AMP New Zealand has reported a rise in its operating earnings for the first half of 2017
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AMP Financial Services New Zealand has reported operating earnings of $69.1 million ended June, an increase of 4.1% over the same period last year. Assets under management were up by 7.1% to $16.3 billion.
“We continue to strike the right balance between cost efficiency and investing in the future of our business through our people, platforms and systems to benefit our customers, who in the first half of the year received $99.2 million in claims payments to support them in their time of need,” AMP New Zealand managing director Blair Vernon said.
In addition, the account balance of members in the AMP KiwiSaver Scheme continues to grow above the industry average.”
Its cost to income ratio was up by 1.4% to 27.2% and controllable costs decreased 6.4% to $39.8 million from a year ago. Its net cashflows was down 27.1% to $57.5 million year-on-year.
The AMP KiwiSaver Scheme reached $4.6 billion in AUM, an increase of 13.4% ended June.
AMP registered experience gains of $8 million which reflected overall effective management of claims, with an increased focus on helping customers return to work and a better lapse experience. Its lapse rates of 10.6% were up by 0.5% from the previous year. Its total annual premium income was at $339 million.
Its general insurance profit share went down by 12.9% on the previous year to $5.4 million due to higher natural hazard claims.
“We continue to strike the right balance between cost efficiency and investing in the future of our business through our people, platforms and systems to benefit our customers, who in the first half of the year received $99.2 million in claims payments to support them in their time of need,” AMP New Zealand managing director Blair Vernon said.
In addition, the account balance of members in the AMP KiwiSaver Scheme continues to grow above the industry average.”
Its cost to income ratio was up by 1.4% to 27.2% and controllable costs decreased 6.4% to $39.8 million from a year ago. Its net cashflows was down 27.1% to $57.5 million year-on-year.
The AMP KiwiSaver Scheme reached $4.6 billion in AUM, an increase of 13.4% ended June.
AMP registered experience gains of $8 million which reflected overall effective management of claims, with an increased focus on helping customers return to work and a better lapse experience. Its lapse rates of 10.6% were up by 0.5% from the previous year. Its total annual premium income was at $339 million.
Its general insurance profit share went down by 12.9% on the previous year to $5.4 million due to higher natural hazard claims.
