In the second quarter of 2025 (2Q25), the segment recorded $33 million in net cash flows (excluding pension payments), improving on the $99 million in net outflows seen in the same period last year.
The shift reflects the impact of member retention initiatives and new offerings such as AMP Lifetime Super, which was recently rolled out to approximately 140,000 Choice members.
Assets under management (AUM) in the segment grew to $58.5 billion, up from $55.8 billion in the first quarter, supported by positive flows and market movements.
“This reflects our continued efforts to build a compelling member proposition which is delivering outstanding investment returns, service and education,” AMP CEO Alexis George said. “We will continue our focus on member retention, to drive towards a sustainable positive cash flow position.”
The growth over 2Q25 comes off the back of a strong 2024–25 financial year for AMP, which reported returns of 12.8 per cent, 12.9 per cent, and 12.7 per cent for its MySuper 1990s, 1980s and 1970s options, respectively.
According to AMP, this performance highlighted the fund’s exposure to rebounding equity markets along with a timely rotation out of US stocks earlier in the year.
Additionally, AMP has outlined plans for further investment in digital engagement, including the rollout of its digital advice offering.
AMP’s Platforms business also delivered positive growth, with net cash flows up 63.2 per cent to $1.565 billion, compared to $959 million in the second quarter of 2024 with AUM increasing 5.6 per cent over the quarter to $83.2 billion.
Meanwhile, AMP's Managed Portfolio offering continues to expand, reaching $21.8 billion AUM, while AUM for AMP’s MyNorth Lifetime retirement solution continued growth to $465 million.
“Our Platforms business has delivered another standout performance,” George said, attributing the growth to adviser and client demand, and innovations such as the AI File Note tool and North’s Lifetime retirement solution.
In New Zealand, Wealth Management recorded net cash flows of $40 million, up from $11 million in the prior corresponding period with AUM reaching $12.2 billion, supported by strong inflows into the New Zealand Retirement Trust and the recent launch of a Term Deposit product in June 2024.
For mortgages, AMP Bank reported a total loan book of $23.5 billion, up slightly from $23.3 billion in the first quarter, however, deposits were $20.5 billion, a modest decline from $20.7 billion.
The bank confirmed that it continues to manage volumes prudently to preserve margins, with credit quality holding firm reporting loans more than 90 days in arrears at 0.88 per cent.
According to AMP, the early response to its new digital bank, AMP Bank GO, has been positive, with features such as a small business overdraft now available. Additional offerings, including savings accounts and term deposits, are planned for the second half of the year.
“Against the backdrop of this positive momentum, investment markets remain volatile, and we continue to see sustained competitive pressure, as well as accelerating pace of change, driven by AI,” George said.
“In this environment, we remain focused on the ongoing execution of our strategy.”
