Ameriprise Financial (NYSE: AMP) has authorized an additional $2.5 billion for the repurchase of shares of its common stock through April 28, 2016.

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 company has increased its regular quarterly dividend by 12 percent, or $0.06 per share, to $0.58. The quarterly dividend is payable on May 23, 2014 to shareholders of record as of May 9, 2014.