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- **Revenue & EPS Growth**: 6% revenue growth to $4.6B, 12% EPS increase to $9.92, driven by AUM expansion and expense control.
- **Strategic Initiatives**: Signature Wealth platform launch successful; digital adoption metrics hit all-time highs.
- **Advisor Recruitment**: 90 new advisors hired, productivity up 10%, despite two large team departures.
- **Financial Strength**: 90% free cash flow generation, $842M capital returned in Q3, best-in-class 53% ROE.
- **Bank Resilience**: Bank portfolio yield of 4.6% with stable cash earnings; new investments at 5.3% yield.

**【CEO Summary Section】**
- Ameriprise delivered Q3 revenue growth of 6% to $4.6 billion, driven by 8% AUM growth to $1.7 trillion.
- Adjusted operating EPS, excluding unlocking, rose 12% to $9.92, with a 27% firm-wide margin.
- Signature Wealth platform launch is gaining traction, with early success in attracting new assets.
- Experienced advisor recruitment reached 90 in Q3, with advisor productivity up 10% to $1.1 million.
- Digital adoption metrics hit all-time highs, including mobile app satisfaction and Advice Insights usage.

**【CFO Financial Commentary】**
- GAAP net income was $420 million, with Non-GAAP EPS of $9.92 (up 12% YoY).
- G&A expenses improved 3%, targeting a 3% full-year decline.
- Wealth Management net revenues rose 9% to $3 billion, supported by fee-based and transactional growth.
- Asset Management operating earnings increased 6% to $260 million, with AUM up 8% to $714 billion.
- Retirement & Protection Solutions generated $200 million in pretax earnings, driven by annuity demand.
- Free cash flow generation remained strong at 90%, with $842 million returned to shareholders in Q3.

**【Q&A Highlights】**
- **Advisor Departures**: Two large teams exited, impacting flows, but pipeline remains strong with 90 new hires.
- **Cash Balances**: Sweep balances stable at $27.1 billion, reflecting cautious client behavior amid market uncertainty.
- **Bank Strategy**: Bank portfolio yield of 4.6% (duration 3.7 years) supports stable cash earnings; new purchases at 5.3% yield.
- **AM&A Impact**: Comerica relationship remains strong, with $15 billion in assets under management.
- **Expense Management**: Asset Management G&A down 1% YoY, targeting mid-single-digit full-year decline.
- **Interest Rate Sensitivity**: Bank net interest income expected to remain stable with reinvestments at 4.5-5% yields.

Ameriprise Financial, Inc. (AMP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMP

AMP fundamentals

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