AMP Reports 45% Surge in Platforms Cashflows, Launches $150M Buyback

Platforms Cashflows Power Ahead Amid Adviser Engagement

AMP Limited (ASX:AMP) has kicked off 2026 with a robust 45% increase in Platforms net cashflows, reaching $1.1 billion for the quarter compared to $740 million a year earlier. This surge reflects the benefits of new adviser relationships forged over the past two years and the rollout of the North Interactive Wealth Portal, a digital upgrade praised for its holistic retirement and wealth tracking features. The platform's Managed Portfolios also saw inflows push AUM to $25.4 billion, despite some market headwinds.

This growth momentum builds on the company’s FY25 performance, where Platforms cashflows surged 85.2% to $5.1 billion, as detailed in AMP’s recent strong FY25 cashflow growth. The digital enhancements and adviser-centric initiatives appear to be translating into tangible client engagement and asset inflows.

Superannuation & Investments Show Signs of Stabilisation

Superannuation & Investments net cash outflows improved by 26% to $80 million, down from $108 million in the prior corresponding period. While pension payments remained steady at $87 million, the business benefited from new small and medium business super solutions integrated with payroll platforms like Employment Hero and MYOB. AMP’s digital financial advice tools have also seen nearly 40,000 member journeys, supporting member retention and acquisition amid cost of living pressures.

However, AUM in this segment declined to $58.8 billion from $60.7 billion, reflecting negative market movements. The cautious but improving cashflow trends suggest AMP is making headway in addressing outflows, but the broader economic environment remains a challenge.

Bank Deposits Soar While Loan Book Holds Steady

AMP Bank’s GO deposits rocketed to $942 million, up $632 million from the previous quarter, boosted by a Qantas Frequent Flyer promotion and competitive savings rates. With nearly 25,000 customers, three-quarters of whom are new, the bank expects GO deposits to surpass $1.5 billion in FY26, subject to market conditions. Meanwhile, the total loan book remained steady at $24.1 billion as AMP prioritises higher-margin niche lending and capital relief transactions to optimise returns.

This deposit growth and strategic balance sheet management highlight AMP Bank’s efforts to diversify funding sources and improve capital efficiency, a key theme given the ongoing challenges in the banking sector.

China and New Zealand Ventures Reflect Mixed Fortunes

AMP’s China partnership with China Life Pension Company continues to thrive, with AUM climbing 17% in FY25 to approximately RMB 2.4 trillion (~A$515 billion), supported by demographic tailwinds and expanding pension markets. Conversely, New Zealand Wealth Management posted net cashflows of $41 million, down from $57 million a year ago, amid market uncertainty and FX headwinds that reduced AUM to $11.5 billion.

The contrasting regional performances underscore AMP’s diversified footprint but also the sensitivity of wealth management flows to local economic conditions.

Capital Return Signals Confidence

AMP has now commenced its previously announced $150 million on-market share buyback, reinforcing a commitment to return surplus capital to shareholders. This move ties directly to the company’s improved cashflow profile and strategic focus on organic growth, as outlined in the March announcement $150M on-market buyback. CEO Blair Vernon emphasised that the buyback reflects confidence in the business’s momentum despite ongoing market pressures.

While AMP maintains its FY26 guidance subject to market conditions, the company’s operational initiatives and capital management approach position it to navigate a complex environment where client sentiment and investment markets remain volatile.