AMP’s net operating earnings slumped by 12.6% to $60.4 million in the first half of the year. Its assets under management (AUM) increased 7.2% to $17.5 billion, while the AMP KiwiSaver Scheme AUM also increased 12.3%, reaching $5.2 billion.
AMP said the decline in its operating earnings was mainly driven by a reduction in experience profits, reflecting an increase in the number of claims AMP New Zealand paid to customers.
Despite this, AMP New Zealand managing director Blair Vernon is positive AMP has delivered on its commitment to New Zealanders, claiming it provided high-quality advice, products and services through its network of financial advisers.
“AMP’s solid first half performance is underpinned by what we do every day to support our 556,000 customers, particularly at claim time, and our communities more broadly,” he noted.
Over the last six months, AMP New Zealand paid $103 million to customers. It paid out $31 million in general insurance claims, $45 million in life insurance claims, $14 million in trauma claims and $13 million in income protection claims.