to shareholders was $731 million, with dividends constituting $158 million.
– The firm continues to showcase a consistent capital return track record alongside strong free cash flow generation.
## Additional Recognitions
– Recognized by Kiplinger for outstanding overall satisfaction and named one of America’s Most Innovative Companies in 2025 by Fortune.
## Summary
Ameriprise Financial continues to demonstrate robust financial performance, with significant growth in earnings and assets under management. The company effectively returned capital to shareholders while maintaining a strong operational foundation, despite some fluctuations in market conditions affecting net client flows and asset management revenues.
### Consolidated Statements of Income (in millions)
| 2 Qtr 2025 | 2 Qtr 2024 | % Better/ (Worse) | 1 Qtr 2025 | % Better/ (Worse) | |
|---|---|---|---|---|---|
| Management and financial advice fees | 2,600 | 2,456 | 6% | 2,602 | —% |
| Distribution fees | 502 | 505 | (1)% | 522 | (4)% |
| Net investment income | 891 | 921 | (3)% | 868 | 3% |
| Premiums, policy and contract charges | 361 | 381 | (5)% | 360 | —% |
| Other revenues | 136 | 129 | 5% | 129 | 5% |
| Total revenues | 4,490 | 4,392 | 2% | 4,481 | —% |
| Banking and deposit interest expense | 115 | 172 | 33% | 127 | 9% |
| Total net revenues | 4,375 | 4,220 | 4% | 4,354 | —% |
| Expenses | |||||
| Distribution expenses | 1,596 | 1,450 | (10)% | 1,612 | 1% |
| Interest credited to fixed accounts | 95 | 185 | 49% | 130 | 27% |
| Benefits, claims, losses and settlement expenses | 257 | 331 | 22% | 381 | 33% |
| Remeasurement (gains) losses of future policy benefit reserves | -3 | -8 | (63)% | -10 | (70)% |
| Change in fair value of market risk benefits | -10 | 110 | NM | 497 | NM |
| Amortization of deferred acquisition costs | 60 | 61 | 2% | 61 | 2% |
| Interest and debt expense | 82 | 83 | 1% | 80 | (3)% |
| General and administrative expense | 947 | 957 | 1% | 916 | (3)% |
| Total expenses | 3,024 | 3,169 | 5% | 3,667 | 18% |
| Pretax income | 1,351 | 1,051 | 29% | 687 | 97% |
| Income tax provision | 291 | 222 | 31% | 104 | NM |
| Net income | 1,060 | 829 | 28% | 583 | 82% |
| Earnings per share | |||||
| Basic earnings per share | 10.88 | 8.16 | 5.92 | ||
| Earnings per diluted share | 10.73 | 8.02 | 5.83 | ||
| Weighted average common shares outstanding | |||||
| Basic | 97.4 | 101.6 | 98.5 | ||
| Diluted | 98.8 | 103.4 | 100.0 |
### Consolidated Balance Sheets (in millions)
| Assets | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | 7,962 | 8,149 |
| Cash of consolidated investment entities | 419 | 373 |
| Investments | 57,624 | 56,423 |
| Investments of consolidated investment entities | 2,590 | 2,387 |
| Market risk benefits | 2,095 | 2,182 |
| Separate account assets | 78,849 | 78,114 |
| Receivables | 14,683 | 14,472 |
| Receivables of consolidated investment entities | 24 | 31 |
| Deferred acquisition costs | 2,647 | 2,677 |
| Restricted and segregated cash and investments | 1,229 | 1,444 |
| Other assets | 16,781 | 15,149 |
| Other assets of consolidated investment entities | — | 2 |
| Total Assets | 184,903 | 181,403 |
| Liabilities | ||
| Policyholder account balances, future policy benefits and claims | 43,794 | 41,873 |
| Market risk benefits | 1,326 | 1,263 |
| Separate account liabilities | 78,849 | 78,114 |
| Customer deposits | 34,554 | 35,826 |
| Short-term borrowings | 201 | 201 |
| Long-term debt | 3,079 | 2,842 |
| Debt of consolidated investment entities | 2,726 | 2,429 |
| Accounts payable and accrued expenses | 2,451 | 2,704 |
| Other liabilities | 11,591 | 10,609 |
| Other liabilities of consolidated investment entities | 250 | 314 |
| Total Liabilities | 178,821 | 176,175 |
| Equity | ||
| Ameriprise Financial | ||
| Common shares ($.01 par) | 3 | 3 |
| Additional paid-in capital | 10,251 | 10,141 |
| Retained earnings | 26,050 | 24,713 |
| Treasury stock | -28,986 | -27,721 |
| Accumulated other comprehensive income, net of tax | -1,236 | -1,908 |
| Total Equity | 6,082 | 5,228 |
| Total Liabilities and Equity | 184,903 | 181,403 |
