Financial services company in Australia and New Zealand
AMP Limited
Company type
Public
Traded as
ASX: AMP
Industry
Finance
Founded
1 January 1849; 175 years ago (1849-01-01)
Headquarters
Quay Quarter Tower, Australia
Key people
Debra Hazelton, (Chair) Alexis George (CEO)
Products
Financial services
Net income
A$972 million (2015)[1]
Total assets
A$110.4 billion (2015)[2]
Number of employees
4,826[3]
Divisions
AMP Financial Services Axa Asia Pacific
Website
amp.com.au
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.
The Australian Mutual Provident Society was formed in 1849 as a non-profit life insurance company and mutual society. In 1998, it was demutualised into an Australian public company, AMP Limited, and listed on the Australian and 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.
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.[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]
AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018.[8]
On 25 March 2021, it was announced that De Ferrari would resign.[9] In 2021, he was replaced by Alexis George, formerly of ANZ.[10]
^"AMP news".[permanent dead link]
^"The World's Biggest Public Companies". Forbes. Archived from the original on 23 October 2017.
^"Announcement".
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^"Media release" (PDF). asx.com.au.
^"AMP CEO Francesco De Ferrari to resign today". www.afr.com. 25 March 2021.
^"Alexis George appointed as AMP Limited Chief Executive, Francesco De Ferrari to retire from AMP". www.amp.com.au. Retrieved 1 October 2021.
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publishes cost bases for significant recent demutualisations, such as AMPLimited and Insurance Australia Group. When shares are later sold a capital gain...
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