AMP's profit is up 32% to $884 million for the full year

Photo: Getty Images

AMP reported a net profit up 32% to $884 million for the full year the end of December driven by double digit growth across all businesses.

The result beat expectations of $870 million profit.

Underlying profit was $1.045 billion, up 23% compared.

The company declared a 17% increase to the final dividend to 13.5 cents a share.

CEO Craig Meller says the 23% rise in underlying profit reflects a strong result in domestic franchises of wealth and investment management, targeted offshore expansion and improving performance in wealth protection business.

“In 2014 we made marked progress on our strategy to be an increasingly customer-driven
organisation that is leaner and more efficient,” he says. “The other element of AMP’s strategy, to invest selectively in Asia and take our expertise into new markets, is starting to deliver good cashflows with strong long-term growth potential.”

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.