AMP Limited unveiled robust full-year 2025 results in February 2026, showcasing a twenty percent surge in underlying net profit after tax to $285 million, fueled by a revitalized superannuation and investments arm. Total assets under management climbed nine percent to $161.7 billion, signaling a strong rebound for the wealth giant after years of challenges.
FY25 Financial Headlines
AMP’s underlying net profit after tax jumped 20.8 percent from $236 million in FY24, marking a pivotal recovery. Platforms led with nine percent growth to $106 million underlying NPAT, while superannuation and investments rose 14.8 percent to $62 million. Statutory NPAT dipped to $133 million due to legacy legal settlements, but underlying earnings painted a brighter picture.
Assets under management swelled nine percent, blending market gains and net inflows. Controllable costs fell 6.9 percent to $603 million, beating targets through efficiency drives. Underlying earnings per share climbed 25.6 percent to 11.3 cents, bolstering shareholder returns.
A final dividend of 2.0 cents per share, twenty percent franked, brought the full-year payout to 4.0 cents, aligning with guidance. Buyback completion enhanced EPS, underscoring capital discipline.
Superannuation Surge Takes Center Stage
The superannuation and investments segment stole the show, reversing long outflows with improved metrics. Net cash outflows excluding pensions shrank 47.4 percent to $542 million, thanks to resilient inflows and retention boosts. This built on quarterly positives, the first since 2017, driven by innovative products.
AMP Lifetime Super and digital advice tools propelled member growth, offering intuitive retirement planning. AMP Rewards, leveraging cashback, became a market leader, enhancing balances. MySuper options delivered top-quartile returns—10.8 percent for 1970s cohort—outpacing peers and aiding retention.
Assets under management hit $60.5 billion, up amid strong markets. Revenue margins held at 62 basis points, offset by fee caps but lifted by lower expenses. Costs dropped 3.2 percent through discipline, positioning the business for sustainable inflows.
Platforms Powerhouse Delivers
North platform shone, with net cashflows excluding pensions soaring 85.2 percent to $1.2 billion quarterly equivalents. Assets reached $86.9 billion, fueled by adviser adoption of new features. Underlying NPAT grew steadily, reflecting cashflow momentum and market tailwinds.
AMP targeted advisers with compelling tools, resonating in a consolidating sector. Pension payments stabilized at $583 million, balancing growth.
Advice, Banking, and New Zealand Momentum
Advice Australia stabilized post-legacy resolutions, focusing on hybrid models blending human and digital. New Zealand wealth saw $40 million net inflows, boosted by retirement products and term deposits.
AMP Bank launched GO in February 2025, posting a planned $10 million loss as it scaled deposits for funding diversity. Loans grew to $23.5 billion, with controllable costs managed amid inflation.
Ruthless Cost Discipline Pays Off
AMP slashed controllable costs across lines, exceeding FY25 goals. Super saw 3.2 percent reductions, platforms similar trims. Balance sheet strength—capital ratio 1.27, return on capital 5.7 percent—enabled growth investments without dilution.
Simplification shed non-core assets, sharpening focus on wealth cores.
Innovations Fueling Member Loyalty
Strategic bets matured. Digital advice journeys simplified planning, exclusive to members. AMP Super pioneered cashback rewards via Citro, boosting balances uniquely. Crypto explorations, like bitcoin futures since 2024, diversified options cautiously.
Lifetime Super targeted retirement income, shifting from outflows to growth. These resonated, with quarterly inflows marking milestones.
Competitive Landscape and Market Tailwinds
AMP navigated a consolidating super market, where giants dominate. Positive markets—equities rallying—lifted AUM universally. Regulatory pressures on fees and performance favored innovators like AMP.
Peers reported solid years, but AMP’s retention edge and platform flows stood out. Adviser shifts to wraps benefited North.
Key Metrics Table
| Segment | Underlying NPAT (FY25) | Growth % | AUM ($b) | Net Cashflows (ex-pensions) |
|---|---|---|---|---|
| Platforms | $106m | 9.3 | 86.9 | Up 85.2% yoy |
| Super & Investments | $62m | 14.8 | 60.5 | Outflows down 47.4% |
| Advice Australia | Stabilized | – | – | Positive momentum |
| AMP Bank | -$10m (planned) | – | Loans 23.5 | Deposits scaling |
| NZ Wealth | Strong inflows | – | – | $40m net |
| Total Company | $285m | 20.8 | 161.7 | Organic growth |
This snapshot illustrates balanced contributions, with super’s surge complementing platforms.
CEO Alexis George’s Vision
Chief Executive Alexis George hailed FY25 as transformative. “Resolution of legacies stabilized us, refocusing on dignified retirements,” she said. Emphasis on organic growth, member-centric innovations, and inorganic opportunities positions AMP strongly.
George spotlighted super’s turnaround: “Positive flows since 2017 via Lifetime Super and Rewards.” Platform momentum and bank scaling promise diversification.
Investor and Retiree Implications
Shareholders welcomed the profit beat and dividend, though statutory dip tempered gains. Analysts eye FY26 guidance for continued inflows and cost wins. Retirees benefit from competitive returns and tools, amid super’s $3.9 trillion pool.
Risks linger—market volatility, regulation—but momentum builds. AMP’s pivot from scandal-plagued past to growth story inspires confidence.
Charting AMP’s Next Chapter
AMP’s 2026 profit announcement caps a redemption arc, with superannuation’s surge anchoring revival. Disciplined execution, smart products, and market savvy propelled gains. As Australia ages, AMP’s retirement focus aligns perfectly.
Future hinges on sustaining flows, scaling bank, and innovating amid competition. For investors, it’s a compelling turnaround; for members, a brighter tomorrow. AMP proves resilience pays, setting sights on sustained leadership in wealth management.
Nirti Singh is a news writer and digital content contributor at KorakoSpecklePark, covering key stories and regional developments across New Zealand and Australia. Her work focuses on clear, fact-based reporting, ensuring readers receive accurate and timely information.