(1).jpg)
AMP New Zealand has announced its financial results for 2018.
AMP New Zealand’s wealth-management business reported operating earnings of $57 million. This is broadly unchanged from FY17, primarily supported by earnings growth in advice and positive net cashflows.
“Despite challenging market conditions, we continued to deliver on our commitment to provide high-quality advice and services to support our customers through the country’s most extensive and diverse network of financial advisers,” AMP NZ managing director Blair Vernon said.
AMP NZ said it paid customers $233 million in claims in FY18. This includes $107 million in life insurance, $25 million in trauma and $29 million in income protection claims. Additionally, it paid customers $72 million in general insurance claims.
Other key highlights for the firm include experience losses of $13 million, which were due to a one-off reinsurance capital loss and adverse lump-sum claims in FY18; lapse performance of 11.9%; and a total annual premium income (API) of $343 million.
“In 2019, we will continue to prioritise the separation of AMP’s life insurance and mature business to Resolution Life,” Vernon added. “The separation will create an opportunity to establish and grow wealth management as a standalone business.”
