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AMP narrows super outflows as member retention strategy gains momentum
AMP has delivered a stronger first quarter in FY25, underpinned by continued positive net inflows into its flagship North platform and improving outflows in its superannuation business.
In a business update released to the ASX on Thursday, AMP reported net cashflows of $740 million in its platforms division - up from $201 million a year earlier - marking a significant lift in adviser engagement and client adoption.
AMP’s total platforms assets under management (AUM) sat at $78.8 billion at the end of the quarter, slightly down from $79.8 billion in Q4 FY24, primarily due to market volatility.
Chief executive Alexis George said the result reflected growing momentum in the company’s core strategy to support advisers and elevate North as a preferred platform.
“We have seen the positive momentum in cashflows across our Platforms business continue with another strong quarter, which reflects our focus on making North a preferred platform for advisers,” George said.
“We are continuing to introduce new features, functionality and support for North that helps advisers better service their clients – and we are seeing adviser numbers continue to grow.”
Among the recent developments, AMP flagged the launch of an AI assistant to cut down on manual administration and improve adviser efficiency. Meanwhile, the MyNorth Lifetime product, AMP’s innovative retirement solution, now holds $510 million in client funds.
The group’s Superannuation and Investments business also saw continued improvement, recording net outflows of $108 million in Q1 FY25, a marked improvement from $371 million in the prior corresponding period.
The segment’s AUM decreased to $55.8 billion, from $56.8 billion, also impacted by weaker markets.
“Cashflows for the Superannuation & Investments business continued to progress towards positive flows with another quarter of reduced outflows,” George said.
“This has been driven by our solid offer for AMP super through low fees, strong investment performance and a competitive insurance offer helping to drive retention.”
George also highlighted growing engagement with AMP’s recently launched digital advice solution, which is offered to super members at no additional cost.
Elsewhere, AMP’s New Zealand wealth management division reported net cashflows of $57 million (Q1 FY24: $25 million), with AUM at $11.6 billion.
On the banking side, AMP Bank’s total loan book remained steady at $23.3 billion, while deposits rose to $20.7 billion, up from $20.5 billion in the previous quarter. George said the group is consciously managing loan growth to prioritise margins.
“We have had positive customer feedback and engagement since launching our new digital bank in February,” she said. “We continue to deliver on our vision, to be the place where people come to plan for the next phase of their lives.”
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