By Digifin Pty Ltd · About this coverage
About AMP (ASX:AMP)
AMP Limited is an ASX-listed wealth management and banking company headquartered in Sydney. It provides superannuation, retirement and investment products through its North platform and AMP Super, offers residential mortgages and deposits through AMP Bank, and runs a wealth management business in New Zealand. It also holds minority interests in two Chinese joint ventures, China Life Pension Company and China Life AMP Asset Management.
AMP (ASX:AMP) reported 1H 26 underlying net profit after tax of $174 million, up 33%, and statutory net profit after tax of $154 million, up 57%. Assets under management increased to $167.6 billion. In Platforms, underlying NPAT rose 15.1% to $61 million and net cashflows excluding pension payments rose 33.4% to $3.1 billion, with closing assets under management of $92.7 billion, an AUM based revenue margin of 41 basis points that was steady on 2H 25 and down from 43 basis points in 1H 25, and an EBIT margin of 42% against 39% for FY 25. Superannuation & Investments reported underlying NPAT up 18.5% to $32 million and positive net cashflows excluding pension payments of $76 million, which AMP said was its first positive half since 2017, from net outflows of $75 million in 1H 25. New Zealand Wealth Management delivered underlying NPAT of $18 million against $19 million, with net cashflows excluding pension payments up 19.6% to $116 million.
Partnerships and Group underlying NPAT was $43 million against $2 million in 1H 25, with the contribution from AMP's China partnerships up 107.4% to $56 million and the combined carrying value of the two joint ventures up 12.3% to $705 million. AMP Bank underlying NPAT was $20 million against $30 million, which AMP attributed to the investment to accelerate the transition to AMP Bank GO; AMP Bank GO deposits reached $1.7 billion and approximately 34,500 customers, the residential mortgage book was reduced to $23.6 billion and net interest margin declined to 1.25% from 1.30%. AMP said its capital release strategy from AMP Bank generated a surplus capital position of $89 million above target at the end of the half. Across the group, AMP generated $236 million of surplus capital in 1H 26 and returned $201 million to shareholders through dividends and buyback. The Board declared an interim dividend of 3.0 cents per share, 20% franked, and announced a further $150 million on-market share buyback to commence following the required regulatory waiting period.
Source: AMP Limited (ASX:AMP), 6 August 2026. Summary content supplied by Digifin Pty Ltd.
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