AMP Financial Services New Zealand (AMP New Zealand) has reported operating earnings of $135 million for the year ending in December 2017, an increase of 1% from the previous financial year. Its assets under management increased 10% to $17.3 billion reflecting positive market performance and net cash flows.
“In 2017, we delivered on our commitment to help New Zealanders achieve better outcomes by providing high-quality advice, products and services through the country’s most extensive and diverse network of financial advisers,” AMP New Zealand managing director Blair Vernon said.
According to AMP, it provided 600,000 customers with $225 million in claims payments.
“In 2017, AMP New Zealand supported hundreds of families in their time of need by paying $104 million in life insurance and $24 million in trauma claims,” Vernon noted. “AMP also helped 106 New Zealanders who were unable to return to work because of an illness or injury by paying out $28 million in income protection claims.”
The firm’s general insurance profit share increased 5% on the previous year to $11 million. In the current reporting year, AMP New Zealand customers were paid $69 million in general insurance claims.
It also reported experience gains of $11 million, maintained lapse rates of 11.3%, and enjoyed an increase in annual premium income (API) of $4 million from FY16 to $343 million.
The results come on the back of AMP’s launch of its new general insurance digital platform and AMP Everyday suite of digital products, enabling its customers to research, quote and purchase cover online. It has also launched AMP Essentials, New Zealand’s first combined life, trauma and temporary disablement insurance product, linked with the AMP KiwiSaver Scheme, to enable more Kiwis to access insurance.
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