Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


AMP New Zealand unit posts 11% gain in 2013 earnings

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

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 narrowed its loss to $1 million from a $10 million loss the year earlier, as it paid out less claims. Funds from insurance premiums edged up 1 percent to $340 million as price rises offset lower customer retention and subdued new business sales.

Costs which the company considered were “controllable” fell to $111 million from $102 million the year earlier, excluding one-time items, it said.

AMP’s New Zealand business shed client managers during the year, with 604 at Dec. 31, from 640 the year earlier. In Australia, client managers increased to 3,802 from 3,636.

Sydney-based AMP reported a 2.5 percent fall in net profit to A$672 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news