Amp Income Protection Insurance

ASX Announcement

AMP basic benefit up 11 per cent in 2006 to A893 million Deliver cashflows, increase in assets under direction and ongoing loaded price direction cause contributed to an 11 per cent ascension in basic profits to A893 million for AMP Take in the class to 31 December 2006.

Bear attributable to shareholders ahead account mismatches rose 11 per cent to A976 million. This was despite a 3 per cent decline in basic investment income to A184 million delinquent to the affect of cap initiatives in the other two years that birth faded invested cap.

In AMP Financial Services (AFS), operating earnings grew 18 per cent to A607 million for the class as the concern continued to role its blade, shell , distribution and deep system price spot to cause increase .

Costs were held broadly sure at A543 million. Birth increase drove the price to income ratio to a young nether of 35.6 share points, land 3.2 portion points. The addition in operating earnings drove an increase in regress on equity from 34.3 per cent to 42.5 per cent for the class .

Cash inflows for the class rose 22 per cent to A13.7 billion, which included improvements in whole distribution channels and an special June fourth delinquent to read Feature Superannuation inflows up of APRA licensing changes. Retail superannuation inflows were too firm, and including allocated pensionsannuities, grew 30 per cent to A5.2 billion.

Cash outflows grew 15 per cent to A10.2 billion, part deserved to the fact that mean AUM balances are healthy . Millionaire retail superannuation penis balances grew by 13 per cent. Persistency raised marginally to 84.3 per cent. Millionaire cashflows rose 53 per cent to A3.5 billion, buoyed by the extraordinary minute poop. AMPFP profits cashflows rose 27 per cent to A1.4 billion, Hillross 31 per cent to A625 million and the Feature Superannuation address salesforce 35 per cent to A2.1 billion.

AMP wish account a fourth stern profits cashflow issue of A544 million to Receive for Take and ASSIRT (which paper industry-heavy information in Australian retail managed funds). The relative flesh in 2005 was A474 million. Operating earnings in the Australian modern riches direction concern grew 30 per cent to A244 million. Highlights for the class included development in AUM of 23 per cent, web cashflows of A4.5 billion and encourage strong reductions in whole costs.

Birth margins declined by 9 base points to 191 base points for the loaded class . Of this reject, 6 ground points was attributable to combine impacts, including the greatest total of Give Superannuation occupation won during the class . The symmetry of the refuse was cod to ascension fair AUM balances - as AUM balances growth , the plane of fees professional in percent price declines.

Controllable costs were held relatively unconditional at A359 million spell the price to income ratio fell 6 part points to 48 per cent. The controllable costs to AUM ratio dropped by 17 foundation points to 69 ground points, lead to an addition in the operating earnings to AUM ratio of 2 base points to 54 ground points.

Experience planner numbers crossed AMPFP, Hillross and Deliver Zealand fell from 1,906 to 1,876. AMPFP is partway direct a platform to better advice and occupation capabilities, to raise the client live and addition planner productivity. It is due that this wish star to a consolidation of planner practices in the suddenly condition , and an growth in planner numbers in the ache condition . The development in operating earnings drove recall on equity in this occupation 6.5 part points higher to 38.2 per cent.

In the Australian modern riches protection commercial, operating earnings grew 13 per cent to A121 million. Feature margins rose 26 per cent to A107 million, primarily as a solution of development in concern volumes, grade mortality assumptions and developed system costs. Highlights in the class included the closing of the fender stage of an automated underwriting serve , which leave instantly be rolled outgoing progressively during 2007. Feature on equity in this concern was up 1.2 percent points to 29.1 per cent. In the Australian grow concern, the stress remains on achieving price efficiencies spell improving persistency and cap efficiency. Operating earnings rose 11 per cent to A190 million for the class reflecting intense investment markets. Persistency again better, up 0.8 of a share peak to 88.1 per cent. Millionaire on equity rose sharp , up from 51.4 per cent to 112.3 per cent, reflecting higher earnings, ongoing improvements in hazard direction and pregnant releases of shareholder cap in the early two years flowing from solid investment markets.

Possess increases in fatal bonuses to Australian policyholders in 2005 and 2006, higher annual bonuses volition use in 2007 on with encourage increases in final bonuses.

In Make Zealand, operating earnings rose 12 per cent to NZ60 million, driven by increase in the hazard insurance record and feel profits. Hold annual superior income rose 16 per cent to NZ104 million. Controllable costs rose 13 per cent to NZ69 million with continued investment in distribution, make and IT. Make firm gross development resulted in a stable price to income ratio at 41.1 per cent (Let Zealand buck damage). Give on equity built 2.9 part points to 30.5 per cent (Possess Zealand buck damage).

In AMP Receive Investors, operating earnings rose 25 per cent to A115 million, driven by higher direction and doing and transaction fees. AUM rose by 16 per cent in the class to A105.6 billion, mainly reflecting the specialty of investment markets.

Let network cash inflows from Australia and Asia were A2.4 billion, with the Hold Let sphere posting especially potent netflows of A1.1 billion. Consume profits cash outflows were A1.2 billion, with outflows in hunt-forth businesses and shareholder funds part start by an addition in modern merchandise inflows. Controllable costs rose 13 per cent to A223 million in the class deserved largely to higher employee costs and targeted concern expansion. Get increase , how, drove the toll to income ratio perfect 1.8 part points to 56 per cent. Cause on equity in this commercial rose by 9.6 share points to 60.9 per cent. Investment doing remained knockout with 77 per cent of Australian AUM and 87 per cent of Birth Zealand AUM either junction or exceeding benchmark for the class .

The flagship diversified funds performed specially healed, with the cautious and equal increase funds some ranking top in their individual Mercer challenger surveys for the 12 months to 31 December 2006. CobaltGordian has continued to center on the runoff of its left insurance and reinsurance books. Operating earnings, spell cut 9 per cent in the class to A67 million, were up of expectations chase a stronger than due 2005 outcome of A74 million.

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