AMP’s wealth protection business grew its assets under management by $211 million to $125.3 billion in the third quarter.

The business achieved a net cash outflow of $243 million in the three months to September 30, due to high levels of discretionary super contributions being brought forward into the previous quarter ahead of changes to non-concessional caps.

“In Australian wealth protection, experience has been tracking in line with expectations, delivering another stable quarter for the business,” CEO Craig Meller said.

He says a second program of reinsurance agreements, which will release about $500 million of capital to the group, will add further earnings stability when it takes effect on Wednesday.

Annual inforce premium for individual lump sum grew to $1.14 billion from $1.09 billion in the preceding quarter, individual income protection increased to $404 million from $396 million and group risk declined to $376 million from $440 million.