AMP reports profit drop amid 'solid' result
It made $19 million in the six months.
Its assets under management dropped 3% compared to the previous financial year. That was driven by an investment fall of $377 million offset by $21 million in cash inflows.
“Net cash inflows of $21 million in 1H 20 have improved from net cash outflows of $262 million in 1H 19, largely due to improved KiwiSaver business performance. Overall, KiwiSaver generated net cash inflows of $156 million for 1H 20, while net cash outflows on platforms and other investments amounted to $135 million.”
Controllable costs were up 8% to $20 million.
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