AMP's $199m Q1 outflow amid super changes

CEO Craig Meller says AMP's wealth protection business has steadied but that group cash outflows rose 19 per cent on the back of super changes.

AMP customers withdrawing super assets amid changes to the superannuation system led to first-quarter net cash outflows of $199 million from the financial services giant's wealth management business.

Chief executive Craig Meller said action to steady AMP's troubled wealth protection unit was working, but that wealth management outflows rose 19 per cent in the three months to March 31.

"Q1 17 cashflows reflect an extraordinarily high level of activity across Australia's superannuation industry," Mr Meller said in a statement to the ASX on Thursday.