The AMP Ltd (ASX: AMP) share price is up by 7.67% over the month of October to $1.43 at the time of writing.

The ASX 200 financial stock is having a cracking year, with its price rising by 54% since January.

This compares to a 7% lift in the S&P/ASX 200 Index (ASX: XJO) over the same period.

So, what happened with this diversified financial services company this month?

Why did the AMP share price surge in October?

AMP released only one lot of price-sensitive news to ASX investors this month.

That was its 3Q FY24 cashflows and business update on 17 October.

For the third quarter of FY24, AMP reported a 76% annual rise in platforms net cashflows to $750 million.

North inflows from Independent Financial Advisers (IFAs) rose 47% from 3Q FY23 to $832 million.

Platforms Assets Under Management (AUM) lifted 5% from 2Q FY24 to $78.1 billion.

Superannuation & Investments AUM increased by 3% from 2Q FY24 to $55.8 billion, with net cash outflows down 46% year over year to $334 million.

New Zealand Wealth Management net cashflows soared from $6 million in 3Q FY23 to $40 million in 3Q FY24. AUM increased 2% from 2Q FY24 to $11.6 billion.

The AMP Bank's total loan book rose in value by $100 million to $23 billion in the third quarter.

Deposits now total $20.9 billion, up $300 million from 2Q FY24.

It would be an understatement to say investors were pleased with the news.

The AMP share price ripped 17.65% higher on the day of the market announcement.

What did management say?

AMP CEO, Alexis George, said:

During the quarter, AUM increased across Platforms, Superannuation & Investments and New Zealand, and net cashflows also improved across these businesses.

Platforms cashflows significantly increased on the prior period, while in Superannuation & Investments, outflows were almost halved, with a continued focus on our renewed member proposition and a new national advertising campaign for AMP Super.

AMP also completed a share buyback in the first week of October.

George said the on-market buyback plus the recommencement of dividends in early 2023 had returned $1.1 billion of capital to investors.

She said:

This is an important milestone in the transformation of AMP, as we continue to simplify and grow the business.

As my colleague Tristan reported, AMP shares investors have received a cash splash over the past two years following the sale of AMP Capital in August 2022.

What's next for the AMP share price?

The consensus rating on AMP shares among market analysts using the CommSec platform is a hold.

Of the 10 analysts rating the stock, two say the ASX financial share is a strong buy, five say it's a hold, two say it's a moderate sell, and one says it's a strong sell.