AMP posts strong quarter
AMP Limited has reported a strong third quarter, with its Australian Wealth Management division doubling cashflows over the same period last year to $476 million and its North platform recording its highest ever quarterly net cashflow of $1.45 billion.
In a third quarter cashflows report released to the Australian Securities Exchange (ASX) today, AMP chief executive, Craig Meller, said it represented a continuation of the company's solid momentum.
"Our current range of products are performing well, the focus on Asia continues to deliver results and the performance of our insurance business is in line with guidance," he said.
Commenting on the performance of North, the AMP announcement said that it had exhibited particular strength in attracting retirement income account flows which contributed $951 million.
It said customers had continued to be attracted by North's guaranteed options which accounted for approximately eight per cent of net cashflows.
The picture was also solid for AMP Limited in the superannuation space, with AMP Flexible Super increasing net cashflows by 12 per cent and with its corporate superannuation cashflows remaining in positive territory.
The company also reported growth in its Self-Managed Superannuation Funds (SMSF) business with assets under administration having grown to $18.5 billion.
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