AMP Limited 3Q 25 cashflows and business update
Total AUM up 3.6% to $159.5 billion (2Q 25: $153.9 billion)
Platforms net cashflows1 increased 61.6% to $1.2 billion (3Q 24: $750 million)
Platforms Assets Under Management (AUM) increased to $86.9 billion (2Q 25: $83.2 billion), reflecting resilient inflows and positive investment markets.
Superannuation & Investments reported net cash outflows1 for the quarter of $241 million, an improvement of 27.8% (3Q 24: net cash outflows of $334 million)
Superannuation & Investments AUM was $60.5 billion (2Q 25: $58.5 billion), driven by positive investment markets.
New Zealand Wealth Management net cashflows1 were $64 million (3Q 24: $90 million), and AUM was steady at $12.2 billion
AMP Bank total loan book continued to be managed for value, with moderate growth to $23.8 billion (2Q 25: $23.5 billion)
AMP Bank total deposits of $20.8 billion, up from $20.5 billion in 2Q 25
AMP Chief Executive Alexis George said:
“In Platforms, the strength of the North proposition continues to be recognised by advisers, with net cashflows up over 60% on pcp and AUM reaching close to $87 billion. We continue to innovate in the areas we know advisers value, such as Managed Portfolios, where AUM is now $23.8 billion. Our recently launched ‘Grow’ feature allows advisers to meet a broader range of client needs on North by blending across menus – a market-first.
“In our Super business, net cashflows for the quarter improved almost 28% on the same period last year, bringing us closer to achieving a sustainable positive net cashflow position. We are continuing to drive member retention by providing exclusive access for AMP members to our intuitive digital advice journeys and our innovative retirement income solution, AMP Lifetime Super. In August we enhanced our proposition even further when AMP Super became the first major super fund to offer cashback rewards that can boost members’ super balances – leveraging Citro’s established rewards platform.
“We continue to prudently manage our lending portfolio in AMP Bank, while rolling out new features for our digital bank, AMP Bank GO, having launched savings accounts in July and joint accounts earlier this month. These are important features that will make this offering even more compelling to mini business and personal customers. We’re continuing to build deposits and customer numbers consistent with our commentary at 1H 25.”
Business unit results
Platforms
Net cashflows (excluding pension payments) were $1.2 billion for the quarter, up 61.6% (3Q 24: $750 million). Pension payments were $583 million (3Q 24: $516 million). AUM increased to $86.9 billion (2Q 25: $83.2 billion), driven by market movements and continued strong flows.
North Managed Portfolios continued to grow, reaching $23.8 billion. AUM in MyNorth Lifetime, North’s innovative retirement solution, grew to $579 million (2Q 25: $465 million), with $739 million in total held on North by Lifetime clients.
Superannuation & Investments
Superannuation & Investments net cash outflows (excluding pension payments) of $241 million were a 27.8% improvement on 3Q 24 (net cash outflows of $334 million), reflecting the ongoing transformation of this business. Member retention initiatives included the launch of AMP Lifetime Super, the ongoing rollout of AMP’s digital advice journeys, as well as the recently launched AMP Super rewards offer. Pension payments were $102 million (3Q 24: $101 million).
AUM grew to $60.5 billion (2Q 25: $58.5 billion), driven by market movements.
New Zealand Wealth Management
Net cashflows were $64 million (3Q 24: $90 million), and AUM was steady at $12.2 billion. Market and other movements were impacted by the decline in the NZD/AUD exchange rate during the quarter.
KiwiSaver net cash flows were $64 million (3Q 24: $74 million). Investment products net cash flows declined primarily due to lower inflows into legacy products, partially offset by increased flows into AMP Managed Funds and AMP’s recently launched Term Deposits. Pension payments were $39 million (3Q 24: $41 million).
AMP Bank
AMP continues to prioritise margin management in AMP Bank, with the total loan book at $23.8 billion (2Q 25: $23.5 billion), and total deposits of $20.8 billion (2Q 25: $20.5 billion). AMP Bank also launched its new AMP Bank Lender Platform for mortgage brokers, the first of its kind in the Australian market. The platform will enable faster credit decisions, fewer touchpoints, and less rework for brokers and customers, reflecting AMP Bank’s commitment to the broker channel.
AMP Bank GO continues to add new features and experiences, with savings accounts launched in July 2025, and joint accounts earlier this month. Marketing activity is rolling out in key locations, with an above-the-line campaign focused on mini business now in market.
Other updates
During the quarter, AMP announced the settlement of the Superannuation class action for $120 million (with AMP to contribute approximately $75 million, and the balance met by insurance). The settlement is subject to finalisation and execution of a deed of settlement and approval by the Federal Court of Australia.
AMP also announced that it had received approximately $44 million in AMP’s proceedings against insurers for its historical remediation programs. Since that announcement, AMP has reached agreements to settle with remaining insurers and conclude these legal proceedings. AMP will receive a further approximately $24 million, taking the total proceeds from the settlement of the claim to approximately $68 million.
1 Excluding pension payments