Positive North Platform the star for AMP

AMP Limited appears to be slowly turning around its superannuation and investments business, successfully reducing but not yet reversing cash outflows.

In a quarter update provided to the Australian Securities Exchange (ASX), the company reported that superannuation and investments net cash outflows (excluding pension payments) stood at $241 million which represented a 27.8% improvement over the prior corresponding period.

The company’s commentary said the improvement in the outflows position reflected the transformation of the business.

“Member retention initiatives included the launch of AMP Lifetime Super, the ongoing rollout of AMP’s digital advice journeys, as well as the recently launched AMP Super rewards offer,” it said.

“Pension payments were $102 million (3Q 24: $101 million). Assets Under Management (AUM) grew to $60.5 billion (2Q 25: $58.5 billion), driven by market movements.”

The AMP update underscored the degree to which the company’s North Platform has become the jewel in the crown for the business, with net cashflows for the quarter up 61.6% to $1.2 billion.

Commenting within the announcement, AMP chief executive, Alexis George acknowledge the strength of the platform business.

“We continue to innovate in the areas we know advisers value, such as Managed Portfolios, where AUM is now $23.8 billion. Our recently launched ‘Grow’ feature allows advisers to meet a broader range of client needs on North by blending across menus – a market-first,” George said.

“In our Super business, net cashflows for the quarter improved almost 28% on the same period last year, bringing us closer to achieving a sustainable positive net cashflow position. We are continuing to drive member retention by providing exclusive access for AMP members to our intuitive digital advice journeys and our innovative retirement income solution, AMP Lifetime Super.

“In August we enhanced our proposition even further when AMP Super became the first major super fund to offer cashback rewards that can boost members’ super balances – leveraging Citro’s established rewards platform.

“We continue to prudently manage our lending portfolio in AMP Bank, while rolling out new features for our digital bank, AMP Bank GO, having launched savings accounts in July and joint accounts earlier this month. These are important features that will make this offering even more compelling to mini business and personal customers. We’re continuing to build deposits and customer numbers consistent with our commentary at 1H 25.”