AMP Limited

From IntFX

See also: AMP for realtime information.

Established in 1849 as the Australian Mutual Provident Society, AMP is now a leading Australian wealth management company. It offers a broad range of financial products and services including:

Retirement savings and income: superannuation, pensions, annuities

Investments: funds management and funds administration

Financial planning

Insurance: life, risk and general

Banking

AMP is Australia's largest retail and corporate superannuation provider, and one of the region's most significant investment managers with more than A$122 billion in assets under management as of 16 March 2007. The Company’s major brands include AMP Capital Investors (Asset management); AMP, Hillross Financial Services, Arrive Wealth Management and MAGNIFY (Retail financial services); and Cobalt Solutions (Insurance and Reinsurance Services).

The Company operates through two major businesses segments – AMP Financial Services and AMP Capital Investors.

AMP Financial Services offers financial planning, retail and corporate superannuation products, retirement income products, like pensions and annuities, income, risk and general insurance and selected banking products.

AMP Capital Investors is a specialist investment manager and offers a variety of investment options. AMP’s other business unit, Cobalt, manages the run off and reinsurance services for insurance companies.

AMP deploys independent and related advice channels through more than 1,900 financial planners aligned through four dealer groups. AMP serves more than 3.4 million customers and employs approximately 3,500 employees in Australia and New Zealand. The Company is listed on the Australian Securities Exchange and New Zealand Stock Exchange.

[edit] Strategy

AMP focuses on its core business and core markets and works toward continuously enhancing its products and services to meet customers need.

[edit] Financial and operational performance

AMP reported 15.8% increase in net profit attributable to shareholders to A$915 million in 2006 from A$790 million in 2005. The Company’s operating earnings increased 16% to A$752 million in 2006 from A$647 million in 2005. It also registered an improvement in the cost to income ratio (operating expense to income ratio) to 39.4% from 41.0% in 2005. AMP’s funds under management grew 17.3% to A$122 billion in 2006 from A$104 billion in 2005. As of September 25, 2007 AMP Limited’s market capitalization was US$128.9 billion.