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AMP Limited (NZX: AMP) Reports FY20 Results and Portfolio Review Update

Thursday 11th February 2021

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FY 20 results

– FY 20 NPAT (underlying) of A$295 million (FY 19: A$439 million) reflecting the impacts of COVID-19 on our clients, our business and the broader economy and financial markets. FY 20 statutory NPAT of A$177 million, reversing A$2.5 billion loss in FY 19.

– Assets under management (AUM) in Australian wealth management (down 8 per cent) and AMP Capital (down 7 per cent), reflecting volatile investment markets and net cash outflows, which included the Australian Government’s early release of super program (A$1.8 billion).

– As guided, the AMP Board has resolved not to declare a final dividend for FY 20, following A$344 million paid to shareholders in the form of a 10c per share special dividend at 1H 20. The board is committed to restarting the group’s capital management initiatives including the payment of dividends, share buyback and other capital initiatives in 2021. This is subject to the completion of the portfolio review, market conditions and business performance.

Portfolio review

– The review has confirmed AMP’s transformation strategy for the AMP Australia (Australian wealth management and AMP Bank) and New Zealand wealth management businesses is likely to be the optimal outcome for shareholders. The AMP Board has therefore concluded the review of these assets.

– AMP continues to review options for maximising the ability to grow and invest in AMP Capital including exploring partnership options.

AMP Chief Executive Francesco De Ferrari said

“Within our business, it was also an extraordinary year, with significant internal change and the initiation of a portfolio review in 2H 20. The review has made good progress, assessing options for the group’s assets and businesses, and we are confident of bringing it to a conclusion in the near future.

“Most notably, we completed the sale of AMP Life, unlocking capital and simplifying our portfolio. In AMP Australia, we simplified our super business, substantially progressed the reshape of advice and delivered a major platform upgrade in AMP Bank enabling future growth. We also pivoted AMP Capital, increasing focus on private markets, where the strength of our real assets franchise continues to deliver.

“We have maintained focus on costs, with an acceleration of efficiency initiatives in 2H 20, following increased investment in client support in the first half.”

Please see the links below for details:

AMP reports FY20 results and portfolio review update

2020 Full Year Investor report

2020 Full Year Investor presentation

Appendix 4E

Source: AMP Limited

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