AMP Capital’s wealth management unit has reported a 13% rise in operating earnings for the first half of 2015 compared to same period a year ago.
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The increase in earnings is driven by stronger net cash flows and investment returns alongside a continued focus on managing costs.
Wealth management net cash flows for the period were A$1.2bn, up A$36m on net cash flows of A$1.1bn in the first half of 2014.
The wealth protection business, which includes the once-struggling life insurance arm, reported a 9% rise in operating earnings to $99m reflecting the impact of management actions.
The company said that number of clients grew 14% on the North platform to over 87,000 and North AUM increased to $18.6bn since December 2014.
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By GlobalDataOverall, AMP has posted a net profit of $507m for the first half of this year ended 30 June 2015, up 33% from $382m a year ago.
AMP CEO Craig Meller said: "The performance reflects a strong contribution from our core Australian business. Together with the improvements across our Australian businesses, it is also particularly encouraging to see strong progress from our partnership in China.
"The wealth protection business continues to stabilise and is delivering improved results, however we have more to do."
