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Highlights

  • AMP’s Platforms division reported a 63.2% YoY increase in net cashflows to AUD 1.57 billion.

  • Superannuation & Investments posted positive net cashflows for the first time since 2Q 2017.

  • AMP shares rose over 7% to AUD 1.66 on 21 July following the announcement.

AMP Limited (ASX:AMP) has reported a substantial improvement in cashflows across its core business segments for the second quarter of FY25, with its Platforms business, Superannuation & Investments, and New Zealand Wealth Management all registering higher net inflows. The announcement has lifted investor sentiment, with AMP shares up more than 7% to AUD 1.66 during morning trade on 21 July.

Platforms Cashflows and AUM Surge

Net cashflows for AMP’s Platforms business reached AUD 1.57 billion in the second quarter, marking a 63.2% increase compared to AUD 959 million in 2Q FY24. This figure excludes pension payments, which also saw growth at AUD 796 million, up from AUD 677 million a year earlier.

Assets Under Management (AUM) in the Platforms segment rose 5.6% from AUD 78.8 billion in 1Q FY25 to AUD 83.2 billion, primarily supported by favourable market conditions and increased flows. AMP’s Managed Accounts reached AUD 21.8 billion, while MyNorth Lifetime, its retirement solution offering, continued to gain traction with AUM growing to AUD 465 million.

Superannuation & Investments Return to Net Inflows

For the first time since the second quarter of 2017, AMP’s Superannuation & Investments segment recorded positive net cashflows, with AUD 33 million in inflows (excluding pension payments). This is a notable turnaround from net outflows of AUD 99 million in the same period last year.

The result is attributed to retention-focused initiatives, including the launch of digital advice solutions and the recent rollout of AMP Lifetime Super to around 140,000 Choice members. The AUM for this segment increased from AUD 55.8 billion in the previous quarter to AUD 58.5 billion, reflecting both positive flows and investment market growth. Pension payments for the period stood at AUD 123 million, compared to AUD 116 million in 2Q FY24.

Steady Growth in New Zealand Wealth Management

New Zealand Wealth Management reported net cashflows of AUD 40 million, up from AUD 11 million in the prior corresponding period. The improvement was driven by higher contributions to the New Zealand Retirement Trust and additional inflows from a new Term Deposit product launched in June 2024.

Assets Under Management rose to AUD 12.2 billion from AUD 11.6 billion in 1Q FY25, also supported by favourable market conditions. Pension payments were stable at AUD 41 million, slightly lower than the AUD 42 million reported a year earlier.

AMP Bank Maintains Disciplined Lending Approach

AMP Bank continued its measured approach to managing loan volumes, closing the quarter with a loan book of AUD 23.5 billion, up from AUD 23.3 billion in the prior quarter. Deposits stood at AUD 20.5 billion, maintaining a steady level compared to AUD 20.7 billion in 1Q FY25.

The bank reported a low 90+ days arrears rate of 0.88%, indicating stable credit quality. AMP also noted early momentum in its new digital offering, AMP Bank GO, with further updates expected at the upcoming 1H FY25 results announcement on 7 August 2025.