Half year profits at AMP's New Zealand arm have fallen by almost a third.
AMP Financial Services New Zealand reported an operating profit of $NZ28 million for the six months to June - 32% less than the same period a year earlier.
Meanwhile, the parent company, AMP reported a slightly improved underlying profit of $A455 million, which includes a $61 million contribution from AXA, which it merged with in late March.
AMP's chief executive, Craig Dunn, says its been a challenging period for the New Zealand operations.
He says operating earnings have been depressed by a more difficult local market, natural disasters and a stronger Australian dollar.
Mr Dunn says the comparative period in the first half of last year benefited from a one-off tax gain of $6 million.