Ameriprise Financial, Inc. (NYSE:AMP) announced today that its board of directors has authorized the expenditure of up to an additional $1 billion for the repurchase of shares of its common stock through March 15, 2009. This action reflects the board’s confidence in the Company’s business fundamentals, strong balance sheet and current excess capital position.
The new authorization is in addition to two previous share repurchase programs – a January 2006 authorization for 2 million shares of common stock and a March 2006 authorization for up to $750 million.
The Company intends to fund share repurchases through existing working capital, future earnings, debt capacity and other customary financing methods. The current share repurchase authorizations do 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 authorizations may be made in the open market, through block trades or other means.
In addition to the new repurchase authorization, the Company announced that its board of directors declared an increase in the Company’s regular quarterly dividend on its common stock to $0.15 per share from $0.11 per share payable on May 18, 2007 to shareholders of record at the close of business on May 4, 2007.
Ameriprise Financial, Inc. is a leading financial planning and services company with more than 12,000 financial advisors and registered representatives that provides solutions for clients’ asset accumulation, income management and insurance protection needs. The Company’s financial advisors deliver tailored solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The Company specializes in meeting the retirement-related financial needs of the mass affluent and affluent. Financial advisory services and investments are available through Ameriprise Financial Services, Inc. Member NASD and SIPC. For more information, visit ameriprise.com.
Forward-Looking Statement
This news release contains a forward-looking statement that reflects the Company’s intention regarding the sources of funding for share repurchases. There can be no assurance that these are the exclusive sources of funds that may be utilized for share repurchases, or that the Company will repurchase any of its shares. Actual results may differ materially, and readers are cautioned not to place undue reliance on the forward-statement contained in this release, which speaks only as of the date on which it is made, or the existence of share repurchase authorizations, which can go unutilized or be suspended at any time. The Company undertakes no obligation to update publicly or revise the forward-looking statement contained in this release.
