AMP Limited
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| Public | |
| Traded as | ASX: AMP NZX: AMP |
| Industry | Finance |
| Founded |
1849 as friendly society; 168 years ago 1998 as public company; 19 years ago |
| Headquarters | Sydney, Australia |
Key people |
Craig Meller (CEO) Catherine Brenner (Chairman) |
| Products | Financial services |
| A$972 million (December 2015)[1] | |
| Total assets | $110.4 billion (2015)[2] |
| 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
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[3] 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 January 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 solutions focuses on helping companies meet customer needs, handle marketing efforts and take sales offers to market.
- 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.
History
David Jones was a foundation director in 1848.[4] George King was chairman for fifteen years from the 1850s.[5] Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.[6]
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").[7]
Share price history
AMP Shares rose to almost $22.00 per share in June 2001[8] and dropped to below $3.80 in March 2009 in a sensational share collapse. See 5 May 2003 article [9]
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.[10][11]
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
- MacArthur Chambers (former AMP building in Brisbane)
- AMP Building, Brisbane
- AMP Building, Rockhampton
- First AMP Building, Townsville
- Second AMP Building, Townsville
- AMP Building, Hobart
- AMP Building, Perth
- AMP Building, Wellington
- AMP Capital
- AMP Centre, Sydney
References
- ↑ http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2139851
- ↑ "The World’s Biggest Public Companies". Forbes.
- ↑ as at 31 December 2012
- ↑ Walsh, G. P. (1967). "Jones, David (1793 - 1873)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013.
- ↑ Rutledge, Martha. "King, George (1814–1894)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 4 January 2014.
- ↑ Bennett, J. M. "Teece, Richard (1847–1928)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013.
- ↑ "General Notes". Sydney Morning Herald. NSW: National Library of Australia. 22 August 1911. p. 3. Retrieved 2 October 2015.
- ↑ "AMP.AX Historical Prices - AMP FPO Stock - Yahoo!7 Finance".
- ↑ "Lateline - 5/5/2003: AMPs sensational share collapse . Australian Broadcasting Corp".
- ↑ Axa Asia Pacific Holdings Limited. Intelligent Investor 2011.
- ↑ The company formerly known as National Mutual. Marcus Wong. 21 June 2011.
External links
As of 19 September 2016 | |
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