AMP's NZ arm lifts profit despite
However, the New Zealand arm produced an A$34 million underlying net profit for calendar 2023, up 6.3% from A$32 million the previous year, with assets under management (AUM) growing 3.8% to $10.85 billion, driven by investment returns.
Total revenue was up 8% at A$135 million while earnings before interest and tax were up 6.7% at A$48 million.
AMP said the sale of legacy products has driven simplification and that the business continues to diversify with only 65% of revenue being AUM-based as its grows its advice and distribution revenue.
Its adviser numbers in New Zealand grew 25.9% to 68 from 54 in 2022
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