Blair Vernon

Australia’s retirement confidence has barely shifted over the past year, with the rising cost of living and fear of running out of money leaving almost half the population financially insecure about life after work.

The 2026 AMP Retirement Confidence Pulse found 52 per cent of Australians feel financially confident about retirement, up only marginally from 50 per cent in 2025.

The national study reveals the major barrier to confidence is not simply how much people have saved, but whether they believe their money will last.

Almost three in five Australians (58 per cent) worry about running out of money in retirement. Among this group, just 28 per cent feel financially confident, compared with 84 per cent of those who do not share that fear – a 56-point “Certainty Gap”.

The gap is widest among Australians aged 65 and over. Just 22 per cent of older Australians who worry about running out feel confident about their financial security in retirement, compared with 93 per cent of those who do not – a striking 71-point divide.

What the Pulse reveals:

• Fear is holding Australians back: 58 per cent worry their money will run out in retirement.
• The cost-of-living crunch: 47 per cent nominate the cost-of-living as the single biggest threat to their retirement security. Three in four say inflation and cost-of-living pressures have increased their concerns.
• Women continue to trail men: Only 42 per cent of women feel confident about retirement, compared with 61 per cent of men.
• Midlife remains under pressure: Australians aged 40–49 are the least confident age group at 40 per cent.
• Life shocks leave a lasting mark: Just 18 per cent of unemployed Australians looking for work feel confident, while confidence among separated or divorced women is only 33 per cent.
• Certainty could unlock spending: 84 per cent say knowing they had an income for life would make them more confident about spending in retirement.

Blair Vernon, AMP CEO said: “Australia has built one of the world’s largest retirement savings pools, but these results show we have a lot of work to do to turn those savings into confidence about retirement.

“The fact that almost three in five Australians worry about running out of money tells us the challenge is no longer only helping people build a larger balance, but giving them greater certainty that their income will last.

“The fear of running out has real consequences. It can cause people who have saved throughout their working lives to unnecessarily restrict their spending and enjoyment in retirement.

“With millions of Australians approaching retirement, closing this Certainty Gap must be a priority for government and industry. That means shifting the conversation beyond super balances and into better financial education, simpler guidance and advice, and retirement solutions designed around reliable income.”

Julie Slapp, AMP Director, Growth and Customer Solutions said: “People spend decades being told how to save for retirement, but far less time learning how to turn those savings into an income they can confidently live on.

“The research shows how powerful certainty can be. More than eight in ten Australians say knowing they had an income for life would make them more comfortable spending in retirement, regardless of how long they lived.

“Retirement planning should start with the life and regular income someone wants, not an intimidating lump-sum target. Super funds have an important role to play in making the options easier to understand and helping members take action well before retirement.

“Knowing when you want to retire, understanding where your income will come from and regularly reviewing your plan can turn uncertainty into confidence.”

About the AMP Retirement Confidence Pulse

The Pulse is based on AMP commissioned research of 2,000 Australians by independent research company Dynata in July 2026.

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Blair Vernon

AMP delivers 33% underlying profit growth, strong Platforms net cashflows and additional capital returns to shareholders through dividends and buybacks

• Underlying NPAT^[1] increased 33% to $174 million, with statutory NPAT up 57% to $154 million
• Assets under management increased to $167.6 billion, reflecting momentum in AMP’s wealth and retirement businesses
• Platforms net cashflows^[2]increased 33% to $3.1 billion for the half
• Superannuation & Investments delivered its first positive half-year net cashflow2 result since 2017
• Contribution from AMP’s China partnerships more than doubled to $56 million, supported by CLPC AUM growth to RMB ~2.6 trillion
• Capital release strategy from AMP Bank progressing, generating a surplus capital position of $89 million at end of the half
• AMP generated $236 million of surplus capital in 1H 26 and returned $201 million to shareholders through dividends and buyback
• Additional $150 million on-market share buyback and an interim dividend of 3.0 cents per share, 20% franked, announced yesterday

AMP Chief Executive Blair Vernon said: “AMP’s first half results reflect the momentum we are building as we grow our wealth and retirement businesses, deepen customer engagement and maintain a disciplined approach to capital management.

“Demand continues to grow for our market-leading retirement solutions from advisers and direct members. In Platforms, more new advisers are coming to North, attracted to its features and functionality including the new AI-powered North Interactive Wealth Portal.

“Cashflows across all our wealth businesses reached new milestones in this half – up 33% in North, turning positive in Super & Investments for the first time since 2017, and up almost 20% in New Zealand.

“Our China partnerships are performing strongly, supported by growth in retirement savings and pensions in China and the strength of our long-standing partnerships.

“Releasing capital from AMP Bank and non-strategic assets remains a key priority in our capital management strategy. During the half, we generated $236 million of surplus capital and returned $201 million to shareholders. Today, we are announcing a further $150 million on-market share buyback, in addition to an interim dividend of 3.0 cents per share.”

Business unit results

Platforms

• Underlying NPAT increased 15.1% to $61 million (1H 25: $53 million)
• Net cashflows (excluding pension payments) up 33.4% to $3.1 billion (1H 25: $2.3 billion)
• Closing AUM of $92.7 billion (FY 25: $88.7 billion)

Momentum in Platforms cashflows continued, with strong cashflows driven by new adviser activations and growth from existing advisers. 38 new distribution agreements were signed with AFSLs, and 74 net new advisers activated with AUM over $1 million on North. North’s Managed Portfolios offer grew to $28.3 billion, and AMP’s market-leading retirement solution, MyNorth Lifetime, grew to $1.2 billion.

AUM based revenue margin of 41bps was steady on 2H 25 (1H 25: 43bps), with ongoing management of the margin impact of investment mix changes and tiered fee structures. EBIT margin rose to 42% (FY 25: 39%), demonstrating increased operating leverage in this business.

Superannuation & Investments

• Underlying NPAT increased 18.5% to $32 million (1H 25: $27 million)
• Positive net cashflows (excluding pension payments) of $76 million; first positive half since 2017
• Closing AUM of $62.6 billion (FY 25: $60.7 billion)

AMP Super delivered positive net cashflows (excluding pension payments) of $76 million for the half, up from net cash outflows of $75 million in 1H 25, demonstrating growth in inflows and improving member retention, both of which are critical to achieving sustainable positive cashflows.

AUM based revenue was up 5.1% to $184 million (1H 25: $175 million) and controllable costs were $93 million (1H 25: $92 million). AUM based revenue margin of 61bps remained steady from 2H 25 (1H 25: 62bps). EBIT margin increased to 23% (FY 25: 22%).

AMP Super again delivered strong investment performance for members, with the majority of MySuper members receiving top quartile returns for the 12 months to 30 June 2026^[3]. AMP Super’s enhanced member offer includes digital advice tools, the market-leading AMP Super Lifetime solution and AMP Rewards, aimed at driving retention and new members.

New Zealand Wealth Management

• Underlying NPAT of $18 million (1H 25: $19 million)
• Resilient earnings underpinned by margin discipline and cost control, offset by the impact of FX headwinds
• Closing AUM of $12.3 billion (FY 25: $12.3 billion)

Cost discipline was maintained despite ongoing inflationary pressures, with controllable costs of $16 million (1H 25: $17 million).

Net cashflows (excluding pension payments) increased 19.6% to $116 million (1H 25: $97 million), with KiwiSaver inflows increasing in line with the higher contribution rate of 3.5%, effective 1 April 2026, as well as additional voluntary contributions.

Partnerships and Group

• Underlying NPAT of $43 million (1H 25: $2 million)
• China partnerships contribution increased 107.4% to $56 million (1H 25: $27 million), with strong growth from CLPC in particular, as the Chinese pension market continues to build momentum

The total carrying value of the two joint ventures increased 12.3% to $705 million, while the combined annualised return on investment improved to 16% (1H 25: 9%). CLPC’s dividend payout ratio increased to 41% (FY 24: 35%), and CLAMP’s was steady at 40% for FY 25, having commenced dividends the prior year.

Group controllable costs of $38 million (1H 25: $35 million) reflect inflationary pressures.

AMP Bank

• Underlying NPAT of $20 million (1H 25: $30 million)
• Capital efficiency strategy remains a key priority
• AMP Bank GO deposits reached $1.7 billion (FY 25: $310 million)

Underlying NPAT of $20 million reflects the impact of the investment to accelerate the transition to AMP Bank GO, as part of the strategy to improve the funding mix in the medium term. AMP Bank GO growth continues, reaching $1.7 billion in deposits and ~34,500 customers, driven by a compelling customer proposition and the transition of existing bank customers to the new, contemporary offer. During the period, AMP closed its heritage bank to new deposits, to realise future cost synergies.

AMP Bank’s residential mortgage book continued to be managed for margin, with the loan book reduced to $23.6 billion (FY 25: $23.9 billion). 30 and 90-day arrears remain at low levels.

AMP continued its strategy to release capital from within AMP Bank through active capital management including securitisation, delivering an $89 million surplus above target at the end of the half. Securitisation, along with funding mix and mortgage market competition, saw Net interest margin (NIM) reduce to 1.25% (1H 25: 1.30%). AMP Bank remains focused on improving returns and managing capital to target settings over time.

Dividend and buyback

The Board has resolved to declare an interim dividend of 3.0 cents per share, 20% franked.

The Board also announces a further $150 million on-market share buyback, to commence following the required regulatory waiting period.

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Notes:
[1 ]Net profit after tax (underlying) represents shareholder attributable net profit or loss after tax excluding non-recurring revenue and expenses. NPAT (underlying) is AMP’s preferred measure of profitability as it best reflects the underlying performance of AMP’s business units.
[2] Excluding pension payments
[3] SuperRatings, Accumulation Fund Crediting Rate Survey, Default Options, June 2026 3

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Blair Vernon

AMP Limited has announced the appointment of Blair Vernon as its new Group Chief Executive Officer (CEO) following a thorough internal and external search process conducted by a top tier executive search firm. Current CEO, Alexis George, will retire from executive roles effective 30 March 2026 after a distinguished career in financial services. Ms George has successfully led AMP since August 2021, guiding the organisation through a period of significant transformation and growth.

Mr Vernon, AMP’s Chief Financial Officer, brings extensive experience from previous financial services leadership roles in Australia and New Zealand. His appointment ensures a seamless transition and ongoing execution of key strategic initiatives.

This leadership change marks a new chapter for AMP, building on the strong foundation established under Ms George’s tenure.AMP Chair Mike Hirst commented: “On behalf of the Board, I thank Alexis for her dedicated service and leadership at AMP. Alexis has guided AMP through a significant transformation that has streamlined the organisation and focused each business on its strongest growth opportunities. She stabilised the business and oversaw the successful sale of AMP Capital and the Advice business whilst building a customer focused culture.

“Alexis has advanced AMP’s transformation and culture and delivered strategic initiatives that will underpin the next phase of growth. In particular, her clear achievement of building a strong executive team will ensure continued momentum in the business and position AMP for future success. I wish Alexis well for the future.

“After a rigorous search and selection process, the Board was unequivocal in its view that Blair brings the right breadth of experience and capability to lead AMP in its next phase of growth as CEO. He is keen to deliver strong performance for our stakeholders and has played a key role in improving our position in the financial services industry.

“Blair has built confidence by tightening financial management, steering our capital return program and successfully executing both the AMP Capital separation and the AMP Advice sale and partnership. The Board congratulates Blair on his appointment and looks forward to working with him and our excellent leadership team to build on the positive momentum within the business.”

Alexis George commented: “AMP has undertaken significant transformation to become a simpler, customer-focused, and growth-oriented organisation. I am proud of our achievements over the past 5 years, particularly helping our customers retire with confidence. While it was not an easy decision to retire from executive roles, I am confident that AMP is well positioned for future success. Leading AMP, a company integral to Australia and New Zealand, has been an honour. I wish Blair and AMP continued success and will remain a strong supporter.”

Blair Vernon commented: “It’s a privilege to take on the leadership of AMP, a company with a proud legacy of serving the financial needs of Australians and New Zealanders. AMP is delivering against its strategy, and I look forward to continuing to work with my colleagues in executing our strategic ambitions and delivering positive outcomes to customers, shareholders, communities and colleagues. I want to thank Alexis for her incredible contribution to AMP and all its stakeholders, and for her support over so many years. I wish her well for the future and look forward to continuing to work with her during our transition.”

A process will also be undertaken to appoint a new Chief Financial Officer.

Blair Vernon biography

Blair has over 30 years’ experience across the financial services sector in New Zealand and Australia.

Blair commenced in the role of AMP Group CFO in July 2023. From May 2022 until July 2023, Blair served as Group Executive Transformation for AMP and Group Executive for the New Zealand business. During this period Blair established the transformation and simplification program, including the divestment of AMP Capital assets. Blair was previously CEO/Managing Director of New Zealand Wealth Management from January 2017, and prior to this served as AMP’s Director Retail Financial Services; Director of Advice & Sales and General Manager Marketing and Distribution.

From August 2020 to January 2021, Blair served as Acting CEO for AMP Australia, where he was responsible for AMP’s wealth management and banking divisions with a focus on strengthening customer-led outcomes.

Summary of new CEO contract:

• Salary (including superannuation) of A$1.4million per annum.
• Short-term incentive opportunity equivalent to 100% of salary for on target performance, and 125% at maximum, subject to achievement of performance hurdles and other terms.
• A maximum long-term incentive opportunity with a target value equivalent to 100% of salary, subject to achievement of performance hurdles and other terms.
• Either party can terminate the agreement with six months’ notice. The Company may summarily terminate the CEO’s employment without notice in certain circumstances.
• There is a post-employment restraint of 12 months.

Summary of Ms Alexis George’s exit arrangements:

• Ms George will stay in the CEO role until 30 March 2026, after which time she will be available to the Company to assist with handover and ongoing support.
• All of Ms George’s incentives will be treated in accordance with her contract and the original offer terms, as previously disclosed.

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Edwina Maloney

AMP has announced three new executive roles and a flattened organisational structure, as part of the ongoing simplification and streamlining of its business following the AMP Capital sales.

AMP will elevate leadership of its Platforms and Advice businesses in two new roles on its executive committee. A third new executive committee role of Group Executive Super and Investments will combine responsibility for the Superannuation–Master Trust and Investments businesses.

Edwina Maloney who leads the Platforms business and Matt Lawler who leads the Advice business, will continue to perform their current roles and become part of the executive committee. Their new titles will be Group Executive Platforms and Group Executive Advice, respectively.

AMP will conduct an internal and external search to fill the third position of Group Executive, Super and Investments. Jason Sommer, currently Director – Transformation and Investments, Australian Wealth Management will act in the role until the permanent position is filled. Chief Investment Officer Anna Shelley and Director Super and Investments Ilaine Anderson will report into this new executive position. Anna Shelley will also have a dotted reporting line to CEO Alexis George for group investment activities.

The appointments follow the recent decision to remove the role of Australian Wealth Management CEO, held by Scott Hartley and to simplify the business structure. It also follows the decision to combine the roles of Chief Financial Officer and Group Executive Transformation, now held by Blair Vernon.

AMP Chief Executive, Alexis George commented:

“The AMP Capital sales have made for a much simpler AMP and these executive changes reflect that by flattening our management structure, particularly in wealth management.

“This elevates key businesses to the executive team, further increasing visibility and accountability for performance and cost management, while also bringing the executive committee closer to our customers and to advisers.

“The new operational structure supports our focus on being a leading provider of retirement solutions and helping more Australians to meet their financial goals.

“The new executives have proved themselves as high-quality leaders and I look forward to working more closely with them.

“Again I would like to thank Scott Hartley for the work he has done to reposition AMP’s wealth management businesses.”

The new appointments come into effect on 31 July 2023.

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Mr Hartley, who was CEO of Sunsuper from 2014-19, will take over from Blair Vernon, who was the Acting CEO of AMP Australia, while an executive search was conducted. Mr Vernon will return to his previous role as CEO of AMP’s New Zealand Wealth Management business, as planned.

Mr Hartley will report to AMP CEO Francesco De Ferrari and lead the strategic transformation of AMP Australia already in-flight across the business’ financial advice, superannuation and platforms, and AMP Bank operations.

Mr Hartley brings the valued experience of leading the transformation of Sunsuper’s culture, technology, investment, and multi-channel growth capabilities. This transformation enabled Sunsuper to grow its market share to become Australia’s fourth largest^[1] superannuation and retirement business, a highly regarded industry leader, and most importantly to deliver leading customer outcomes and experience.

Prior to Sunsuper, Mr Hartley led the corporate and institutional wealth business at MLC/NAB Wealth leading three businesses to market leading positions and significantly growing the company’s share of corporate superannuation.

Mr Hartley and Mr Vernon will work together as part of AMP’s executive committee.

AMP Chief Executive Francesco De Ferrari commented: “Scott has an excellent track record in transforming and growing wealth and investment businesses in Australia, and we’re delighted to welcome him to AMP. At Sunsuper he developed a collaborative and inclusive culture that drove the outstanding performance of the organisation. His appointment will strengthen our executive team as we drive forward our transformation of the business.

“Scott will build on the high-quality work that Blair Vernon has performed in his four months as Acting CEO. Blair stepped into the role at short notice and has been decisive in keeping our transformation activity moving and managing the complex legacy issues of the business. He has earned tremendous respect within AMP Australia and will remain a key member of my leadership team.”

Incoming AMP Australia CEO, Scott Hartley commented: “I’m excited to be joining AMP at a pivotal time for the company. The business is in the midst of a transformation, to which I can bring my experience and capability. AMP has played an important role in the lives of many Australians for over 170 years and I look forward to working with and developing the entire AMP Australia team to fulfill AMP’s purpose of helping its clients realise their ambitions.”

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[1] Measured by customer numbers

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Blair Vernon, CEO of New Zealand Wealth Management (NZWM), has been appointed Acting CEO of AMP Australia while a process is conducted to find a permanent replacement.

Mr Vernon, who has led major change as CEO of NZWM, will commence in the role immediately, and Jeff Ruscoe will replace him as Acting CEO, NZWM.

AMP Chief Executive Francesco De Ferrari said: “We have a strong team in AMP Australia, who have been transforming the business, managing the successful separation of AMP Life, reshaping advice and increasing our focus on clients.

“I’m pleased we are able to call on an experienced executive in Blair Vernon to lead this team and continue to drive our strategy forward.”

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AMP Chief Executive Officer Francesco De Ferrari said the new group structure delivers clear focus on the group’s immediate priorities: reinventing wealth management, executing a successful separation of the wealth protection and mature businesses, and driving change and efficiency across AMP.

The key changes to the group leadership team are:

• Australian wealth management: Alex Wade will lead an expanded portfolio bringing together AMP’s advice, wealth management, product and customer solutions teams. Mr Wade will redefine AMP’s wealth management model to focus on strengthening client outcomes and restoring momentum in the new regulatory environment. Paul Sainsbury, currently Group Executive, Wealth Solutions & Customer, will remain with the group for an interim period to support Mr Wade in ensuring a smooth transition to a single wealth division.
• Australia and New Zealand wealth protection and mature (AMP Life): Megan Beer will lead AMP Life through the separation and transfer to Resolution Life, which is expected 2H 2019. On completion, Ms Beer will join Resolution as CEO AMP Life and Head of Resolution’s Australasian region. Ms Beer’s appointment will help drive separation and ensure a seamless transition for customers and employees. Post completion, AMP will continue to benefit from Ms Beer’s stewardship of Resolution’s businesses in Australia, in which it retains a significant minority interest.
• New Zealand wealth management: Blair Vernon will lead AMP’s New Zealand advice and wealth operations. He will continue to lead AMP’s New Zealand wealth protection and mature operations for an interim period as they transition into the AMP Life business under Megan Beer, ahead of separation.
• Chief Operating Officer: Craig Ryman has been appointed to the expanded role of Chief Operating Officer. Mr Ryman will be responsible for driving efficiency and improving AMP’s capability to execute and deliver change

Management of the other divisions remain unchanged and an updated structure chart is below.

Mr De Ferrari commented “2019 will be a year of significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team. In Australian wealth management, I am confident that, under Alex Wade’s leadership, we will be able to reinvent our wealth management business to better compete in the new regulatory environment. I’d like to thank Paul Sainsbury for his ongoing support in establishing our new structure and his years of outstanding service to the group.

“Yesterday’s changes establish clear accountabilities for a successful separation of the insurance and mature businesses this year and setting up the future direction of the new AMP.”

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Mr Wade will report to AMP Chief Executive Francesco De Ferrari and will lead the continuing transformation of AMP’s advice business.

Mr Wade will succeed AMP Group Executive, Advice and New Zealand, Jack Regan, who will retire from AMP after nearly 20 years of distinguished service.

David Akers, who has been AMP’s Acting Group Executive, Advice, while Mr Regan has been on extended leave, will work with Mr Wade to transition responsibilities and will return to the advice leadership team. Blair Vernon will continue as Managing Director of New Zealand.

Mr Wade has substantial experience in the wealth management and banking industries and has a strong track record in building and leading businesses. Most recently, he served as the Head of Developed and Emerging Asia for Credit Suisse Private Banking. Mr Wade has been with Credit Suisse for 12 years, holding other roles such as Chief of Staff for Asia Pacific and Head of Private Banking Australia. He has significant experience in financial services in Australia, Singapore and Hong Kong.

AMP Chief Executive Francesco De Ferrari said:

“Alex is a talented leader and strategic thinker, who will bring valued experience and relationships to AMP’s advice business. The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change. We firmly believe that financial advice is essential for helping people manage their finances, and plan for retirement.

“I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP. After ten years leading AMP New Zealand, Jack took on the Group Executive, Advice and New Zealand, role in 2017, bringing his deep understanding of the advice industry to improve the governance and controls of the business. Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network.

“I would also like to thank David Akers for taking on the role of Acting Group Executive, Advice, this year.”

Incoming AMP Group Executive, Advice, Alex Wade said:

“I am delighted to be joining AMP at such a significant time for the company. Though the industry and AMP have faced scrutiny this year, AMP advisers have a long history of helping and supporting people across Australia plan their financial lives and achieve their personal goals.

“The industry is changing for the better and it is committed to reaching new, higher standards of professionalism. AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers.

“I am looking forward to meeting and getting to know our advisers, and working with Francesco to drive further change.”

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