AMP premium flat as more compensation looms
AMP’s wealth protection annual inforce premium held steady in the first quarter at $1.89 billion.
A decline of 1% was driven by a drop in individual lump sum annual inforce premium.
AMP Capital’s joint venture with China Life helped drive an increase in external net cashflow to $1.6 billion, up from $228 million in the corresponding period last year.
AMP Capital’s share of the joint venture contributed net cashflows of $462 million.
The group expects its financial advice reviews will lead to more compensation for customers and other related expenses.