AMP boosts profit, promises evolution

Blair Vernon

AMP Financial Services New Zealand has reported a $134 million profit in the year ended December 2016, up 3.7% on the same time the year before.

Assets under management increased 6.2% to $15.7 billion, which AMP said was due to positive market performance and cash flows.

But while net cash flows were positive overall, they decreased year-on-year by 17.2% to $395.6m, which was due to less money coming into AMP’s KiwiSaver and a reduction in one-off transfers of clients on to AMP platforms.

At the end of 2016, AMP’s KiwiSaver scheme had $4.4m under management, up 13% from December 2015. AMP has 12% market share.