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

 

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news