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Financial results
Chair's message to shareholders

13 April 2022

2021 was a year of change and transformation for our business as we welcomed Alexis George as our new CEO and made strong progress on separating Collimate Capital (AMP Capital’s private markets business) from AMP Limited.

2021 financial performance and capital position

In 2021, AMP delivered an improved financial performance with a 53 per cent increase in underlying net profit of $356 million. The performance was assisted by stronger earnings in AMP Bank, New Zealand Wealth Management and AMP Capital as well as strong investment income from Group Office, including the contribution from our strategic partnership with China Life Pension Company.

As we continued our transformation program in 2021, we recognised certain impairments, mainly non-cash write downs including deferred tax assets, intangibles and onerous leases, to position AMP for the future. This resulted in a reported statutory loss of $252 million, however it should not be seen as a reflection of the underlying business performance.

The board also continues to take a conservative approach to capital management to support the delivery of the demerger and AMP’s transformation and has resolved not to pay a dividend for 2021. While we understand that this is disappointing for shareholders, we believe that it is the right approach when AMP is making such significant change. We are committed to reviewing dividend payments following the completion of the demerger later this year.

Strategy and portfolio simplification

In November 2021 we outlined our future strategies for AMP Limited and Collimate Capital, with a focus on simplifying both businesses and capturing emerging growth opportunities. We have strong and accomplished leadership in both businesses with Alexis in place as CEO of AMP Limited, leading a refreshed executive team, and Shawn Johnson who commenced as CEO of AMP Capital in June 2021 and will take forward the Collimate Capital business as it demerges.

Significant steps were taken to further simplify the business during 2021 including the divestment of the remaining stake in Resolution Life Australasia. While this brings to a close AMP’s long and proud involvement in life insurance in Australia, we continue to support financial advisers and customers by providing access to other life insurance products.

As announced on 28 March 2022, we completed the sale of the Global Equities and Fixed Income (GEFI) business. This sale, in addition to the completion of the Infrastructure Debt platform sale and the transfer of the Multi-Asset Group business from AMP Capital to Australian Wealth Management, were key milestones in our simplification. We are pleased to have been able to complete these transactions on time, setting up both AMP and Collimate Capital for the future.

Board changes

The AMP Board is committed to meeting the highest standards of governance and stewardship as the company works through its transformation. The board and its committees met regularly throughout 2021, and I thank all directors and the management team for their strong commitment. Moreover, the board has been actively engaged in oversight of AMP’s work to strengthen the corporate culture.

In July 2021, we welcomed Mike Hirst to the board. Mike brings extensive experience in retail banking, treasury, funds management and financial markets. Mike will stand for election to the AMP Limited Board at this year’s AGM. Andrea Slattery, who has been a non-executive Director for the past three years, and served shareholders strongly, is standing for re-election at the meeting.

As previously announced, John O’Sullivan stepped down from his position as non-executive director on the AMP Limited Board, effective from 8 April 2022. John, who has been a valuable member of the board since June 2018, stepped down to assist Cromwell Property Group with the launch of a new Australian Real Estate Investment Trust, and if the launch is successful, to become its inaugural Chairman. I would like to take this opportunity, on behalf of the board, to thank John for his commitment and invaluable contribution to AMP and wish him continued success. 


At AMP we are committed to creating a sustainable and equitable future for our stakeholders and the community, and to openly reporting on our progress and impact.

We recognise that economic, social and environmental issues can have a material impact on business performance and society. AMP’s non-financial disclosures have evolved significantly, and our 2021 Sustainability report reflects the positive steps taken by AMP towards transparency and best practice.

In the community, we recognise and support the growing momentum for global action on climate change and supporting vulnerable communities.

In 2021, we launched our Climate Position and Action Plan which details how we manage our business and investment activities in alignment with net zero emissions by 2050. This builds on AMP’s long-standing commitment to action on climate, having been carbon neutral across our global operations since 2013.

I am also proud of the enduring support the AMP Foundation, AMP’s philanthropic arm, provides to communities across Australia. Since its inception in 1992 the AMP Foundation has contributed more than $110 million to Australian communities through direct donations, employee dollar matching, employee fundraising and volunteering, with more than $3.2 million provided in grants and donations in 2021 alone.

Looking forward

The work we undertook in 2021 has set AMP up for a strong and sustainable future. We have an exciting year ahead, with significant change and opportunities. We are committed to continuing our efforts to restore value and pride for AMP’s shareholders, clients, people and the broader community and on behalf of the board I thank you for your support.

I look forward to meeting those who are able to attend our AGM in May.


Debra Hazelton


AMP Limited


To read more about our 2021 full year results, click here

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