Our strategy

In 2019, AMP announced a three-year transformation strategy to become a simpler, client-led, growth-oriented business. At that time, the disruption and economic impacts of the COVID-19 pandemic could not have been predicted.
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Despite the significant challenges and disruptions faced in 2020, we delivered on a significant majority of our market commitments. The COVID-19 pandemic enabled our business to demonstrate its resilience as we adapted to a new way of working to support our clients, people, and the community. Our people remained agile through the uncertainty and prioritised serving our clients, but a disciplined approach and focus on the delivery of key objectives of the strategy was also maintained.

The sale of AMP Life, our Australian and New Zealand wealth protection, and mature businesses, was completed on 30 June 2020 and represented a significant milestone in the simplification of our business, reducing our risk liabilities and allowing a fundamental reset of our capital management initiatives. As part of the transaction, our people delivered one of the largest successor fund transfers in Australian history with teams working remotely during the COVID-19 lockdowns. AMP now retains a residual 19.13% equity interest in Resolution Life Australasia.

A decision to retain and grow the New Zealand wealth management (NZWM) business was announced in May 2020. To date, substantial progress has been made to further simplify the business, including the acceleration of digital enhancements for clients, the automation of client-facing technology including the repatriation of all offshore processing and a simplified distribution model with ~66% of AUM managed via AMP and AdviceFirst employed advisers.

In AMP Australia, we made significant progress with 75% of the advice reshape program complete, super simplification through the reduction in products and a core technology renovation and improved digital services for our AMP Bank clients.

In AMP Capital, we shifted our focus towards private markets and continued to deploy capital and make divestments. We refocused our public markets businesses to better support clients with a view to transferring our multi-asset group to AMP Australia in the near future.

In 2021, our efforts will shift to building on these foundations as we look to capitalise on the execution momentum achieved in 2020. Our focus will turn to delivering on 10 priorities in four key areas:

  • Reinvent wealth management in Australia

  • Grow the New Zealand business

  • Expand asset management footprint in private markets

  • Create a simpler, leaner business.

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

2021 Strategic priorities

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