AMP has booked an increase in net profit of 8% to $985 million for last year amid falling investment income.

Underlying profit - the financial services company's preferred yardstick because it spreads investment volatility - grew 10% to $960 million.

AMP Financial Services and AMP Capital Investors are the group's primary subsidiaries, with total assets under management of $129 billion, up 6% on the previous year.

Total operating earnings lifted 12% to $770 million, while new business value gained 13% to $393 million.