Ameriprise Financial (AMP) Q4 2024 earnings summary

Executive summary

• Delivered a record year in 2024 with double-digit revenue and earnings growth, strong Q4 performance, and robust client engagement and advisor productivity.

• Assets under management, administration, and advisement reached $1.5 trillion, up 10% year-over-year, with $35 billion in net client inflows.

• Returned $2.8 billion to shareholders in 2024, including $768 million in Q4, reflecting strong free cash flow and balance sheet strength.

• Recognized by Forbes as one of America's Best Companies for 2025 and by J.D. Power for advisor and client service.

• Maintained a solid balance sheet with $2.1 billion in holding company liquidity and $2 billion in excess capital.

Financial highlights

• Q4 2024 GAAP net revenues increased 13% year-over-year to $4.5 billion; adjusted operating earnings were $965 million, up 18%; adjusted EPS rose 23% to $9.54.

• Q4 GAAP net income was $1.07 billion, up from $377 million; full year GAAP net income was $3.4 billion, up 33%.

• Full-year 2024 adjusted operating net revenues reached $17.08 billion, up 11%; adjusted operating earnings were $3.54 billion, up 14%.

• Return on equity excluding AOCI reached 52.7% for Q4 and the year; consolidated margin at 27%.

• Free cash flow generation remained strong at ~90% of earnings.

Outlook and guidance

• Management expects continued redeployment of client cash into investment products as rates normalize and sustainable net investment income at the bank.

• Positioned for sustained net interest income and loan growth, with new products launching in 2025.

• Expense management and transformation initiatives to continue benefiting margins and efficiency in 2025.

• Anticipates returning 80% of earnings to shareholders in 2025, continuing a strong capital return policy.

• Positive environment for organic flows and advisor recruiting, with a strong pipeline entering 2025.