AMP’s digital revamp helps to slow rate of quarterly outflows

The latest quarterly results from AMP Limited has confirmed that the rate of net cash outflows reported by its Superannuation & Investments arm has slowed considerably, due to its reworked superannuation offering including a newly-introduced digital advice solution.

According to a statement made to the Australian Securities Exchange (ASX), AMP’s Superannuation & Investments business recorded $108 million in outflows for Q1 2025, a significant improvement of over $263 million from the first quarter of 2024 when the unit saw $371 million in outflows.

AMP chief executive, Alexis George, said improved result was due to the business’ “ongoing focus on delivering a compelling proposition to members”.

“Cashflows for the Superannuation & Investments business continued to progress towards positive flows with another quarter of reduced outflows,” she said.

“This has been driven by our solid offer for AMP super through low fees, strong investment performance and a competitive insurance offer helping to drive retention. Our recently launched digital advice solution for AMP Super members is providing simple, intuitive retirement advice at no extra cost.”

The digital advice offering follows the announcement made last year that AMP Limited was selling its advice licensee businesses to a partnership between professional services group, AZ NGA, and financial advice group, Entireti. The sale was completed at the end of 2024, with the new joint venture rebranded as Akumin.

AMP’s quarterly results also confirmed that net cashflows reported by its Platforms arm had risen by more than three times to $740 million (from $201 million in Q1 2024), following significant expansion of its investment menu including its managed accounts range and retirement income options. However, its platforms assets under management (AUM) has been rocked by volatile market conditions, falling by one per cent quarter-on-quarter to $78.8 billion.

“We have seen the positive momentum in cashflows across our Platforms business continue with another strong quarter, which reflects our focus on making North a preferred platform for advisers,” George said.

“Significant volatility in investment markets impacted total AUM, however, we are not allowing ourselves to be distracted by the market instability and we remain focused on elivering for customers. We are continuing to introduce new features, functionality and support for North that helps advisers better service their clients – and we are seeing adviser numbers continue to grow.

“Last month we released an innovative AI assistant, designed to reduce manual admin to improve client relationships and adviser efficiency. Encouragingly, clients in our innovative MyNorth Lifetime product now hold $510 million on the platform.

“We continue to deliver on our vision, to be the place where people come to plan for the next phase of their lives, with innovative products and solutions that help Australians retire with confidence. We are doing this by supporting advisers, delivering value to our superannuation members, and executing on our new digital bank, all of which will drive AMP’s growth.”