AMP 1H 2026 Profit Surges 57% on Wealth Growth and China Partnerships

AMP's Profit Growth Fueled by Wealth Business Momentum

AMP Limited (ASX:AMP) has delivered a stellar first half in 2026, with statutory net profit after tax (NPAT) soaring 57% to $154 million, while its preferred underlying NPAT measure climbed 33% to $174 million. This robust performance reflects growing momentum across AMP’s wealth and retirement businesses, alongside a disciplined capital management approach that supports shareholder returns.

The Platforms segment was a standout, with underlying NPAT up 15% to $61 million, powered by a 33% surge in net cashflows to $3.1 billion. This growth was underpinned by 74 net new advisers managing portfolios exceeding $1 million, and an expansion of managed portfolios to $28.3 billion. The North platform continues to attract advisers with its AI-enhanced Interactive Wealth Portal, boosting adviser engagement and cash inflows.

Superannuation & Investments Achieves Positive Cashflow for First Time Since 2017

Superannuation & Investments also posted solid gains, with underlying NPAT rising 18.5% to $32 million and achieving positive net cashflows of $76 million, the first half-year positive result since 2017. AMP Super’s top quartile investment returns and digital advice tools contributed to improved member retention and inflows. The segment’s assets under management (AUM) reached $62.6 billion, up 7% from the previous year.

China Partnerships Double Earnings Contribution

AMP’s China partnerships, notably China Life Pension Company (CLPC) and China Life AMP Asset Management Company (CLAMP), more than doubled their NPAT contribution to $56 million. CLPC’s AUM grew 9% to RMB ~2.6 trillion (~A$545 billion), with a 41% dividend payout ratio in 2025. The carrying value of these joint ventures increased 12% to $705 million, with an improved annualised return on investment of 16%, up from 9% a year earlier. This surge underscores AMP’s strategic positioning in China’s rapidly expanding pension market, which benefits from government-led compulsory contribution regimes.

AMP Bank NPAT Declines Amid Investment in AMP Bank GO

AMP Bank’s underlying NPAT fell 33% to $20 million, reflecting investments to scale AMP Bank GO, its digital banking platform targeting small business and retail customers. Deposits in AMP Bank GO reached $1.7 billion, a significant increase from $310 million a year earlier. The bank’s net interest margin slightly contracted to 1.25%, impacted by funding mix changes and securitisation, while the residential mortgage book remained stable at $23.6 billion. Capital efficiency initiatives delivered an $89 million surplus above target, supporting the bank’s conservative lending and capital management strategies.

Capital Position Supports Shareholder Returns

AMP generated $236 million of surplus capital in the half, returning $201 million to shareholders via dividends and buybacks. The company completed a $150 million on-market share buyback in the first half and announced a further $150 million tranche, subject to market conditions. The interim dividend was declared at 3.0 cents per share, 20% franked. AMP’s CET1 capital surplus rose to $322 million, reflecting strong earnings, deferred tax asset utilisation, and capital release from AMP Bank securitisation programs.

Ongoing Regulatory and Litigation Matters

AMP continues to manage legacy litigation and remediation costs, which declined by over 50% compared to the prior period, with most legacy matters nearing resolution. The company remains engaged in ongoing regulatory reviews and class actions, including a life insurance premium class action and proceedings related to reinsurance arrangements. These matters carry inherent uncertainties but have not materially impacted the current half’s results.