AMP profit falls on declining markets
AMP has seen its full year net profit after tax fall 18%, on the back of what it calls "declines in the global investment market".
Sunday, February 19th 2023, 2:52PM 
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The Australian-based business said net profit after tax fell from $42 million to $35 million during the 12 month period to December 21. Average assets under management were down 14.7% from A12.6 billion to $10.8 billion.
During this period it lost its KiwiSaver default provider status and lost A$465 million to the new providers.
Revenue for the year was down A$25 million to A$125 million.
On the plus side AMP says it is the largest corporate superannuation provider in New Zealand with 35,000 members and 40% market share.
It also says it is the third largest non-bank KiwiSaver provider and it's non-default book has grown 7.6% annually over the past five years.
Advice First accounts for 10.4% of its assets under management; AMP employed advice accounts for 36.4% and the balance is labelled, "external".
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