Operating earnings increased 30% to $312m in the fourth quarter of 2010 compared to $240m a year ago. Operating earnings per diluted share were $1.21 in the fourth quarter of 2010, up 33% from $0.91 a year ago.
Operating earnings growth was driven by strength in Asset Management and Advice & Wealth Management.
Operating net revenues were $2.6bn in the fourth quarter of 2010, up 19% from $2.2bn a year ago, due to growth in asset-based fees driven by the Columbia Management acquisition, market appreciation and retail client net inflows, as well as increased client activity levels.
Return on shareholders’ equity excluding AOCI was 11.5% for the 12 months ended 31 December 2010. Operating return on equity excluding AOCI was 12.6% for the same time period, an increase of 340 basis points from a year ago.
For the full year, the company reported net income of $1.1bn. Operating earnings in 2010 were a record $1.2bn, or $4.47 per diluted share, compared to $752m in 2009, or $3.08 per diluted share.
Ameriprise Financial chairman and CEO Jim Cracchiolo said the company delivered record earnings in 2010 and significantly increased operating return on equity, ending the year at 12.6%. This quarter marked a good finish to a great year, with strong earnings in our Advice & Wealth Management and Asset Management segments leading the way.
