AMP SMSF reports Q3 growth
AMP has reported an increase in the total number of SMSFs administered for its third quarter, according to an announcement from the finance giant.
The number of SMSFs administered rose from 9,650 to 9,800, AMP SMSF reported. This includes SuperIQ funds but does not yet account for funds picked up in the Tranzact deal reported last week.
AMP Bank also reported that its deposit book grew from $8.1 billion at the finish of the second quarter to $8.6 billion in the third quarter, following the launch of retail and SMSF deposit products.
More broadly speaking, AMP more than doubled its third quarter retail net cash flows and the overall wealth management business grew assets under management by five per cent to $96.7 billion.
However, lapses again hit the wealth protection business, with total experience losses for the quarter of $24 million. However, this was down from $37 million in the prior corresponding period.
Lapse experience losses were $12 million, group insurance claims experience losses were $6 million and retail lump sum claims losses were $8 million. Income protection experience profits were $2 million, AMP stated.