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AMP Finds Fortunes in China as JV Growth Drives H1 Results, Jefferies Says

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AMP's (ASX:AMP) China Life joint venture has become "too big to ignore," as it was the primary driver of gains in the financial services company's first-half results, Jefferies said in a note on Thursday.

Contributions from AMP's China partnerships more than doubled during the period to AU$56 million, with growth looking increasingly structural and sustainable, supported by operating leverage and a 41% payout ratio.

Jefferies raised its 2026 and 2027 EPS forecasts by 9% and 10%, respectively, citing strength across Platforms, Super & Investments and Partnership assets.

The brokerage maintained its buy rating and raised price target to AU$2.55 from AU$2.07.

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