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Highlights:
- AMP Ltd (ASX:AMP) reported a 15.1% rise in underlying net profit after tax (NPAT) for FY24, reaching $236 million, driven by robust performances in its wealth businesses.
- Superannuation & Investments saw a 26.4% NPAT growth, supported by favorable market conditions, reduced costs, and stronger cashflows.
- New Zealand Wealth Management achieved an 8.8% rise in NPAT, while the company continued developing its new digital bank.
AMP Ltd (ASX:AMP) has delivered a solid financial performance for the fiscal year 2024, marked by a 15.1% increase in underlying net profit after tax (NPAT). This growth underscores the company's strategic focus on innovation and expansion in its wealth businesses. The underlying NPAT reached $236 million for FY24, an improvement from $205 million in FY23.
Wealth Business Drives Growth
The company highlighted strong contributions from its superannuation and investments division, where NPAT surged by 26.4% to $67 million, compared to $53 million in the previous year. This growth was attributed to favorable market conditions, reduced variable costs, and a steady improvement in cashflows. These factors underscore the effectiveness of AMP’s focus on delivering competitive wealth management solutions and enhancing operational efficiencies.
The North platform continues to attract advisers with its innovative retirement products and managed portfolios. This uptake has bolstered inflows and reflects AMP’s ability to align its offerings with market demands.
Digital Transformation and Strategic Progress
AMP has made significant strides in digital innovation, introducing digital advice as part of its service offerings. This initiative forms part of the company’s broader strategic focus to modernize its operations and improve customer engagement. Despite these advancements, the banking division reported a 22.6% decline in underlying profit, amounting to $72 million for FY24, compared to $93 million in FY23. This decline was attributed to volume and margin management as the company continues to develop its new digital bank.
New Zealand Wealth Management
The New Zealand Wealth Management division recorded a commendable 8.8% increase in underlying NPAT, rising to $37 million from $34 million in FY23. This growth highlights AMP’s ongoing efforts to strengthen its presence in the New Zealand market.
Capital Management and Cost Efficiency
AMP successfully delivered its $1.1 billion capital return program during FY24. The company also achieved its cost targets, signaling robust operational efficiency.
Leadership Perspective
Chief Executive Alexis George described FY24 as a year of strategic achievements, emphasizing the company’s focus on sustaining growth and driving momentum. The wealth businesses have remained competitive in their respective markets, leveraging strong investment returns and delivering innovative solutions, including digital advice.
The company’s superannuation offerings, backed by top-quartile investment returns, have contributed to improved cashflows and enhanced its value proposition for members.
Strategic Outlook
AMP’s strong financial performance in FY24 reflects its commitment to innovation, operational efficiency, and market competitiveness. As the company continues to expand its digital capabilities and refine its offerings, it aims to sustain growth and deliver value to stakeholders.
