Ameriprise Financial Announces Additional $3 Billion Share Repurchase Authorization; Declares Regular Quarterly Dividend

Rhea-AI Summary

The Board of Directors of Ameriprise Financial has approved an additional $3 billion share repurchase program, effective until March 31, 2024. As of January 25, 2022, approximately $352 million remains from the prior authorization. Share repurchases will be funded through working capital and future earnings, with flexibility in timing and method. Additionally, a quarterly cash dividend of $1.13 per share was declared, payable on February 28, 2022.

Positive

• Authorization of an additional $3 billion for share repurchase, enhancing shareholder value.
• Quarterly cash dividend of $1.13 per share, indicating strong financial health and commitment to returning value to shareholders.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- The Board of Directors of Ameriprise Financial, Inc. (NYSE: AMP) has authorized an additional $3 billion for the repurchase of shares of its common stock through March 31, 2024. As of January 25, 2022, the company had approximately $352 million available from its August 2020 authorization, which is available through September 30, 2022.

The company intends to fund share repurchases through existing working capital, future earnings and other customary financing methods. The share repurchase program does not require the purchase of any minimum number of shares, and depending on market conditions and other factors, these purchases may be commenced or suspended at any time without prior notice. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means.

In addition, the Board of Directors declared a quarterly cash dividend of $1.13 per common share payable on February 28, 2022 to shareholders of record at the close of business on February 11, 2022.

This news release contains certain forward-looking statements regarding the timing and manner of, and the sources of funding for, the company’s purchase of shares pursuant to the share repurchase program. Such statements reflect management’s plans, estimates and beliefs, and are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the date hereof. We undertake no obligation to update publicly or revise such forward-looking statements.

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With a nationwide network of more than 10,000 financial advisors and extensive asset management, advisory and insurance capabilities, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs. For more information, visit ameriprise.com.

© 2022 Ameriprise Financial, Inc. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005602/en/

Paul Johnson

Ameriprise Financial

612.671.0625

paul.w.johnson@ampf.com

Source: Ameriprise Financial, Inc.

FAQ

What is the total amount for Ameriprise Financial's new share repurchase program?

Ameriprise Financial's Board has authorized an additional $3 billion for the share repurchase program.

When does the new share repurchase program for Ameriprise Financial end?

The new share repurchase program is effective until March 31, 2024.

What is the dividend amount declared by Ameriprise Financial?

Ameriprise Financial declared a quarterly cash dividend of $1.13 per common share.

When will the dividend be paid to shareholders?

The dividend will be payable on February 28, 2022, to shareholders of record as of February 11, 2022.

How will Ameriprise Financial fund its share repurchase program?

The share repurchase program will be funded through existing working capital, future earnings, and other customary financing methods.