Highlights

  • AMP (ASX:AMP) reported statutory net profit growth of 57.1% to A$154 million in 1H26.
  • Underlying net profit after tax increased 32.8% to A$174 million, supported by broad-based Business improvement.
  • Platforms Assets under management reached A$92.7 billion, with net cashflows increasing 33.4% to A$3.1 billion.
  • AMP announced a A$150 million share buyback and increased Dividend per share by 50% to 3 cents.

AMP (ASX:AMP) has continued its recovery journey, with its first-half 2026 results highlighting improving profitability, stronger platform momentum and increased Shareholder returns.

The company’s latest performance reflects progress across its Wealth businesses, improved client flows and stronger Earnings contributions from its international partnerships. Amp is continuing its transition towards a more focused wealth and platforms business following several years of restructuring.

Financial Performance

AMP reported statutory net profit of A$154 million for 1H26, representing growth of 57.1% compared with the prior corresponding period.

Underlying net profit after tax increased 32.8% to A$174 million, while earnings before interest and tax rose 15.7% to A$206 million.

The improvement was supported by contributions across multiple operating divisions rather than being driven by one-off factors.

The company also increased returns to shareholders, announcing a 50% increase in dividend per share to 3 cents and launching a A$150 million share buyback program.

Platforms Growth

AMP’s Platforms business remained a key contributor to its recovery strategy.

Underlying net profit from Platforms increased 15% to A$61 million, supported by stronger client activity and improved cashflows.

Net cashflows increased 33.4% to A$3.1 billion, while closing assets under management reached A$92.7 billion.

The return of positive platform flows represents an important milestone for AMP as it continues rebuilding adviser and customer confidence after previous periods of outflows.

Superannuation Progress

AMP’s Superannuation and Investments division also showed improvement during the period.

The segment delivered underlying net profit of A$32 million, increasing 18.5% year-on-year.

The division recorded its first positive cashflow half since 2017, marking progress in reversing a prolonged period of net outflows.

Sustaining this improvement will remain important as AMP seeks to strengthen its position in Australia’s competitive retirement savings market.

China Partnerships

AMP’s Chinese partnerships emerged as a notable earnings contributor during 1H26.

Underlying net profit from China-related partnerships increased 107% to A$56 million, supported by contributions from China Life Pension Company and its asset management joint venture.

The growth highlights the increasing importance of AMP’s international partnerships within its broader earnings profile.

However, the contribution also introduces exposure to external factors including regulatory settings, market conditions and currency movements.

Growth Strategy

AMP is focused on building a simpler and more growth-oriented business model centred around Wealth Management and platforms.

Management continues to target stronger business cash generation, improved shareholder returns and further Investment in technology capabilities, including artificial intelligence initiatives.

The combination of improving client flows, stronger profitability and Capital management initiatives has supported a shift in investor focus towards AMP’s recovery potential.

Risks Ahead

Despite improving results, AMP continues to operate in a highly competitive wealth management environment.

The company faces ongoing pressure from industry competition, fee expectations and the need to maintain positive client flows.

China Partnership earnings remain an important contributor but are exposed to regulatory and market changes.

AMP’s earnings are also linked to investment market conditions, with weaker markets potentially affecting assets under management and fee-based revenue.

Outlook

AMP’s future performance will depend on whether recent improvements can be sustained across its core wealth businesses.

Investors will continue monitoring platform cashflows, superannuation momentum, China partnership earnings and execution of the A$150 million buyback program.

If AMP continues delivering stronger earnings and shareholder returns, the company’s recovery narrative could gain further support. However, maintaining consistent execution remains critical to the long-term outlook.