Ameriprise Financial has reported a net income of $129m, or earnings per common share of $0.58, for the first quarter of 2009, a decrease of 32% compared to $191m, or earnings per common share of $0.82, in the corresponding quarter of 2008.
Total net revenues for the first quarter of 2009 were $1.72 billion, a decrease of 14% compared to $1.99 billion for the corresponding quarter of 2008.
For the first quarter of 2009, net investment income increased 5% to $420m, compared to $401m in the corresponding quarter of 2008. Premiums increased 4% or $10m, to $266m, due to the growth in auto and home premiums, compared to $256m in the corresponding quarter of 2008.
Banking and deposit interest expense decreased 11% or $5m to $42m in the first quarter of 2009, compared to $47m in the corresponding period of 2008.
Jim Cracchiolo, chairman and CEO of Ameriprise Financial, said: Despite the continued challenges presented by the market and economic conditions, our results demonstrate that the company has been positioned to manage through the current environment. We are seeing benefits from our ongoing expense initiatives, and we continue to maintain solid balance sheet fundamentals and strong capital positions.
At the same time, we continue to invest in our central value proposition, deep, enduring client-adviser relationships built around comprehensive financial planning. We are confident our strong financial foundation and diverse, resilient franchise will provide significant leverage as market conditions improve.
