– Platforms net cashflows1 increased to $740 million (Q1 24: $201 million)
– Platforms Assets Under Management (AUM) was $78.8 billion (Q4 24: $79.8 billion), primarily reflecting investment market movements
– Superannuation & Investments net cash outflows1 continued improvement to outflows of $108 million (Q1 24: net cash outflows of $371 million)
– Superannuation & Investments AUM was $55.8 billion (Q4 24: $56.8 billion), driven by investment markets
– New Zealand Wealth Management net cashflows1 were $57 million (Q1 24: $25 million), and AUM was $11.6 billion (Q4 24: $11.8 billion)
– AMP Bank total loan book remained steady at $23.3 billion
– AMP Bank total deposits of $20.7 billion, up from $20.5 billion in Q4 24
AMP Chief Executive Alexis George said:
“We have seen the positive momentum in cashflows across our Platforms business continue with another strong quarter, which reflects our focus on making North a preferred platform for advisers. Significant volatility in investment markets impacted total AUM, however, we are not allowing ourselves to be distracted by the market instability and we remain focused on delivering for customers. We are continuing to introduce new features, functionality and support for North that helps advisers better service their clients – and we are seeing adviser numbers continue to grow. Last month we released an innovative AI assistant, designed to reduce manual admin to improve client relationships and adviser efficiency. Encouragingly, clients in our innovative MyNorth Lifetime product now hold $510 million on the platform.
“Cashflows for the Superannuation & Investments business continued to progress towards positive flows with another quarter of reduced outflows. This has been driven by our solid offer for AMP super through low fees, strong investment performance and a competitive insurance offer helping to drive retention. Our recently launched digital advice solution for AMP Super members is providing simple, intuitive retirement advice at no extra cost.
“We have had positive customer feedback and engagement since launching our new digital bank in February, which is designed to diversify our funding mix by capturing deposits from small business and personal customers. We continue to consciously manage the loan book in our mortgage business in order to prioritise margin, and NIM for the quarter remains steady.
“We continue to deliver on our vision, to be the place where people come to plan for the next phase of their lives, with innovative products and solutions that help Australians retire with confidence. We are doing this by supporting advisers, delivering value to our superannuation members, and executing on our new digital bank, all of which will drive AMP’s growth.”
Business unit results
Platforms
Net cashflows (excluding pension payments) were $740 million for the quarter, up 268% (Q1 24: $201 million). Pension payments were $507 million (Q1 24: $500 million).
We continue to expand the managed account menu, with three new managers announced in March 2025, providing advisers with further options and choice on-platform. MyNorth Lifetime continues to steadily gain interest from advisers, with the latest data from North demonstrating higher levels of retirement income and drawdown rates for clients with this solution.
Platforms AUM was impacted by negative market movements, and decreased by 1% to $78.8 billion (Q4 24: $79.8 billion).
Superannuation & Investments
Superannuation & Investments delivered another quarter of improvement, with net cash outflows (excluding pension payments) of $108 million, a significant reduction from $371 million in Q1 24. This is being supported by the ongoing focus on delivering a compelling proposition to members, including through the recently launched digital advice offer, which is driving improved retention and inflows.
Pension payments remained broadly steady at $87 million (Q1 24: $89 million).
AUM was $55.8 billion (Q4 24: $56.8 billion), reflecting the negative impact of investment markets.
New Zealand Wealth Management
Net cashflows were $57 million (Q1 24: $25 million). While KiwiSaver net cashflows reduced slightly from Q1 24, this was offset by an improvement in inflows in other superannuation products. Inflows also increased in AMP Managed Funds and Term Deposits.
Pension payments2were $40 million (Q1 24: $34 million), in line with recent quarters. AUM was $11.6 billion (Q4 24: $11.8 billion), driven by market movements.
AMP Bank
AMP Bank’s total loan book was steady at $23.3 billion, reflecting AMP’s strategy to prioritise margins and profitable growth in the current environment. Net Interest Margin remains steady, and credit quality remains strong, with 90+ days arrears remaining low at 0.77%. Total deposits were $20.7 billion (Q4 24: $20.5 billion).
The new small business and personal bank was successfully launched in February 2025, to help diversify revenue and funding mix. The new offer was launched with market- leading technology, including Australia’s first numberless debit cards for small business, and video identity verification for added security. Further details on the take-up of the new digital bank will be provided at AMP’s 1H 25 results in August.
1 Excluding pension payments
All amounts are in Australian dollars (A$) unless otherwise stated.
Authorised for release by the Market Disclosure Committee.