AMP's profit up 10% to $972 million as it expands globally

Photo by Christopher Furlong/Getty Images

AMP posted a 10% rise in profit to $972 million for the full year to December as the financial services giant grows its wealth management business in Australia and expands globally.

The company also reported good earnings growth in AMP Capital, AMP Bank and in its New Zealand business.

“Our business efficiency program is on track and we continue to focus on the improvement of our wealth protection business, with the new claims process providing a better outcome for customers and shareholders,” says CEO Craig Meller. “This is a very good performance against a backdrop of challenging markets in the second half.”

Australian wealth management operating earnings were up 10% to $410 million. Local wealth protection operating earnings were $185 million compared with $188 million in 2014.

AMP Capital increased funds under management on behalf of international institutional clients by more than $2 billion to $6.8 billion.

And AMP’s relationship with China Life and MUTB remains strong. The financial performance of the joint ventures with China Life are ahead of expectations.

The full year results in detail:

The company’s business efficiency program is on track to deliver $200 million pre-tax run rate savings by the end of 2016.

A final dividend 14 cents a share, franked to 90%, was declared, taking the full year dividend to 28 cents a share, up 8% on the year before.

AMP shares last traded at $5.18, down from a 12 month high of $6.80.

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