AMP New Zealand: An overview

AMP New Zealand's performance mirrored that of the group with net cash inflows of $A154 million ($188 million) compared with $A61 million in 1999.

Consistently one of the most profitable of the global group, New Zealand contributed $A41 million to the annual profit compared with $A29 million for the previous year.

Chief executive Paul Batchelor said New Zealand's performance had been strong.

Sixty-eight per cent of its investment categories exceeded investment benchmarks.

That was a respectable performance as most managers aimed for 50 per cent.

"There is very strong growth in the New Zealand market," he said.

"It's a business that we are very happy with and continue to provide support to."

He attributed the strong cash inflow to AMP New Zealand's 250-strong adviser force.

It had also been used as a distribution channel for AMP Banking.

While AMP Banking did not have a particularly strong profile, it had gained 6 to 7 per cent of the mortgage market by distributing through broker and agency channels.

Mr Batchelor said New Zealand was often used as a technology incubator for the group.

A New Zealand-developed intranet capability was being used by AMP in Australia and Britain, Mr Batchelor said.

A new e-commerce service would be launched this year.