AMP Limited today provides an update to its financial reporting materials ahead of its 1H 23 results. The changes align AMP’s reporting and disclosure materials to its more focused business, and streamlined operating model, in line with recent announcements.

While these updates to the disclosure materials will remove duplication and streamline the materials produced, the same level of disclosure and transparency is being maintained. Appendix A, the AMP Data Pack, includes the updated disclosures, with the prior periods restated where required. The Excel version of the AMP Data Pack will be available on the AMP Shareholder Centre.

Key changes include:

- Simplification of Wealth Management disclosures

Removal of the Australian Wealth Management construct from financial reporting, to reflect the simplification of AMP’s operating model. Platforms, Master Trust and Advice will continue to be reported individually.

SuperConcepts earnings and any associated ‘Other AUM’ will be reported in Discontinued Operations.

- Simplification of strategic partnerships and retained interest disclosures

AMP will report PCCP, China Life AMP Asset Management Company (CLAMP) and certain seed assets (previously reported as AMP Capital) as ‘Strategic Partnerships’. These will sit alongside China Life Pension Company (CLPC) within Group (CLPC was previously reported under ‘Other Investment Income’).

This is a change to the classification to ensure that these strategic partnerships are treated consistently, following the sale of AMP Capital.

- Streamlining of disclosure materials

AMP will release an ASX announcement, Appendix 4D (at Half Year) and Appendix 4E (at Full Year), and Investor Presentation to present its financial results. A separate Investor Report will no longer be provided, reducing duplication. An AMP Data Pack will be released that contains relevant information previously contained in the Investor Report, to maintain the same level of disclosure.

AMP’s 1H 23 Results

AMP will announce its 1H 23 results on 10 August 2023. An analyst briefing with CEO Alexis George and CFO Blair Vernon, starting at 11.00am, can be viewed (listen only) via webcast at amp.com.au/webcasts.