AMP surges with strong Q1 cashflow growth
AMP (ASX:AMP) has reported a robust start to the 2026 financial year, underpinned by a 45% growth in platforms net cashflows, which reached $1.1 billion.
The performance, highlighted in the company's first-quarter business update, suggests a pivot towards organic growth within its wealth management divisions.
CEO Blair Vernon attributed much of this momentum to deepened adviser relationships and the rollout of the North Interactive Wealth Portal, which has garnered industry accolades for its retirement and adviser propositions.
The group also saw a marked improvement in its superannuation & investments segment, where net cash outflows narrowed by 26% to $80 million.
Management cited the launch of a new digital solution for small and medium-sized employers as a key driver for member retention.
AMP’s strategic partnership in China continues to yield results, with the China Life Pension seeing assets under management rise to approximately $515 billion.
On the banking front, AMP Bank GO deposits grew by $632 million during the quarter, bolstered by a popular Qantas Frequent Flyer partnership.
Consequently, the bank has upgraded its full-year deposit guidance to exceed $1.5 billion.
While Vernon acknowledged that cost-of-living pressures and market volatility have impacted total AUM—currently sitting at $155.9 billion—the firm remains committed to its capital management strategy, officially commencing a $150 million on-market share buyback to deliver value to its shareholders.
