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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.

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