AMP is out of the doldrums, recording a net profit of $393 million in the six months to June 30, compared with $321 million a year ago.

The 22% rise in first-half profit was better than expected, with CEO Andrew Mohl saying the company has gathered strong momentum since 2002/03.

He says AMP expects to double its size over five years to more than $20 billion and aims to return capital to its shareholders.

Meanwhile, AMP Financial Services New Zealand has also reported improved profits by up to 15% to $NZ27.7 million ($25.5 million).

AMP NZ MD Greg Camm says the division’s risk insurance business has now moved to second place in terms of overall market share of annual premium income, growing at nearly twice the rate of the market over the last three years.