AMPFS the star performer in half year

amp financial services adviser

23 August 2001
| By Lachlan Gilbert |

AMP’s financial services division’s profits have surged in the six months to the end of June while the rest of the company’s profits are down on last year’s result.

AMP Financial Services (AMPFS) posted a 16.5 per cent increase in core recurring operating margins for the first half of this year. The company attributes the increase to a mix of strong business growth, improved retention and ongoing cost reductions. Overall the company recorded a profit of $403 million for the first half of this year, lower than last year’s result of $525 million.

Cashflow into AMPFS from retail products jumped a healthy 64 per cent, which was driven by both adviser and direct channels.

The company says the AMPFS division has continued to bring its costs down, with a six per cent reduction in its cost to income ratio to 43 per cent.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago