BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
Ameriprise Financial Announces First Quarter 2024 Results and Increases Quarterly Dividend by 10%
MINNEAPOLIS, MN — April 22, 2024 — Ameriprise Financial, Inc. (NYSE: AMP) today released its first-quarter financial results for 2024, delivering strong performance across its diversified business portfolio and announcing a significant dividend increase.
Strong Performance in Key Financial Metrics
Ameriprise reported a robust first quarter with adjusted operating earnings per diluted share rising to $8.39, marking a 16% increase driven by growth across the company. GAAP net income per diluted share also saw a significant rise to $9.46 from $3.79 in the previous year, primarily influenced by favorable market conditions.
Strategic Growth and Dividend Increase
Jim Cracchiolo, Chairman and CEO, highlighted the firm's continued success in wealth management, which remains a primary growth driver. Ameriprise's assets under management and administration soared to a new peak of $1.4 trillion, bolstered by positive market dynamics. In line with its robust capital position, Ameriprise announced a 10% increase in its quarterly dividend, underlining its commitment to shareholder returns.
Wealth Management and Asset Management Achievements
The Wealth Management segment saw a 19% increase in total client assets, reaching $954 billion. The segment benefited from heightened transactional activity and a substantial 30% rise in bank net investment income. Despite a decrease in total client net flows, the segment maintains robust growth, reflecting strong market positioning.
The Asset Management segment reported a 7% increase in adjusted operating net revenues, reaching $855 million. This growth was supported by equity market appreciation and disciplined expense management. The segment's net pretax adjusted operating margin remained strong at 35%, within the targeted range.
Retirement & Protection Solutions and Corporate Performance
The Retirement & Protection Solutions segment grew pretax adjusted operating earnings by 3% to $199 million, thanks to higher interest rates and robust equity markets. Structured annuity sales notably contributed to this segment's growth.
The Corporate & Other segment, excluding Closed Blocks, saw an adjusted operating loss of $99 million. However, the Long Term Care sub-segment displayed improved financial performance with a pretax adjusted operating earnings increase to $16 million.
Financial Outlook and Forward-Looking Statements
Ameriprise remains optimistic about its mid-single digit growth forecast in general and administrative expenses for the full year. The company's operating effective tax rate for the upcoming year is projected at approximately 21%.
As Ameriprise continues to leverage its strong market position and diversified business model, it remains well-positioned to navigate a dynamic operating environment and sustain its growth trajectory.
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
