AMP NZ's annual operating profits fall 19%, parent takeover tanks

Thu, 11 Feb 2021

AMP Wealth Management in New Zealand said its operating earnings fell 19 percent to $38 million in calendar 2020 because it closed two legacy schemes and because of softer investment markets in the first half.The latter was due to the impact of the covid-19 pandemic and margin compression relating to product repricing, it said.Assets under management rose 4 percent, or $503 million, to $13.3 billion with investment market gains of $564 million partly wiped out by new cash outflows.However, the fund manager said the $61 million cash outflow was...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

NZ sharemarket falls 1%

The S&P/NZX 50 Index closed at 11,804.84, down 111.94 points or 0.94%.

Graham Skellern 6:22pm

Media

Stuff moves into broadcast news

Newspaper publisher Stuff has agreed a deal to produce TV news on channel Three.

Daniel Dunkley 11:50am

Infrastructure

ComCom takes One NZ to court

The commission alleges some breaches are ongoing.

Rebecca Howard 9:40am

Sponsored

Building confidence and capability is the key to boosting productivity

In the pack houses of Hawke’s Bay apple growers, smart cameras scan the apples looking for blemishes and grading the fruit to ensure only the best is selected for domestic and international markets.

ASB

Sponsored

Delivering memorable corporate events

There's a knack to hosting great events: Pullman Hotel's experts.

Pullman Hotel