George’s positive AMP results swansong

Mike Taylor

Managing Editor/Publisher, Financial Newswire

13 February 2026

The cost of some legacy legal issues has failed to cloud the swan song AMP Limited annual results of outgoing chief executive, Alexis George.

While the results revealed the company recorded a lower statutory net profit after tax of $133 million, down from $150 million a year earlier, the trends in terms of underlying net profit told a more positive story notwithstanding the company’s share price experiencing a solid dip.

The company’s underlying NPAT was up 20.8% to $285 million strongly supported by its platform business, AMP North. The directors declared a final dividend of two cents per share 20% franked.

Amid recent media speculation about possible AMP interest in Colonial First State, George’s formal statement accompanying the results announcement emphasised the company’s focus on organic growth.

However, she added that this sat alongside “having the capacity to participate in inorganic opportunities when they arise”.

“We will consider these only where there is a compelling case to build our scale or accelerate development of our capabilities,” George’s statement said

Indeed, the platform business underlying NPAT was up 9.3% to $106 million, underlining the degree to which North has become the jewel in the company’s crown, while the Superannuation and Investments master trust business continues to struggle to return to pre-Royal Commission status.

Speaking to Financial Newswire, George acknowledges the challenges for the superannuation business but noted that the trend was positive with performance translating into improved reputation.

The company’s commentary said underlying NPAT increased 14.8% to $62 million (FY 24: $54 million), reflecting higher AUM based revenue in FY 25, partially offset by a one-off positive impact of investment income in the prior year.

“Net cash outflows (excluding pension payments) improved by 47.4% to $542 million, as a result of resilient inflows and improved member retention. AMP is continuing to progress to sustainable net cash inflows in S&I, supported by a strong member offer that is driving retention and growth, which includes intuitive digital advice and the market leading AMP Super Lifetime and AMP Rewards,” it said.

Acknowledging the importance of the platform business, George noted that it had been driven in large part by new adviser activations and the retention of existing advisers with those within the company’s former advice business, Akumin, continue to support the platform.

The company’s commentary said that during the year North signed 65 new distribution agreements with AFSLs and activated 122 net new advisers on North with AUM over $1million.