In its first-half results for the six months to 30 June, the firm said statutory net profit after tax (NPAT) was down from $103 million in the prior corresponding period to $98 million.
AMP said this reflects the planned business simplification spend and litigation costs.
Litigation and remediation costs, which include those for class actions, were $11 million compared to $2 million in the first half of 2024, while business simplification costs rose from $13 million to $21 million.
Earlier in the year, it was announced it is being sued by property fund manager Dexus regarding a property dispute following the sale of the former AMP Capital business, while it is also defending a class action filed by NM Superannuation Proprietary against AMP Superannuation (ASL) and Resolution Life Australasia.
AMP’s business simplification program is expected to be completed during FY2025–26, with $60 million of the $150 million total investment remaining.
Assets under management increased to $153.9 billion, up 3.7 per cent, thanks to positive cash flows and market movements.
Underlying NPAT in the platform division was $58 million driven by higher inflows, new adviser activations, managed portfolio growth and growth from existing advisers. Managed portfolios grew to $21.8 billion and average assets under management on the platform rose from $73.1 million a year ago to $80.5 million.
There are 4,211 total advisers using the North platform and AMP said almost half of these have more than $1 million in assets on the platform, including 25 who joined during the first half.
However, it has its eye on future growth, pointing out North has an addressable market of 12,472 advisers who could potentially use the platform. Driving flows in the wealth business was specifically flagged as a priority for the second half of 2025, including through its managed portfolios and retirement offering.
On the superannuation and investment division, underlying NPAT was unchanged from the prior corresponding period at $34 million. Net cash outflows were $75 million, but this was a distinct improvement from outflows in the first half of 2024 when they stood at $470 million.
Average assets under management in the division were $57.1 billion, up from $53.2 billion a year ago.
In a separate ASX announcement, the firm announced Andrea Slattery would be stepping down from the board at the end of August after six years. In her place, AMP has appointed Linda Elkins as a non-executive director.
Elkins was previously the national leader for asset and wealth management at KPMG and was also the executive general manager for Colonial First State.
Mike Hirst, AMP chairman, said Elkins’ experience will be particularly relevant for the firm’s platform and superannuation business.
“I want to thank Andrea for the significant contribution she has made to the AMP board over the past six years. Her passion for this business has been evident in how she has carried out her duties, while her industry experience and extensive ESG knowledge have brought important insights to the board’s decision making.
“I am also excited to be welcoming Linda to the board. Linda’s impressive experience in platforms and superannuation will be of tremendous value, and her breadth of industry knowledge is undoubted.
“Linda’s skills and expertise will be especially important as AMP continues its focus on the growth of its North platform and superannuation businesses.”
