FY 21 NPAT (underlying) of A$356m up 52.8% on FY 20, assisted by AMP Bank earnings and recovery of credit provisions, and strong infrastructure performance fees
A$300m cost-out target (FY 19-22) on track with ~A$260m of gross cost-outsavings delivered by FY 21
FY 21 capital surplus of A$383m above
target requirements, supporting demerger and transformation
Launched new contemporary advice services model for 2022
Technology investment in AMP Bank supported growth in residential mortgage book
Demerger program on track for completion in 1H 22
Reorganisation nearing completion:
GEFI sale (completion Q1 22)
Infrastructure Debt platform sale (completion Q1 22)
MAG transfer to Australian Wealth Management (completion Q2 22)
Strong momentum in establishing AMP Capital Private Markets as a standalone business:
Pro forma balance sheet principles for demerged entities determined, setting foundation for strategic delivery
New brand announced for Private Markets business
Appointment of experienced Chief Financial Officer
Delivery of demerger and associated transactions and reorganisation
Meeting additional cost-out targets
Accelerating implementation of business strategies in both entities:
AMP - Bank & Platforms growth, Advice transformation
Undertaking 8 to 1 share consolidation prior to demerger
4
Reduced fees across Master Trust and platforms products. Delivered free
retirement health checks and financial education for AMP Super members
AMP Bank maintained top five ranking1 of Australian banks for broker service
experience in 2021
New Zealand Wealth Management transitioned to a simpler and more cost- effective investment structure to enhance client outcomes
AMP Capital delivered close to A$1b of retail property developments (Marrickville Metro, Karrinyup) and successfully sold major stakes in infrastructure assets (Angel Trains and ESVAGT) creating significant value for clients
Employees across all levels of the organisation participated in workshops to to inform new purpose and values
Culture diagnostic sessions - over 30% of workforce participated in focus groups on culture
Met 40:40:20 gender representation targets at board, middle management and workforce generally
Group wide employee satisfaction score increased from 67 to 71 in 2021
Strong progress on AMP's Innovate
Reconciliation Action Plan, with over 60%
of actions complete
Strengthened actions to address modern slavery, following first transparency statement published in 2021
The AMP Foundation distributed more than A$3.2m to charities and individuals making a difference in the community
Operationally carbon neutral (9th year).
Maintained 'A-'leadership rating in annual CDP rating (formerly Carbon Disclosure Project); AWOF achieved net zero scope 1 + 2 emissions for internally managed assets
1. Ranking of banks with more than 20% of broker usage, Third Party Lending Report, Momentum Intelligence, 2021.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Original Link
Original Document
Permalink
Disclaimer
AMP Limited published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 22:28:11 UTC.
AMP Ltd is an Australia-based company, which provides banking, superannuation, retirement and financial advice services in Australia and New Zealand. The Company operates through five segments: AMP Bank, AMPâs Platforms, AMPâs Master Trust, Advice, and New Zealand Wealth Management. AMP Bank offers residential mortgages, deposits and transactional banking services. AMPâs Platforms business is a provider of superannuation, retirement and investment solutions, enabling advisers and their clients to build a personalised investment portfolio on its North platform. AMPâs Master Trust segment operates SignatureSuper, which is a retail Master Trust in Australia, providing superannuation and pension solutions to individuals. Advice provides professional services to a network of aligned and independent financial advisers (IFAs). New Zealand Wealth Management encompasses wealth management, financial advice and distribution businesses in New Zealand.