AMP well-positioned for insurance tax changes

AMP Financial Services has reported a five percent lift in operating earnings for the six months ending June 30 June.  The $59.4 million result has been driven by increasing profit margins.

Profit margins for the period were $60 million; up 8% compared to the same period last year. This margin growth was primarily driven by a reduction in controllable costs and an increase in assets under management.

AMP New Zealand managing director Jack Regan describes its as a "solid but not stellar" result, even though profit margins were up by 8%.

Over the years AMP has been very good at taking cost out of the business.