Ameriprise Profit Falls On Expenses

(RTTNews) - Ameriprise Financial Inc (AMP) on Wednesday reported first-quarter net earnings of $393 million or $2.08 per share compared with $400 million or $2.01 per share last year.

Results for the quarter included an $0.11 per share unfavorable impact of a long term care reserve increase.

Excluding items, operating earnings for the quarter were $2.18 per share compared with $2.04 per share a year ago.

The company said its revenues for the quarter rose 2% to $3.05 billion from $3 billion last year. Business growth was partly offset by the negative impact of foreign exchange, a decline in net investment income and lower activity due to market volatility, it said.

Analysts polled by Thomson Reuters estimated earnings of $2.33 per share on revenues of $3.1 billion for the quarter. Analysts' estimates typically exclude special items.

Total expenses for the quarter increased 4% from a year ago to $2.43 billion.

The company has raised its quarterly dividend by 16 percent to $0.67 per share.