AMP Reports 11% Profit Drop, Meets Dividend Forecast
Wealth manager AMP has announced an 11.3% decline in its full-year statutory profit, reporting a total of $133 million. This figure fell short of the average forecast of $192 million, primarily due to costs associated with settling two legacy class actions.
Underlying Profit Growth
Despite the drop in statutory profit, AMP reported a 20.8% increase in underlying profit, reaching $285 million. This figure was in line with market estimates, showcasing the company’s resilience amid challenges.
Dividends and Financial Health
AMP declared a final dividend of 2 cents per share, bringing the total dividends for FY25 to 4 cents per share. This aligns with the company’s guidance for its investors.
Assets Under Management
The company’s total assets under management increased by 9% year-on-year to $161.7 billion. This growth was attributed to positive cash flow and favorable market conditions.
Executive Insights
Outgoing CEO Alexis George commented on the company’s performance, stating there are “considerable tailwinds” in the wealth and retirement sector. She emphasized that AMP is well-prepared to pursue organic growth and explore inorganic opportunities as they arise.
Focus for 2025
George highlighted that 2025 has been a pivotal year for AMP. The resolution of legacy issues and portfolio stabilization allowed the company to redirect its focus towards enhancing its wealth business and fulfilling its vision for a dignified retirement for its customers.
Key Takeaways
- Statutory profit decreased by 11.3% to $133 million.
- Underlying profit rose by 20.8% to $285 million.
- Final dividend declared at 2 cents per share.
- Total assets under management reached $161.7 billion, up 9%.
- Executive outlook remains optimistic for the wealth and retirement sector.
