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Ameriprise Financial reports higher YOY net income for Q4'16

Ameriprise Financial Inc. reported fourth-quarter 2016 net income attributable to the company of $400 million, or $2.46 per share, compared with $357 million, or $2.00 per share, in the year-ago period.

Operating earnings were $443 million, or $2.73 per share, versus $441 million, or $2.47 per share, in the prior year.

The S&P Capital IQ consensus normalized EPS estimate for the period was $2.42.

Net revenues for the quarter were about $3.06 billion, down 1% from approximately $3.10 billion in the 2015 fourth quarter. The decrease related to the deconsolidation of certain collateralized loan obligations and property funds was offset by the increase in the market impact of hedges on investments.

In advice and wealth management, net revenues were $1.32 billion, up from $1.27 billion in the previous year from inflows into wrap accounts and higher earnings on cash balances.

Asset management revenues for the quarter were $761 million, down 9% from the previous year's $833 million. Total AUM was $454 billion, off 4% from the prior year. The segment booked $2.1 billion in net outflows.

For the full 2016 year, the company reported net income attributable to Ameriprise Financial of $1.31 billion, or $7.81 per share, down from $1.56 billion, or $8.48 per share, in 2015.

Operating earnings were $1.43 billion, or $8.48 per share, compared with $1.72 billion, or $9.32 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $8.18.