AMP profits slide

Reporting its first-half results on Thursday, AMP said it had recorded a statutory net profit after tax of $146 million, down from $203 million in the first half of 2020.

Both AMP Capital and the wealth management arm of AMP suffered over the first half, recording 18 per cent and 17 per cent decreases respectively in underlying net profit after tax.

However taking into account the adjustment from the sale of AMP Life in 2020, the group's overall underlying profit recorded an increase of 57 per cent to $181 million, up from $115 million in the first half of 2020.

The wealth giant’s board said it would “maintain a conservative approach” until the demerger of its private markets business and “future strategies” were finalised, opting not to declare an interim dividend for 2021.

AMP said it had completed all file reviews for its customer remediation program and would accelerate customer refunds in the third quarter, and expected to complete the demerger of AMP Capital in the first half of 2022.

New chief executive Alexis George said she was “pleased” to have joined AMP at such an “important time” for the business.

“Our business has had a stronger first half financially, we have demonstrated our commitment to deliver our strategic priorities of reshaping and simplifying the business and focusing AMP Capital on private markets,” Ms George said.

“We are starting to see some positive signs of growth and innovation, particularly in our bank and platforms businesses where we are introducing new services that our clients want.”

She added that the private markets demerger would be “a core priority” in the months ahead.