Life Insurer AMP Reports Profit
AMP Limited has reported a net profit of A$884 million for the full year to 31 December 2014, up 32 per cent on A$672 million reported for FY 13.
Chief Executive Craig Meller said: “An increase of 23 per cent in underlying profit reflects a strong result in our domestic franchises of wealth and investment management, targeted offshore expansion and improving performance in our wealth protection business.
In Australian wealth management, operating earnings for FY 14 were up 13 per cent compared with FY 13, reflecting higher net cashflows supporting good growth in AUM and disciplined cost control in a growing business.
Australian wealth protection has recovered well with operating earnings of A$188 million compared with A$64 million in 2013.
“Pleasingly the wealth protection business improvement plan is delivering results and our focus is now on ensuring the changes are sustained with continued improvement to processes, products and culture,” Mr Meller said.
AMP offer Life insurance, Total and permanent disablement, Income protection and Trauma cover in Australia
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