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{{Short description|Financial services company located in Australia and New Zealand}}
{{Short description|Financial services company in Australia and New Zealand}}
{{Use dmy dates|date=February 2020}}
{{Use dmy dates|date=February 2020}}
{{Infobox company
{{Infobox company
| name = AMP Limited
| name = AMP Limited
| logo = AMP logo.svg
| logo = AMP logo.svg
| logo_size = 250px
| logo_size = <!-- 250px -->
| type = [[Public company|Public]]
| type = [[Public company|Public]]
⚫
| industry = [[Financial services]]
| traded_as = {{ASX|AMP}}
| traded_as = {{ASX|AMP}}
| genre =
| foundation = {{start date and age|df=y|1849|1|1}}
| foundation = {{start date and age|df=y|1849|1|1}}
| founder =
| founder =
| location_city = [[Quay Quarter Tower]], [[Australia]]
| location_city = [[Quay Quarter Tower]]
| location_country = [[Australia]]
| origins =
| key_people = Debra Hazelton, <small>(Chair)</small><br>Alexis George<small>([[Chief executive officer|CEO]])</small>
| key_people = {{ubl |Debra Hazelton (Chairperson) |Alexis George ([[Chief executive officer|CEO]]) }}
| area_served =
| area_served = Australia and New Zealand
| products = [[Superannuation]] and [[investment]] products, financial advice, [[banking services]] and investment management
| industry = [[Finance]]
⚫
| services =
⚫
| products = [[Financial services]]
| net_income = A$972 million
⚫
| services =
⚫
| net_income_year = 2015<ref>{{Cite web|url=http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2139851|title=AMP news}}{{Dead link|date=July 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
| revenue =
| assets = A$110.4 billion
| operating_income =
⚫
| assets_year = 2015<ref>{{cite web|url=https://www.forbes.com/global2000/list/6/#header:assets_sortreverse:true|title=The World's Biggest Public Companies|work=Forbes|url-status=live|archive-url=https://web.archive.org/web/20171023122516/https://www.forbes.com/global2000/list/6/#header:assets_sortreverse:true|archive-date = 23 October 2017|df=dmy-all}}</ref>
⚫
| net_income = A$972 million {{small|(2015)}}<ref>{{Cite web|url=http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2139851|title = AMP news}}</ref>
| num_employees = 4,826
⚫
| assets = A$110.4 billion {{small|(2015)}}<ref>{{cite web|url=https://www.forbes.com/global2000/list/6/#header:assets_sortreverse:true|title=The World's Biggest Public Companies|work=Forbes|url-status=live|archive-url=https://web.archive.org/web/20171023122516/https://www.forbes.com/global2000/list/6/#header:assets_sortreverse:true|archive-date = 23 October 2017|df=dmy-all}}</ref>
| num_employees = 4,826<ref>{{Cite web|url=https://newswire.iguana2.com/af5f4d73c1a54a33/amp.asx/2A1355927/AMP_2021_Full_Year_Investor_report|title = Announcement}}</ref>
| num_employees_year = 2021<ref>{{Cite web|url=https://newswire.iguana2.com/af5f4d73c1a54a33/amp.asx/2A1355927/AMP_2021_Full_Year_Investor_report|title = Announcement}}</ref>
| divisions = {{ubl |AMP Financial Services |Axa Asia Pacific }}
| parent =
| divisions = [[AMP Capital]] <br /> AMP Financial Services <br /> Axa Asia Pacific
| subsid = {{ubl ||[[AMP Capital]] |AMP Banking }}
⚫
| homepage = {{website |http://www.amp.com.au/ }}
| subsid =
| company_slogan =
⚫
| homepage = [http://www.amp.com.au/ amp.com.au]
| dissolved =
| footnotes =
}}
}}


'''AMP''' is a financial services company in [[Australia]] and [[New Zealand]] providing [[superannuation]] and [[investment]] products, financial advice, and banking products (through '''AMP Banking''') including home loans and savings accounts. Its headquarters is in [[Sydney]], Australia.
'''AMP Limited''' (formerly '''Australian Mutual Provident Society''') is an Australian [[financial services]] company that operates in [[Australia]] and [[New Zealand]]. It offers [[superannuation]] and [[investment]] products, financial advice and banking services through ''AMP Banking'', including home loans and [[savings account]]s. AMP is headquartered in [[Sydney]], Australia. The company previously operated a global [[investment management]] business through its subsidiary [[AMP Capital]].

The '''Australian Mutual Provident Society''' was formed in 1849 as a non-profit life insurance company and [[Mutual organization|mutual society]]. In 1998, it was [[Demutualization|demutualised]] into an Australian [[public company]], '''AMP Limited''', and listed on the Australian and [[New Zealand Exchange|New Zealand stock exchanges]].


AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company.
AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company.


⚫
On 20 April 2018, Craig Meller resigned as CEO after it was revealed in the [[Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry]] that AMP charged clients for financial advice which was not provided, and misled the [[Australian Securities & Investments Commission]] on numerous occasions.<ref name="ampceo" /><ref name=":0" /> At that time more than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission.<ref name=":1" /> In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government.<ref name=":2" />
⚫
In 2003, the company demerged its UK operations, creating the [[Henderson Group]].

⚫
On 20 April 2018, Craig Meller resigned as CEO after it was revealed in the [[Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry]] that AMP charged clients for financial advice which was not provided, and misled the [[Australian Securities & Investments Commission]] on numerous occasions.<ref name="ampceo" /><ref name=":0" /> More than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission.<ref name=":1" /> In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government.<ref name=":2" />

⚫
AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018.<ref>{{Cite web|url=https://www.asx.com.au/asxpdf/20180822/pdf/43xjqhqkhvh3sf.pdf|title=Media release|website=asx.com.au}}</ref>
⚫
On 25 March 2021, it was announced that De Ferrari would resign.<ref>{{Cite web|url=https://www.afr.com/rear-window/amp-ceo-francesco-de-ferrari-to-resign-today-20210325-p57e1v|title=AMP CEO Francesco De Ferrari to resign today|website=www.afr.com|date=25 March 2021}}</ref> In 2021, he was replaced by [[Alexis George]], formerly of [[Australia & New Zealand Banking Group|ANZ]].<ref>{{Cite web|url=https://corporate.amp.com.au/newsroom/2021/April/Alexis_George_appointed_as_AMP_Limited_Chief_Executive_Francesco_De_Ferrari_to_retire_from_AMP|title=Alexis George appointed as AMP Limited Chief Executive, Francesco De Ferrari to retire from AMP|website=www.amp.com.au|access-date=1 October 2021}}</ref>

⚫
==Operations==
⚫
[[File:Quay Quarter Tower, Governor Phillip Tower, Sydney, 2023, 03 (2).jpg|thumb|363x363px|[[Quay Quarter Tower]]; the AMP's headquarters]]
⚫
The company provides [[Financial Planning|financial planning and advice]], [[banking]], [[life insurance]], [[investment fund|managed fund]]s, [[superannuation]], [[property]], listed assets and [[infrastructure]]. It is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital, was the aligned wealth manager, with more than A$128 billion<ref name="as_at">as at 31 December 2012</ref> in [[assets under management]], making it one of the largest asset managers in the Asia Pacific (excluding Japan) region. AMP Capital has now been stripped out of the AMP Group, along with AMP Life and sold to Dexus and Resolution Capital respectively. AMP Wealth is now the appointed investment manager within the AMP Group.

⚫
AMP has four main business areas:
⚫
*'''Advice and banking''' provides financial planning and advice, superannuation services for businesses, and selected banking products. These products and services are primarily distributed through a network of self-employed financial planners. AMP has been granted a [MySuper] authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.
⚫
*'''Insurance and superannuation''' provides superannuation, personal risk insurance products and self-managed super fund administration, support and design. These products and services are primarily distributed through a network of self-employed financial planners
⚫
*'''Customer solutions'''
⚫
*'''[[AMP Capital]]''' is a global investment manager.


==History==
==History==
===1848 to 1998===
===1848 to 1998===
{{Expand section|significant events before 2000. It's 170 years old, but nothing interesting happened until the last 20 years?|date=September 2018|small=no}}
{{Expand section|significant events before 2000. It's 170 years old, but nothing interesting happened until the last 20 years?|date=September 2018|small=no}}
[[File:Australian Mutual Provident Society headquarters.jpg|thumb|right|Australian Mutual Provident Society headquarters, Sydney, 1880]]
[[File:Australian Mutual Provident Society headquarters.jpg|thumb|right|[[Australian Mutual Provident Society head office, Sydney]], 1878.]]
[[File:WarwickAMPBuilding.JPG|thumb|AMP Building in [[Warwick, Queensland]], 2015]]
[[File:WarwickAMPBuilding.JPG|thumb|AMP Building in [[Warwick, Queensland]], 2015]]
[[File:Closeup of AMP Building statue group, 114 Palmerin Street, Warwick, 2015.JPG|thumb|"Amicus" statue group on the AMP Building in Warwick]]
[[File:Closeup of AMP Building statue group, 114 Palmerin Street, Warwick, 2015.JPG|thumb|"Amicus" statue group on the AMP Building in Warwick]]

On 31 August 1848, a group of businessmen, including Thomas Holt Jnr, Thomas Sutcliffe Mort, and William Perry, met to form an organisation to provide life assurance to Australians, leading to the establishment of the Australian Mutual Provident Society (AMP). Life expectancy at the time was low, and risks like disease and accidents were common. As a mutual society, AMP raised no initial capital and had no shareholders, relying on its members. The Society’s goal was to provide financial security for families through life insurance and annuities. AMP's rules were registered on 28 December 1848 under the [[Friendly Societies Act|Friendly Societies' Act]] of New South Wales. <ref>{{cite web |title=Small Beginnings |url=https://archives.anu.edu.au/exhibitions/175-years-amp/small-beginnings |website=ANU Archives |access-date=22 October 2024}}</ref>


[[David Jones (merchant)|David Jones]] was a foundation director in 1848.<ref>{{Australian Dictionary of Biography|last=Walsh|first=G. P.|year=1967|id2=jones-david-2279|title= Jones, David (1793 - 1873)|access-date=27 September 2013}}</ref>
[[David Jones (merchant)|David Jones]] was a foundation director in 1848.<ref>{{Australian Dictionary of Biography|last=Walsh|first=G. P.|year=1967|id2=jones-david-2279|title= Jones, David (1793 - 1873)|access-date=27 September 2013}}</ref>
Line 65: Line 46:
The Australian Mutual Provident Society was formed in 1849 as a non-profit, life-insurance company, and [[Mutual organization|mutual society]]. [[George King (Australian politician)|George King]] was chairman for fifteen years from the 1850s.<ref>{{Australian Dictionary of Biography|first=Martha |last=Rutledge|title=King, George (1814–1894)|id2=king-george-3953|access-date=4 January 2014}}</ref> [[Richard Teece]] was general manager and actuary from 1890 and a director from 1917 to 1927.<ref>{{Australian Dictionary of Biography|first=J. M. |last=Bennett|title=Teece, Richard (1847–1928)|id2=teece-richard-8769|access-date=27 September 2013}}</ref>
The Australian Mutual Provident Society was formed in 1849 as a non-profit, life-insurance company, and [[Mutual organization|mutual society]]. [[George King (Australian politician)|George King]] was chairman for fifteen years from the 1850s.<ref>{{Australian Dictionary of Biography|first=Martha |last=Rutledge|title=King, George (1814–1894)|id2=king-george-3953|access-date=4 January 2014}}</ref> [[Richard Teece]] was general manager and actuary from 1890 and a director from 1917 to 1927.<ref>{{Australian Dictionary of Biography|first=J. M. |last=Bennett|title=Teece, Richard (1847–1928)|id2=teece-richard-8769|access-date=27 September 2013}}</ref>


AMP began operations on 1 January 1849 at 470 George Street, Sydney, in a small upstairs office. Due to uncertain business, the office was open just 1-2 hours daily. The first policy was issued on 25 February 1849 to AMP's secretary, William Perry, marking the first policy from an Australian insurance company.<ref>{{cite web |title=Early Days |url=https://archives.anu.edu.au/exhibitions/175-years-amp/early-days |website=ANU Archives |access-date=22 October 2024}}</ref>
⚫
In 1876, the first New Zealand AMP centre was built in [[Wellington]]. In 1910, AMP became the first company to provide assurance to soldiers. In 1960, AMP opened its [[Auckland]] office.<ref name = AMPhistoryNZ>{{Cite web|url=https://www.amp.co.nz/nz/about/amp-history|title=AMP history &#124; About AMP}}</ref> In 1989, it acquired the [[London Life Association]].<ref>{{cite web |website=The Wall Street Journal |title=Australia's AMP to Acquire Henderson for $626.1 Million |author=Dow Jones Newswires |date={{date|1998/02/04}} |url=https://www.wsj.com/articles/SB886502277297544000 }}</ref>

AMP expanded by recruiting local agents across New South Wales, Queensland, and Victoria. Initially, most policies were sold to AMP's own members, with the first external policies issued in March 1849. The company faced challenges educating the public on insurance and annuities, but by April 1851, AMP reached 100 policies.<ref>{{cite web |title=Early Days |url=https://archives.anu.edu.au/exhibitions/175-years-amp/early-days |website=ANU Archives |access-date=22 October 2024}}</ref>

In the 1850s, AMP expanded with agents in Auckland and Hobart. Perry, a key figure in AMP’s early success, passed away in 1855. The company provided support to his widow and children in recognition of his contributions.<ref>{{cite web |title=Early Days |url=https://archives.anu.edu.au/exhibitions/175-years-amp/early-days |website=ANU Archives |access-date=22 October 2024}}</ref>

In 1876, the first New Zealand AMP centre was built in [[Wellington]]. In 1910, AMP became the first company to provide assurance to soldiers. In 1960, AMP opened its [[Auckland]] office.

1976 the [[Quay Quarter Tower]] in Sydney, one of the biggest skyscrapers in the city, was initially built as the AMP centre. <ref name=InfoChoiceAMPBank>{{Cite web | website=InfoChoice|url=https://www.infochoice.com.au/institutions/amp|title=AMP Bank | author=Harry O'Sullivan|date={{date|2024/05/02}}}}</ref>

⚫
In 1989, it acquired the [[London Life Association]].<ref>{{cite web |website=The Wall Street Journal |title=Australia's AMP to Acquire Henderson for $626.1 Million |author=Dow Jones Newswires |date={{date|1998/02/04}} |url=https://www.wsj.com/articles/SB886502277297544000 }}</ref>


In 1998, AMP was [[Demutualization|demutualised]] into an Australian [[public company]], AMP Limited, and listed on the [[Australian Securities Exchange]] and [[NZX|New Zealand Stock Exchange]]. In 1999, AMP launched AMP Banking, an online bank. In 2003, the company demerged its UK operations, creating the [[Henderson Group]]. <ref name = AMPhistoryNZ />
In 1998, AMP was [[Demutualization|demutualised]] into an Australian [[public company]], AMP Limited, and listed on the [[Australian Securities Exchange]] and [[NZX|New Zealand Stock Exchange]]. In 1999, AMP launched AMP Banking, an online bank. In 2003, the company demerged its UK operations, creating the [[Henderson Group]]. <ref name = AMPhistoryNZ />


AMP headquarters moved to the AMP Building on Alfred Street in 2018, although the Tower is still owned by AMP Capital<ref name = AMPhistoryNZ>{{Cite web|url=https://www.amp.co.nz/nz/about/amp-history|title=AMP history &#124; About AMP}}</ref>
⚫
Many of the older AMP buildings in Australia are now heritage-listed and feature the "Amicus" statue group. The central figure in the statue group is the goddess of Peace and Plenty, holding a [[Palm branch (symbol)|palm branch]] (signifying [[peace]]) and a [[cornucopia]] (symbolising [[Abundance (economics)|plenty]]). The male figure of [[Labor pool|Labour]] sits to her left and also holds the cornucopia, while the figures of the wife and the child sit on the goddess's right under her palm branch. Under the statue is AMP Society's [[Latin language|Latin]] motto "''Amicus certus in re incerta"'' ("A certain friend in uncertain times").<ref>{{cite news |url=http://nla.gov.au/nla.news-article15267835 |title=General Notes |newspaper=[[Sydney Morning Herald]] |location=NSW |date=22 August 1911 |access-date=2 October 2015 |page=3 |publisher=National Library of Australia}}</ref>

⚫
Many of the older AMP buildings in Australia are now heritage-listed and feature the "Amicus" statue group. The central figure in the statue group is the goddess of Peace and Plenty, holding a [[Palm branch (symbol)|palm branch]] (signifying [[peace]]) and a [[cornucopia]] (symbolising [[Abundance (economics)|plenty]]). The male figure of [[Labor pool|Labour]] sits to her left and also holds the cornucopia, while the figures of the wife and the child sit on the goddess's right under her palm branch. Under the statue is AMP Society's [[Latin language|Latin]] motto "''Amicus certus in re incerta"'' ("A certain friend in uncertain times").<ref>{{cite news |url=http://nla.gov.au/nla.news-article15267835 |title=General Notes |newspaper=[[Sydney Morning Herald]] |location=NSW |date=22 August 1911 |access-date=2 October 2015 |page=3 |publisher=National Library of Australia}}</ref> The importance of Amicus was also demonstrated through the ultimate award bestowed upon AMP's highest achieving advisers, Amicus membership.<ref>{{Cite web |date=2024-10-16 |title=AGS Financial Group: Awards and Recognition |url=https://agsfinancialgroup.com.au/about-ags-financial-group/awards-and-recognition-for-ags/ |access-date=2024-10-16 |language=en-AU}}</ref>

===1998-2011===
⚫
In 2003, the company demerged its UK operations, creating the [[Henderson Group]].


==={{anchor|National Mutual}} AXA merger (2011)===
==={{anchor|National Mutual}} AXA merger (2011)===
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In 2019, CEO Francesco De Ferrari launched a billion dollar transformation plan, aiming to recalibrate public opinion on AMP post royal commission.<ref>{{Cite web|url=https://www.abc.net.au/news/2019-08-14/amp-chief-francesco-de-ferrari-aims-turn-company-around/11412880|title=New AMP chief promises to transform the company but customers will take some convincing|last=Hobday|first=Liz|date=2019-08-14|website=ABC News|language=en-AU|access-date=2019-08-28}}</ref>
In 2019, CEO Francesco De Ferrari launched a billion dollar transformation plan, aiming to recalibrate public opinion on AMP post royal commission.<ref>{{Cite web|url=https://www.abc.net.au/news/2019-08-14/amp-chief-francesco-de-ferrari-aims-turn-company-around/11412880|title=New AMP chief promises to transform the company but customers will take some convincing|last=Hobday|first=Liz|date=2019-08-14|website=ABC News|language=en-AU|access-date=2019-08-28}}</ref>


In July 2021, the Australian Securities & Investments Commission launched a case against AMP in the [[Federal Court of Australia|Federal Court]], seeking pecuniary penalties and orders to publish an apology over the 'fee for no service' scandal, where the company would deduct a fee from client's accounts without performing a service. In September 2022, AMP was fined $14.6 million by the Federal Court. AMP had, as of August 2022, paid back $627 million to 331,994 customers affected by the scandal.<ref>{{Cite news |date=2022-09-20 |title=AMP fined $14.6 million over 'fee for no service' scandal |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2022-09-20/amp-banking-royal-commission-case-finalised/101458214 |access-date=2022-09-20}}</ref><ref>{{Cite web |last=Dastoor |first=Chris |date=2022-09-20 |title=AMP fined $14.5m for corporate super advice fees |url=https://www.professionalplanner.com.au/2022/09/amp-fined-14-5-for-corporate-super-advice-fees/ |access-date=2022-09-20 |website=Professional Planner |language=en-US}}</ref><ref>{{Cite web |last=Nichols |first=Nick |date=20 September 2022 |title=AMP hit with $14.5m fine for charging $356,000 in unlawful super fees |url=https://www.businessnewsaustralia.com/articles/amp-hit-with--14-5m-fine-for-charging--356-000-in-unlawful-super-fees.html |url-status=live |access-date=20 September 2022 |website=Business News Australia}}</ref>
In July 2021, the Australian Securities & Investments Commission launched a case against AMP in the [[Federal Court of Australia|Federal Court]], seeking pecuniary penalties and orders to publish an apology over the 'fee for no service' scandal, where the company would deduct a fee from client's accounts without performing a service. In September 2022, AMP was fined $14.6 million by the Federal Court. AMP had, as of August 2022, paid back $627 million to 331,994 customers affected by the scandal.<ref>{{Cite news |date=2022-09-20 |title=AMP fined $14.6 million over 'fee for no service' scandal |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2022-09-20/amp-banking-royal-commission-case-finalised/101458214 |access-date=2022-09-20}}</ref><ref>{{Cite web |last=Dastoor |first=Chris |date=2022-09-20 |title=AMP fined $14.5m for corporate super advice fees |url=https://www.professionalplanner.com.au/2022/09/amp-fined-14-5-for-corporate-super-advice-fees/ |access-date=2022-09-20 |website=Professional Planner |language=en-US}}</ref><ref>{{Cite web |last=Nichols |first=Nick |date=20 September 2022 |title=AMP hit with $14.5m fine for charging $356,000 in unlawful super fees |url=https://www.businessnewsaustralia.com/articles/amp-hit-with--14-5m-fine-for-charging--356-000-in-unlawful-super-fees.html |access-date=20 September 2022 |website=Business News Australia}}</ref>

===2018 - Present ===
⚫
AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018.<ref>{{Cite web|url=https://www.asx.com.au/asxpdf/20180822/pdf/43xjqhqkhvh3sf.pdf|title=Media release|website=asx.com.au}}</ref>
⚫
On 25 March 2021, it was announced that De Ferrari would resign.<ref>{{Cite web|url=https://www.afr.com/rear-window/amp-ceo-francesco-de-ferrari-to-resign-today-20210325-p57e1v|title=AMP CEO Francesco De Ferrari to resign today|website=www.afr.com|date=25 March 2021}}</ref> In 2021, he was replaced by Alexis George, formerly of [[Australia & New Zealand Banking Group|ANZ]].<ref>{{Cite web|url=https://corporate.amp.com.au/newsroom/2021/April/Alexis_George_appointed_as_AMP_Limited_Chief_Executive_Francesco_De_Ferrari_to_retire_from_AMP|title=Alexis George appointed as AMP Limited Chief Executive, Francesco De Ferrari to retire from AMP|website=www.amp.com.au|access-date=1 October 2021}}</ref>

⚫
==Operations==
⚫
[[File:Quay Quarter Tower, Governor Phillip Tower, Sydney, 2023, 03 (2).jpg|thumb|363x363px|[[Quay Quarter Tower]]; the AMP's headquarters]]
⚫
The company provides [[Financial Planning|financial planning and advice]], [[banking]], [[life insurance]], [[investment fund|managed fund]]s, [[superannuation]], [[property]], listed assets and [[infrastructure]]. It is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital, was the aligned wealth manager, with more than A$128 billion<ref name="as_at">as at 31 December 2012</ref> in [[assets under management]], making it one of the largest asset managers in the Asia Pacific (excluding Japan) region. AMP Capital has now been stripped out of the AMP Group, along with AMP Life and sold to Dexus and Resolution Capital respectively. AMP Wealth is now the appointed investment manager within the AMP Group.

⚫
AMP has four main business areas:
⚫
*''Advice and banking'' provides financial planning and advice, superannuation services for businesses, and selected banking products. These products and services are primarily distributed through a network of self-employed financial planners. AMP has been granted a [MySuper] authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.
⚫
*''Insurance and superannuation'' provides superannuation, personal risk insurance products and self-managed super fund administration, support and design. These products and services are primarily distributed through a network of self-employed financial planners
⚫
*''Customer solutions''
⚫
*''[[AMP Capital]]'' is a global investment manager.


==See also==
==See also==

Latest revision as of 04:14, 22 October 2024

AMP Limited
Company typePublic
ASX: AMP
IndustryFinancial services
Founded1 January 1849; 175 years ago (1849-01-01)
Headquarters
Quay Quarter Tower
,
Australia
Area served
Australia and New Zealand
Key people
  • Debra Hazelton (Chairperson)
  • Alexis George (CEO)
ProductsSuperannuation and investment products, financial advice, banking services and investment management
A$972 million (2015[1])
Total assetsA$110.4 billion (2015[2])
Number of employees
4,826 (2021[3])
Divisions
  • AMP Financial Services
  • Axa Asia Pacific
Subsidiaries
Websitewww.amp.com.au

AMP Limited (formerly Australian Mutual Provident Society) is an Australian financial services company that operates in Australia and New Zealand. It offers superannuation and investment products, financial advice and banking services through AMP Banking, including home loans and savings accounts. AMP is headquartered in Sydney, Australia. The company previously operated a global investment management business through its subsidiary AMP Capital.

AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company.

On 20 April 2018, Craig Meller resigned as CEO after it was revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that AMP charged clients for financial advice which was not provided, and misled the Australian Securities & Investments Commission on numerous occasions.[4][5] At that time more than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission.[6] In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government.[7]

History

[edit]

1848 to 1998

[edit]
Australian Mutual Provident Society head office, Sydney, 1878.
AMP Building in Warwick, Queensland, 2015
"Amicus" statue group on the AMP Building in Warwick

On 31 August 1848, a group of businessmen, including Thomas Holt Jnr, Thomas Sutcliffe Mort, and William Perry, met to form an organisation to provide life assurance to Australians, leading to the establishment of the Australian Mutual Provident Society (AMP). Life expectancy at the time was low, and risks like disease and accidents were common. As a mutual society, AMP raised no initial capital and had no shareholders, relying on its members. The Society’s goal was to provide financial security for families through life insurance and annuities. AMP's rules were registered on 28 December 1848 under the Friendly Societies' Act of New South Wales. [8]

David Jones was a foundation director in 1848.[9]

The Australian Mutual Provident Society was formed in 1849 as a non-profit, life-insurance company, and mutual society. George King was chairman for fifteen years from the 1850s.[10] Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.[11]

AMP began operations on 1 January 1849 at 470 George Street, Sydney, in a small upstairs office. Due to uncertain business, the office was open just 1-2 hours daily. The first policy was issued on 25 February 1849 to AMP's secretary, William Perry, marking the first policy from an Australian insurance company.[12]

AMP expanded by recruiting local agents across New South Wales, Queensland, and Victoria. Initially, most policies were sold to AMP's own members, with the first external policies issued in March 1849. The company faced challenges educating the public on insurance and annuities, but by April 1851, AMP reached 100 policies.[13]

In the 1850s, AMP expanded with agents in Auckland and Hobart. Perry, a key figure in AMP’s early success, passed away in 1855. The company provided support to his widow and children in recognition of his contributions.[14]

In 1876, the first New Zealand AMP centre was built in Wellington. In 1910, AMP became the first company to provide assurance to soldiers. In 1960, AMP opened its Auckland office.

1976 the Quay Quarter Tower in Sydney, one of the biggest skyscrapers in the city, was initially built as the AMP centre. [15]

In 1989, it acquired the London Life Association.[16]

In 1998, AMP was demutualised into an Australian public company, AMP Limited, and listed on the Australian Securities Exchange and New Zealand Stock Exchange. In 1999, AMP launched AMP Banking, an online bank. In 2003, the company demerged its UK operations, creating the Henderson Group. [17]

AMP headquarters moved to the AMP Building on Alfred Street in 2018, although the Tower is still owned by AMP Capital[17]

Many of the older AMP buildings in Australia are now heritage-listed and feature the "Amicus" statue group. The central figure in the statue group is the goddess of Peace and Plenty, holding a palm branch (signifying peace) and a cornucopia (symbolising plenty). The male figure of Labour sits to her left and also holds the cornucopia, while the figures of the wife and the child sit on the goddess's right under her palm branch. Under the statue is AMP Society's Latin motto "Amicus certus in re incerta" ("A certain friend in uncertain times").[18] The importance of Amicus was also demonstrated through the ultimate award bestowed upon AMP's highest achieving advisers, Amicus membership.[19]

1998-2011

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In 2003, the company demerged its UK operations, creating the Henderson Group.

AXA merger (2011)

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On 15 November 2010, AMP announced a bid to merge its business with AXA Asia Pacific Holdings. The transaction was a joint proposal with Axa under which Axa would acquire Axa Asia Pacific Holdings's Asian business' and AMP would acquire AXA's Australian and New Zealand business.

The Australasian holdings included the former National Mutual business (established in 1869) which was demutualised in 1996. AXA had gained majority ownership of National Mutual in 1999 and renamed the company as AXA Asia Pacific.[20][21]

The first day of the merged group operating together was 31 March 2011, with the companies to be gradually integrated and the AXA brand being phased out of the Australian and New Zealand market by 2013. In February 2022, AMP delisted from the NZX, consolidating its listing on the Australian Securities Exchange.[22]

Royal commission (2018)

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On 20 April 2018 Craig Meller resigned as CEO after it was revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that AMP charged clients for financial advice which was not provided, and misled the Australian Securities & Investments Commission on numerous occasions.[4][5] More than $1 billion in market value was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission.[6] In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government.[7]

On 30 April 2018, Catherine Brenner resigned as chairperson with Mike Wilkins appointed acting CEO and chairperson.[23]

On 8 May 2018, directors Vanessa Wallace and Holly Kramer announced they would not be seeking re-election, in response to an imminent protest vote organised by the shareholders in the aftermath of the Banking Royal Commission. Patty Akopiantz also announced she would be resigning at the end of the year.[24]

In November 2018, AMP admitted to a second overcharging scandal.[25]

In 2019, CEO Francesco De Ferrari launched a billion dollar transformation plan, aiming to recalibrate public opinion on AMP post royal commission.[26]

In July 2021, the Australian Securities & Investments Commission launched a case against AMP in the Federal Court, seeking pecuniary penalties and orders to publish an apology over the 'fee for no service' scandal, where the company would deduct a fee from client's accounts without performing a service. In September 2022, AMP was fined $14.6 million by the Federal Court. AMP had, as of August 2022, paid back $627 million to 331,994 customers affected by the scandal.[27][28][29]

2018 - Present

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AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018.[30] On 25 March 2021, it was announced that De Ferrari would resign.[31] In 2021, he was replaced by Alexis George, formerly of ANZ.[32]

Operations

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Quay Quarter Tower; the AMP's headquarters

The company provides financial planning and advice, banking, life insurance, managed funds, superannuation, property, listed assets and infrastructure. It is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital, was the aligned wealth manager, with more than A$128 billion[33] in assets under management, making it one of the largest asset managers in the Asia Pacific (excluding Japan) region. AMP Capital has now been stripped out of the AMP Group, along with AMP Life and sold to Dexus and Resolution Capital respectively. AMP Wealth is now the appointed investment manager within the AMP Group.

AMP has four main business areas:

  • Advice and banking provides financial planning and advice, superannuation services for businesses, and selected banking products. These products and services are primarily distributed through a network of self-employed financial planners. AMP has been granted a [MySuper] authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.
  • Insurance and superannuation provides superannuation, personal risk insurance products and self-managed super fund administration, support and design. These products and services are primarily distributed through a network of self-employed financial planners
  • Customer solutions
  • AMP Capital is a global investment manager.

See also

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References

[edit]
  1. ^ "AMP news".[permanent dead link]
  2. ^ "The World's Biggest Public Companies". Forbes. Archived from the original on 23 October 2017.
  3. ^ "Announcement".
  4. ^ a b "AMP CEO quits after shocking revelations at the banking royal commission". SBS News. 20 April 2018. Archived from the original on 20 April 2018. Retrieved 20 April 2018.
  5. ^ a b Letts, Stephen (20 April 2018). "AMP boss Craig Meller steps down, company apologises after scandals revealed at banking royal commission". ABC News. Australia. Archived from the original on 20 April 2018. Retrieved 20 April 2018.
  6. ^ a b Gardner, Jessica (20 April 2018). "AMP in drastic action, Craig Meller exits immediately, Mike Wilkins acting CEO". Australian Financial Review. Archived from the original on 20 April 2018. Retrieved 20 April 2018.
  7. ^ a b Bagshaw, Eryk (30 April 2018). "Ex-AMP CEO Craig Meller resigns as a Turnbull government adviser". The Sydney Morning Herald. Archived from the original on 1 May 2018. Retrieved 2 May 2018.
  8. ^ "Small Beginnings". ANU Archives. Retrieved 22 October 2024.
  9. ^ Walsh, G. P. (1967). "Jones, David (1793 - 1873)". Australian Dictionary of Biography. Canberra: National Centre of Biography, Australian National University. ISBN 978-0-522-84459-7. ISSN 1833-7538. OCLC 70677943. Retrieved 27 September 2013.
  10. ^ Rutledge, Martha. "King, George (1814–1894)". Australian Dictionary of Biography. Canberra: National Centre of Biography, Australian National University. ISBN 978-0-522-84459-7. ISSN 1833-7538. OCLC 70677943. Retrieved 4 January 2014.
  11. ^ Bennett, J. M. "Teece, Richard (1847–1928)". Australian Dictionary of Biography. Canberra: National Centre of Biography, Australian National University. ISBN 978-0-522-84459-7. ISSN 1833-7538. OCLC 70677943. Retrieved 27 September 2013.
  12. ^ "Early Days". ANU Archives. Retrieved 22 October 2024.
  13. ^ "Early Days". ANU Archives. Retrieved 22 October 2024.
  14. ^ "Early Days". ANU Archives. Retrieved 22 October 2024.
  15. ^ Harry O'Sullivan (2 May 2024). "AMP Bank". InfoChoice.
  16. ^ Dow Jones Newswires (4 February 1998). "Australia's AMP to Acquire Henderson for $626.1 Million". The Wall Street Journal.
  17. ^ a b "AMP history | About AMP".
  18. ^ "General Notes". Sydney Morning Herald. NSW: National Library of Australia. 22 August 1911. p. 3. Retrieved 2 October 2015.
  19. ^ "AGS Financial Group: Awards and Recognition". 16 October 2024. Retrieved 16 October 2024.
  20. ^ AXA Asia Pacific Holdings Limited Archived 5 May 2015 at the Wayback Machine. Intelligent Investor 2011.
  21. ^ The company formerly known as National Mutual Archived 30 July 2015 at the Wayback Machine. Marcus Wong. 21 June 2011.
  22. ^ AMP confirms sole listing on the ASX to commence on 7 February 2022 AMP 4 February 2022
  23. ^ Catherine Brenner steps down from the board Archived 30 April 2018 at the Wayback Machine AMP Limited 30 April 2018
  24. ^ Letts, Stephen (8 May 2018). "Three more AMP directors leave in wake of bank royal commission scandal". ABC News. Archived from the original on 8 May 2018.
  25. ^ Frost, James (29 November 2018). "AMP admits second overcharging scandal".
  26. ^ Hobday, Liz (14 August 2019). "New AMP chief promises to transform the company but customers will take some convincing". ABC News. Retrieved 28 August 2019.
  27. ^ "AMP fined $14.6 million over 'fee for no service' scandal". ABC News. 20 September 2022. Retrieved 20 September 2022.
  28. ^ Dastoor, Chris (20 September 2022). "AMP fined $14.5m for corporate super advice fees". Professional Planner. Retrieved 20 September 2022.
  29. ^ Nichols, Nick (20 September 2022). "AMP hit with $14.5m fine for charging $356,000 in unlawful super fees". Business News Australia. Retrieved 20 September 2022.
  30. ^ "Media release" (PDF). asx.com.au.
  31. ^ "AMP CEO Francesco De Ferrari to resign today". www.afr.com. 25 March 2021.
  32. ^ "Alexis George appointed as AMP Limited Chief Executive, Francesco De Ferrari to retire from AMP". www.amp.com.au. Retrieved 1 October 2021.
  33. ^ as at 31 December 2012
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