AMP Limited delivered underlying net profit after tax of $174 million for the first half of 2026, representing 33 percent growth compared to the prior corresponding period. This result reflects a business gaining traction in its wealth and retirement businesses, with both operational performance and capital deployment pointing toward a company executing its strategic priorities effectively. The statutory profit figure of $154 million, up 57 percent year-on-year, was bolstered by fewer non-recurring costs in the current period.
The strength of cashflow generation across AMP’s core wealth businesses offers perhaps the most compelling evidence of momentum. Platforms net cashflows reached $3.1 billion, up 33 percent, while Superannuation and Investments posted positive net cashflows of $76 million for the first time since 2017. This represents a significant milestone for a segment that had faced sustained outflows over the preceding five years. Across all wealth businesses, cashflows rose to new highs, signaling that advisers and members are choosing AMP’s solutions at an accelerating pace.
Assets under management grew to $167.6 billion, with the Platforms division alone holding $92.7 billion at period end. North, AMP’s adviser platform, continues attracting new distribution agreements and adviser activations, with managed portfolios reaching $28.3 billion and the flagship MyNorth Lifetime product growing to $1.2 billion. The profitability of the Platforms business is improving too, with earnings before interest and tax margins rising to 42 percent from 39 percent in the full year 2025, demonstrating that scale is translating into operating leverage.
AMP’s capital strategy remains disciplined. The company generated $236 million of surplus capital during the half and returned $201 million to shareholders through dividends and share buybacks. Management announced a further $150 million on-market buyback alongside an interim dividend of 3.0 cents per share, 20 percent franked. The AMP Bank capital release strategy continues progressing, with an $89 million surplus capital position identified at the half-year mark. This approach of returning capital while investing in growth demonstrates management confidence in the underlying business trajectory.
China partnerships are proving increasingly valuable, with AMP’s contribution from these ventures more than doubling to $56 million, buoyed by growth in retirement savings and the China Life Partnership Company’s assets under management expanding to approximately 2.6 trillion renminbi. Investors should monitor whether this source of earnings continues to expand as China’s retirement savings market matures. The next focal points will be whether platforms cashflow momentum sustains, whether the Superannuation and Investments turnaround proves durable, and how effectively AMP realises capital from strategic asset sales. This announcement has been declared price sensitive and flagged as material by the ASX.
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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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