AMP Limited

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AMP Limited
Industry Finance
Founded 1849 as friendly society
1998 as public company
Headquarters Sydney, Australia
Key people
Craig Meller (CEO)
Simon McKeon (Chairman)
Products Financial services
IncreaseA$739 million (2009)
Number of employees
Divisions AMP Financial Services
AMP Capital Investors
AXA Asia Pacific
AMP Building and AMP Centre, Sydney

AMP is a financial services company in Australia and New Zealand with superannuation and investment products, insurance, financial advice and banking products including home loans and savings accounts.

AMP formed in 1849 as the Australian Mutual Provident Society, a non-profit life insurance company and Mutual Society.

In 1998, it was demutualised and listed on the Australian and New Zealand stock exchanges. AMP has one of Australia’s largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company. Its UK operation was the subject of a demerger in 2003, separating out Henderson Group plc.


The company provides financial planning and advice, banking, life insurance, managed funds, superannuation, property, listed assets and infrastructure.

AMP is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital, is the aligned wealth manager, with more than A$128 billion[1] in assets under management, making it one of the largest asset managers in the Asia Pacific (excluding Japan) region.

AMP has four main business areas:

· Advice and banking provides financial planning and advice, superannuation services for businesses, and selected banking products. These products and services are primarily distributed through a network of self-employed financial planners. AMP has been granted a [MySuper] authority, enabling it to continue to receive default superannuation contribution from 1 Jan 2014.

· Insurance and Superannuation provides superannuation, personal risk insurance products and self-managed super fund administration, support and design. These products and services are primarily distributed through a network of self-employed financial planners

· Customer solution team focuses on designing solutions and offers to meet customer needs and take offers to market. This includes development of enterprise strategy and planning, brand, customer segments, strategic marketing, sales, digital solutions, design and innovation.

· [AMP Capital] is one of Asia Pacific's largest investment managers. Through a team of investment professionals across the world, it invests in equities, fixed interest, infrastructure, property, diversified funds and multi-manager funds. It is the top 10 global investment manager in infrastructure and top 25 in real estate.[2]


David Jones was a foundation director in 1848.[2] George King was chairman for fifteen years from the 1850s.[3] Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.[4]

Share price history[edit]

AMP Shares rose to almost $22.00 per share in June 2001 [5] and dropped to below $3.80 in March 2009 in a sensational share collapse. See 5 May 2003 article [6] The current share price as at 27 November 2014 is $5.78.[7]

AXA merger[edit]

On 15 November 2010, AMP announced a bid to merge its business with AXA Asia Pacific Holdings. The transaction was a joint proposal with AXA SA under which AXA SA would acquire AMP's Asian business and AMP would acquire AXA's Australian and New Zealand business.

The Australasian holdings included the former National Mutual business (established in 1869) which was demutualised in 1996. AXA had gained majority ownership of National Mutual in 1999 and renamed the company as AXA Asia Pacific.[8][9]

The first day of the merged group operating together was 31 March 2011, with the companies to be gradually integrated and the AXA brand being phased out of the Australian and New Zealand market by 2013.

See also[edit]


  1. ^ as at 31 December 2012
  2. ^ Walsh, G. P. (1967). "Jones, David (1793 - 1873)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013. 
  3. ^ Rutledge, Martha. "King, George (1814–1894)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 4 January 2014. 
  4. ^ Bennett, J. M. "Teece, Richard (1847–1928)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013. 
  5. ^
  6. ^
  7. ^
  8. ^ Axa Asia Pacific Holdings Limited. Intelligent Investor 2011.
  9. ^ The company formerly known as National Mutual. Marcus Wong. 21 June 2011.

External links[edit]