After years of talking up its strategies in the British and European markets, AMP’s Australian operation was the big performer when the company revealed its half-year profit on Thursday.

Australian and NZ business earned 40% of operating profit and the UK arm 33%.

CEO Paul Batchelor announced a first-half profit of $403 million, a fall of 23% on the previous half-year.

The profit fall was primarily due to plummeting returns from the company’s global investments, which fell 91% to $25 million. But analysts were generally upbeat about the company’s operating profit, which rose 20%. Investment income has fallen from being around 65% of total earnings to about 25%.

While AMP relies heavily on its foreign business – it now earns more than 50% of its profit overseas – local arm AMP Financial services rose 16% to $198 million, compared with UK Financial Services, which returned $166 million, and Henderson Global Investors with $100 million.

Mr Batchelor made it very clear at the profit announcement in Sydney on Thursday that he sees the company’s future as being firmly in the northern hemisphere. It is searching for suitable acquisitions in North America and Europe. Both are essential markets to hold a stake in if Mr Batchelor is to achieve his five-year goal of turning the company into one of the world’s top 20 funds managers.

But Asia isn’t out of AMP’s sights, either. Mr Batchelor said the company wants to expand into Asia and has its eyes on opportunities in China.