Sector: Financials|Industry: Asset Management|Market Cap: $50.83B|Employees: 13.8K
Ameriprise Financial is a diversified financial services company providing solutions to help clients achieve their financial objectives. The company's core business model revolves around wealth management and asset management, offering financial planning, advice, and a broad range of products and services. Ameriprise is a long-standing leader in financial planning and advice with a strong market position in the U.S. and Europe.
Total revenues increased from $4,325 million to $4,481 million, driven by increases in management and financial advice fees. However, this growth was partially offset by decreases in net investment income and premiums, policy and contract charges.
Net income decreased from $990 million to $583 million, primarily due to a substantial increase in total benefits and expenses. The change in fair value of market risk benefits contributed significantly to this decrease.
Banking and deposit interest expense decreased from $179 million to $127 million, reflecting lower average crediting rates and lower balances on certificates and lower average crediting rates on Ameriprise Bank cash deposits.