AMP has reported positive net cashflows for its superannuation and investment businesses for the first time in eight years.
The financial services group said the business had positive net cashflows of A$33 million (US$21.5 billion) in the three months to 30 June, the first such flows since the second quarter of the 2017 financial year when they were $99 million.
Chief Executive Alexis George said this was a significant milestone.
“This reflects our continued efforts to build a compelling member proposition [that] is delivering outstanding investment returns, service and education,” George said in an ASX announcement.
AMP said platforms net cashflows increased 63.2% to $1.565 million (2Q 24: $959 million) as platforms assets under management (AUM) rose 5.6% to $83.2 billion, mostly due to investment market movements.
Superannuation & Investments AUM rose 4.8% to $58.5 billion, driven by investment markets and resilient inflows.
George said the Platforms business delivered another standout performance with net cashflows up more than 60% as a result of the strength of its platform and ongoing innovation.
“We will continue our focus on member retention, to drive towards a sustainable positive cashflow position,” she said.
Investment markets remained volatile and AMP continued to see sustained competitive pressure and an accelerating pace of change, driven by artificial intelligence.
“In this environment, we remain focused on the ongoing execution of our strategy,” George said.
At the time of writing AMP (ASX: AMP) shares were trading up 14 cents (8.93%) at $1.67, the highest level since February and capitalising the company at $4.2 billion.
