AMP has reported a net profit of $884 million for the year ending 31 December 2014, up from $672 million in the previous year.
The financial services provider has reported a 32 per cent increase in its net profit for 2014, while also posting a 23 per cent increase in its underlying profit of $1.045 billion.
AMP chief executive Craig Meller said the increase in its underlying profit was driven by double-digit growth in operating earnings across all of the company’s contemporary businesses.
“An increase of 23 per cent in underlying profit reflects a strong result in our domestic franchises of wealth and investment management, targeted offshore expansion and improving performance in our wealth protection business,” Mr Meller said.
“In 2014 we made marked progress on our strategy to be an increasingly customer-driven organisation that is leaner and more efficient.
"The other element of AMP’s strategy, to invest selectively in Asia and take our expertise into new markets, is starting to deliver good cash flows with strong, long-term growth potential,” he said.
AMP also reported that AMP Capital’s performance had improved with its operating earnings increasing 16 per cent, which it said “reflected strong fee growth and investment returns”.
“The internationalisation of the business drove this with global investors attracted by leading infrastructure and property capabilities alongside new inflows generated by the China Life AMP Asset Management joint venture and improved flows from the MUTB alliance.
“The cost-to-income ratio of 63 per cent was within AMP Capital’s target range of 60 to 65 per cent,” a statement from AMP said.