AMP Limited operates as a financial services company primarily in Australia and New Zealand, providing banking, superannuation, retirement, investment, and financial advice services. Its core product and service portfolio includes retail and corporate superannuation funds; retirement income solutions; investment products via managed funds and platforms; residential mortgages; business financing; deposits; transactional banking services; as well as wealth management solutions encompassing corporate superannuation, KiwiSaver, retail investments, and general insurance. The company also delivers digital advice services and operates through business units such as AMP Bank, Platform, Superannuation & Investments, and New Zealand Wealth Management.
Founded in 1849 and headquartered in Sydney, Australia, AMP Limited serves over one million customers, maintaining a workforce of approximately 2,300 employees. The company holds a significant position in the superannuation and life risk insurance markets in Australia and is recognized as one of the largest asset managers in the Asia Pacific region outside Japan through its subsidiary AMP Capital.
In recent developments within the last two years, AMP completed the sale and transition of its Advice business in December 2024, aligning with its strategy to streamline operations and enhance wealth management focus. It launched a new digital small business bank slated for Q1 2025, aimed at revenue diversification and funding mix improvement within AMP Bank. The firm also forged a strategic partnership and ownership arrangement with Entireti Limited and AZ Next Generation, strengthening its service offering. Operationally, AMP achieved a 6.1% reduction in controllable costs in FY 2024, completed a $1.1 billion capital return program since August 2022, and reported growth in platform net profit after tax driven by strong market conditions and net cashflow momentum. The company continues to emphasize growth in managed portfolios, digital advice, and innovative retirement solutions such as the MyNorth Lifetime product.