More than $1 billion walks out the door at AMP
Wealth management firm AMP reported an 11% increase in its net profit after tax to $42 million for the year to December 31, but says profit will be lower next year.
"Underlying net profit after tax is expected to be lower in FY 22 given margin headwinds and amended general insurance arrangements," the company says in its investor pack.
AMP lost around $1 billion in assets under management after losing its KiwiSaver default status, however the net position was softened by gains from strong investment markets.
Its net cash outflows during the year totalled $1.1 billion.
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