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AMP LIMITED — Interim / Quarterly Report 2012
May 9, 2012
64379_rns_2012-05-09_7e1c51f8-a5f1-4e7c-9744-3fcfb072a1d8.pdf
Interim / Quarterly Report
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10 May 2012
Manager Manager ASX Market Announcements Market Information Services Section Australian Securities Exchange New Zealand Stock Exchange Level 4, 20 Bridge Street Level 2, NZX Centre, 11 Cable Street Sydney NSW 2000 Wellington New Zealand Announcement No: 14/2012
AMP Limited (ASX/NZX: AMP) (also for release to AMP Group Finance Services Limited (ASX: AQNHA & NZX: AQN010))
AMP Limited reports first quarter cashflows and AUM
Please see attached announcement re cashflows and AUM.
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10 May 2012
Public Affairs Tel: 02 9257 6127 Email: [email protected] Website: AMP.com.au/media AMP_AU
AMP Limited reports first quarter cashflows and AUM
AMP Limited today reported cashflows for AMP Financial Services (AFS) and AMP Group assets under management (AUM) for the first quarter to 31 March 2012.
AFS net cash outflows were $292 million for the quarter, compared to net cash outflows of $331 million for Q4 11 and $133 million for Q1 2011, reflecting continued uncertainty and subdued investor sentiment.
Total Australian contemporary wealth management, which includes superannuation, pensions and investments, had a net cash outflow of $138 million for the quarter compared to a net cash inflow of $68 million in Q1 2011, primarily due to lower net cashflows on external platforms.
AMP’s contemporary products continued to experience strong cashflows despite the challenging conditions.
AMP’s retail superannuation and pension product, AMP Flexible Super, had net cashflows of $581 million for the quarter, compared to $662 million for Q1 2011 while AUM was $5.0 billion as at 31 March 2012 compared to $4.3 billion as at 31 December 2011.
AMP’s market-leading North platform’s net cashflows were $228 million for Q1 2012, compared to $66 million in Q1 2011. AUM was $2.6 billion, up from $2.2 billion as at 31 December 2011.
SMSF service, SuperIQ, launched in October 2011, had AUM of $193 million as at 31 March 2012 and its cashflows will be included in AMP's cashflow reporting from Q2 2012.
Total Australian wealth protection individual and group risk net cashflows were $193 million, relatively unchanged from $198 million in Q1 2011.
Net cashflows for AMP’s New Zealand business were AUD$47 million, up from AUD$26 million in Q1 2011.
AMP Bank’s deposit book saw significant growth, with $937 million from retail and AMP superannuation cash and term deposits in Q1 2012 compared to $56 million in Q1 2011, reflecting an ongoing investor trend towards cash investments.
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AMP Limited reports first quarter cashflows and AUM
Mortgage growth was $346 million compared to $497 million in Q1 2011.
AFS contemporary wealth management closing AUM as at 31 March 2012 was $83.4 billion, up from $79.3 billion as at 31 December 2011.
AMP Capital Investors closing AUM as at 31 March 2012 was $124.9 billion, compared to $123 billion as at 31 December 2011.
AMP Risk Insurance annual premium income was $1.91 billion as at 31 March 2012 compared to $1.89 billion as at 31 December 2011 and $1.76 billion as at 31 March 2011.
Detailed cashflow and AUM data is contained in the attached tables.
AMP Limited reports first quarter cashflows and AUM
Q1 12 Cashflows[1]
| Cash inflows | Cash inflows | Cash outflows | Cash outflows | Net cashflows | ||
|---|---|---|---|---|---|---|
| Cashflows by product (A$m) | Q1 12 | Q1 11 | Q1 12 | Q1 11 | Q1 12 | Q1 11 |
| Australian contemporary wealth management | ||||||
| AMP Flexible Super2 | 1,098 | 1,038 | 517 | 376 | 581 | 662 |
| North3 | 457 | 199 | 229 | 133 | 228 | 66 |
| Multiport4 | 132 | 94 | 77 | 31 | 55 | 63 |
| Super IQ5 | - | - | - | - | - | - |
| Summit, Generations and iAccess (including Assure)6 | 481 | 660 | 763 | 763 | (282) | (103) |
| Flexible Lifetime Super (superannuation and pension)7 | 540 | 565 | 1,008 | 1,104 | (468) | (539) |
| Synergy8 | 24 | 36 | 77 | 77 | (53) | (41) |
| Retail investment9 | 48 | 64 | 99 | 97 | (51) | (33) |
| Total retail on AMP platforms | 2,780 | 2,656 | 2,770 | 2,581 | 10 | 75 |
| Corporate superannuation and pensions10 | 854 | 810 | 767 | 695 | 87 | 115 |
| Corporate superannuation mandate wins | - | - | - | - | - | - |
| Total corporate superannuation | 854 | 810 | 767 | 695 | 87 | 115 |
| Externalplatforms11 | 542 | 622 | 777 | 744 | (235) | (122) |
| Total Australian contemporary wealth management | 4,176 | 4,088 | 4,314 | 4,020 | (138) | 68 |
| Total Australian contemporary wealth protection | ||||||
| Individual risk | 305 | 283 | 142 | 119 | 163 | 164 |
| Grouprisk | 80 | 82 | 50 | 48 | 30 | 34 |
| Total Australian contemporary wealthprotection | 385 | 365 | 192 | 167 | 193 | 198 |
| Total Australian contemporary | 4,561 | 4,453 | 4,506 | 4,187 | 55 | 266 |
| Australian mature | 152 | 144 | 546 | 569 | (394) | (425) |
| Total Australia | 4,713 | 4,597 | 5,052 | 4,756 | (339) | (159) |
| New Zealand | ||||||
| KiwiSaver | 98 | 89 | 28 | 19 | 70 | 70 |
| Other | 179 | 204 | 202 | 248 | (23) | (44) |
| New Zealand | 277 | 293 | 230 | 267 | 47 | 26 |
| Total AFS cashflows | 4,990 | 4,890 | 5,282 | 5,023 | (292) | (133) |
| Australian contemporary wealth management - AMP Bank by product12 | ||||||
| Deposit (Supercash, Super TDs & Platform TDs) | 354 | 11 | ||||
| Deposits (retail) | 583 | 45 | ||||
| Mortgages | 346 | 497 | ||||
| Cashflows by distribution channel (A$m) | ||||||
| AMP Financial Planning | 1,902 | 1,937 | 1,943 | 1,888 | (41) | 49 |
| Hillross | 352 | 373 | 447 | 393 | (95) | (20) |
| AXA Financial Planning | 197 | 227 | 201 | 219 | (4) | 8 |
| Charter Financial Planning | 445 | 433 | 428 | 429 | 17 | 4 |
| Jigsaw advisers | 49 | 58 | 80 | 65 | (31) | (7) |
| ipac group advisers and Tynan Mackenzie | 318 | 286 | 405 | 359 | (87) | (73) |
| Genesys group advisers | 201 | 240 | 254 | 229 | (53) | 11 |
| Direct (including corporate superannuation) | 470 | 415 | 352 | 303 | 118 | 112 |
| Centrally managed clients and other | 204 | 177 | 250 | 238 | (46) | (61) |
| 3rdpartydistributors | 575 | 451 | 692 | 633 | (117) | (182) |
| Total Australia | 4,713 | 4,597 | 5,052 | 4,756 | (339) | (159) |
| New Zealand | 277 | 293 | 230 | 267 | 47 | 26 |
| Total AFS cashflows | 4,990 | 4,890 | 5,282 | 5,023 | (292) | (133) |
1 Comparatives have been restated to include AXA.
2 AMP Flexible Super is a flexible all in one superannuation and retirement account for individual retail and SME business.
3 North is a market leading fully functioning wrap platform which includes guaranteed and non-guaranteed options.
4 Multiport is an administration platform for SMSF and IMA business.
5 Super IQ is an administration platform for SMSF business, which is 49% owned by AMP. 100% of the net cashflows for Super IQ will be reported from Q2 2012.
6 Summit and Generations are AXA owned and developed platforms. iAccess and Assure are ipac badges of Summit.
7 Flexible Lifetime Super (superannuation and pension) was closed to new business from 1 July 2010. A small component of corporate superannuation schemes is included.
8 Synergy is an in-house platform used by Genesys.
9 Retail investment includes Flexible Lifetime - Investments and AMP Personal Portfolio.
10 Corporate superannuation and pensions comprise SignatureSuper, CustomSuper, SuperLeader and AXA business super.
11 External platforms comprise Asgard, BT Wrap, Macquarie Wrap, Solar and other margin earning platforms used by Genesys.
12 Represents movements in AMP Bank’s deposits and mortgage books for the quarter.
AMP Limited reports first quarter cashflows and AUM
Q1 12 AUM
| FY 11 | Q1 | 12 Net cashflows | 12 Net cashflows | 12 Net cashflows | Total | Other | Q1 12 | ||
|---|---|---|---|---|---|---|---|---|---|
| AUM (A$m) | AUM | Superannuation | Pension | Investment | Other | net cashflows |
movements1 | AUM | |
| Australian contemporary wealth management | |||||||||
| AMP Flexible Super | 4,265 | 287 | 294 | - | - | 581 | 201 | 5,047 | |
| North | 2,240 | 119 | 89 | 20 | - | 228 | 110 | 2,578 | |
| Multiport | 1,323 | 44 | - | 11 | - | 55 | 104 | 1,482 | |
| Super IQ | - | - | - | - | - | - | 193 | 193 | |
| Summit, Generations and iAccess (including Assure) | 13,433 | (112) | (77) | (93) | - | (282) | 737 | 13,888 | |
| Flexible Lifetime (superannuation and pension) | 23,158 | (175) | (293) | - | - | (468) | 1,268 | 23,958 | |
| Synergy | 1,317 | (20) | (21) | (12) | - | (53) | 73 | 1,337 | |
| Retail investment | 1,877 | - | - | (51) | - | (51) | 112 | 1,938 | |
| Total retail on AMPplatforms | 47,613 | 143 | (8) | (125) | - | 10 | 2,798 | 50,421 | |
| Total corporate superannuation | 19,175 | 63 | 24 | - | - | 87 | 800 | 20,062 | |
| Externalplatforms | 12,471 | (79) | (36) | (120) | - | (235) | 673 | 12,909 | |
| Total Australian contemporary wealth management |
79,259 | 127 | (20) | (245) | - | (138) | 4,271 | 83,392 | |
| Australian contemporary wealthprotection | 193 | 193 | (193) | ||||||
| Australian mature | 22,718 | (165) | (66) | (9) | (154) | (394) | 452 | 22,776 | |
| Total Australia | 101,977 | (38) | (86) | (254) | 39 | (339) | 4.530 | 106,168 | |
| New Zealand | |||||||||
| KiwiSaver | 1,462 | 70 | - | - | - | 70 | 117 | 1,649 | |
| Other | 7,775 | 2 | (1) | (21) | (3) | (23) | 486 | 8,238 | |
| New Zealand | 9,237 | 72 | (1) | (21) | (3) | 47 | 603 | 9,887 | |
| Total AUM | 111,214 | 34 | (87) | (275) | 36 | (292) | 5,133 | 116,055 | |
| Australian contemporary wealth management - AMP Bank by product | |||||||||
| Deposit (Supercash, Super TDs & Platform TDs) | 3,301 | 354 | 3,655 | ||||||
| Deposits (retail) | 3,860 | 583 | 4,443 | ||||||
| Mortgages | 11,173 | 346 | 11,519 |
- 1 Other movements includes fees, investment returns, taxes, as well as foreign currency movements on New Zealand AUM
Q1 12 AUM and API summary
| Q4 11 | Q1 12 | |
|---|---|---|
| AUM (A$m) | AUM | AUM |
| Australian contemporary wealth management - AUM by product | ||
| Superannuation | 49,257 | 52,035 |
| Pension | 19,370 | 20,388 |
| Investment | 10,632 | 10,969 |
| Total | 79,259 | 83,392 |
| Australian contemporary wealth management - AUM by asset class | ||
| Cash and fixed interest | 32% | 31% |
| Australian equities | 35% | 36% |
| International equities | 23% | 23% |
| Property | 6% | 6% |
| Other | 4% | 4% |
| Total | 100% | 100% |
| AUM summary (A$b) | ||
| Australian contemporary wealth management | ||
| Closing AUM | 79.3 | 83.4 |
| Average AUM | 79.0 | 81.5 |
| Asset Management | ||
| AMPCI | ||
| Closing AUM | 123.0 | 124.9 |
| Average AUM | 123.5 | 124.3 |
| Risk insurance Annual Premium Income - API(A$m) | ||
| Australia | ||
| Individual lump sum | 920 | 923 |
| Individual income protection | 374 | 376 |
| Group risk | 346 | 351 |
| New Zealand | ||
| Individual lump sum | 184 | 192 |
| Individual income protection | 35 | 37 |
| Group risk | 30 | 31 |
| Total | 1,889 | 1,910 |
AMP Limited reports first quarter cashflows and AUM
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