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AMP Financial Services NZ said yesterday a spike in insurance claims kept first-half profit growth to just 4 per cent, well below its Australian parent's 35 per cent increase.
AMP NZ said underlying profit rose 15 per cent to $28.6 million, while net profit rose to just $27 million due to an unusual increase in disability claims. Life insurance, which makes up about 90 per cent of AMP's New Zealand profit, increased 15 per cent, rising for the 14th consecutive quarter.
New business was 5 per cent ahead of 2006, and AMP was beating the market's estimated growth of 10 per cent to 12 per cent.
