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

AMP 12-month price history (NZX.com)

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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)


This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7514 -0.0029 -0.38%
AUD 0.9824 0.0064 0.66%
EUR 0.6946 0.0014 0.20%
GBP 0.5080 0.0010 0.20%
HKD 5.8268 -0.0223 -0.38%
JPY 90.2420 0.2800 0.31%

Commods

Commodity Price Change Time
Gold Index 1198.2 -6.000 2015-03-27T00:
Oil Brent 56.4 2.710 2015-03-27T00:
Oil Nymex 48.9 -2.560 2015-03-27T00:
Silver Index 17.1 -0.071 2015-03-27T00:

Indices

Symbol Open High Last %
NZX 50 5854.2 5854.2 5854.2 -0.56%
NASDAQ 4921.8 4943.0 4891.2 0.88%
DAX 11927.1 12090.1 11868.3 1.83%
DJI 17727.5 17989.2 17712.7 1.54%
FTSE 6855.0 6914.6 6855.0 0.53%
HKSE 24727.5 24949.3 24486.2 1.51%
NI225 19295.2 19474.1 19285.6 0.65%