8 Insurers Report Q3 Earnings
INN Breaking News, November 5, 2012
Ameriprise Financial reported net income from continuing operations for Q3 2012 declined 46 percent to $ 174 million, or $0.79 per diluted share, compared with $322 million, or $1.33 per diluted share, for the same quarter last year. Operating earnings were $289 million, $1.32 per diluted share, compared to $289 million, or $1.19 per diluted share for the same quarter last year. The operating results included a previously announced unfavorable impact of $48 million, or $0.22 per diluted share, an annual review of insurance and annuity valuation assumptions and modeling changes; the non-cash expense compared to an unfavorable impact of $9 million, or $0.04 per diluted share, a year ago. At $2.5 billion for the quarter, net revenues were unchanged. Operating expenses were unchanged at $2.1 billion.
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