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    AMP
    Earnings call· Jun 2026(Q2 FY26)

    AMERIPRISE FINANCIAL INC AMP

    Jul 23, 2026 Source

    Executive summary

    Ameriprise Q2 FY26 — Strong Revenue and Earnings Growth Driven by Asset Growth and Client Engagement

    Ameriprise Financial delivered a strong Q2 FY26, marked by double-digit revenue and earnings growth, driven by robust asset expansion and client engagement. The firm achieved record adviser productivity and a best-in-class ROE of 55%, while strategically investing in technology and AI. Despite a competitive recruiting landscape and Comerica-related outflows, Ameriprise maintains a disciplined approach to growth and capital return, positioning it for sustained profitability.

    Highlights

    7

    • Revenues grew 13% to nearly $5 billion, driven by strong asset growth and client adviser engagement.

    • Adjusted operating earnings were up 14% to $1 billion, demonstrating consistently strong performance.

    • Adjusted EPS increased 22% to $11.07, reflecting exceptional return to shareholders.

    • Return on equity (ROE) reached 55%, up from 51.5% a year ago, maintaining a best-in-class position.

    • Total client assets increased 15% to $1.2 trillion, hitting a new milestone in assets under management and administration.

    • Adviser productivity reached a new record, up 12% to $1.2 million, supported by excellent client experience and adviser partnership.

    • Asset Management pretax adjusted operating earnings increased 23% to $274 million, reflecting asset growth and strong performance.

    Concerns

    8

    • Overall client flows were impacted by higher seasonal tax payments and adviser transitions, including Comerica-related outflows.

    • Net outflows in Asset Management improved to $6.5 billion but remain negative, despite strong gross sales.

    • The adviser recruiting environment remains

    • extremely aggressive

    • with

    • irrational

    • economics, leading to selective participation.

    • Certificate balances declined to $7.4 billion, driven by the current rate environment and client preferences.

    Guidance & targets

    3
    CategoryTargetConfidence
    General and Administrative Expenses growth
    mid-single-digit range
    medium materiality
    High
    Asset Management General and Administrative Expenses growth (excluding settlement and performance fees)
    flat
    medium materiality
    High
    Capital Return Payout Ratio
    85%-90% range of operating earnings
    high materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Advice & Wealth Management
    Strong revenue and earnings growth driven by asset growth and transactional activity. Core earnings grew significantly, benefiting from higher client assets and advisory fees. Margins remain excellent, supported by focused expense management and investments in technology. Client flows were impacted by Comerica transitions and seasonal tax payments.
    Adjusted operating earnings: $939 millionAdjusted operating earnings growth: 16%Distribution expenses growth: 18%G&A expenses growth: 6%Core earnings growth: low 30% rangeBank earnings growth: low single-digit percentage rangeCertificate earnings: declinedTotal client assets: $1.2 trillionTotal client assets growth: 15%Wrap assets: $732 billionWrap assets growth: 19%Client flows: $3.1 billionWrap flows: $6.9 billionExperienced advisers added: 79Total client cash: $84 billionTotal client cash decline: 2% YoYBank assets: $25.5 billionBank assets growth: 6% YoYCash rebalances: $28.8 billionCertificate balances: $7.4 billionThird-party money market funds: $46.6 billionFee-based and transactional revenues growth: 18%Transaction activity growth: 13%Bank revenues growth: mid-single-digit percentage rangeAdviser productivity: $1.2 millionAdviser productivity growth: 12% YoY
    		$3.2 billion16%—29%
    Asset Management
    Strong financial results driven by asset growth, excellent performance in Seligman, and positive impact from transformation initiatives. Net outflows improved, particularly in the U.S. intermediary channel. Margins exceeded the target range.
    Pretax adjusted operating earnings: $274 millionPretax adjusted operating earnings growth: 23%Total assets under management and advisement: $759 billionTotal assets under management and advisement growth: 10% YoYNet outflows: $6.5 billionUnderlying fee rate: 47 bpsExpenses growth: 11%G&A expenses growth: 9%1-year investment performance above median: 69%3-year investment performance above median: 75%5-year investment performance above median: 75%10-year investment performance above median: 87%Columbia Threadneedle funds with 4 or 5-star Morningstar ratings: 97
    		$947 million14%—43%
    Retirement & Protection Solutions
    Continued strong earnings and free cash flow generation. Sales were strong, led by structured products, VUL, and variable annuities without living benefit riders. Profitability remains excellent despite variable annuity net outflows and higher distribution expenses.
    Pretax adjusted operating earnings: $202 millionSales growth: 20%Variable annuity net outflows: continuedDistribution expenses: higher
    		$975 million4%—21%

    Operational metrics

    38
    Adjusted Operating Earnings
    $1 billionup 14%
    Q2 FY26

    Company-wide adjusted operating earnings.

    Adjusted EPS
    $11.07up 22%
    Q2 FY26

    Company-wide adjusted earnings per share.

    Return on Equity (ROE)
    55%up from 51.5% a year ago
    Q2 FY26

    Best-in-class ROE.

    Assets Under Management, Administration and Advisement (AUMA)
    $1.8 trillion14% increase
    Q2 FY26

    New milestone.

    Client Satisfaction
    4.9 out of 5
    Q2 FY26

    Consistently excellent client satisfaction.

    Bank Assets
    $25 billionup 6%
    Q2 FY26

    Assets in the Ameriprise bank.

    Lending Growth
    61%year-over-year
    Q2 FY26

    Strong growth in bank lending products.

    Experienced Advisers Recruited
    79
    Q2 FY26

    Attracting experienced advisers.

    Adviser Productivity Savings
    10 to 20 hours
    Q2 FY26

    Time saved by advisers using AI tools.

    Adviser Productivity Savings
    5 to 10 hours
    Q2 FY26

    Time saved by advisers using AI tools.

    Adviser Productivity Savings
    2.5 hours
    Q2 FY26

    Time saved by advisers using AI tools.

    Total Adviser Productivity Savings
    more than 30 hours
    Q2 FY26

    Combined time saved by advisers using key AI solutions.

    Asset Management Investment Performance
    69%above the medium
    1 year

    Percentage of funds outperforming their median.

    Asset Management Investment Performance
    75%above the meeting
    3 years

    Percentage of funds outperforming their median.

    Asset Management Investment Performance
    75%above the meeting
    5 years

    Percentage of funds outperforming their median.

    Asset Management Investment Performance
    87%above the meeting
    10 years

    Percentage of funds outperforming their median.

    Columbia Threadneedle Morningstar Ratings
    97
    Q2 FY26

    Number of Columbia Threadneedle funds globally earning high Morningstar ratings.

    Excess Capital
    $2.1 billion
    Q2 FY26

    Strong balance sheet position.

    Holding Company Available Liquidity
    $2.8 billion
    Q2 FY26

    Strong balance sheet position.

    Capital Returned to Shareholders
    $932 million
    Q2 FY26

    Includes share repurchases and dividends.

    Share Repurchases
    1.7 million shares
    Q2 FY26

    Opportunistic repurchases.

    Capital Returned to Shareholders
    $1.9 billionincreased by 25%
    H1 FY26

    Total capital returned in the first half of the year.

    Share Repurchases
    3.3 million sharescompared to 2.3 million shares in H1 FY25
    H1 FY26

    Repurchases in the first half of the year, with comparison to prior year.

    Capital Returned to Shareholders
    $3.8 billion
    LTM

    Total capital returned over the last 12 months.

    Revenue Growth
    10%
    LTM

    Company-wide revenue growth over the last 12 months.

    Adjusted EPS Growth
    15%
    LTM

    Company-wide adjusted EPS growth over the last 12 months.

    Return on Equity (ROE) Growth
    260 bps
    LTM

    Increase in ROE over the last 12 months.

    Revenue Growth
    9%compounded annual growth
    5 years

    Company-wide revenue growth over the past 5 years.

    EPS Growth
    17%compounded annual growth
    5 years

    Company-wide EPS growth over the past 5 years.

    Return on Equity (ROE) Improvement
    10 percentage points
    5 years

    Improvement in ROE over the past 5 years.

    Capital Returned to Shareholders
    $14 billion
    5 years

    Total capital returned over the past 5 years.

    Bank Portfolio Yield
    4.7%
    Q2 FY26

    Overall yield of the bank's investment portfolio.

    Bank Floating Rate Securities
    6%
    Q2 FY26

    Percentage of the bank's investment portfolio in floating rate securities.

    Bank New Purchases
    $1.1 billion
    Q2 FY26

    New investments made by the bank.

    Client Cash Rebalances
    $28.8 billioncompared to $29.4 billion in the prior quarter
    Q2 FY26

    Consistent with seasonal tax patterns.

    Adviser Recruiting Deals Payback
    8 years
    Q2 FY26

    High payback periods for some aggressive recruiting deals in the market.

    Practice Additions
    $800 million
    Q2 FY26

    Value of practice additions announced in the second quarter.

    Practice Additions
    $900 millionalready surpassing 2Q
    July FY26

    Value of practice additions announced in July.

    Product announcements

    4
    ProductTypeDetails
    Signature Wealth unified managed accountlaunch
    HELOCs and checking accountslaunch
    2 new active premium income ETF strategieslaunch
    3 active ETFslaunch

    Deals & partnerships

    2
    Huntington BankOnboarding of advisers and client assets from Huntington Bank.$28 billion

    Anticipated to bring approximately 260 advisers and $28 billion of client assets onto the Ameriprise platform, offsetting Comerica outflows.

    ComericaTermination of contract and transition of advisers/assets.$19 billion

    Adviser transitions and asset outflows related to the termination of the Comerica contract, accelerating in Q2.

    Risks & headwinds

    4
    Competitive Recruiting EnvironmentCurrent

    paybacks are high as 8 years on a cash basis for some deals.

    Mitigation: Selective approach to recruiting, focusing on Ameriprise's differentiated value proposition (technology, service, support, culture) and long-term productivity/economic outcomes rather than aggressive upfront payments.

    Comerica Contract Termination OutflowsQ2 FY26 (accelerated), culminating by end of Q3 FY26

    $19 billion approximately exiting in total.

    Mitigation: Onboarding of Huntington Bank ($28 billion in client assets) and other institutional partnerships expected to more than offset the impact.

    Asset Management Net OutflowsQ2 FY26

    $6.5 billion in Q2 FY26.

    Mitigation: Improved performance in U.S. intermediary channel, strong performance in Seligman, introduction of new products (active ETFs, SMAs), and back-office transformation for efficiency.

    Certificate Balance DeclineQ2 FY26

    $7.4 billion balance.

    Mitigation: Driven by current rate environment and client preferences shifting to other products on the platform. Management notes elevated cash balances in third-party money market funds ($46.6 billion) as an opportunity when rates decline.

    What to watch in Q3 FY26

    5

    Comerica asset outflows

    Q3 FY26
    Currentaccelerated significantly in the second quarter
    Targetcompletion of the contract and conversion in September (total $19 billion exited)

    Why it matters

    Verifies the final impact of the Comerica contract termination and sets the baseline for future inorganic flows.

    As we look ahead, it should be noted that outflows relating to Comerica will culminate with the completion of the contract and conversion in September.

    Q&A highlights

    5

    How much of Comerica's assets exited in Q2, and what is the remaining amount expected to exit in Q3?

    Management stated that approximately $19 billion in total assets will exit by the end of Q3, with a significant acceleration of outflows in Q2. They declined to provide specific Q2 figures due to client confidentiality but confirmed the total remaining amount.

    “Well, as we indicated at the end of the third quarter, it will be $19 billion approximately exiting. We really have not for -- based on the client disclosed the element, but it did accelerate significantly in the second quarter versus the first quarter.”

    asked by Brennan Hawken · answered by Jim Cracchiolo

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Investments and AI Integration

    Ameriprise continues to invest significantly in technology and AI, building an interconnected ecosystem to enhance adviser productivity and client experience. Initiatives like e-meeting automation, meeting summarization, and copowerpremium are saving advisers over 30 hours per week, allowing more time for client engagement and business growth. These efforts have earned the firm industry recognition, including the Bank Insurance and Securities Association Technology and Innovation Award for 2026.

    02

    Adviser Value Proposition and Recruiting

    The firm's client-centric adviser value proposition, characterized by strong technology, support, and culture, continues to attract experienced advisers, with 79 joining in the quarter. While the recruiting market remains highly competitive and

    03

    Bank Expansion and Client Asset Growth

    The Ameriprise bank continues to be a growth opportunity, with assets exceeding $25 billion, up 6% year-over-year. Lending growth was particularly strong, up 61%, driven by pledge and mortgages, with new HELOCs and checking accounts further expanding client offerings. Practices utilizing banking solutions manage nearly 10% more assets, demonstrating the value of integrated financial services. New purchases at the bank were $1.1 billion at a yield of 5.2% with a 4.5-year duration.

    04

    Asset Management Performance and Transformation

    Asset Management saw a 10% increase in AUM to $759 billion, with pretax adjusted operating earnings up 23%. Investment performance remains strong, with 87% of funds above median for 10 years. Net outflows improved to $6.5 billion, driven by higher gross sales in North America and EMEA, and strong performance from Seligman strategies. The completion of back-office transformation is on track for Q3 FY26, expected to drive further efficiency.

    05

    Capital Management and Shareholder Returns

    Ameriprise maintains an exceptionally strong balance sheet with $2.1 billion of excess capital and $2.8 billion of holding company available liquidity. The firm returned $932 million of capital to shareholders in Q2, representing 91% of operating earnings, and increased capital return by 25% in H1 FY26 to $1.9 billion. This included repurchasing 1.7 million shares at an average price of $459, demonstrating confidence in free cash flow generation and commitment to shareholder value.

    AI-generated summary of the company’s earnings call. Not investment advice.