AMPFS the star performer in half year
AMP’s financial services division’s profits have surged in the six months to the end of June while the rest of the company’s profits are down on last year’s result.
AMP Financial Services (AMPFS) posted a 16.5 per cent increase in core recurring operating margins for the first half of this year. The company attributes the increase to a mix of strong business growth, improved retention and ongoing cost reductions. Overall the company recorded a profit of $403 million for the first half of this year, lower than last year’s result of $525 million.
Cashflow into AMPFS from retail products jumped a healthy 64 per cent, which was driven by both adviser and direct channels.
The company says the AMPFS division has continued to bring its costs down, with a six per cent reduction in its cost to income ratio to 43 per cent.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
