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AMP's NZ arm lifts profit despite

AMP said its New Zealand wealth management business' KiwiSaver operations experienced a “challenging” second-half in 2023 with net cashflow for the year of A$70 million.

Tuesday, February 20th 2024, 7:56AM

by Jenny Ruth

However, the New Zealand arm produced an A$34 million underlying net profit for calendar 2023, up 6.3% from A$32 million the previous year, with assets under management (AUM) growing 3.8% to $10.85 billion, driven by investment returns.

Total revenue was up 8% at A$135 million while earnings before interest and tax were up 6.7% at A$48 million.

AMP said the sale of legacy products has driven simplification and that the business continues to diversify with only 65% of revenue being AUM-based as its grows its advice and distribution revenue.

Its adviser numbers in New Zealand grew 25.9% to 68 from 54 in 2022

KiwiSaver AUM rose to A$97.9 million at September 2023, up from A$85.3 million a year earlier, but its ranking fell to sixth largest KiwiSaver manager from fifth and its market share fell to 6.1% from 6.3%.

AMP's sustainability report for the year showed it notified the Australian Information Commissioner and the New Zealand privacy commissioner of five data breaches that affected its customers in 2023, down from two cases the previous year and five in 2021.

“The causes of the data breaches were related to human error, system error and malicious attacks which included a third-party security incident,” it said.

“In all cases, we notified affected individuals and took steps to protect individuals from harm and put mitigants in place to prevent future data breaches.”

AMP said the NZ business as of January 15 this year had the second greatest number of Responsible Investment Association Australasia certified responsible investment funds across Australia and New Zealand at 23.

Tags: AMP

« NZ Super a taonga we can afford as is - retirement commissionerSmartShares FUM up 33% »

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