AMP Ltd

AMP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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AMP: Strong Flow Turnaround, Though Downside Risks Persist

Shaun Ler

Oct 17, 2024

No-moat AMP’s earnings turnaround continues, with its September quarter cash flow update revealing better flow trends than we expected. Improvements in net platform inflows—relative to the prior comparable period—exceeded our forecasts, while net outflows from master trusts were lower than anticipated. Strong portfolio returns in the quarter also helped boost growth in assets under management. The proportion of inflows coming from non-AMP advisors continues to grow. According to data from Plan For Life, AMP's platform market share losses have slowed for the third consecutive quarter through to March 2024.

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AMP Ltd

AMP: Strong Flow Turnaround, Though Downside Risks Persist

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