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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 2 Comments

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".

Tags: AMP

« Many advisers tied into strict contractsTough times ahead for NZ economy: Nikko economist »

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Comments from our readers

On 20 February 2023 at 5:20 pm Pragmatic said:
Declining markets, declining industry trust, declining support
On 22 February 2023 at 10:05 am Do what is right said:
How much longer can this "old nag" avoid the pet food factory??

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China Construction Bank Special - - - -
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Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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Kainga Ora - First Home Buyer Special - - - -
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Resimac - LVR < 90% 9.84 9.09 8.59 8.29
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