Half year profits at AMP's New Zealand arm fell by almost a third, due to the Christchurch earthquake and a challenging domestic environment.
AMP Financial Services New Zealand has reported an operating profit of $NZ28 million for the six months to June - 32% less than the same period a year earlier.
Meanwhile, parent company AMP reported a slightly improved underlying profit of $A455 million, which includes a contribution of $A61 million from AXA, which it merged with in late March.
AMP chief executive Craig Dunn says it's been a challenging period for the New Zealand operations.
Operating expenses in New Zealand rose 13% to $35 million, as marketing, employment and IT costs rose. AMP Financial Services also spent money supporting advisers in the Christchurch region.
Shares in AMP rose 14 cents to $5.35 on Thursday.