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AMP Limited provides Q1 24 cashflows and business update
Our business
18 April 2024

– AMP Bank total deposits grew to $21.4 billion, up from $21.3 billion in Q4 23

– Platforms net cashflows1were $201 million, up 32% on Q1 23 of $152 million

– North inflows from Independent Financial Advisers (IFAs) increased 22% on Q1 23 to $544 million

– Platforms Assets Under Management (AUM) increased to $74.3 billion (Q4 23: $71.1 billion)

– Superannuation & Investments (formerly Master Trust) AUM increased to $54.1 billion (Q4 23: $51.9 billion), with net cash outflows reducing to $371 million (Q1 23: net cash outflows of $610 million)

– New Zealand Wealth Management net cash outflows1 were $5 million (Q1 23: net cash inflows $15 million), and AUM increased to $11.2 billion (Q4 23: $10.9 billion)

AMP Chief Executive Alexis George said:

“In the first quarter we saw an increase in Platforms net cashflows, improvements in Superannuation & Investments net cash outflows, and AUM up across both of these businesses.

“We are navigating the headwinds faced by AMP Bank by carefully managing our loan and deposit books, to help address margin pressures. We are making good progress on the development of our digital small business and consumer bank offer, launching in Q1 25, to lessen funding risks over the medium term by broadening the customer base and introducing a compelling transaction account offer that will help diversify and build deposits.

“Our wealth management businesses, Platforms, Superannuation & Investments and New Zealand, benefited from the positive investment markets, while in Australia pension payments increased as we continue to see the impact of the lifting of minimum drawdown limits that came into effect in July 2023.

“Inflows from independent financial advisers have continued to grow in our Platforms business, increasing by 22% on Q1 23 reflecting the continued strategic focus on platform functionality and investment choice that has helped to attract this market. Managed portfolios on our flagship platform North reached $14.9 billion in AUM, continuing the strong growth trajectory since its launch in 2018.”

Business unit results 

AMP Bank AMP Bank’s total loan book was $23.5 billion in Q1 24, down from $24.4 billion in Q4 23, in line with the stated strategy to prudently manage loan growth given current margin pressures.

Total deposits were up slightly to $21.4 billion during the period (Q4 23: $21.3 billion). Net Interest Margin remains in line with previous market guidance.


In Platforms, net cash inflows increased 32% from $152 million in Q1 23 to $201 million in Q1 24, Pension payments increased to $500 million in Q1 24 (Q1 23: $392 million), reflecting the increase to minimum drawdown limits from July 2023.

drawdown limits from July 2023. The positive net cashflows, along with stronger investment markets contributed to Platforms AUM increasing by $3.2 billion to $74.3 billion. North inflows from IFAs were up 22% on Q1 23 to $544 million, reflecting the continued strategic focus on this market, and managed portfolios on North reached $14.9 billion in AUM (Q4 23: $13.3 billion). 

AMP’s platform North was rated number 1 in Retirement Solutions, as well as Most Improved platform, in the December 2023 Investment Trends Platform Competitive Analysis and Benchmarking Report. 

Superannuation & Investments (formerly Master Trust)

Superannuation & Investments AUM increased to $54.1 billion (Q4 23: $51.9 billion), reflecting positive investment markets, partially offset by net cash outflows of $371 million and pension payments of $89 million.

Net cash outflows of $371 million for Q1 24 reduced from net cash outflows of $610 million in Q1 23, and pension payments increased to $89 million (Q1 23: $76 million), which were also reflective of the recent increases to minimum drawdown limits. 

Master Trust has been renamed Superannuation & Investments, as part of the simplification of the operating businesses and to better reflect its operations to consumers. 

New Zealand Wealth Management 

In New Zealand, net cash outflows were $5 million, compared to net cash inflows of $15 million in Q1 23. The change is primarily driven by a reduction in KiwiSaver net cashflow to $44 million (Q1 23: $65 million).

AUM increased to $11.2 billion (Q4 23: $10.9 billion), as positive local investment markets drove returns during the quarter.

Pension payments are no longer included in the cash outflows figure and are now reported separately in other movements, in line with AMP's other operating businesses. These payments in Q1 24 were $34 million (Q1 23: $33 million).

1. In New Zealand Wealth Management net cashflows excludes pension payments to members. Prior periods have been restated to align to definitions used in the Australian businesses.

All figures are in Australian dollars (A$) unless otherwise noted. Authorised for release by the Market Disclosure Committee. 

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