AMP net cashflows jump in Q1

Group moves toward new business structure introduced by new CEO Craig Mellor.

AMP's (AMP) wealth management net cashflows lifted 72% in the first quarter, as the group moves more closely toward the new business structure which came into effect in January under new chief executive Craig Mellor. 

Net cashflows rose to $363 million in the three months to March 31, up from $211m in the previous corresponding period.

Assets under management rose just 12.6% to $101.1 billion, reflecting relatively benign investment markets over the quarter, the company said.

AMP Capital posted net cashflows of $338m in the quarter, while assets under management lifted 8.8% to $142.2bn.

Providing an update on its wealth protection business, the group said the value of insurance claims and lapses was broadly in line with the best estimate assumptions outlined at its fiscal 2013 results announcement. 

"As stated at that time, the revised best estimate assumptions anticipate FY14 claims will be broadly in line with FY13 experience while expecting lapses to worsen by around 1 percentage point in FY14 before management actions take effect," AMP said.

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