Ameriprise Financial (AMP) reported third-quarter adjusted operating earnings of $11.26 a share, up 14% from a year earlier, after a 22% increase to $11.07 in the second quarter.

GAAP net income was $12.32 a share, up 32% from $9.33 a year ago. The company said the GAAP result reflected continued asset growth and included favorable market impacts on the valuation of derivatives and market risk benefits, compared with unfavorable impacts a year earlier.

Adjusted operating earnings excluding unlocking rose 22% to $12.07 a share. Unlocking produced an unfavorable after-tax impact of $74 million, or $0.81 a share, on an adjusted operating basis, which the company attributed to modest updates to policyholder behavior assumptions.

Assets under management, administration and advisement grew to $1.8 trillion, up 8% from a year earlier, after 14% growth to a record $1.8 trillion in the second quarter. Adjusted operating net revenues increased 10% to $5.1 billion, after a 13% increase to $4.9 billion in the prior quarter. Pretax adjusted operating margin was 28%.

The wealth manager returned $1.0 billion, or 93% of operating earnings, to shareholders in the quarter and announced a new $5.5 billion share repurchase authorization through September 30, 2028. Common stock repurchases were $871 million and dividends paid were $155 million.

Advice & Wealth Management generated pretax adjusted operating earnings of $989 million, up 12%, with a 29.3% margin. Adjusted operating net revenues rose 13% to $3.4 billion, which the company said was driven primarily by 8% growth in client assets and higher transactional activity. Total client assets were $1.23 trillion and wrap assets were $729 billion. Excluding Comerica, client net inflows were $5.3 billion and wrap net inflows were $6.6 billion. Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.24 million. The company added 79 experienced advisors.

Cash sweep balances were $27.0 billion, down from $28.8 billion in the prior quarter, primarily reflecting a $1.5 billion impact from the Comerica transition.

Asset Management pretax adjusted operating earnings rose 18% to $308 million and net pretax adjusted operating margin increased 360 basis points to 45.7%. Adjusted operating net revenues rose 9% to $990 million. Assets under management and advisement increased 4% to $743 billion. Total net AUM and AUA flows were outflows of $9.3 billion, including $5.5 billion of institutional net outflows that the company said were primarily related to client asset allocation decisions.

Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking were $198 million. Sales increased 24% to $1.8 billion. The company said results reflected continued market appreciation and favorable life claims, offset by impacts from outflows in variable annuities with living benefit riders and higher distribution expenses related to strong structured annuity sales.

Ameriprise completed the transition of 258 Huntington advisors, with $28 billion of client assets transferring through early 2027. It also said 29 advisors managing nearly $4 billion of client assets that joined Huntington through Cadence Bank will come onto the platform in mid-2027. The company said it anticipates approximately $32 billion of Huntington assets transitioning through mid-2027.

The operating effective tax rate was 21.0% for the third quarter. The company said the operating effective tax rate is expected to be 20 to 22 percent for the full year 2026.