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AMP boosts profit, promises evolution

AMP’s managing director in New Zealand says developing its adviser distribution channel is part of its strategy to grow shareholder value in 2017.

Thursday, February 9th 2017, 10:29AM

by Susan Edmunds

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.

In its insurance business, lapse rates were 11.1%, slightly better than 2015.

Blair Vernon, who recently took the helm as managing director, said AMP had paid out $91.5m in life insurance in the year and $31.6m in trauma claims. It also paid $20.2m in income protection.

Total annual premium income for the year was $339 million.

Vernon said AMP was growing its revenue base, closely managing costs and evolving its distribution channels to reflect changing customer buying patterns.

“In 2017, we will do even more to grow shareholder value by deepening customer relationships, further developing our Adviser and direct channels and positioning them for ongoing regulatory change.”

Tags: AMP

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