2020 Annual report
We have delivered a resilient business performance in 2020 despite significant market volatility.

Chair’s message

2020 was an extraordinary year for the world, and within AMP.

Our full year performance reflects the disruption and economic impacts of COVID-19 and the significant transition that is occurring within our business environment as we progress into the second year of our three-year transformation strategy.

Debra Hazelton – Chair
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CEO’s message

Throughout our history, AMP has been a source of support for our clients and the community in times of crisis.

Amid a challenging year for many of our clients, I’m pleased that AMP continued to deliver on this commitment.

Francesco De Ferrari – Chief Executive Officer
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2020 highlights

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We have delivered a resilient business performance in 2020 despite significant market volatility and economic impacts.
The pandemic has fundamentally disrupted the way our clients, people, and community work, live and think about their finances. It has been a year of change for AMP, including the completion of the sale of our life insurance business, changes in our executive and board leadership and the commencement of a review of our portfolio.
Financial highlights
$295m

full year 2020 net profit after tax (NPAT) (underlying) reflected the impacts of COVID-19 on financial markets, the economy, and increased operating costs to service clients.

90%

of 2020 market commitments delivered; three-year transformation strategy on track; including sale of AMP Life, upgrades to AMP Bank’s core technology platform and significant advancement of advice reshape.

$121m

of cost-out delivered in full year 2020; accelerated cost reduction initiatives in second half 2020 after COVID-19 related investment in first half 2020.

$344m

from AMP Life sale proceeds paid to shareholders via a special dividend of 10 cents per share in October 2020.

$1.8b

paid in early release of super to clients in need.

$2m

in grants to support COVID-19 impacted charities through AMP Foundation’s emergency grants program.

Latest news

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Feb 26, 2021

AMP and Ares Management Corporation announce intention to pursue joint venture partnership for AMP Capital’s private markets businesses

AMP Limited and Ares Management Corporation today announced that they have entered into a non-binding Heads of Agreement to pursue the formation of a joint venture for AMP Capital’s private markets businesses of infrastructure equity and infrastructure debt, real estate and other minority investments.
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Mar 9, 2021

AMP Capital sells Global Companies capability to Fiera Capital

AMP Capital today announced it had reached an agreement with Fiera Capital, a global investment manager headquartered in Canada, for the sale of its Global Companies capability. This includes AMP Capital’s four-strong investment team as well as the intention to transfer across the Global Companies Fund (GCF) UCITS platform series.
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Mar 4, 2021

AMP launches new retirement advice offer for super members

AMP has launched a new retirement health check advice offer for members of its superannuation funds, provided at no additional cost.
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About AMP

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AMP has evolved over the course of its 172-year history to meet the changing needs of clients.
Reinventing AMP
Refocusing our portfolio to higher growth, higher return businesses
Australian wealth management
Simpler, client-led wealth manager with tailored
offering to meet the needs of Australians
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AMP Bank
Technology enabled challenger bank that integrates with clients’ wealth management needs
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AMP Capital
Leading global asset
manager, expanding
private markets through differentiated active management capabilities
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New Zealand wealth management
Leading wealth manager and general insurance provider
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Partnerships
Strategic partnerships
giving access to diversified shareholder returns
and strategic
growth opportunities
Enablers of long-term shareholder value
Refining the business portfolio by shifting capital allocation to higher growth, higher return assets
Disentangling the value chain to enable operational efficiency and improved cost management
Strengthening our culture to drive accountability, inclusion and high performance

Sustainability

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To AMP, sustainability is our ability to meet the needs of the present without compromising future generations.

Our clients

$1.8b

Paid $1.8 billion in early release of super to clients in need.

Launched partnership with Good Shepherd to provide free confidential financial counselling to
AMP clients experiencing hardship.

Supported AMP Capital tenants with flexibility of rent payment terms and trading hours.

Our people

95%

Rapidly scaled remote working technologies enabling 95% of employees to work flexibly.

Coordinated and delivered key projects including one of the largest successor fund transfers (SFT) in Australian history while working remotely.

Initiated inclusive leadership training for senior leaders – all employee rollout scheduled for 2021.

Our community

$2m

$2 million in support for COVID-19 impacted charities through emergency grants program from AMP Foundation.

Launched Innovate Reconciliation Action Plan (RAP), building on strong progress since 2019 launch of AMP Capital’s Reflect RAP.

Converted several AMP Capital infrastructure assets to COVID-19 crisis centres and community assessment clinics.

2021 AMP annual general meeting

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Having regard to the potential health risks associated with large gatherings, the 2021 Annual General Meeting (AGM) was held online on Friday, 30 April 2021 from 10.00am (Sydney time). With over 700,000 shareholders located across Australia and the world, our online AGM provided shareholders the opportunity to participate regardless of their location by utilising technology to view, vote and ask questions.

Friday 30 April 2021
10.00am (Sydney time)
Centennial Hall, 483 George Street, Sydney, Australia.
Add to Calendar 04/30/2021 10:00 AM 04/30/2021 11:00 AM Australia/Sydney 2021 Annual general meeting (online only) 2021 Annual general meeting (online only)
Results of the AMP Limited Annual General Meeting

PDF downloads

2017 shareholder review
2017 annual report
2017 community report
2018 notice of meeting
Remuneration report
Investor presentation
Investor presentation
Sustainability report

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