AMP Limited has released its 1H 26 data pack, providing shareholders with the granular financial detail accompanying the company’s half-year results. The headline figure shows underlying net profit after tax of $42.9 million for the first half, representing a material pullback from $57.1 million achieved in the prior corresponding period and a modest improvement on the $39.4 million posted in the second half of 2025. This year-on-year decline of approximately 25 percent reflects the challenging operating environment that has defined Australian wealth management through the first half of the calendar year.
Performance across AMP’s five business divisions has been decidedly mixed. The New Zealand Wealth Management operation emerged as the clear standout, contributing $32.8 million to group earnings and demonstrating the strategic value of the company’s offshore footprint. This strength was substantially offset by weakness in the Superannuation & Investments division, which posted an outright loss of $8.3 million. The Platforms business contributed $24.1 million to earnings, the AMP Bank delivered $18.5 million, and the Partnerships & Group segment added $15.1 million. The fact that superannuation, historically a cornerstone of AMP’s business, is generating losses rather than profits is likely to concern investors assessing management’s execution in this critical market segment.
The revenue and cost structure revealed in the data pack underscores the structural challenges AMP faces in scaling profitably. Total revenue reached $1,287 million, but variable costs of $307 million consumed a significant share of the top line. These variable costs encompass investment management expenses, marketing and distribution, and loan impairment charges. Beyond this, controllable costs including employee compensation and technology expenditure totalled $270 million. This combination has left the business operating on tight margins despite its significant scale and market position.
The composition of costs suggests that AMP must address structural inefficiencies if it is to sustain acceptable returns on equity. The company appears locked in a competitive dynamic where revenue growth is difficult to achieve, yet cost reductions risk eroding service quality and competitive positioning. Management’s ability to navigate this tension will be crucial in determining whether the group’s underlying earnings trajectory stabilises or whether further headwinds emerge.
Investors will be watching closely for evidence that management has formulated a credible strategy to restore earnings momentum. The release of this data pack provides transparency on the group’s operating performance, but raises critical questions particularly regarding the viability of the Superannuation & Investments division and the company’s competitive positioning in its core domestic markets. This announcement is price sensitive and has been flagged as 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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