Ameriprise FinancialInc. on April 27 reported first-quarter net income attributable to thecompany of $364 million, or $2.09 per share, compared with $393 million, or $2.08per share, in the year-ago period.
Operating earnings for the quarter were $378 million, or $2.17per share, down from $412 million, or $2.18 per share, in the year-ago period. Operatingresults for the first quarter of 2016 include unfavorable items of 9 cents per share.
The S&P Capital IQ consensus normalized EPS estimate forthe quarter was $2.18.
Total net revenue for the quarter was $2.77 billion, comparedwith $3.05 billion in the first quarter of 2015.
In the advice and wealth management segment, net revenues decreased2% year over year to $1.20 billion from $1.23 billion. Total retail client assetsalso decreased, to $451 billion from $453 billion. Wrap net inflows were $1.8 billionin the quarter, down 35% from wrap net inflows of $2.8 billion in the first quarterof 2015.
Net revenue in the asset management segment decreased 10% to$724 million from $807 million. Total assets under management in the segment fell8%, to $464 billion from $506 billion in the year-ago period. There were $7.5 billionin net outflows for the segment, compared with net outflows of $5.8 billion in theyear-ago quarter.
The company repurchased 5.1 million common shares in the quarterfor $451 million.