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.
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.
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.
AMP Australia aims to help Australians manage and grow their wealth throughout their lives.
In November 2019, AMP brought together its Australian wealth management and AMP Bank divisions under one leadership team to drive a more integrated organisation with the aim of delivering significant value to our clients, AMP, and our shareholders.
Australian wealth management provides financial advice services (through aligned and owned advice businesses), platform administration (including SMSF), unit linked superannuation, retirement income and managed investment products.
The reinvention of wealth management, to better deliver whole-of-wealth services to clients is a key priority in AMP’s transformation strategy. The simplification of our wealth management platforms combined with a focus on compliant, professional, and productive advice will deliver better outcomes for our clients and growth for the company. Through our employed and aligned advice network, we support over 1,500 advisers in Australia to provide quality financial advice to clients.
AMP Bank offers residential mortgages, deposits, and transaction banking. In 2020, AMP made a significant investment in the enhancement and modernisation of the bank’s core platform system to improve client experience, strengthen risk controls and support scaled growth in the future.
AMP Capital is a diversified investment manager across major asset classes including infrastructure debt, infrastructure equity, real estate, equities, fixed interest, diversified, multi-manager and multi-asset funds.
AMP Capital’s aspiration is to build the best global private markets platform in the world, underpinned by real assets. Simultaneously, AMP Capital’s public markets business will be refocused to support its key strategic partners.
On 1 September 2020, AMP completed the repurchase of Mitsubishi UFJ Trust and Banking Corporation’s (MUTB) 15% shareholding in AMP Capital, resulting in 100% ownership of AMP Capital and the conclusion of the existing business and capital alliances between MUTB, AMP Limited and AMP Capital. AMP Capital and MUTB continue to cooperate strategically, building on their mutually beneficial business relationship in Japan with AMP Capital continuing to deliver its investment products through MUTB’s network.
The New Zealand wealth management business (NZWM) encompasses the wealth management, financial advice, and distribution business in New Zealand.
It provides clients with a variety of wealth management solutions including KiwiSaver, corporate superannuation, retail investments, a wrap investment management platform and general insurance.
A decision to retain and grow the business was announced in May 2020. The retention strategy included investment in the automation of client-facing technology and customer processes and a simplified distribution model with advisers now either employed or independently contracted.
Localisation of operations including the repatriation of all offshore processing to eliminate risk was also completed as part of the 2020 transformation strategy.
AMP holds strategic partnerships including:
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.