AMP Limited has reported cashflows for AMP Financial Services (AFS) and AMP Group assets under management (AUM) for the first quarter to 31 March 2012.
AFS net cash outflows were $292 million for the quarter, compared to net cash outflows of $331 million for Q4 11 and $133 million for Q1 2011, reflecting continued uncertainty and subdued investor sentiment.
Total Australian contemporary wealth management, which includes superannuation, pensions and investments, had a net cash outflow of $138 million for the quarter compared to a net cash inflow of $68 million in Q1 2011, primarily due to lower net cashflows on external platforms.
- AMP’s contemporary products continued to experience strong cashflows despite the challenging conditions. AMP’s retail superannuation and pension product, AMP Flexible Super, had net cashflows of $581 million for the quarter, compared to $662 million for Q1 2011 while AUM was $5.0 billion as at 31 March 2012 compared to $4.3 billion as at 31 December 2011.
- AMP’s market-leading North platform’s net cashflows were $228 million for Q1 2012, compared to $66 million in Q1 2011. AUM was $2.6 billion, up from $2.2 billion as at 31 December 2011.
- SMSF service, SuperIQ, launched in October 2011, had AUM of $193 million as at 31 March 2012 and its cashflows will be included in AMP’s cashflow reporting from Q2 2012.
- Total Australian wealth protection individual and group risk net cashflows were $193 million, relatively unchanged from $198 million in Q1 2011.
- Net cashflows for AMP’s New Zealand business were AUD$47 million, up from AUD$26 million in Q1 2011.
- AMP Bank’s deposit book saw significant growth, with $937 million from retail and AMP superannuation cash and term deposits in Q1 2012 compared to $56 million in Q1 2011, reflecting an ongoing investor trend towards cash investments.
- Mortgage growth was $346 million compared to $497 million in Q1 2011.
- AFS contemporary wealth management closing AUM as at 31 March 2012 was $83.4 billion, up from $79.3 billion as at 31 December 2011.
- AMP Capital Investors closing AUM as at 31 March 2012 was $124.9 billion, compared to $123 billion as at 31 December 2011.
- AMP Risk Insurance annual premium income was $1.91 billion as at 31 March 2012 compared to $1.89 billion as at 31 December 2011 and $1.76 billion as at 31 March 2011.
