AMP's profit for the half year to June 30 slipped 1% from the corresponding period last year to $362 million, squeezed by lower management and performance fees in tough markets from its Capital Investors business.

Annual risk premium income grew 16% to $563 million, reflecting increased activity by financial planets as difficult economic conditions led to increased consumer demand for risk products.

Sales through independent financial planners and third party alliances were up 47%.

Operating earnings for AMP Capital Investors was down 45% at $43 million.

CEO Craig Dunn says that while the economic outlook currently looks more promising, the market is likely to be subject to ongoing volatility. Investor sentiment also continues to be "subdued".