AMP JOINS THE CLUB WITH A MISS

Ameriprise Financial reports Q3 (Sep) results, misses on revs  (42.86 +0.81)

Reports Q3 (Sep) earnings of $1.12 per share, may not be comparable to the Capital IQ Consensus Estimate of $1.21; revenues rose 8.4% year/year to $2.51 bln vs the $2.56 bln consensus. Third quarter results were impacted by a negative $106 million, or $0.42 per diluted share, year-over-year change from the unfavorable market impact on deferred acquisition costs (DAC) and deferred sales inducement costs (DSIC), as well as the company’s annual review of insurance and annuity valuation assumptions and models (unlocking). The negative unlocking impact in the third quarter of 2011 primarily reflects lower near-term interest spread assumptions. “We are maintaining our investments for future growth while managing expenses and our financial foundation prudently. Our financial strength continues to enable us to return significant capital to shareholders. In fact, our excess capital position remains above $2.0 billion even after we accelerated our share repurchase activity, allocating $447 million for share repurchases in the quarter.”