AMP corporate super inflows up 220 per cent
Corporate superannuation has emerged as a stand-out performer for AMP in its half-year results with the big financial services house announcing a 220 per cent increase in corporate super inflows to $2.2 billion via the direct sales force.
However, the company predicted that this stellar performance would not be repeated in future quarters in circumstances where the Australian Prudential Regulation Authority had closed the licensing window.
It said inflows via AMP Financial Planning and Hillross had been strong, rising by 25 per cent and 37 per cent respectively. AMP Financial Planning inflows were $3.52 billion while Hillross inflows were $967 million.
Looking at the AMP Financial Services business overall, the company said operating earnings had grown by 16 per cent to $290 million with the business continuing to perform strongly.
The company said operating earnings in the Australian contemporary wealth management business had grown by 30 per cent to $116 million.
AMP referred to the fact it had recently entered into an Enforceable Undertaking with the Australian Securities and Investments Commission with respect to superannuation switching advice and said that as a consequence around 7,000 of AMP’s 720,000 retail superannuation customers would be offered a review of advice related to switching.
AUTHOR
Mike Taylor
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