Catherine Brenner steps down from AMP Board

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AMP today announces Catherine Brenner has resigned as Chairman and will step down from the Board. Mike Wilkins has been appointed as Executive Chairman, effective immediately. Mr Wilkins will lead the company as Executive Chairman for an interim period while the process for selecting a Chairman, and appointment of an additional new non-executive director, is

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AMP apologises unreservedly and acts to accelerate change

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AMP apologises unreservedly for the misconduct and failures in regulatory disclosures in the advice business. The AMP Limited Board today announces the following actions to accelerate the necessary change within the organisation: The Board and the Chief Executive Officer, Craig Meller, have agreed that he will step down from his role with immediate effect. Mike

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AMP announces CEO to retire at end 2018

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The AMP Board has announced Chief Executive Officer Craig Meller has confirmed his intention to retire around the end of 2018 and the Board will commence a search for his replacement. The search, which will be led by Chairman Catherine Brenner, will consider internal and external candidates from both the domestic and international markets. AMP

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AMP reports FY 17 results  

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Highlights FY 17 underlying profit[1] A$1,040 million (FY 16: A$486 million) and net profit[2] of A$848 million (FY 16: -A$344 million). Strong earnings momentum in AMP Bank (up 17 per cent) and AMP Capital (up 8 per cent). Resilient performance in Australian wealth management; net cashflows rose 177 per cent to A$931 million. Assets under management increased

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AMP Limited provides Q3 17 cashflows update

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Group delivers solid business performance, in line with guidance metrics. Australian wealth management (AWM) assets under management increased A$211 million during Q3 17 to A$125.3 billion. AWM net cash outflow of A$243 million reflects high levels of discretionary super contributions brought forward into Q2 17 ahead of 1 July 2017 changes to non-concessional caps. Net

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AMP reports 1H 17 results; announces new reinsurance agreements

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Key Highlights Underlying profit[1] A$533 million in 1H 17, up 4 per cent (1H 16: A$513 million), and net profit[2] of A$445 million (1H 16: A$523 million). Completion of reinsurance program delivers on strategy, with new arrangements to release approximately A$500 million of capital from AMP Life (subject to regulatory approval) further reducing the capital intensity of

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AMP provides update on growth strategy

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AMP has provided an update on its group strategy and growth opportunities at its Investor Strategy Day, being held in Sydney. The strategy was direct investment towards higher-growth businesses in wealth management, AMP Bank and AMP Capital; leverage AMP’s strengths in overseas markets; and maintain focus on driving cost efficiency. Key elements of the strategy include:

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AMP Limited reports first quarter cashflows, AUM and provides Australian wealth protection update

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AMP Limited (ASX: AMP; ADR: AMLYY) yesterday reported cashflows and assets under management (AUM) for the first quarter to 31 March 2017 and provided an update on its Australian wealth protection business. Q1 17 Australian wealth management inflows increased 11 per cent from Q1 16 to A$6.4 billion. This was offset by a 19 per cent

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AMP reports FY 16 results; announces on-market share buy-back

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FY 16 net loss of A$344 million (FY 15 net profit: A$972 million) and underlying profit of  A$486 million (FY 15: A$1,120 million) reflecting actions announced in October 2016 to stabilise Australian Wealth Protection. Up to A$500 million to be returned to shareholders through on-market share buy-back to begin in Q1 2017. Final dividend maintained

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AMP realigns business to focus on performance and growth

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AMP  Limited has announced a series of changes to its senior leadership team to create clearer accountability for driving short-term business performance and delivering longer-term growth. AMP Chief Executive Craig Meller said the new group structure delivers sharper  focus on performance in the core Australian businesses, drives efficiency  across the group and provides increased emphasis on

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