AMP cashflows fall to $103m
October 22, 2009
AMP Limited (AMP) said total cashflows dropped from $414 million in the third quarter of 2008 to $103 million for the recent September quarter. The insurer said it benefited from a significant corporate superannuation mandate win in 2008 and without it net cashflows have almost doubled from $52 million.
AMP Financial Services managing director, Craig Meller, said the company was yet to see an improvement in discretionary superannuation contributions.
”Employer contributions into corporate superannuation remained stable, highlighting the strength of this business,” Mr Meller said.
The company said overall persistency for AMP Financial Services improved to 90.2%, compared to 89.3% in the previous corresponding period.
AMP said retail superannuation and allocated pensions net cashflows were down 55% on the corresponding period due to the impact by both lower cash inflows and lower outflows.
The company said Assets under management at its Financial Services Contemporary Wealth Management division slid 6% from $50.3 billion a year ago to $47.4 billion.
As at 30 September 2009, AMP said it was strongly capitalised with almost $1.42 billion in excess capital above minimum regulatory requirements, compared to shy of $1.13 billion as at 30 June 2009.
As at 1121 AEST, AMP shares were up 1c to $6.47.
AMP Financial Services managing director, Craig Meller, said the company was yet to see an improvement in discretionary superannuation contributions.
”Employer contributions into corporate superannuation remained stable, highlighting the strength of this business,” Mr Meller said.
The company said overall persistency for AMP Financial Services improved to 90.2%, compared to 89.3% in the previous corresponding period.
AMP said retail superannuation and allocated pensions net cashflows were down 55% on the corresponding period due to the impact by both lower cash inflows and lower outflows.
The company said Assets under management at its Financial Services Contemporary Wealth Management division slid 6% from $50.3 billion a year ago to $47.4 billion.
As at 30 September 2009, AMP said it was strongly capitalised with almost $1.42 billion in excess capital above minimum regulatory requirements, compared to shy of $1.13 billion as at 30 June 2009.
As at 1121 AEST, AMP shares were up 1c to $6.47.
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