Blair Vernon
AMP delivers 33% underlying profit growth, strong Platforms net cashflows and additional capital returns to shareholders through dividends and buybacks
- Underlying NPAT[1] increased 33% to $174 million, with statutory NPAT up 57% to $154 million
- Assets under management increased to $167.6 billion, reflecting momentum in AMP’s wealth and retirement businesses
- Platforms net cashflows[2]increased 33% to $3.1 billion for the half
- Superannuation & Investments delivered its first positive half-year net cashflow2 result since 2017
- Contribution from AMP’s China partnerships more than doubled to $56 million, supported by CLPC AUM growth to RMB ~2.6 trillion
- Capital release strategy from AMP Bank progressing, generating a surplus capital position of $89 million at end of the half
- AMP generated $236 million of surplus capital in 1H 26 and returned $201 million to shareholders through dividends and buyback
- Additional $150 million on-market share buyback and an interim dividend of 3.0 cents per share, 20% franked, announced yesterday
AMP Chief Executive Blair Vernon said: “AMP’s first half results reflect the momentum we are building as we grow our wealth and retirement businesses, deepen customer engagement and maintain a disciplined approach to capital management.
“Demand continues to grow for our market-leading retirement solutions from advisers and direct members. In Platforms, more new advisers are coming to North, attracted to its features and functionality including the new AI-powered North Interactive Wealth Portal.
“Cashflows across all our wealth businesses reached new milestones in this half – up 33% in North, turning positive in Super & Investments for the first time since 2017, and up almost 20% in New Zealand.
“Our China partnerships are performing strongly, supported by growth in retirement savings and pensions in China and the strength of our long-standing partnerships.
“Releasing capital from AMP Bank and non-strategic assets remains a key priority in our capital management strategy. During the half, we generated $236 million of surplus capital and returned $201 million to shareholders. Today, we are announcing a further $150 million on-market share buyback, in addition to an interim dividend of 3.0 cents per share.”
Business unit results
Platforms
- Underlying NPAT increased 15.1% to $61 million (1H 25: $53 million)
- Net cashflows (excluding pension payments) up 33.4% to $3.1 billion (1H 25: $2.3 billion)
- Closing AUM of $92.7 billion (FY 25: $88.7 billion)
Momentum in Platforms cashflows continued, with strong cashflows driven by new adviser activations and growth from existing advisers. 38 new distribution agreements were signed with AFSLs, and 74 net new advisers activated with AUM over $1 million on North. North’s Managed Portfolios offer grew to $28.3 billion, and AMP’s market-leading retirement solution, MyNorth Lifetime, grew to $1.2 billion.
AUM based revenue margin of 41bps was steady on 2H 25 (1H 25: 43bps), with ongoing management of the margin impact of investment mix changes and tiered fee structures. EBIT margin rose to 42% (FY 25: 39%), demonstrating increased operating leverage in this business.
Superannuation & Investments
- Underlying NPAT increased 18.5% to $32 million (1H 25: $27 million)
- Positive net cashflows (excluding pension payments) of $76 million; first positive half since 2017
- Closing AUM of $62.6 billion (FY 25: $60.7 billion)
AMP Super delivered positive net cashflows (excluding pension payments) of $76 million for the half, up from net cash outflows of $75 million in 1H 25, demonstrating growth in inflows and improving member retention, both of which are critical to achieving sustainable positive cashflows.
AUM based revenue was up 5.1% to $184 million (1H 25: $175 million) and controllable costs were $93 million (1H 25: $92 million). AUM based revenue margin of 61bps remained steady from 2H 25 (1H 25: 62bps). EBIT margin increased to 23% (FY 25: 22%).
AMP Super again delivered strong investment performance for members, with the majority of MySuper members receiving top quartile returns for the 12 months to 30 June 2026[3]. AMP Super’s enhanced member offer includes digital advice tools, the market-leading AMP Super Lifetime solution and AMP Rewards, aimed at driving retention and new members.
New Zealand Wealth Management
- Underlying NPAT of $18 million (1H 25: $19 million)
- Resilient earnings underpinned by margin discipline and cost control, offset by the impact of FX headwinds
- Closing AUM of $12.3 billion (FY 25: $12.3 billion)
Cost discipline was maintained despite ongoing inflationary pressures, with controllable costs of $16 million (1H 25: $17 million).
Net cashflows (excluding pension payments) increased 19.6% to $116 million (1H 25: $97 million), with KiwiSaver inflows increasing in line with the higher contribution rate of 3.5%, effective 1 April 2026, as well as additional voluntary contributions.
Partnerships and Group
- Underlying NPAT of $43 million (1H 25: $2 million)
- China partnerships contribution increased 107.4% to $56 million (1H 25: $27 million), with strong growth from CLPC in particular, as the Chinese pension market continues to build momentum
The total carrying value of the two joint ventures increased 12.3% to $705 million, while the combined annualised return on investment improved to 16% (1H 25: 9%). CLPC’s dividend payout ratio increased to 41% (FY 24: 35%), and CLAMP’s was steady at 40% for FY 25, having commenced dividends the prior year.
Group controllable costs of $38 million (1H 25: $35 million) reflect inflationary pressures.
AMP Bank
- Underlying NPAT of $20 million (1H 25: $30 million)
- Capital efficiency strategy remains a key priority
- AMP Bank GO deposits reached $1.7 billion (FY 25: $310 million)
Underlying NPAT of $20 million reflects the impact of the investment to accelerate the transition to AMP Bank GO, as part of the strategy to improve the funding mix in the medium term. AMP Bank GO growth continues, reaching $1.7 billion in deposits and ~34,500 customers, driven by a compelling customer proposition and the transition of existing bank customers to the new, contemporary offer. During the period, AMP closed its heritage bank to new deposits, to realise future cost synergies.
AMP Bank’s residential mortgage book continued to be managed for margin, with the loan book reduced to $23.6 billion (FY 25: $23.9 billion). 30 and 90-day arrears remain at low levels.
AMP continued its strategy to release capital from within AMP Bank through active capital management including securitisation, delivering an $89 million surplus above target at the end of the half. Securitisation, along with funding mix and mortgage market competition, saw Net interest margin (NIM) reduce to 1.25% (1H 25: 1.30%). AMP Bank remains focused on improving returns and managing capital to target settings over time.
Dividend and buyback
The Board has resolved to declare an interim dividend of 3.0 cents per share, 20% franked.
The Board also announces a further $150 million on-market share buyback, to commence following the required regulatory waiting period.
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