AMP Limited reported strong momentum in its Platforms division during the third quarter, with net cashflows climbing 20% to $1.5 billion compared to $1.2 billion in the same period a year ago. This continued acceleration in platform inflows shows management’s strategy of positioning North, its adviser platform, as the growth engine for the wealth business. The company attributes the performance to growing adviser adoption and the recent launch of the North Interactive Wealth Portal, which aims to improve adviser productivity. An artificial intelligence implementation tool is now in pilot phase on the platform and is expected to roll out in the fourth quarter of 2026, signalling AMP’s intent to embed technology deeper into the adviser workflow.
The improvement extended to AMP’s Superannuation and Investments division, where net cash outflows narrowed to $138 million in the quarter from $241 million in the prior year period. Management characterised the result as seasonal, reflecting typical patterns in the second half for AMP Super. The division recently won a notable employer superannuation mandate scheduled to commence in the first quarter of 2027, which the company views as validation of its member service offering and investment returns. Total AUM across the Australian and New Zealand wealth businesses reached $168 billion, with platform AUM increasing to $93.6 billion and the superannuation segment holding $62.7 billion.
AMP’s capital management activities progressed during the quarter. The company delivered $75 million of its $150 million on-market share buyback programme, meaning the company is halfway through its planned capital return. Management continues to position AMP Bank as a source of capital release, viewing balance sheet optimisation and reducing the capital intensity of the banking unit as priorities. This dual approach to capital allocation, combining buybacks with targeted asset optimisation, reflects the company’s view on shareholder returns relative to reinvestment needs in the core wealth platform business.
Several product developments warrant attention. North Managed Portfolios expanded to $29.5 billion in AUM, while the MyNorth Lifetime retirement income solution grew to $1.4 billion. In September 2026, AMP launched North Protect, described as a simpler way for advisers to aggregate clients’ superannuation, investment and insurance products. New Zealand Wealth Management also registered improvement, with net cashflows of $100 million, benefiting from a higher voluntary contribution rate for KiwiSaver and improved inflows into AMP Managed Funds.
Investors will likely focus on whether the momentum in platform cashflows can be sustained as the company rolls out its AI tools and continues adviser recruitment to North. The pace at which capital can be released from AMP Bank will also influence the company’s ability to continue shareholder returns. This announcement is price sensitive and has been 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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