AMP Limited reported a net profit of $383 million for the half year to 30 June 2012, up 11 per cent from the $346 million recorded in the first half of 2011, and added 128 planners to the financial services division.
AMP's underlying profit, which removes merger-related costs and is used to determine dividend payments, grew 7 per cent from $459 in the first half of 2011 to $491 million in the first half of this year.
AMP Financial Services grew by 128 planners in Australia and New Zealand to 4,259 in the six months to 30 June 2012. Operating earnings for the division were up 9 per cent from $378 million to $412 million.
Net cash inflow into AMP Financial Services more than tripled from $94 million in the prior corresponding period to $301 million, although net cash outflows from AMP Capital also more than tripled from $371 million to $1.35 billion.
The merger with AXA has substantially improved AMP's competitive position, with integration delivering ahead of expectations, according to AMP chief executive Craig Dunn. The North platform is now available to AMP and Hillross advisers and AMP Flexible Super to AXA advisers, AMP stated.
"The strength of the underlying business is evident in the earnings growth, excellent cost control and continued success in [AMP Financial Services'] contemporary products and platforms," Dunn said.
One-off costs associated with implementing Future of Financial Advice, Stronger Super and other regulatory changes over the next 12 to 18 months were estimated to be between $60 million and $75 million.
The group also stated it was increasing its capital position ahead of new Life and General Insurance Capital standards.
