Earnings were up 2.8% on the same time last year.

AMP’s assets under management increased 2% to $15.2 billion. Its KiwiSaver scheme had $4.1 billion in AUM at the end of June, 10% more than 2015.

AMP said it was expecting to pick up new superannuation mandates through the second half of this year as other managers chose to opt out of the new requirements imposed by the Financial Markets Conduct Act.

Jack Regan, managing director of AMP New Zealand, said: “This strong result reflects improved performance mainly in our wealth management business driven by increased margins on higher assets under management as well as higher general insurance profit share and lower controllable costs.

“In the second half of the year we will continue to grow our revenue base, closely manage costs through ongoing business reorganisation and product rationalisation and evolve our distribution channels,” he said.

“In addition, we will seek to take advantage of opportunities to further grow our wealth management business related to those providers choosing not to enter into the updated regulatory regime required by the Financial Markets Conduct Act.”

AMP’s experience profits for the personal insurance business were $5.7 million and lapse rates were 11.1 per cent.

Regan said: “In the first half of 2016, AMP New Zealand supported 945 families in times of need by paying out $76.1 million in life insurance and $16.2 million in trauma claims. AMP also helped 562 New Zealanders who were unable to return to work because of an illness or injury by paying out $9.4 million in income protection insurance, and assisted 68 Kiwis to return to work following a major illness or injury.”