About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, March 6th, 2:14PM
rss
Latest Headlines

NZ small but strong for AMP

AMP's strategy is to focus on the wealth management business.

Friday, August 24th 2001, 3:07AM

by Philip Macalister

AMP says although its New Zealand operations are small in context of the group they are highly profitable.

Chief executive Paul Batchelor says AMP New Zealand, which includes AMP Financial Services, Henderson Global Investors and the general insurance division, produced a net profit of A$24.5 million in the six months ending June 30.

Speaking after announcing the half-year result in Sydney yesterday Batchelor said that the New Zealand operations had one of the highest returns on equity in the group.

He says net policy cashflows more than doubled to $110 million in the year ending June 30.

One of his key messages to analysts and media was that AMP is no longer a staid old life insurance.

The company's strategic focus is on the wealth management area, and much of that focus is around its highly-regarded asset manager AMP Henderson Global Investors.

Batchelor says the group is focussing on higher margin, value-added wealth creation and protection products and services.

AMP Henderson is developing new products such as hedge funds, and it is in the process of rolling out mutual funds in the United States.

Currently the company is selling off its non-core businesses such as general insurance. AMP has sold the manufacturing of its Australian general insurance business to Suncorp-Metway, and its UK business to Churchill group.

To find out what it is doing in New Zealand check out the Insurance News section of Good Returns.

For the record AMP's net profit after tax in the six month period fell 23.3% to A$403 million. Batchelor described this result as being "solid" when viewed against the volatile world markets.

One of the appealing things about the result is that core recurring operating margins were up 20% to A$486 million.

Earnings per share fell from A0.48c in the corresponding period last year to A0.36c, however the dividend has increased from A0.23c to A0.25c.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Planz funds didn't go to plansSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • More KiwiSaver information needed: Boyle
    “Does anyone else appreciate the delicious irony of a former bank Kiwisaver distribution chief now arguing that Kiwisaver...”
    14 hours ago by Murray Weatherston
  • More Kiwis have income protection
    “The headline to the article may be correct, but the only evidence provided is that the insurers are collecting more premium....”
    15 hours ago by Graeme Lindsay
  • DIMS conditions clarified
    “It is very easy to run a negative NTA position if your assets are in a trust and your debt is personally owned. I have spoken...”
    15 hours ago by janet@smartmoneyadvice.co.nz
  • Industry leader calls for one class of adviser
    “Oh, Bloody Brilliant Jack! You say that "one of the unintended consequences of the FAA has been that it has reduced the...”
    15 hours ago by Graeme Lindsay
  • Reserve Bank comes up with new definition for property investors
    “Well how about property investors and non-property investors work together to tackle the asset bubble and lobby the Government...”
    18 hours ago by Broker
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.89 5.99 6.29
ANZ Special - 5.39 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.59
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 5.59
BNZ - Classic - 5.69 5.39 ▼5.29
BNZ - GlobalPlus 6.74 5.89 6.19 6.29
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 6.29
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Lender Flt 1yr 2yr 3yr
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 5.70 5.80 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.55
Lender Flt 1yr 2yr 3yr
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 6.03 6.10 6.19
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.39
Sovereign Special - 5.59 5.39 5.59
Lender Flt 1yr 2yr 3yr
The Co-operative Bank 6.70 5.59 5.39 5.59
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 6.19 6.39
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.89 5.99 6.10

Last updated: 6 March 2015 9:16am

News Quiz

In its latest Australasian Equities Commentary Harbour Asset Management suggests what is significantly underpriced by the market.

health care

energy

financials

yield

growth

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com