Ameriprise earnings drop in second quarter

Ameriprise Financial's second-quarter operating earnings fell 12.7 percent to $379 million, or $2.23 a share.

Net income fell 19.3 percent to $335 million, or $1.97 a share, the company reported after the market closed on Tuesday.

Operating earnings, which the company believes best represents the economics of the company, included after-tax adjustments of 17 cents per share for unfavorable items. It feel short of the average analyst estimate of $2.28 per share, according to Thomson Reuters

"Ameriprise delivered solid underlying results in the second quarter given increased volatility, lower average equity markets and persistently low interest rates," said Chairman and CEO Jim Cracchiolo in a statement.

The company reported operating revenue of $2.86 billion, down 4 percent from the second quarter last year. Total assets under management and administration were $777 billion, up slightly from the first quarter but down 4 percent compared with the $811 billion in the second quarter of 2015.

Net inflows from Ameriprise adviser clients were more than offset by foreign currency exchange rates, especially after voters in the United Kingdom voted to exit the European Union in June.

The Advice & Wealth Management business saw $2.3 billion of net inflows from fee-based investment advisory accounts a during the quarter as adviser client assets increased to $462 billion.