AMP New Zealand financial services unit posts 11 percent gain in 2013 operating profit

Thu, 20 Feb 2014

Feb. 20 (BusinessDesk) – AMP’s New Zealand financial services unit reported an 11 percent gain in underlying operating profit in 2013 as it cut costs, reduced losses from life insurance payouts and improved its general insurance margins. The local unit of Australia’s largest life insurer and fund manager said underlying profit increased to $132 million in the 12 months ended Dec. 31, from $119 million the year earlier. Assets under management rose 10 percent to $7.8 billion from the year earlier. The New Zealand life insurance unit narrowe...

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