Overall net profit for the group, which has operations in cities such as London, Luxembourg, Bahrain and Hong Kong, was A$507m (£236.5m, $370m, €331m) for the half year, up from the A$382m in the same period of 2014.
AMP said its domestic wealth management division that has a netowrk of over 3,700 advisers saw net cashflows of A$1.2bn in the first half of 2015, up marginally on net cash flows of A$1.1bn in same period of 2014.
Total cashflows on its platforms continue to perform strongly, growing 11% to A$1.9bn in the six month period.
On its North platform, the company said assets under management had grown 16% to A$18.6bn and customer numbers rose 14% to over 87,000, although its cash flows fell 4% to $2.3 bn. AMP said this was due to more pension customers drawing down an income stream.
Wealth protection, which includes the group’s life insurance business, saw operating earnings rise 9% to A$99m.
Advice upgrade
The wealth manager said it was looking to improve the quality of the advice it offers to customers and was testing a new approach to delivering advice which had seen encouraging results from consumers
“AMP continues to invest in service, platforms and digital capability to improve adviser quality and productivity,” it said in a statement.
The firm’s AMP Capital unit, which holds the stake in the Chinese venture, recorded net cashflows of A$3bn, an increase of A$1.4bn on the year ago period as a result of the fund flows from the China Life AMP Asset Management venture as well as institutional and retail domestic client flows.
“This is a very good result with contemporary businesses continuing to deliver growth,” said chief executive Craig Meller.
“Together with the improvements across our Australian businesses, it is also particularly encouraging to see strong progress from our partnership in China,” he said.
AMP Capital owns a 15% stake in China Life AMP Asset Management Co in a joint venture with China Life Insurance Co., the country’s largest insurer.
