AMP Limited

AMP Limited
Public
Traded as ASX: AMP NZX: AMP
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$884 million (December 2014)
Total assets $110.4 billion (2015)[1]
Owner HSBC (23%)
JP Morgan (13%)
National Nominees (11%) (December 2014)
Number of employees
5,400 (December 2014)
Divisions AMP Capital
AMP Financial Services
AXA Asia Pacific
Website www.amp.com.au

AMP (ASX: AMP NZX: 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 the Henderson Group.

Operations

AMP Building and AMP Centre, Sydney

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[2] 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:

History

AMP Building in Warwick, Queensland, 2015
"Amicus" statue group on the AMP Building in Warwick

David Jones was a foundation director in 1848.[3] George King was chairman for fifteen years from the 1850s.[4] Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.[5]

Many of the older AMP buildings are now heritage-listed and feature the "Amicus" statue group. The central figure in the statue group is the goddess of Peace and Plenty, holding a palm branch (signifying peace) and a cornucopia (symbolising plenty). The male figure of Labour sits to her left and also holds the cornucopia, while the figures of the wife and the child sit on the goddess's right under her palm branch. Under the statue is AMP Society's Latin motto "Amicus certus in re incerta" ("A certain friend in uncertain times").[6]

Share price history

AMP Shares rose to almost $22.00 per share in June 2001[7] and dropped to below $3.80 in March 2009 in a sensational share collapse. See 5 May 2003 article [8]

AXA merger

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.[9][10]

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

References

  1. "The World’s Biggest Public Companies". Forbes.
  2. as at 31 December 2012
  3. Walsh, G. P. (1967). "Jones, David (1793 - 1873)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013.
  4. Rutledge, Martha. "King, George (1814–1894)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 4 January 2014.
  5. Bennett, J. M. "Teece, Richard (1847–1928)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013.
  6. "General Notes". Sydney Morning Herald (NSW: National Library of Australia). 22 August 1911. p. 3. Retrieved 2 October 2015.
  7. "AMP.AX Historical Prices - AMP FPO Stock - Yahoo!7 Finance".
  8. "Lateline - 5/5/2003: AMPs sensational share collapse . Australian Broadcasting Corp".
  9. Axa Asia Pacific Holdings Limited. Intelligent Investor 2011.
  10. The company formerly known as National Mutual. Marcus Wong. 21 June 2011.

External links


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