(Reuters) -AMP Ltd on Thursday reported decrease outflows at its Australian wealth administration unit within the third quarter, largely as a result of finish of a authorities program that allowed folks to faucet the early launch of their pensions to tide over the pandemic.

Internet money outflows at AMP (OTC:)’s essential wealth administration enterprise was A$1.4 billion ($1.05 billion) within the three months to September, decrease than A$1.8 billion in the identical interval final yr.

Nevertheless, belongings beneath administration on the unit was little modified at A$131.2 billion because the broader market state of affairs improved, the corporate mentioned.

In final yr’s third quarter, the Australian wealth unit noticed outflows of A$692 million as a result of Early Launch of Tremendous (ERS) program that the federal government scrapped on the finish of 2020 because the nation fared higher than initially thought towards the pandemic.

AMP has suffered from persistent outflows since a government-backed inquiry revealed a sequence of scandals that the 172-year outdated agency has been trying to make amends for and regain belief.

It’s present process a restructuring, with plans to spin off its asset administration arm’s personal markets enterprise within the first half of subsequent yr.

The asset administration arm, AMP Capital, reported outflows of A$12 billion for the quarter, a large leap from A$2.4 billion a yr earlier, because it misplaced its New Zealand wealth administration mandate, which accounted for A$9.2 billion.

($1 = 1.3301 Australian {dollars})