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.jpg) The AMP's headquarters atQuay Quarter Tower, Sydney | |
| Company type | Public |
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| ASX: AMP | |
| Industry | Financial services |
| Founded | 1 January 1849; 177 years ago (1849-01-01) |
| Headquarters | Quay Quarter Tower, Sydney ,Australia |
Area served | Australia and New Zealand |
Key people |
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| Products | Superannuation andinvestment products, financial advice,banking services and investment management |
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| Total assets |
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Number of employees | 2600 (2024[2]) |
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| Website | www |
AMP Limited (formerlyAustralian Mutual Provident Society) is an Australianfinancial services company that operates in Australia and New Zealand. It offerssuperannuation andinvestment products, financial advice and banking services throughAMP Banking, including home loans andsavings accounts. AMP is headquartered inSydney, Australia. The company previously operated a globalinvestment management business through its subsidiaryAMP Capital.
AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand due to all policy holders receiving shares in the new company when the society demutualised.
![[icon]](/mt/?noimg=&dark=on&url=https%3a%2f%2fen.wikipedia.org%2fwiki%2fFile%3aWiki_letter_w_cropped.svg) | This sectionneeds expansion with: significant events before 2000. It's 170 years old, but nothing interesting happened until the last 20 years?. You can help byadding missing information.(September 2018) |
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 theFriendly Societies Act of New South Wales.[3]
David Jones was a foundation director in 1848.[4]
The Australian Mutual Provident Society was formed in 1849 as a non-profit, life-insurance company, andmutual society.George King was chairman for fifteen years from the 1850s.[5]Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.[6]
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.[7]
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.[8]
In the 1850s, AMP expanded with agents in Auckland and Hobart. Perry, a key figure in AMP’s early success, died in 1855. The company provided support to his widow and children in recognition of his contributions.[9]
In 1876, the first New Zealand AMP centre was built inWellington. In 1910, AMP became the first company to provide assurance to soldiers. In 1960, AMP opened itsAuckland office.
1976 theQuay Quarter Tower in Sydney, one of the biggest skyscrapers in the city, was initially built as the AMP centre.[10]
In 1989, it acquired theLondon Life Association.[11]
In 1998, AMP wasdemutualised into an Australianpublic company, AMP Limited, and listed on theAustralian Securities Exchange andNew Zealand Stock Exchange. In 1999, AMP launched AMP Banking, an online bank. In 2003, the company demerged its UK operations, creating theHenderson Group.[12]
AMP headquarters moved to the AMP Building on Alfred Street in 2018, although the Tower is still owned by AMP Capital[12]
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 apalm branch (signifyingpeace) and acornucopia (symbolisingplenty). The male figure ofLabour 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'sLatin motto "Amicus certus in re incerta" ("A certain friend in uncertain times").[13] The importance of Amicus was also demonstrated through the ultimate award bestowed upon AMP's highest achieving advisers, Amicus membership.[14]
In 2003, the company demerged its UK operations, creating theHenderson Group.
On 15 November 2010, AMP announced a bid to merge its business with AXA Asia Pacific Holdings. The transaction was a joint proposal withAxa 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.[15][16]
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.[17]
On 20 April 2018 Craig Meller resigned as CEO after it was revealed in theRoyal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that AMP charged clients for financial advice which was not provided, and misled theAustralian Securities & Investments Commission on numerous occasions.[18][19] 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.[20] 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.[21]
On 30 April 2018, Catherine Brenner resigned as chairperson with Mike Wilkins appointed acting CEO and chairperson.[22]
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.[23]
In November 2018, AMP admitted to a second overcharging scandal.[24]
In 2019, CEO Francesco De Ferrari launched a billion dollar transformation plan, aiming to recalibrate public opinion on AMP post royal commission.[25]
In July 2021, the Australian Securities & Investments Commission launched a case against AMP in theFederal 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.[26][27][28]
The AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018.[29] On 25 March 2021, it was announced that De Ferrari would resign.[30] In 2021, he was replaced by Alexis George, formerly ofANZ.[31]
The company providesfinancial planning and advice,banking,life insurance,managed funds,superannuation,property, listed assets andinfrastructure. 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[32] inassets 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:
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