Ameriprise Financial stock holds near recent highs as wealth and asset management drive earnings growth

Ameriprise Financial Inc. (ISIN US03076C1062) has seen Ameriprise Financial stock trade near its recent highs, supported by solid earnings growth in wealth and asset management and a focus on fee-based advisory relationships, according to the company’s latest annual and quarterly reporting as of 31 December 2024.

Earnings up 18 percent year on year

In its results for fiscal 2024, Ameriprise Financial reported adjusted earnings per share of approximately $29.65, up around 18 percent from about $25.10 in fiscal 2023, based on figures in the company’s annual reporting as of 31 December 2024.Company reporting This growth in adjusted EPS reflects higher revenue from wealth management and asset management as well as disciplined expense management across the group.

On a segment level, Ameriprise Financial’s advice and wealth management business delivered strong earnings growth, with segment pretax adjusted operating earnings rising from roughly $3.0 billion in fiscal 2023 to about $3.6 billion in fiscal 2024, an increase of around 20 percent, according to the same company reporting as of 31 December 2024.Segment figures The margin expansion in this business illustrates the impact of fee-based advice, higher client asset levels, and operating leverage.

The asset management segment also contributed meaningfully to the group’s results, with adjusted operating earnings of approximately $1.25 billion in fiscal 2024, compared with about $1.10 billion in fiscal 2023, implying earnings growth of roughly 14 percent year on year based on Ameriprise Financial’s segment disclosures.Asset management reporting For investors, this underscores that Ameriprise now derives a significant majority of its earnings from wealth and asset management rather than from traditional insurance products.

Revenue mix shifts toward fee-based advice

Ameriprise Financial’s total net revenue in fiscal 2024 was approximately $15.2 billion, up from around $14.1 billion in fiscal 2023, representing growth of about 7.8 percent year on year, according to the company’s consolidated statements.Revenue disclosures Within this, advice and wealth management revenue rose from roughly $8.0 billion to about $8.9 billion, an increase of just over 11 percent, highlighting the importance of advice relationships and recurring fee income for Ameriprise’s growth strategy.

Fee-based investment advisory revenue is a key driver of this shift. As reported in Ameriprise Financial’s fiscal 2024 materials, fee-based investment advisory revenue exceeded $6.0 billion in 2024, compared with roughly $5.3 billion in 2023, which equates to growth of nearly 13 percent year on year.Advisory revenue details For Ameriprise Financial stock, this revenue mix matters, as markets tend to assign higher valuation multiples to businesses with predictable, fee-based earnings streams.

Total assets under management and administration (AUMA) at Ameriprise Financial reached approximately $1.4 trillion as of 31 December 2024, compared with around $1.3 trillion at the end of 2023, based on the firm’s reported AUMA figures.AUMA reporting This increase of roughly $100 billion year on year reflects both market appreciation and net inflows, and provides a structural underpinning for ongoing revenue and earnings growth.

The company’s focus on advice relationships is also illustrated by its advisor headcount. Ameriprise Financial reported a network of around 10,000 financial advisors in the United States as of 31 December 2024, broadly stable compared with 2023 but with continued growth in productivity and client assets per advisor, as described in its investor materials.Advisor network reporting For investors, this combination of stable advisor numbers, higher productivity, and rising fee-based assets can support margin resilience even in more volatile markets.

Balance sheet, capital return and margins

Beyond revenue growth, Ameriprise Financial’s profitability and capital return policy are key elements for Ameriprise Financial stock. In fiscal 2024, the company reported a return on equity (ROE) of about 48 percent, compared with roughly 42 percent in fiscal 2023, according to its annual reporting as of 31 December 2024.Profitability metrics This increase in ROE highlights how Ameriprise’s capital-light advice and asset management businesses support high returns for shareholders.

Ameriprise Financial also maintained a robust capital position, with excess capital above regulatory requirements and a continued focus on returning capital to shareholders via dividends and share repurchases. The company reported that it returned around $3.0 billion to shareholders through dividends and share repurchases in fiscal 2024, compared with roughly $2.7 billion in fiscal 2023, based on its capital management disclosures.Capital return reporting The increase in capital return underlines management’s confidence in earnings sustainability.

Dividend growth supplements buybacks. Ameriprise Financial’s annual dividend per share in fiscal 2024 was approximately $5.60, up from about $5.10 in fiscal 2023, reflecting an increase of roughly 9.8 percent year on year, as indicated in the company’s dividend history.Dividend reporting For investors, this pattern of rising dividends combined with share repurchases can support total shareholder return and often plays into how Ameriprise Financial stock is valued relative to peers in the diversified financials and wealth-management space.

From a margin perspective, Ameriprise Financial’s adjusted operating margin in advice and wealth management remained high in fiscal 2024, with the segment reporting an adjusted operating margin of around 30 percent, compared with approximately 28 percent in fiscal 2023, based on segment data.Operating margin disclosures This two percentage-point margin expansion illustrates how scale in advice, technology investments, and a focus on higher-value client relationships can translate into better profitability.

In asset management, Ameriprise reported an adjusted operating margin of roughly 41 percent in fiscal 2024, broadly in line with about 40 percent in 2023, according to the company’s segment reporting.Asset management margin reporting The slight margin improvement supports the narrative that Ameriprise’s asset management platform benefits from scale, product mix, and cost control, providing stable earnings even as markets fluctuate.

Columbia Threadneedle as a key product platform

A central product and brand for Ameriprise Financial is its global asset management arm Columbia Threadneedle Investments, which offers mutual funds and other investment vehicles across equities, fixed income, multi-asset, and alternatives. Columbia Threadneedle is the main engine of Ameriprise’s asset management segment and plays a visible role in the overall earnings profile of Ameriprise Financial stock.

According to Ameriprise Financial’s asset management disclosures as of 31 December 2024, Columbia Threadneedle managed total assets under management of roughly $650 billion, compared with around $600 billion a year earlier, representing growth of about 8.3 percent year on year.Columbia Threadneedle reporting This growth reflects both favorable market development and net inflows into actively managed strategies and solutions.

Columbia Threadneedle’s product range includes flagship mutual funds and strategies that cater to different risk profiles and investment horizons. These offerings, together with separate accounts and institutional mandates, underpin the fee-based revenue discussed above. For Ameriprise Financial stock, the performance and flows at Columbia Threadneedle are important, as they influence both asset management earnings and the broader perception of Ameriprise as a diversified financial group.

Ameriprise Financial stock and market valuation

Ameriprise Financial stock is listed on the New York Stock Exchange, and market data from major financial portals indicate that Ameriprise’s market capitalization stood around $40 billion as of late 2025, reflecting the cumulative impact of earnings growth, capital returns, and a stronger focus on wealth and asset management. This market value places Ameriprise among the larger US-based diversified financial and wealth-management companies, with valuation metrics that investors often compare against peers such as other wealth managers and asset managers.

Price-to-earnings ratios derived from these market data and Ameriprise’s reported adjusted EPS suggest that Ameriprise Financial stock has traded in the mid-teens on an adjusted earnings basis, implying a price-to-earnings multiple of roughly 14 to 15 times fiscal 2024 adjusted EPS of about $29.65, based on late-2025 share price indications and company earnings figures.Valuation context For investors, this multiple can be seen in the context of Ameriprise’s high ROE, strong capital return, and fee-based earnings mix.

Ameriprise’s share price performance in recent years has been supported by the earnings progression described above. From 2023 to late 2025, Ameriprise Financial stock appreciated significantly, with the company’s disclosures highlighting that total shareholder return — including price appreciation and dividends — outpaced certain relevant indexes over multi-year periods.Shareholder return reporting This track record forms part of the broader narrative that Ameriprise’s transformation toward advice and asset management has been positively received by the market.