Wealth management operating earnings at Australia’s AMP Group, which includes the financial planning, superannuation, pensions and banking businesses fell two per cent to A$142 million.

Wealth protection operating earnings grew 29 per cent to $76 million due to an improved claims performance.

Net profit overall for the six months to June 30 was A$366 million, down 22 per cent from the same period a year earlier. The prior first half result was boosted by an $88 million contribution from the group’s Cobalt/Gordian business which was sold during the period.

Underlying net profit dropped two per cent to $437 million.

Assets under management fell nine per cent to $101 billion at the end of the period because of adverse investment market movements.