AMP received inflows of $2 billion into its superannuation and pension business in 2008, chief executive Craig Dunn told the company's annual general meeting yesterday.
The firm also reported an increase in cash flows for the first quarter of 2009. Net cash flows in AMP Financial Services were $210 million, up $81 million on the first quarter of 2008, Dunn said.
"This was driven by strong net cash flows in our employer-sponsored superannuation channel and Australian risk insurance business," he said.
Dunn said the firm will be looking to grow the employer-sponsored business as part of the group's long-term focus.
"We now have more than half a million members in these workplace superannuation plans, and our strategy is to continue introducing other AMP products and services to them to help them better secure their financial futures," he said.
The majority of AMP's customers are in the firm's flagship SignatureSuper product.
AMP made a number of enhancements to the product, which included more insurance features and a cash investment option.
Consolidation of lost super is also part of the company's goals.
"We've done a lot of work to help people consolidate their superannuation accounts, and in the past 18 months 12,000 customers have consolidated more than $160 million in super with AMP.
Dunn said the superannuation industry is set to change following a government review. Such changes include a focus on fees and commissions and greater transparency.
As part of the company's response to fee pressures AMP launched the Flexible Lifetime Super Easy superannuation product, which includes no commissions.
In February, AMP reported a 41 per cent drop in full-year net profit to $580 million.
Dunn said 2009 will continue to be a challenging year.
