AMP posts record profit of $972m

Thursday, 18 Feb 2016 07:26:40 | Stephen Letts

The AMP logo. (Supplied)

Financial services giant AMP has lifted its full-year profit by 10 per cent to a record $972 million.

Underlying earnings - with one-off items stripped out - also rose to a new high, up 7 per cent to $1,042 million.

The result was driven by strong performances in wealth management, where earnings were up 10 per cent, and AMP Capital which reported a 20 per cent increase in earnings.

The life insurance business continued to be a drag, with earnings edging down to $185 million from $188 million in 2014.

AMP chief executive Craig Meller described the performance as "very good" against a backdrop of challenging markets in the second half of the year.

"Momentum continued across Australian wealth management and AMP Capital, which delivered a particularly strong result as our international investment management profile expands, both in China and more broadly," Mr Meller said.

Mr Meller added that the cost cutting program was on track to deliver an additional $200 million in savings by the end of the year.

AMP raised its full-year dividend to 28 cents per share, up from 26 cents the year before.

External Link: AMP profits

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AMP posts record profit of $972m

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