AMP agrees to sell wealth protection and mature businesses

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AMP Limited has announced the successful completion of its portfolio review including an agreement to divest its Australian and New Zealand wealth protection and mature businesses (AMP Life) and reinsure New Zealand retail wealth protection for total proceeds of A$3.45 billion. The outcomes of the portfolio review are as follows: AMP will exit its Australian […]

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AMP reports 1H 18 results

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1H 18 underlying profit1 of A$495 million (1H 17: A$533 million) and net profit2 of A$115 million (1H 17: A$445 million). Net profit reflects advice remediation provision announced on 27 July. Strong growth in AMP Bank with earnings up 20 per cent on 1H 17. Continued momentum in AMP Capital; operating earnings up 2 per cent on […]

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AMP takes action to reset business and provides an update on 1H 18 results

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AMP Limited has provided an update on its expected 2018 interim results and announced a series of actions being taken to reset the business, prioritise customers and strengthen risk management systems and controls. Summary Actions to reset the business Accelerating advice remediation: to ensure impacted advice customers are appropriately compensated. 1H 18 results are expected to […]

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David Murray to commence as AMP Chairman  

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AMP Limited has announced David Murray AO will commence as Chairman of its Board of Directors, effective immediately. Mr Murray agreed to accept the chairmanship on 4 May 2018.  Following the completion of required appointment processes and the finalisation of some prior commitments, he has now joined the Board. As previously announced, Mike Wilkins, AMP’s […]

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AMP appoints John O’Sullivan as Non-Executive Director

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AMP Limited yesterday announced John O’Sullivan will join its Board as a Non-Executive Director, effective 20 June 2018. Mr O’Sullivan has extensive experience in leadership and senior executive roles within financial services and legal and regulatory risk as well as deep M&A and capital markets experience. He was most recently Executive Chairman, Investment Banking and […]

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AMP Limited provides Q1 18 update

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Highlights: Cashflows subdued in Australian wealth management (AWM); continued strength in AMP Capital and AMP Bank. AWM assets under management of A$128.3 billion at Q1 18, down 2 per cent from Q4 17, largely due to weaker investment markets. AWM net cash outflow of A$200 million, in line with Q1 17, reflects subdued period of […]

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Three non-executive directors to step down from the AMP Limited Board

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AMP yesterday announced that three non-executive directors have chosen to resign from the AMP Limited Board. Vanessa Wallace and Holly Kramer will step down ahead of the Annual General Meeting.  In addition, as the longest-serving director, Patty Akopiantz has offered to step down and will serve until the of end 2018 recognising the need for […]

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AMP Ltd appoints David Murray AO as independent, non-executive Chairman

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AMP Limited has announced David Murray AO will join the AMP Board as Chairman after the upcoming 2018 Annual General Meeting, on or before 1 July 2018. Current Executive Chairman Mike Wilkins will return to the position of acting Chief Executive Officer on that date. Mr Murray will lead the redevelopment of governance processes at […]

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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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