AMP's NZ wealth management doubles KiwiSaver net cashflows

The NZ business contributed a stable A$17 million net profit to its Australian parent's A$261 million result for the six months ended June.

However, its result in New Zealand dollars eased to $18 million from $19 million in the previous first half.

The parent says distribution revenue was higher and offset the impact of lower assets-under-management (AUM)-based revenue.

“Controllable costs remained stable despite inflation and the business has diversified its revenues through the divestment of a legacy business and the acquisition of enable.me, which delivers non-AUM-based revenue through fee-based coaching programs,” it says.