Ameriprise 10-Q Details $91M Unlocking Hit as Q3 Net Income Rises to $1.13B
AMP sits 16% above its 52-week low of $422.37.
Summary
Ameriprise's Q3 10-Q shows net income up 23% to $1.13 billion, but a $91 million unfavorable actuarial unlocking charge dragged Retirement & Protection Solutions operating earnings down 39%. Asset Management logged $9.3 billion of quarterly net outflows.
Key Events · Earnings and Guidance · AMP
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Q3 Net Income Rises 23%
GAAP net income was $1,126 million versus $912 million a year ago, on total net revenues of $5,117 million versus $4,791 million; diluted EPS was $12.32 versus $9.33.
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$91M Unlocking Charge Hits Protection Unit
The annual actuarial review was a $91 million pretax drag versus a $22 million benefit a year earlier, driven by unfavorable LTC morbidity/mortality and variable annuity surrender/utilization assumptions. Retirement & Protection Solutions adjusted operating earnings fell 39% to $132 million from $217 million.
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Asset Management Outflows Persist
Asset Management had $9.3 billion of net outflows in the quarter and $10.8 billion of total AUM net outflows; total AUM, administration and advisement still reached $1,784.5 billion, up 8% year over year.
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Buyback Pace and Remaining Authorization
Ameriprise repurchased 4.9 million shares for $2.4 billion in the first nine months at an average price of $494.78, leaving $185 million on the prior authorization as of September 30, 2026, before the new $5.5 billion program.
Analysis · AMP · Finance
The headline numbers were already out on October 29, but the full 10-Q shows what drove them: a $91 million unfavorable annual actuarial review (unlocking) versus a $22 million benefit a year earlier, which cut Retirement & Protection Solutions adjusted operating earnings 39% to $132 million. GAAP net income still rose 23% to $1,126 million on 7% higher net revenues of $5,117 million, helped by a $128 million market-related benefit on non-traditional long-duration products versus an $82 million charge a year ago. Asset Management kept bleeding assets, with $9.3 billion of quarterly net outflows, while total AUM, administration and advisement reached $1,784.5 billion. Buybacks remain the capital-return engine: 4.9 million shares repurchased for $2.4 billion in the first nine months at an average $494.78, with $185 million left on the old authorization before the new $5.5 billion program.
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At the time of this filing, AMP was trading at $489.77 on NYSE in the Finance sector, with a market capitalization of approximately $43.3B. The 52-week trading range was $422.37 to $572.56. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.