AMP super posts first profit in years

AMP has announced a 57 per cent rise in statutory net profit after tax as its superannuation and investment division delivered its first half-year positive net cashflow since 2017. The firm’s assets under management increased to $167.6 billion.

In its superannuation and investment division, underlying NPAT was $32 million, up from $27 million in the first half of 2025. The division reported its first positive net cashflow since 2017 of $76 million, an improvement from a loss of $75 million in the same period a year ago.

Super and investment assets under management was $62.6 billion, up from $60.7 billion. This was divided by 45 per cent in international equities, 30 per cent in Australian equities, 19 per cent in cash and fixed interest and 6 per cent in property.

Platform net cashflow increased 33 per cent to $3.1 billion for the six-month period while underlying platforms NPAT was $61 million, up from $53 million a year ago, helped by AMP signing on 74 new advisers. Momentum in platforms cashflows continued, with strong cashflows driven by new adviser activations and growth from existing advisers.

They signed 38 new distribution agreements with AFSLs, and 74 net new advisers activated with assets under management 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.

Blair Vernon, AMP chief executive, said: “AMP’s first half results reflect the momentum they are building as they grow their wealth and retirement businesses, deepen customer engagement and maintain a disciplined approach to capital management. Demand continues to grow for their 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 their wealth businesses reached new milestones in this half – up 33 per cent in North, turning positive in super & investments for the first time since 2017, and up almost 20 per cent in New Zealand.

AMP also announced a $150 million on-market share buyback, in addition to an interim dividend of 3 cents per share, 20 per cent franked. They returned $201 million to shareholders in the first half via an $150 million on-market share buyback and $51 million in dividend.