Sharechat Logo

AMP Financial Services suffers 1Q cash outflow, NZ shines

Thursday 10th May 2012

Text too small?

Australia-based insurer AMP says “very subdued cashflows” experienced in calendar 2011 have continued into the first quarter of this year. AMP Financial Services (AFS) experienced a A$292 million net cash outflow in the three months ended March.

That was down from the A$331 million net outflow in the December quarter and up from the A$133 million outflow in the March quarter last year. The company says this reflects “continued uncertainty and subdued investor sentiment.”

However, its New Zealand business provided a bright spot with a net cash inflow of A$47 million in the quarter, up from A$26 million in the same quarter a year earlier.

Total Australian contemporary wealth management, which includes superannuation, pensions and investments, had a A$138 million net cash outflow in the three months compared with a net inflow of A$68 million in the same quarter last year.

The company said AMP Bank's deposit book grew significantly with A$937 million coming from both retail and AMP superannuation and term deposits in the quarter compared with A$56 million in the year-earlier quarter which it says reflects an ongoing investor trend towards cash investments.

AFS contemporary wealth management had A$83.4 billion in assets under management (AUM) at March 31, up from A$79.3 billion at Dec. 31 while AMP Capital Investors' AUM rose to A$124.9 billion from A$123 billion in the three months.

AMP's risk insurance annual premium income rose to A$1.91 billion at March 31 compared to A$1.89 billion at Dec. 31 and A$1.76 billion at March 31 last year. New Zealand premium income rose to A$260 million in the latest three months from A$249 million in the December quarter.

New Zealand AUM rose to A$9.89 billion at March 31 from A$9.24 billion a year earlier. AMP shares, which trade on both the ASX and NZX exchanges, rose 1.9 percent to NZ$5.25 on the NZX, up from the NZ$4.55 low in September last year but down from NZ$7.88 in April last year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AMP 1H earnings creep ahead of forecast, appoints Craig Meller as CEO from next year
NZ sharemarket to unleash demand for an extra $2 billion from investors, says AMP
AMP Capital NZ cut costs in 2011, parent may ask for more
AMP NZ Office 1H profit falls 28.2%
AMP Financial Services NZ's earnings fall
Daily ShareChat: AMP
AMP granted clearance to buy AXA
Stocks to watch: Good news start for AMP
AMP still interested in AXA despite rejection
NAB trumps AMP offer to scoop AXA AP's Australasian business