Owning AMP Ltd (ASX: AMP) shares hasn't been an easy ride over the last few years, but there are some positive signs that the ASX financial share has turned the corner.
The latest update we saw was from the company's 2026 third quarter, released on 15 October 2026. Let's quickly recap what the company reported in that update.
It showed that platforms net cash flows increased 20% year over year to $1.5 billion.
Superannuation and investments net cash outflows were $138 million, an improvement from $241 million of outflows in the prior corresponding period. This led to the net cash outflow for the year to date being $62 million.
The New Zealand wealth management net cash flows were $100 million, an improvement of 56% year over year.
The business noted that its total assets under management (AUM) reached $168 billion across its Australian and New Zealand wealth businesses.
With AMP Bank, its total mortgage book was $23.2 billion, down from $23.6 billion in the second quarter of 2026. Total deposits were $17.6 billion, down from $17.8 billion in the second quarter of 2026. AMP GO deposits remained at $1.7 billion. AMP said it's working on reducing the capital intensity of the bank, which is a positive development.
The business also noted that it is halfway through a $150 million on-market share buyback.
With the above momentum in mind, let's take a look at what broker analysts are expecting for owners of AMP shares in the years ahead.
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2026
The AMP financial year follows the 2026 calendar year, so we're still in AMP's FY26 and it's not long until it's finished.
The current projection on CMC Invest suggests that the company's earnings per share (EPS) could climb to 13.7 cents in the 2026 financial year. That means it's trading at 16 times FY26's estimated earnings.
With that profitability, AMP's board of directors is projected to increase its annual dividend per share to 6 cents. This would be a dividend payout ratio of 43.8%. That translates into a dividend yield of 2.7%, excluding franking credits.
2027
The earnings per AMP share are forecast to increase further in the 2027 financial year, which is good news for shareholders. The projection on CMC Invest suggests EPS could climb 10% to 15.1 cents.
However, despite that, the projection on CMC Invest suggests the ASX financial share could hold its dividend at 6 cents per share. That would be a dividend yield of 2.7% excluding franking credits.
A combination of a decent dividend and a share buyback shows AMP is looking to deliver shareholder returns in a variety of ways.
2028
The final year of this series of projections shows that the financials are forecast to rise even further.
In the 2028 financial year, the company is projected to generate 17.2 cents of earnings per AMP share, a year-over-year rise of 13.9%.
This increase in earnings could lead to AMP hiking its dividend to 7 cents per share. That translates into a dividend yield of 3.2%. I think the future looks positive for AMP, with the projections showing growing earnings and dividends, which are key drivers of larger shareholder returns.
