NZ AMP's little oasis

While the AMP group has been struggling, reporting a $969 million bottom-line loss, largely due to problems in the United Kingdom, the New Zealand business continues to perform well.

AMP Financial Services in New Zealand made an underlying net profit of $50.1 million in the year to December 31, compared to a $56.2 million profit in the corresponding period last year.

The company describes this as "a credible result against a backdrop of extremely difficult global market conditions."

Sales of risk products were up significantly on the previous year, while sales of managed funds and superannuation products performed below the company's expectations, but in line with overall industry performance.