AMP's impressive Q3 2024 performance

AMP (ASX:AMP) has announced its Q3 2024 cashflows and business update, highlighting considerable growth across its platforms, superannuation, and investments. The company showed increased assets under management (AUM) and improved net cashflows, with AMP Bank also reporting steady loan and deposit growth. AMP has taken key strategic steps, including launching a digital bank and forming a new partnership for its Advice business.

AMP's strategic growth and future plans

AMP's Q3 2024 results demonstrate robust growth in net cashflows and assets under management across its business segments. The platforms segment saw a 76% increase in net cashflows, while the North platform inflows rose by 47%, indicating strong performance in attracting new investments. AMP's superannuation and investments also showed significant improvement, with reduced cash outflows and a focus on member engagement. In New Zealand, AMP reported positive net cashflows and AUM growth. The AMP Bank maintained a stable loan book and deposit growth amid a competitive funding environment. Strategically, AMP is preparing to launch a digital bank in Q1 2025 and is progressing with a new partnership for its Advice business. The completion of a $1.1 billion capital return to shareholders underscores AMP's commitment to enhancing shareholder value and marks a key milestone in its transformation journey. Looking forward, AMP is focused on simplifying and growing its business while maintaining momentum in its strategic initiatives.

Insight from AMP's leadership

Alexis George highlighted improved cashflows and AUM growth across key business areas. Continued focus on enhancing member propositions and strategic initiatives to drive future growth.