20.8% growth in underlying NPAT, supported by strong North cashflows
– Underlying Net Profit After Tax (NPAT)1 up 20.8% to $285 million (FY 24: $236 million)
- Platforms underlying NPAT up 9.3% to $106 million (FY 24: $97 million)2; strong net cashflow growth
- Superannuation & Investments underlying NPAT up 14.8% to $62 million (FY 24: $54 million)2; continued improvement in cashflows
- AMP Bank underlying NPAT reduced by 9.8% to $55 million (FY 24: $61 million)2 reflecting the costs of scaling AMP Bank GO
- New Zealand Wealth Management underlying NPAT up 5.4% to $39 million (FY 24: $37 million); cashflow in contemporary products continues to diversify and grow
- Group underlying NPAT improved to $23 million (FY 24: $13 million loss)2 driven by China partnerships contribution up 53.2%
– Statutory NPAT of $133 million (FY 24: $150 million), reflecting settlement of legacy legal matters and business simplification
– Total AUM up 9% to $161.7 billion (FY 24: $148.4 billion) driven by a combination of positive cashflow momentum and positive market movements
– Controllable costs of $603 million, reduced by 6.9% and in line with FY 25 commitment
– Underlying EPS up 25.6% to 11.3 cents per share reflecting improved earnings and completion of buyback
– Final FY 25 dividend of 2.0 cents per share, 20% franked, declared today, bringing total FY 25 dividend to 4.0 cents per share, in line with guidance.
AMP Chief Executive Alexis George said:
“2025 was an important year for AMP with resolution of legacy items and stabilisation of the portfolio. This enabled renewed focus on winning in the segments we play, growing the wealth businesses, and building on the vision to be the place that customers come to plan for a dignified retirement.
“Our North platform has new, compelling functionality that is resonating with advisers, and that is reflected in our positive momentum in net cash flows. We have reinvigorated the Superannuation & Investments business, with innovative offers including digital advice, and the market leading AMP Rewards and AMP Lifetime Super, which are helping to drive retention and member growth. Following the successful launch of AMP Bank GO in February, we are scaling this business to drive deposits to help diversify our funding mix.
“Our New Zealand business continues to contribute steadily, despite challenging economic conditions. Our China partnership is delivering growth, benefitting from the momentum in China’s pension market.
“Importantly, we have successfully resolved two legacy class actions this year, reset our cost base and embedded cost discipline throughout the organisation. Pleasingly, AMP’s reputation (as recorded by Reptrak) is now at its highest levels since reporting began in 2008.
“There are considerable tailwinds in the wealth and retirement sector. We have a clear strategic focus and a strong balance sheet. This means we are well positioned to continue to drive organic growth, while also having the capacity to participate in inorganic opportunities when they arise. We will consider these only where there is a compelling case to build our scale or accelerate development of our capabilities.
“It has been an incredible privilege to lead AMP for nearly five years as CEO, and I am proud of what we have achieved during that time. We have repositioned and simplified the business; returned $1.1 billion of capital to shareholders as well as recommencing dividend payments; resolved several
legacy legal matters and established strong foundations for the businesses to grow into the future.
“I am pleased that the Board’s strong succession planning has ensured a smooth transition, with our CFO Blair Vernon taking on the role of CEO when I step down at the end of March. With a proud heritage of helping people retire with confidence, innovative products and solutions and a strong balance sheet, AMP is positioned to lead in wealth and retirement under Blair’s leadership.”
Business unit results
Platforms
Underlying NPAT increased 9.3% to $106 million (FY 24: $97 million), reflecting good momentum in net cashflows, as well as positive market movements.
Net cashflows (excluding pension payments) were up 85.2% to $5.1 billion for the year. This was a result of the continued growth in Managed Portfolios to $25.2 billion, as well as new adviser activations and ongoing growth from existing advisers. During the year North signed 65 new distribution agreements with AFSLs and activated 122 net new advisers on North with AUM over >$1
million3. North’s market leading retirement solutions, including MyNorth Lifetime and North Guarantees, continue to provide a differentiator for advisers.
AUM based revenue margin of 42bps (FY 24: 45bps) reflects the interaction of AUM growth and tiered fee structures, as well as the growth in Managed Portfolios.
Superannuation & Investments
Underlying NPAT increased 14.8% to $62 million (FY 24: $54 million), reflecting higher AUM based revenue in FY 25, partially offset by a one-off positive impact of investment income in the prior year.
Net cash outflows (excluding pension payments) improved by 47.4% to $542 million, as a result of resilient inflows and improved member retention. AMP is continuing to progress to sustainable net cash inflows in S&I, supported by a strong member offer that is driving retention and growth, which includes intuitive digital advice and the market leading AMP Super Lifetime and AMP Rewards. AMP also delivered strong investment returns, with the majority of MySuper members receiving top quartile returns for 20254 (10.8% for AMP’s MySuper 1970s option).
AUM based revenue margin of 62bps in FY 25 (FY 24: 63bps) reflects the impact on margin of AUM growth and fee caps offset by lower investment management expenses. Continued cost discipline led to a 3.2% reduction in controllable costs.
AMP Bank
The total AMP Bank underlying NPAT of $55 million (FY 24: $61 million), was a combination of the positive performance of AMP Bank’s existing business offset by the scaling of AMP Bank GO during FY25.
For AMP Bank (excluding GO), underlying NPAT increased 6.6% to $65 million (FY 24: $61 million), with a focus on growing target segments in the mortgage portfolio. Continued discipline resulted in AMP Bank controllable costs (excluding GO) of $132 million (FY 24: $133 million). Net interest margin (NIM)
improved to 1.27 (FY 24: 1.26) and return on capital increased to 5.7% (FY 24: 5.2%) due to a strong focus on capital efficiency and margin management.
AMP Bank GO’s underlying NPAT loss of $10 million reflects the planned go-to-market launch and run costs, as the business scales in FY 25 and beyond, supported by further marketing and partnership initiatives in 2026.
Since its launch in February 2025 with a single product, AMP Bank GO has rolled out a suite of additional features and functionality including savings accounts, term deposits, joint accounts and overdrafts, and has grown to $310 million in deposits and 15,665 customers 3. AMP Bank GO has a customer satisfaction score of more than eight out of 10, and continues to build traction with personal customers and mini businesses (sole traders and small business).
New Zealand Wealth Management
Underlying NPAT was $39 million (FY 24: $37 million). AUM based revenue was up 3.3% to $94 million (FY 24: $91 million), supported by strong investment returns, and revenue diversification was maintained with 30% of revenue from non-AUM business lines.
Controllable costs of $35 million (FY 24: $34 million) reflect strong management of increased inflationary pressures, and investment in the FY 26 growth strategy.
Net cashflows (excluding pension payments) increased 46.0% to $219 million (FY 24: $150 million), with cashflows from contemporary products up 41%, as the business shifts its strategic focus to supporting customers approaching retirement.
Group
At the corporate centre, Group underlying NPAT was $23 million (FY 24: $13 million loss). Contribution from AMP’s China partnerships rose 53.2% to $72 million (FY 24: $47 million), primarily driven by continued growth in CLPC. Other partnership earnings of $19 million were lower when compared to
the prior period (FY 24: $32 million) which had been boosted by a normalising of US property values.
As announced in January 2026, AMP has reviewed how costs are allocated across its business units and corporate centre (Group). This follows a period of transformation and an extensive cost reduction program. Group controllable costs were $70 million (FY 24: $109 million), with delivery of cost out offsetting inflationary pressures.
Dividend
The Board has resolved to declare a final FY 25 dividend of 2.0 cents per share, 20% franked, in line with guidance. This brings the total FY 25 dividend to 4.0 cents per share, 20% franked.
Briefing
More detailed information on the FY 25 result is available in the FY 25 Presentation and AMP Data Pack, available at AMP's shareholder centre. An analyst briefing, starting at 11.30am, can be viewed (listen only) via webcast at: AMP FY 25 Results briefing
All amounts are in Australian dollars (A$) unless otherwise stated. Growth is the percentage increase on prior corresponding period. Authorised for release by the AMP Limited Board.
1. Net profit after tax (underlying) represents shareholder attributable net profit or loss after tax excluding non-recurring revenue and expenses. NPAT (underlying) is AMP’s preferred measure of profitability as it best reflects the underlying performance of AMP’s business units.
2. FY 24 has been restated to reflect updated cost allocation methodology.
3. Net figure excludes advisers exiting the industry
4. SuperRatings, Fund Crediting Rate Survey, December 2025