AMP Limited’s stock surged 6.42% in intraday trading on Thursday, as investors reacted to a robust set of first-half results that exceeded expectations on several fronts.

The wealth manager reported a 32.8% jump in underlying net profit after tax to A$174 million, driven by strong contributions from its China partnerships, which more than doubled, and solid growth in its platforms and superannuation divisions. The company also announced a higher-than-expected interim dividend of 3.0 Australian cents per share, up from 2.0 cents a year ago, and a new A$150 million on-market share buyback program.

Analysts at Citi highlighted the dividend surprise and buyback, along with encouraging trends in wealth businesses and an improved medium-term return outlook for its partnerships business, as factors that should continue to support the stock’s momentum.