AMP Limited has reported a significant acceleration in its wealth platforms business, with net cashflows surging 45% to $1.1 billion in the first quarter of 2026 compared to $740 million in the same period last year. This substantial improvement in organic growth represents a meaningful inflection point for the company after years of challenging market conditions and demonstrates that the strategic initiatives undertaken by management are beginning to translate into tangible results.
The growth in Platforms cashflows reflects the payoff from relationship-building efforts with financial advisers over the past 12 to 24 months. The company’s enhanced technology offerings, including its newly launched North Interactive Wealth Portal, appear to be resonating with the adviser community. Recent industry rankings positioning North as the number one platform across key categories such as adviser proposition and retirement outcomes provide independent validation of these improvements. This positive momentum is particularly noteworthy given the challenging consumer sentiment arising from cost of living pressures, suggesting the business is gaining market share through improved service offerings rather than favourable market conditions.
Beyond Platforms, AMP has demonstrated progress in stabilising its Superannuation and Investments segment, which recorded net cash outflows of $80 million, a 26% improvement from $108 million in the prior year quarter. The introduction of a new employer superannuation solution targeting small and medium-sized businesses, with integration into existing HR and payroll systems, addresses a genuine pain point for employers while supporting member acquisition and retention. This disciplined approach to product development shows the company is tackling structural challenges rather than relying on market recovery.
The bank division continues to show encouraging momentum, with AMP Bank GO deposits increasing by $632 million from the previous quarter to $942 million. The updated full-year guidance now expects GO deposits to exceed $1.5 billion, driven by attractive savings rates and the Qantas Frequent Flyer incentive on transaction accounts. While the total loan book remained stable at $24.1 billion, management’s focus on achieving an appropriate mix between transaction and savings accounts reflects a strategic shift toward more stable, diversified funding sources.
The decision to commence a $150 million on-market share buyback signals management confidence in the company’s valuation and capital position. This capital return to shareholders occurs alongside continued investment in growth initiatives, suggesting the company believes it has reached an appropriate balance between reinvestment and shareholder distributions.
Investors should monitor progress in adviser recruitment and retention within the Platforms business, the trajectory of outflows in the Superannuation and Investments division, and the deposit growth trajectory for AMP Bank GO through the remainder of 2026. The potential for capital relief transactions within the bank division also warrants attention. This announcement has been flagged as price sensitive material by the ASX.
View the full ASX announcement (PDF)
About AMP Limited (ASX: AMP)
AMP Limited provides banking, superannuation, retirement and investment services across Australia and New Zealand. The company operates through multiple segments including AMP Bank (offering residential mortgages and transactional banking), Platforms (providing superannuation and retirement solutions), and New Zealand Wealth Management. AMP also offers wealth management solutions such as KiwiSaver, corporate superannuation, retail investments and general insurance.
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