AMP wealth management business contracts

AMP's assets under management were down three per cent from the previous quarter amid a volatile market.

AMP signage.

AMP's profit has risen 10 per cent, helped by better earnings in Australia and New Zealand. (AAP)

AMP has posted a small decline in the size of its wealth management business during the three months to September.

Assets under management were down three per cent to $111.1 billion from the previous quarter on the back of negative market movements, it said.

Claims in AMP's insurance business, while volatile, were also broadly in line with estimates, the company said.

"Our products and platforms performed well and the focus on Asia is delivering results," AMP chief executive Craig Meller said.

"Despite volatile insurance claims experience during the quarter, our improvement program remains on track."


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Source: AAP


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