About AMP

AMP has evolved over the course of its 172-year history to meet the changing needs of clients.
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Overview

AMP has evolved over the course of its 172-year history to meet the changing needs of clients.
Purpose

AMP’s purpose is to realise human ambitions – one client at a time. It encapsulates our reason for being, defines the kind of company AMP strives to be and the positive impact we seek to make in the world.

AMP’s purpose is underpinned by three core behaviours – think client first, act like an entrepreneur and take action and be accountable. These behaviours coupled with AMP’s five code of conduct principles (set out below) capture our values, define what we expect of one another and influence our reward outcomes.

AMP’s five code of conduct principles are:
We act professionally with honesty and integrity.
We respect and value differences and create a safe working environment.
We identify and manage any conflicts of interest responsibly.
We respect and maintain privacy and confidentiality.
We comply with our legal and regulatory obligations, internal standards and policies and deal with breaches promptly and appropriately.

Together, AMP’s purpose, values and behaviours are brought to life across AMP through all our communication channels, policies, processes, training and awards recognising the spirit of these principles in action.

Principal activites

Founded in 1849, AMP is Australia and New Zealand’s leading wealth management company offering clients financial advice and superannuation, retirement income, banking, and investment products across our portfolio of businesses. The company also provides corporate superannuation products and services for workplace super and self-managed superannuation funds (SMSFs).

AMP has a long history of helping clients manage their finances and realise their financial ambitions. Our commitment to this is articulated in our purpose statement – Realise human ambitions. It explains the kind of company AMP wants to be and the positive impact we seek to make in the world. We do this by helping our clients manage risks and reduce uncertainties of financial outcomes to reach their goals.

AMP is headquartered in Sydney, Australia. Together with its subsidiaries, the company has over 5,900 employees globally, predominantly based in Australia and New Zealand.

In 2020, the organisation was streamlined to three business units – AMP Australia (wealth management and bank), AMP Capital, and New Zealand wealth management.

Sale of wealth protection and mature businesses

On 1 July 2020, AMP announced the completion of the sale of the Australian and New Zealand wealth protection and mature businesses to Resolution Life Australia Pty Ltd (Resolution Life).

The gross sale proceeds were $3.0 billion comprising:

  • $2.5 billion cash; and

  • $500 million equity interest in Resolution Life Australasia, a new Australian-domiciled, Resolution Life-controlled holding company that is now the owner of the Australian and New Zealand wealth protection and mature businesses.

Resolution Life was on risk for all experience and lapse losses from 1 July 2018 until 30 June 2020 and was entitled to all Australian and New Zealand wealth protection and mature businesses’ net earnings during that period. The sale completed on 30 June 2020. AMP continue to report the results of Australian and New Zealand wealth protection and mature businesses through to 30 June 2020.

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