The New Zealand arm of AMP is likely to cut more jobs as it looks to become leaner and more profitable a difficult period, the company says.
AMP Financial Services New Zealand made an underlying profit of $75.4 million for the year to December, an increase of 23% on the previous year.
The insurer and fund manager's operating earnings rose 22% to $66.5 million due to more people taking out life insurance and a tighter control on costs, which offset a poor performance from its wealth management arm.
Managing director, Jack Regan says new rules for advisors and tax changes on life insurance will add to future costs so the focus will remain on improving efficiency. He says there will be a reduction in staff, over time.
Overall, the Australasian insurer and fund manager posted an 8% fall in underlying profit to $A810 million and says it will cut dividends, after a fall in operating earnings in its wealth management arm.
