The AMP Ltd (ASX: AMP) share price has jumped 6% after the company announced its FY26 half-year report.
AMP is a diversified financial business that offers banking, superannuation and investments. It also has a growing Chinese partnerships segment.
HY26 result
Here are some of the highlights for the six months to 30 June 2026:
- Total revenue grew by 6.2% to $671 million
- EBIT (EBIT explained) rose by 15.7% to $206 million
- Underlying net profit rose 32.8% to $174 million
- Statutory net profit grew 57.1% to $154 million
- Dividend per share hiked by 50% to $0.03 per share
- Share buyback of $150 million announced
What happened during the HY26 period?
The company noted a pleasing performance for most of its divisions.
Platforms underlying net profit grew by 15% to $61 million. Platforms net cashflow soared 33.4% to $3.1 billion, with closing assets under management (AUM) of $92.7 billion.
Superannuation and investments (S&I) underlying net profit grew 18.5% to $32 million. S&I cash flow improved $151 million to $76 million – it was the first positive half since 2017. Closing AUM for S&I was $62.6 billion.
New Zealand underlying net profit decreased by 5% to $18 million. Net cashflows rose 19.6% to $116 million. The closing AUM was $12.3 billion.
AMP Bank underlying net profit sank 33% to $20 million.
China partnerships underlying net profit rose 107% to $56 million. AMP owns 19.99% of CLPC (China Life Pension Company (a large pension company)) and 14.97% of China Life AMP Asset Management Company (CLAMP). CLPC AUM grew 9% and net profit rose 40.3%, with an increase in the dividend payout ratio to 41% in FY25. This segment has rapidly become a major part of AMP.
Non-strategic partnerships and group costs saw the underlying net loss for this segment improve to $13 million.
Outlook for the AMP share price
In the second half of FY26, the business wants to accelerate growth in its wealth businesses, increase business cash generation and returns to shareholders, and leverage AI and manage risk.
The building blocks for AMP are going in the right direction, which I think bodes well for the near-term. The fact that cashflow is improving for both platforms and S&I is a good sign for ongoing growth.
Profit from its Chinese investments is growing strongly, which I think is the key reason to like AMP today. I’m not sure if AMP is an attractive buy today considering the AMP share price is up more than 40% from 30 June 2026. But, I’m not sure how defensive and reliable the Chinese profits are.
In my view, there are other ASX dividend shares that could be a better buy.
