AMP Financial Services New Zealand says its first-half operating earnings rose 16%, reflecting growth in assets under management, particularly in KiwiSaver, and tight cost control.
Operating earnings rose to $57 million for the six months ended June.
In a statement, New Zealand managing director Jack Regan said underlying profit improved only marginally because expected investment returns were not achieved due to falling interest rates.
Premium income, less the cost of claims, of $1 million was a sharp turn around from the $11 million loss the life insurance company reported in the second half of 2012.
AMP's KiwiSaver scheme has more than 262,000 customers and $2.6 billion of funds under management, up 22% compared with the first-half last year.
AMP's Australian parent company reported a rise of 5.4% in first-half net profit to $A393 million.
Underlying profit fell 10% because of a challenging life insurance market and lower investment income.
The parent company has appointed Craig Meller to take over as chief executive from 1 January next year when Craig Dunn retires after six years in the role.
Mr Meller has been working for AMP since 2001, most recently as head of its financial services division since 2007.