AMP's net profit for the year ended June fell to $A382 million.
The funds manager said underlying profit, stripping out volatile investment results, was up 16 percent.
New Zealand managing director Jack Regan said the improved near-$NZ60 million operating result in this country was driven by an 8 percent increase in profit margins.
That was because of lower costs, while funds under management rose 6 percent to $13.5 billion.
Mr Regan said funds under management were significantly bolstered by a 22 percent jump in KiwiSaver funds, and from rising employer contributions in particular.