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

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: