ASX Release - AMP Limited 1Q 26 cashflows and business update   

AMP Limited provides 1Q 26 cashflows and business update      

45% growth in Platforms net cashflows; continued improvement in S&I net cash outflows 

Platforms net cashflows¹ increased to $1.1 billion, up 45% (1Q 25: $740 million) 

Superannuation & Investments net cash outflows¹ of $80 million, an improvement of 26% (1Q 25: net cash outflows of $108 million)  

New Zealand Wealth Management net cashflows¹ were $41 million (1Q 25: $57 million)

China Life Pension Company (CLPC) AUM up 17% for FY 25 to approximately RMB 2.4trillion (~A$515 billion)²

AMP Bank GO deposits of $942 million, up $632 million on 4Q 25

$150 million on-market share buyback now commencing  

Total AUM of $155.9 billion across the wealth businesses reflected investment market movements, while AMP Bank total loan book remained steady at $24.1 billion 

FY 26 AMP Bank GO deposits are now expected to exceed $1.5 billion, while all other guidance remains unchanged and is subject to market conditions 

AMP Chief Executive Blair Vernon said: 

“Accelerating organic growth in our wealth businesses is one of my top priorities. The continued improvement in cashflows across Platforms and Superannuation & Investments demonstrates the momentum that we have.  

“In Platforms, we are seeing the benefit of the new adviser relationships we have built over the past 12 to 24 months, with another strong quarter for cashflows. We have delivered another market leading feature with our new North Interactive Wealth Portal, which is already receiving positive feedback from advisers. It follows the latest NMG Adviser Study, rating North the number one Platform across a number of key categories, including Adviser proposition and Retirement. We will continue to build on this by connecting with more new advisers, and deepening our strong existing adviser relationships.   

“In Superannuation & Investments, we launched a new small and medium business employer super solution, designed to support employers and their employees, making it easier to connect AMP Super directly into the HR and payroll platforms they are already using. This is another initiative to help address member retention and acquisition, supporting a continued improvement in outflows. In our New Zealand business, cashflows were reflective of the current market uncertainty, however we see a growing opportunity to target the retirement segment there, leveraging our retirement expertise and experience from Australia. In China, AUM saw continued strong growth, supported by favourable demographics and a compelling market opportunity. 

“While AUM in our wealth businesses has been impacted by recent market movements, and cost of living pressures are weighing on client sentiment, the fundamental tailwinds in the sector remain strong. 

“AMP Bank GO continues to scale, with strong deposit growth in the period, driven by the Qantas Frequent Flyer offer on transaction accounts, and competitive GO Save rates. We are focused on achieving an appropriate mix of transaction and savings accounts, as part of our strategy to diversify our bank funding. We continue to manage margins in AMP Bank, with the loan book steady at $24.1 billion. As I have outlined, in the shorter-term we are looking at opportunities for capital relief transactions, targeted at reducing the amount of capital that the bank consumes, and we will continue pursuing this through the first half of 2026 as markets allow.   

“I’m pleased that our $150 million share buyback is now commencing, demonstrating our commitment to returning surplus capital to our shareholders.”

Business unit results 

Platforms

Net cashflows (excluding pension payments) were $1.1 billion for the quarter, up 45% (1Q 25:$740 million). Pension payments were $573 million (1Q 25: $507 million). Platforms AUM was $85.5billion (4Q 25: $88.7 billion), impacted by market movements.  

In early March 2026, AMP launched the North Interactive Wealth Portal, a significant evolution of the North platform, providing advisers with a holistic view of their clients’ retirement projections, goal tracking, and whole-of-wealth capabilities.  

Managed Portfolios continued to see strong inflows from a broad range of advisers, with AUM increasing to $25.4 billion (4Q 25: $25.2 billion), with the impact of market movements during the quarter partly offsetting new inflows. A total of 119 portfolios were added to the platform across 2025, bringing the total to 597 portfolios on North, built on the foundations of best practice investment governance.  

AUM in MyNorth Lifetime, AMP’s first-to-market retirement solution, grew to $876 million (4Q 25:$764 million), with $1.1 billion in total held on North by Lifetime clients.  

Superannuation & Investments 

Superannuation & Investments net cash outflows (excluding pension payments) improved to $80million, a notable reduction from $108 million in 1Q 25. Pension payments remained steady at $87 million (1Q 25: $87 million).  

AUM was $58.8 billion (4Q 25: $60.7 billion), reflecting negative market movements. 

The continued improvement in cashflows is driven by the ongoing focus on retention and newmember acquisition supported by a strong member proposition. AMP Super’s digital financial advice tools are helping members navigate the complex retirement system in Australia, with nearly 40,000 member journeys completed since launch.  

During the period, AMP also launched a new small and medium business (SMB) employer super solution, designed to support SMB employers and their employees, making it easier to connect AMP Super directly into the HR and payroll platforms they are already using. The offering is underpinned by new and expanded partnerships with Employment Hero, MYOB and SuperAPI.  

New Zealand Wealth Management  

Net cashflows (excluding pension payments) were $41 million (1Q 25: $57 million), driven by some term deposit outflows and current market uncertainty.  

Pension payments² were $50 million (1Q 25: $40 million), as a result of the current economic uncertainty. AUM was $11.5 billion (4Q 25: $12.3 billion), primarily driven by FX rate movements during the period. 

China wealth partnerships  

AMP’s partnerships in China continue to deliver strong growth, with AUM in China Life Pension Company (CLPC) up 17% in FY 25 to approximately RMB 2.4 trillion (~A$515 billion), an increaseof approximately RMB 350 billion (~A$76 billion) from the prior year. The Chinese pension market remains compelling, with Pillars 1 and 2 continuing to see strong growth, and ongoing opportunity with the expected uptake in Pillar 3.   

AMP Bank 

AMP Bank GO deposits performed strongly during the quarter, growing to $942 million (up $632million from 4Q 25), with 23% in transaction accounts and nearly 25,000 customers – ~75% of whom are new to Bank. This strong result has been driven by the Qantas Frequent Flyer offer on transaction accounts, and competitive GO Save rates, as well as the transition of existing customers to the new, contemporary offer. The focus for 2Q onwards will be to continue to grow customers, balances, and optimise the mix of transaction and savings accounts. Given the growth to date, FY 26 AMP Bank GO deposits are now expected to exceed $1.5 billion, subject to market conditions.  

AMP Bank continues to prioritise margin management. The total loan book was steady at $24.1billion, as we continue to seek to write higher margin loans in niche segments to replace existing loans rolling off. Total deposits were $19.3 billion (4Q 25: $19.6 billion). We are focused on optimising the Bank balance sheet through capital relief transactions, as the market conditions allow, to reduce the capital deployed in AMP Bank given the constraints on returns in this market.