AMP Limited

AMP Limited is an Australian financial services company with businesses in wealth management, superannuation, retirement products, financial advice and banking. Headquartered in Sydney and listed on the Australian Securities Exchange (ASX) as AMP, the group operates principally in Australia and New Zealand. Its roots are in the Australian Mutual Provident Society, a mutual organisation established in 1849 to provide life insurance and savings products.^[1][2]

History and corporate development

The Australian Mutual Provident Society began as a mutual society in Sydney in 1849. Its original purpose included helping members protect their families and plan for later life through life assurance and savings. The organisation expanded its operations over time and became a prominent Australian financial institution.^[1][2]

In the late twentieth century, the organisation converted from a mutual society to a public company. AMP Limited was listed in 1998, changing the company’s ownership structure from a member-owned mutual to a shareholder-owned corporation.^[2] This transition formed part of a broader period of change in Australia’s financial-services sector, as insurers and financial institutions adapted to public capital markets and increased competition.

AMP has since restructured its operations and narrowed its focus. A major change was the sale of its life-insurance business, AMP Life, to Resolution Life. The transaction was completed in 2020 and was valued at A$3 billion; AMP’s ASX announcement described the sale as part of its transformation strategy.^[3] Following the transaction, AMP’s continuing activities centred more heavily on wealth management, superannuation, advice and banking, while the acquired insurance business became part of Resolution Life.

The company has also faced regulatory and legal scrutiny relating to conduct in its financial-advice and superannuation operations. In a 2022 judgment, the Federal Court of Australia imposed penalties totalling A$14.5 million on AMP Financial Planning and related entities after they admitted contraventions involving plan service fees deducted from some superannuation accounts after members ceased employment with sponsoring employers.^[4] The judgment concerned specific conduct and entities; it should not be treated as a description of every AMP product or business activity.

Business activities

AMP’s operations include Australian wealth platforms, superannuation and investments, banking, and wealth management in New Zealand. The company’s reporting separates business performance across these areas, allowing investors to distinguish their different sources of earnings and customer activity.^[5]

**Platforms.** AMP operates North, a wealth platform used by financial advisers and their clients to administer investments and retirement savings. Platforms bring together account administration and access to investment options, and are used by advisers in managing client portfolios. AMP reported platform assets under management (AUM) and segment earnings separately in its annual results.^[5]

**Superannuation and investments.** AMP provides superannuation and investment products, including products for people accumulating retirement savings and members drawing an income in retirement. Its 2025 reporting highlighted AMP Super Lifetime, a retirement-income offering, and digital advice initiatives in this business.^[5] These services operate within Australia’s superannuation framework, in which contributions and accumulated balances are generally intended to support retirement.

**Banking.** AMP Bank provides banking services, including home lending and deposit products. In 2025, AMP also launched AMP Bank GO, a digital banking offer aimed at individuals and small businesses. The company reported the new offer alongside its existing bank operations and identified scaling it as part of its plans for deposit growth.^[5]

**New Zealand wealth management.** AMP’s New Zealand business offers wealth-management services, including KiwiSaver and other savings and investment products. AMP reports this activity separately from its Australian businesses, reflecting differences in products, customers and operating conditions across the two countries.^[5]

AMP also has a group-level category in its financial reporting, which includes activities and items not assigned to its main operating businesses. Business structures and product availability can change; the company’s reports and product disclosures provide the period-specific detail.^[5]

Financial reporting and scale

AMP publishes annual and half-year financial reports, results announcements and business updates through its shareholder centre, while its ASX company page provides announcements and listed-security information.^[6][7] Its reporting distinguishes statutory profit from underlying profit. Underlying profit is a company-defined measure that excludes specified non-recurring items; it is not the same as the statutory result prepared under accounting requirements.^[5]

For the year ended 31 December 2025, AMP reported underlying net profit after tax of A$285 million, compared with A$236 million in 2024. Statutory net profit after tax was A$133 million. The company reported total AUM of A$161.7 billion at year-end, up from A$148.4 billion in 2024, attributing the increase to cash-flow momentum and positive market movements.^[5] These figures relate to the stated financial year and should not be read as current-year results.

The annual results also show variation among business units. AMP reported higher underlying profit for Platforms, Superannuation and Investments, and New Zealand Wealth Management in 2025, while underlying profit at AMP Bank was lower than in 2024, in part reflecting the costs of expanding AMP Bank GO. Group results also reflected contributions from partnerships and the effects of legacy legal matters and business simplification.^[5] Segment comparisons provide context for group results, but do not by themselves describe future performance.

The company’s shares trade on the ASX under the code AMP. As a listed company, AMP publishes market announcements and financial information for shareholders and other market participants.^[6][7] Share price and dividend information can change and are reported through current market data and announcements rather than fixed company characteristics.

Governance, regulation and risks

AMP operates in a regulated financial-services environment. Depending on the entity and activity, Australian businesses may be subject to requirements administered by bodies such as the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. Banking, superannuation, financial advice and investment products each involve distinct regulatory and conduct obligations. The group’s annual report describes its governance arrangements and identifies material risks, while statutory disclosures and regulator publications address particular legal requirements and proceedings.^[5]

Risks relevant to AMP include changes in financial markets, customer and adviser behaviour, competition, operating costs, technology and cyber security, regulation, and the performance of investment products. For a group with platform, superannuation and investment businesses, movements in investment markets can affect reported AUM and related revenue. Banking performance is also influenced by lending, deposits, funding costs and credit risk. AMP’s disclosures discuss material risks and the ways the company describes its management of them.^[5]

The history of regulatory proceedings is relevant when describing the company, but should be stated with care. The Federal Court’s 2022 findings concerned specific fee deductions and entities in the AMP group, and the court recorded that the defendants admitted contraventions. It imposed penalties totalling A$14.5 million.^[4] This judgment is a documented example of a past compliance matter, not a substitute for reviewing the company’s more recent disclosures or the precise terms of other proceedings.

Role in Australian finance

AMP is one of Australia’s long-standing financial-services institutions, with a history spanning mutual life insurance, public-company ownership and a more recent concentration on wealth management, retirement services and banking. Its continued presence across platforms, superannuation and banking connects it to several parts of household finance: saving for retirement, managing investments, receiving retirement income and accessing deposits or loans.^[1][2][5]

The company’s scale and market position are best assessed using dated disclosures. For example, the AUM and profit figures above describe the 2025 financial year; they may change with investment markets, net customer flows, acquisitions or disposals, and business performance. Readers seeking current company information can consult AMP’s shareholder reporting and its ASX announcements.^[5][6][7]