AMP New Zealand financial services unit posts 11% gain in 2013 operating profit

AMP 12-month price history (NZX.com)

AMP's New Zealand financial services [NZX: AMP] unit reported an 11 percent gain in underlying operating profit in 2013 as it cut costs, reduced losses from life insurance payouts and improved its general insurance margins.

The local unit of Australia's largest life insurer and fund manager said underlying profit increased to $132 million in the 12 months ended Dec. 31, from $119 million the year earlier.

Assets under management rose 10 percent to $7.8 billion from the year earlier.

The New Zealand life insurance unit narrowed its loss to $1 million from a $10 million loss the year earlier, as it paid out less claims. Funds from insurance premiums edged up 1 percent to $340 million as price rises offset lower customer retention and subdued new business sales.

Costs which the company considered were "controllable" fell to $111 million from $102 million the year earlier, excluding one-time items, it said.

AMP's New Zealand business shed client managers during the year, with 604 at Dec. 31, from 640 the year earlier. In Australia, client managers increased to 3,802 from 3,636.

Sydney-based AMP reported a 2.5 percent fall in net profit to A$672 million.

(BusinessDesk)

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