Annual report 2025
Helping people
create their
tomorrow
Reporting suite
Sustainability
supplement 2025
Modern slavery
statement 2025
Corporate
governance
statement 2025
ESG data pack
2025
About this report
AMP takes its reporting obligations seriously, and
shareholders can find up-to-date information about
AMP at amp.com.au/about-amp/shareholder-centre.
AMP’s 2025 Annual report sits alongside a suite
of materials to provide a fulsome update on our
operations, performance, and approach to important
matters such as governance and sustainability.
Acknowledgement of Country
AMP acknowledges all First Nations Peoples across Australia.
We recognise the Traditional Custodians of the land and value their
connection to Country, waterways and sky. We pay our respects
to the Elders for their resilience, courage and wisdom; for ensuring
the survival of this country’s rich culture and heritage. Our hope for
the future is to unite as one people, to listen and learn from each
other with respect and walk the path to reconciliation together.
Contents
01
Introduction
02
2025 highlights
04
Chair’s message
06
CEO message
08
How we create value
10
Our strategy
12
Sustainability
overview
14
Group financial
performance
16
Business review
20
Material risks
24
Our approach
to governance
26
Board of directors
30
Group executive
committee
34
Directors’ report
40
Remuneration report
72
Sustainability
report 2025
91
Financial report
165 Additional
information
The Directors’ report, Financial
report and the Independent
Auditor’s report are dated and
current as at 12 February 2025.
Unless otherwise specified, all
amounts are in Australian dollars.
AMP Limited ABN 49 079 354 519.
Authorised for release by the
AMP Limited Board.
In 2025 we continued to deliver for
our customers and members, to build
their financial confidence particularly
in retirement. Our strategy enables us
to deliver on our purpose:
Helping people
create their tomorrow
1
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
2025 highlights
$285m
underlying NPAT,
up 20.8%
11.3cps
underlying EPS up 25.6%
$603m
controllable costs,
down 6.9%
Advancing AMP’s
leadership position
in retirement
Launch of AMP
Bank GO for mini
business and
personal customers
Resolved further
legacy legal matters
$3.0bn
pension payments for
Australian customers
in retirement
22,730
members supported
with intra-fund advice on
their superannuation
783,000+
total number of calls
taken about super,
banking or investment
Financial
performance
Business
progress
Our
customers
2
16.7%
total shareholder return
401,654
total shareholders
Our
shareholders
67.9
4Q 25 Reptrak
reputation score now
highest since reporting
began in 2008
Launched refreshed
Leadership Spark
and performance
processes, redefining
expectations of
great leadership
74
employee satisfaction
(eSat score)
People and
partners
70+
funds offered on platform
with an ESG screen plus either
active ESG integration and/or
a sustainability objective
300+
engagements carried out
by Superannuation and
Investments external fund
managers with investee
companies on a range of
sustainability issues
$12.8m
currently invested by
AMP Foundation in
12 impact investments
Communities
and environment
4.0¢ per share
20% franked
Total FY 25 dividend of
3
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
“Australia’s superannuation
system has delivered
significant benefits. The next
critical step for the industry
however, is not just about
building bigger balances, but
about enabling people to live
better lives in retirement.”
AMP today has a greater
understanding and appreciation of
the financial needs of Australians than
ever before. Delivering on those needs
helps drive business growth, benefiting
our customers and members, as
well as our employees, the broader
community and our shareholders.
Making good progress on
the AMP strategy
Underlying net profit after tax for the year increased
by 20.8% to $285m, with statutory net profit of $133m.
This was the result of continued growth in our Australian
wealth businesses, stable performance in AMP Bank and
New Zealand, and solid returns from our partnerships.
The innovation we are delivering on our North platform is
being shaped by our deep understanding of the needs of
financial advisers. This is being recognised with industry
awards for North, and momentum in our Platform net
cashflows. In our Superannuation & Investments business
we have delivered top quartile returns for the majority of
AMP MySuper members, who are also benefitting from
new member services such as our digital advice journeys
that provide members with tailored financial guidance at
no additional fee to help them get the most out of their
retirement savings. In February 2025, we launched our
new digital bank, AMP Bank GO, and have rolled out
leading functionality and features, to support the growing
mini business segment, as well as personal customers.
Our New Zealand business performed solidly despite the
challenging economic conditions in that market, and we
saw a strong contribution from our partnership in China.
Chair’s message
In 2025, we continued
to build on AMP’s rich
heritage of helping more
Australians to live with
financial confidence
4
Helping customers build
financial confidence
Our business is in part linked to the
strength of equity markets, and those
positive conditions have supported
our results. While markets were strong
in 2025, particularly in the US, I realise
there is a lot of uncertainty in the
broader Australian economy at the
moment, with inflation and cost of living
pressures remaining front of mind for
many of our customers and members.
It is in supporting Australians to navigate
those challenges that AMP can really
deliver for its customers and help to
support financial confidence.
Capital allocation
The board declared a dividend of 2.0
cents per share for 2H 25, in line with
guidance, bringing the total dividend
for FY 25 to 4.0 cents per share,
20% franked.
We move into 2026 with a strong
balance sheet, which is important as we
assess how we best capitalise on the
tailwinds in the wealth and retirement
sectors. There is a real structural
change and opportunity for growth
in the wealth market in Australia,
in which AMP is well positioned to
participate. This growth is supported
by increasing household wealth and
superannuation balances.
Growing organically is the true test
of our brand and offerings and it will
always be our main focus, however
there may be opportunities to direct
capital into inorganic growth to add
scale and capability to our operations.
Of course, any use of capital would
need to be rigorously assessed against
the need to drive sustainable, long‑term
shareholder value. AMP has returned
to paying dividends in the near term,
where franking credits are an important
factor. These considerations are top of
mind for the board as we think about
capital allocation in the year ahead.
A new chapter for AMP
In January, we announced the
appointment of Blair Vernon as AMP’s
new Group Chief Executive Officer, with
Alexis George to retire from executive
roles effective 30 March 2026. This
leadership change marks a new
chapter for AMP.
During her almost five year
tenure, Alexis has driven a major
transformation of the business,
streamlining the portfolio and
focusing AMP on its strongest growth
opportunities. She has built a talented
and experienced executive team with
a focus on innovation, operational
excellence and putting customers first.
Through leading the successful sales of
AMP Capital and AMP Advice, Alexis
oversaw the realisation of significant
value and the return of that capital to
shareholders. On behalf of the Board,
I’d like to thank Alexis for her great
effort and wish her well for the future.
After a thorough internal and external
search process, the Board was
unequivocal in its decision to appoint
Blair to lead AMP in its next phase of
growth. Blair has made a considerable
impact since he took the role as CFO,
enhancing financial management
and delivering our capital return
program. The Board looks forward to
working with Blair and our excellent
leadership team to build on the positive
momentum already within the business.
Board governance
In August this year, Andrea Slattery
retired from the AMP board. Andrea
made an important contribution during
her six years on the AMP board,
and I would like to thank her for her
guidance and work throughout a time
of transformation for the business.
A well-functioning board needs a mix
of skills and tenure, and so the board
was pleased to appoint Linda Elkins
as a non-executive director, following
Andrea’s retirement. Linda brings
deep expertise in both Platforms and
Superannuation, which is particularly
important as AMP focuses on growth
in those businesses.
The board continues to evolve our
remuneration practices to ensure
they are appropriate for the size and
structure of the business. Kathleen
Bailey-Lord, Chair of our Remuneration
committee, outlines our approach
to remuneration, and key updates
we have made this year, in our 2025
Remuneration report.
Helping people create
their tomorrow
Australia’s superannuation system
has delivered significant benefits for
individuals and the broader economy.
The next critical step for the industry
however, is not just about building
bigger balances, but about enabling
people to live better lives in retirement.
That means as an industry starting to
put the necessary focus on delivering
retirement income solutions for the
drawdown of nest eggs and improving
the knowledge and confidence people
have about their retirement.
We know from AMP’s own research that
Australians’ confidence in retirement
is worryingly low, with about half of all
Australians lacking financial peace of
mind. With people over the age of 65
set to make up nearly a quarter of our
population within four decades, we
need a system that is easy to navigate,
helps improve financial literacy, and
delivers greater access to advice when
people need it most.
Against this backdrop, it is critical that
we get the right Government policy
and regulatory settings to ensure that
Australians have access to appropriate,
affordable financial advice, as well as
a healthy, competitive banking sector.
To achieve this, we need the right
legislation and regulation – not
necessarily more of it. Getting these
regulatory settings wrong creates an
uneven playing field, with the cost of
regulation becoming burdensome to
all but the largest of organisations
and limiting the opportunity for
innovation that will ultimately benefit
customers and members.
Access to financial advice is
particularly critical in our complex
retirement system and this remains
a challenge for the country given a
shortage of financial advisers and the
growing demand for advice. We are
innovating to find ways to address this
gap, particularly through our digital
advice services, which we first launched
in 2024. During the course of 2025 we
have added numerous new ‘digital
journeys,’ which seek to help members
to better understand their financial
position, and provide guidance on how
best to achieve their financial goals.
Importantly, thank you to my fellow
directors, the Executive Committee, and
all AMP employees for their dedication
in delivering for our customers and
members over the past year. Together,
with the ongoing support of our
shareholders, we remain committed
to helping Australians build wealth
and retire with confidence.
Mike Hirst
Chair, AMP Limited
5
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
CEO message
After almost five incredibly
rewarding years at the helm of AMP,
I will be stepping down as CEO at
the end of March 2026.
Welcoming AMP’s
next chapter
It has been an immense privilege to lead this
organisation through a significant period of
transformation and growth. I am delighted that Blair
Vernon, our Chief Financial Officer, will be taking over
as the next AMP CEO. Blair’s deep understanding of
our business, unwavering commitment to our customers
and our people, and proven leadership make him the
ideal person to lead AMP into its next chapter, and to
help more Australians retire with confidence.
Reflecting on AMP’s transformation
I am proud of what we have been able to achieve
for AMP’s shareholders, customers, partners
and the community during my tenure. We have
successfully repositioned and simplified the business
through a series of complex transactions, returned
$1.1 billion in capital to shareholders, recommenced
dividend payments, resolved several legacy legal
matters and created a strong foundation which
allowed the business to grow in 2025. We now have
a strong customer-led and growth-oriented culture,
supported by a talented executive team with clear
accountabilities and focus. We have restored AMP’s
reputation, which is now at its highest levels since
reporting began in 2008 and we’ve launched a series
of innovative wealth solutions to support Australians
to retire better and have the retirement they deserve
after a lifetime of saving.
Today, AMP is helping more Australians to retire with
confidence through North, our innovative wealth
platform solution for financial advisers, and by
delivering AMP Super members strong investment
returns, leading Lifetime income solutions and
intuitive digital advice.
FY 25 performance
Much of our focus has been on setting our businesses
up for growth, and so it’s pleasing to see the benefits
come through in our financial performance in 2025.
AMP’s underlying net profit after tax for the year was
$285 million, an increase of 20.8% from FY 24. Earnings
per share increased by 25.6% to 11.3 cents per share,
and the board has declared a 2.0 cents per share final
dividend, 20% franked.
The performance in Platforms was driven by the
momentum in cashflows, as well as positive equity
markets and cost discipline. Our Managed Portfolios
offer remains one of the fastest growing in the market,
now at $25.2 billion.
6
In Superannuation & Investments we
continued to work towards sustainable
positive net cashflows, with initiatives
to drive member retention and growth,
while also maintaining cost discipline.
We have also increased the level
of client education and advice that
we are able to offer our customers
as we understand retiring is not a
simple exercise.
In AMP Bank, we remained focused
on managing the lending book,
strategically targeting niche segments
of the market with higher margins, such
as investor and interest-only lending. At
the same time, we are scaling our digital
bank, AMP Bank GO, to build deposits
and diversify the funding mix for lending
activities.
While the economic conditions in New
Zealand remained challenging, our
business there delivered another solid
performance with an ongoing focus
on revenue diversification.
The contribution from our China
partnerships increased 53.2% during the
year, driven by ongoing growth in CLPC.
The contribution from our sponsor
investment in PCCP was lower in 2025
compared to 2024, which was boosted
by a normalising of US property values.
During the year we resolved two further
legacy class actions, and completed
our cost-efficiency program, resetting
the AMP cost base and allowing us to
focus on targeted investment in growth.
These achievements, underpinned
by ongoing financial discipline and
a streamlined balance sheet, have
positioned AMP for a future of
sustainable business growth.
Helping people create
their tomorrow
AMP’s purpose helping people create
their tomorrow is more important than
ever. Our research shows that despite
a national savings pool now well above
$4 trillion, Australians still don’t have
confidence to spend their retirement
savings. AMP’s commitment to helping
more people retire with confidence
underpins our innovation across
our businesses.
AMP’s Lifetime Solutions, available
on our North platform and for all
AMP Super members, are designed
to support financial confidence in
retirement, with guaranteed income
for life. Our recently expanded
digital advice tools are helping to
empower members to make confident,
informed decisions particularly during
the transition to retirement. These
tools can be engaged with, at the
client’s convenience and when they
feel comfortable doing so. We also,
importantly, delivered top quartile
investment returns for the majority
of our AMP MySuper members.
We have continued to release new,
innovative functionality for advisers
to support their clients on North. By
simplifying administration for advisers
they can allocate more of their time to
helping clients make the right decisions
about building wealth and navigating
Australia’s complex retirement system.
AMP is working with government,
regulators and industry, as we strive
to give more Australians confidence in
their own retirement journey.
Acknowledging our people
and the board
The progress we have made would not
have been possible without the strategic
oversight and support of our Board, led
by Chair Mike Hirst. The Board’s focus
on strong governance and long-term
value creation has supported AMP’s
journey of transformation and the shift
to growth. I am deeply grateful to Mike,
the Board, and the entire Executive
team for their partnership over the
past five years.
My heartfelt thanks also go to the
talented and dedicated employees
across AMP, whose passion and
commitment have been the driving
force behind our transformation.
Looking ahead
As I hand over the leadership of
AMP to Blair, I do so with great
confidence. Blair has played a pivotal
role in shaping our strategy and
driving our recent successes. AMP is
well positioned to further innovate,
expanding on our market-leading
retirement offers and exploring new
solutions at the intersection of wealth
and property. The business is continuing
to adopt new technologies and ways
of working, including leveraging AI,
not only to drive efficiencies but to
enhance customer experience and
business performance.
I am excited to watch AMP’s next
chapter unfold and I am confident that,
under Blair’s leadership, the company
will continue to thrive and make a
positive impact for our customers,
members, employees, and the
broader community. Thank you to our
shareholders for your trust and support
throughout my tenure.
Alexis George
AMP Chief Executive Officer
“Today, AMP is helping more Australians to retire with
confidence through North, our innovative wealth platform
solution for financial advisers, and by delivering AMP Super
members strong investment returns, leading Lifetime income
solutions and intuitive digital advice.”
7
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
C
o
m
m
un
it
ie
s
a
n
d
en
vi
ro
n
m
e
nt
We
a
re
c
om
mi
tte
d t
o
Our enablers
Our business areas
Purpose and culture
Helping people create their
tomorrow, and living the AMP
values every day
Brand, reputation
and ESG
Driving consistent delivery
of positive outcomes for our
stakeholders: shareholders,
customers, people and
communities
Digital and data
Leveraging digital and data
to better understand and
serve our customers
Respect risk
Embed appropriate
governance structures
to maintain robust risk culture
How we create value
Platforms
AMP’s flagship North
platform. Includes
super, retirement and
investment solutions
AMP Bank
Digital bank
providing home
loans, deposits and
transactional banking
through AMP Bank
and AMP Bank GO
Strategy
AMP’s strategy provides a framework for AMP to become a
pre-eminent retirement specialist, giving Australians financial
confidence in their retirement. The strategy seeks to enable
AMP to deliver on its purpose:
Helping people create their tomorrow
8
Pe
o
pl
e
a
n
d
p
ar
tn
er
s
C
us
to
m
er
s
he
lp
in
g
pe
op
le
c
re
at
e t
he
ir
to
mo
rr
ow
The value we create
Customers
$3.0bn
pension payments for Australian
customers in retirement
10.8%
1 year annual return for MySuper 1970s,
our largest default super cohort by AUM
Our communities
$1.5m
received by charities from AMP
employees’ fundraising and
volunteering, after being dollar
matched by AMP Foundation
Our people
74
Employee satisfaction (eSat score)
40:40:20
gender diversity targets met across board,
senior and middle management and
the organisation overall
Shareholders
401,654
Total shareholders
4.0cps
dividend,
20% franked
New Zealand
Wealth
Management
Offering super,
retirement, advice and
general insurance
Super &
Investments
A super and pension
solution across
individual and
corporate super
Partnerships
Including CLAMP
and CLPC in
China, PCCP in the
US, and Akumin
9
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
AMP is positioned to become a preeminent
retirement specialist, giving Australians
financial confidence in retirement.
Our purpose
Our strategy
Helping people
create their tomorrow
10
Our strategic focus on retirement
Our strategic pillars
Customer
growth
› Drive cashflows
› Continue to build relationships
with new advisers
› Further develop D2C
capability to deliver
customer growth
› Grow deposit base in
AMP Bank GO
Pursue
innovation
› Expand AMP’s market‑leading
retirement solutions
› Explore new product
innovation at the intersection
of property and wealth
Embrace new
business models
› Leverage AI to improve
outcomes for our people,
customers and shareholders
› Enhance customer and
member digital experience
AMP’s products and solutions are focused on serving
the needs of mass affluent pre‑retirees and retirees
› AMP Super and North
Account‑based pensions
› MyNorth – Lifetime Income
› MyNorth – Deferred Lifetime Income
› Term deposits
› Citro online retiree
community
› Lifetime Income and
Deferred Lifetime
Income – available
for AMP Super
members in 1H 26
› MyNorth Guarantees
› AMP Lifetime Super
› MyNorth Lifetime Super
› 10 yr interest‑only mortgage
› SMSF loans
› Everyday banking
› Home lending
› AMP Super
› AMP Super Lifetime Boost
› AMP Rewards
Program by Citro
› MyNorth Grow
› MyNorth Super
and Investments
› Managed Portfolios
› Investment lending
› Mini business banking
› enable.me Coaching (NZ)
› Kiwisaver
› AMP Super digital and intrafund advice
B
u
il
d
i
n
g
w
e
a
lt
h
P
r
e
-
r
e
ti
r
e
m
e
n
t
R
e
ti
r
e
m
e
n
t
S
t
a
r
ti
n
g
o
u
t
In
te
rg
en
er
at
io
na
l
we
al
th
tr
an
sf
er
Platforms
Super & Investments
Banking
11
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
2025 highlights
Sustainability
overview
Our purpose – helping people create their tomorrow
– guides our actions and decision making at AMP.
Our approach to sustainability is about delivering
value and reporting meaningfully on our progress.
Customers and members
AMP’s purpose is reflected in our commitment to customers and members, giving
them the confidence to take control of their finances. It means we put customers
first by considering them in all our decisions and make it as simple as possible
for them to achieve their goals.
8/10
Increased customer
satisfaction score
4,730
members supported to
access superannuation
on compassionate or
hardship grounds
AMP participated in the Financial
Wellness Outreach Program,
delivering culturally appropriate
financial support and education
to Aboriginal and Torres
Strait Islander communities
in North Queensland
22,730
members supported with
intra‑fund advice about
their superannuation
515,000+
Total number of customers
and members with their
superannuation and banking
needs met through online
services
AMP established a tertiary
partnership with the University
of New South Wales (UNSW)
to further AI research for
financial services
12
AMP’s commitment to communities means addressing the broader impacts of
our value chain through our investments and managing climate-related risks and
opportunities. It is about doing the right thing and investing in our communities.
Communities and environment
AMP’s commitment to its people is to create meaningful opportunities to contribute
and deliver positive outcomes. For our partners, this means working together to meet
the needs of customers, shareholders and the community. We expect our people and
partners to own their accountabilities, be brave and to try new ways of doing things.
People and partners
2025 highlights
2025 highlights
$12.8m
currently invested by
AMP Foundation in 12
impact investments as
at the end of 2025
New Zealand wealth management
retained its ‘Responsible
Investment Leader’ status
300+
engagements carried out
by our Superannuation and
Investments external fund
managers with investee
companies on a range of
sustainability issues
Enhanced financial crime
safeguards through updated
policies, systems and
monitoring practices
Continued strong conduct
management, ensuring
consequences were applied
fairly and consistently
across the organisation
Inclusion Index
increased to 75 in 2025
13
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Business review
Group financial
performance
Profit and loss (A$m)
FY 25
2H 25
1H 25
FY 24
% FY
Revenue
AUM based revenue
805
412
393
774
4.0
Net interest income
333
166
167
322
3.4
Partnerships 1
91
54
37
79
15.2
Other revenue 2
58
23
35
77
(24.7)
Total revenue
1,287
655
632
1,252
2.8
Variable costs
Investment management expense
(127)
(64)
(63)
(125)
(1.6)
Marketing and distribution
(26)
(13)
(13)
(30)
13.3
Brokerage and commissions
(78)
(38)
(40)
(80)
2.5
Loan impairment expense
(1)
(1)
–
5
n/a
Other variable costs 3
(75)
(40)
(35)
(64)
(17.2)
Total variable costs
(307)
(156)
(151)
(294)
(4.4)
Gross profit
980
499
481
958
2.3
Controllable costs
Employee costs
(270)
(141)
(129)
(272)
0.7
Technology
(159)
(78)
(81)
(169)
5.9
Regulatory, insurance and professional services
(48)
(29)
(19)
(55)
12.7
Project costs
(63)
(28)
(35)
(74)
14.9
Property costs
(49)
(22)
(27)
(56)
12.5
Other operating expenses 4
(14)
(2)
(12)
(22)
36.4
Total controllable costs
(603)
(300)
(303)
(648)
6.9
EBIT
377
199
178
310
21.6
Interest expense 5
(55)
(27)
(28)
(53)
(3.8)
Investment income 6
57
28
29
62
(8.1)
Tax expense
(94)
(46)
(48)
(83)
(13.3)
NPAT (underlying)
285
154
131
236
20.8
Platforms 7
106
53
53
97
9.3
Superannuation & Investments 7
62
35
27
54
14.8
AMP Bank 7
55
25
30
61
(9.8)
New Zealand Wealth Management
39
20
19
37
5.4
Group 7, 8
23
21
2
(13)
n/a
NPAT (underlying) by business unit
285
154
131
236
20.8
Items reported below NPAT
(152)
(119)
(33)
(87)
(74.7)
Discontinued operations 9
-
-
-
1
n/a
NPAT (statutory)
133
35
98
150
(11.3)
1 Includes profit contributions from CLPC, CLAMP, PCCP, Akumin Pty Ltd and sponsor investments.
2 Includes Advice retained interest, North Guarantee and NZWM other revenues.
3 Includes payment of commissions, employed planner expenses and other variable selling costs.
4 Includes travel, marketing, printing, administration and other related costs.
5 Includes interest expense on corporate debt.
6 Includes investment income from Group cash.
7 Prior periods have been restated to reflect updated cost allocation methodology.
8 Includes Partnerships, Group costs not recovered from Business Units, investment income and interest expense on corporate debt.
9 Includes the sold Advice business.
14
FY 25
2H 25
1H 25
FY 24
Earnings
EPS – underlying (cps) 1
11.3
6.1
5.2
9.0
EPS – statutory (cps)
5.3
1.4
3.9
5.7
RoE – underlying
8.0%
8.6%
7.4%
6.4%
RoE – statutory
3.7%
2.0%
5.5%
4.1%
Dividend
Dividend per share (cps)
4.0
2.0
2.0
3.0
Franking rate 2
20%
20%
20%
20%
Ordinary shares on issue (m) 1
2,532
2,532
2,532
2,532
Weighted average number of shares on issue (m)
– basic 1
2,532
2,532
2,532
2,627
– fully diluted 1
2,577
2,577
2,578
2,672
– statutory
2,530
2,530
2,530
2,625
Share price for the period – closing ($)
– low
1.09
1.27
1.09
0.93
– high
1.91
1.91
1.79
1.66
Market capitalisation – end period ($m)
4,608
4,608
3,190
4,000
Capital and corporate debt
AMP shareholder equity ($m)
3,583
3,583
3,589
3,535
Corporate debt ($m)
475
475
750
750
Margins
AMP Bank net interest margin
1.28%
1.26%
1.30%
1.26%
Platforms AUM based revenue to average AUM (bps)
42
41
43
45
Superannuation & Investments AUM based revenue to average AUM (bps)
62
61
62
63
New Zealand Wealth Management AUM based revenue to average AUM (bps)
78
77
78
80
Volumes
AMP Bank total loans ($m)
24,098
24,098
23,521
23,274
Platforms net cashflows ($m) 3
5,105
2,800
2,305
2,756
Superannuation & Investments net cashflows ($m) 3
(542)
(467)
(75)
(1,030)
New Zealand Wealth Management net cashflows ($m) 3
219
122
97
150
Platforms AUM ($m)
88,731
88,731
83,185
79,788
Superannuation & Investments AUM ($m)
60,661
60,661
58,453
56,846
New Zealand Wealth Management AUM ($m)
12,280
12,280
12,217
11,792
Total AUM ($b) 4
161.7
161.7
153.9
148.4
Controllable costs (pre-tax) and cost ratios
Controllable costs – excluding discontinued operations ($m)
603
300
303
648
Cost to income ratio – excluding discontinued operations 5
61.5%
60.1%
63.0%
67.6%
Staff numbers
Total staff numbers
2,275
2,275
2,387
2,366
Exchange rates
AUD/NZD – closing
1.1596
1.1596
1.0796
1.1051
AUD/NZD – average
1.1108
1.1237
1.0934
1.0899
1 Number of shares has not been adjusted to remove treasury shares.
2 Franking rate is the franking applicable to the dividend for that year.
3 Net cashflows exclude pension payments.
4 Excludes $0.4b of AUM related to external mandates now discontinued.
5 Prior periods have been restated to reflect updated cost to income ratio calculation.
15
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
FY 25 performance
Underlying NPAT increased 9.3% to $106 million
(FY 24: $97 million), reflecting good momentum in net
cashflows, as well as positive market movements.
Net cashflows (excluding pension payments) were up 85.2% to $5.1 billion for
the year. This was a result of the continued growth in Managed Portfolios to
$25.2 billion, as well as new adviser activations and ongoing growth from existing
advisers. During the year North signed 65 new distribution agreements with
AFSLs and activated 122 net new advisers on North with AUM over >$1 million 1.
North’s market leading retirement solutions, including MyNorth Lifetime and
North Guarantees, continue to provide a differentiator for advisers.
AUM based revenue margin of 42bps (FY 24: 45bps) reflects the interaction of AUM
growth and tiered fee structures, as well as the growth in Managed Portfolios.
Business review
$106m
Underlying NPAT
(FY 24: $97m)
Platforms
1 Net figure excludes advisers exiting the industry.
2 $944m held by MyNorth Lifetime clients in total.
Strategic progress in 2025
Positioned to take advantage of the large and
growing market opportunity in retirement for mass
affluent clients
—
Strong cashflow momentum from existing and new advisers,
reflecting the strength of the North offer
—
Continued innovation in Managed Portfolios driving growth,
now at $25.2bn
—
Accelerating use of AI, with AI Filenote (2,450 notes since
Q1 2024) and a modelling tool deploying in 1H 26 built using
an AI‑enabled technology delivery methodology
—
MyNorth Lifetime grows to $764m 2 (Q3 $579m), with 133 new
advisers writing the solution during the year
—
Robust investment governance processes maintained
North Interactive
Wealth portal to
launch in 1H 26,
to enable greater
adviser efficiency
16
$62m
Underlying NPAT
(FY 24: $54m)
FY 25 performance
Underlying NPAT increased 14.8% to $62 million (FY 24:
$54 million), the increase reflecting higher AUM based
revenue in FY 25, partially offset by a one‑off positive
impact of investment income in the prior year.
Net cash outflows (excluding pension payments) improved by 47.4% to $542 million,
as a result of resilient inflows and improved member retention. AMP is continuing to
progress to sustainable net cash inflows in S&I, supported by a strong member offer
that is driving retention and growth, which includes intuitive digital advice and the
market leading AMP Super Lifetime and AMP Rewards. AMP also delivered strong
investment returns, with the majority of MySuper members receiving top quartile
returns for 2025 1 (10.8% for AMP’s MySuper 1970s option).
AUM based revenue margin of 62bps in FY 25 (FY 24: 63bps) reflects the impact
on margin of AUM growth and fee caps. Continued cost discipline led to a 3.2%
reduction in controllable costs.
Superannuation & Investments
1 SuperRatings, Fund Crediting Rate Survey, December 2025.
Strategic progress in 2025
S&I on pathway to sustainable
positive cashflows through member
retention initiatives
—
Delivering top quartile returns for majority
of MySuper members 1, momentum towards
positive cashflows
—
AMP Lifetime Boost rolled out to ~141,000
Choice & ~4,000 MySuper members
—
New Digital Personal Financial Advice
journeys rolled out across retirement,
investments and contributions. Over 30,000
users in less than 12 months
—
AMP Super Rewards launched with Citro
—
New tools to help members ‘Compare AMP
Super’ across fees, performance, insurance
and services
17
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Business review
FY 25 performance
The total AMP Bank underlying NPAT of $55 million
(FY 24: $61 million), was a combination of the positive
performance of AMP Bank’s existing business offset
by the scaling of AMP Bank GO during FY 25.
For AMP Bank (excluding GO), underlying NPAT increased 6.6% to $65 million
(FY 24: $61 million), with a focus on growing target segments in the mortgage
portfolio. Continued discipline resulted in AMP Bank controllable costs (excluding
GO) of $132 million (FY 24: $133 million). Net interest margin (NIM) improved to 1.27
(FY 24: 1.26) and return on capital increased to 5.7% (FY 24: 5.2%) due to a strong
focus on capital efficiency and margin management.
AMP Bank GO’s underlying NPAT loss of $10 million reflects the planned
go‑to‑market launch and run costs, as the business scales in FY 25 and beyond,
supported by further marketing and partnership initiatives in 2026.
Since its launch in February 2025 with a single product, AMP Bank GO has rolled
out a suite of additional features and functionality including savings accounts, term
deposits, joint accounts and overdrafts, and has grown to $310 million in deposits
and 15,665 customers. AMP Bank GO has a customer satisfaction score of more
than eight out of 10, and continues to build traction with personal customers and
mini businesses (sole traders and small business).
$55m
Underlying NPAT
(FY 24: $61m)
AMP Bank
Strategic progress in 2025
Identifying niche opportunities in
AMP Bank, with a focus on pre‑retiree
and retiree segments
Launched AMP Bank GO in February
2025, continually evolving based on
customer feedback
—
Careful margin management
while identifying targeted higher
return lending opportunities.
Investment loan growth has
grown >2.5x compared to Owner
Occupied segment
—
Developing retirement‑centric offers
in mortgages, including 10‑year
interest only and SMSF home loans
—
First phase of updated balance
sheet management approach;
securitisation and warehousing to
enhance efficiency of funding stack
$310m
in deposits
(40% in transaction accounts)
15,665
customers
>8 out of 10
customer satisfaction score
92%
of balances from
personal customers
18
FY 25 performance
Underlying NPAT was $39 million (FY 24: $37 million).
AUM based revenue was up 3.3% to $94 million (FY 24:
$91 million) supported by strong investment returns,
and revenue diversification was maintained with 30%
of revenue from non‑AUM business lines.
Controllable costs of $35 million (FY 24: $34 million) reflect strong management of
increased inflationary pressures, and investment in the FY 26 growth strategy.
Net cashflows (excluding pension payments) increased 46.0% to $219 million (FY 24:
$150 million), with cashflows from contemporary products up 41%, as the business shifts
its strategic focus to supporting customers approaching retirement.
$39m
Underlying NPAT
(FY 24: $37m)
New Zealand Wealth Management
FY 25 performance
At the corporate centre, Group underlying NPAT was
$23 million (FY 24: $13 million loss). Contribution from
AMP’s China partnerships rose 53.2% to $72 million (FY 24:
$47 million), driven by continued growth in CLPC.
Other partnership earnings of $19 million were lower when compared to the prior period
(FY 24: $32 million) which had been boosted by a normalising of US property values.
As announced in January 2026, AMP has reviewed how costs are allocated across its
business units and corporate centre (Group). This follows a period of transformation and
an extensive cost reduction program. Group controllable costs were $70 million (FY 24:
$109 million), with delivery of cost out offsetting inflationary pressures.
$23m
Underlying NPAT
(FY 24: $13m loss)
Group
Strategic progress in 2025
Diversification of revenues despite challenging economic environment
—
Strong investment performance, above market for 1, 3, and 5 year periods, driving AUM growth 1
—
Delivering continued growth and diversification of revenues amid continued challenging
economic environment in NZ
—
Shift to focus on retirement segment, leveraging learnings from Australia – with 600,000
New Zealanders to reach retirement age in the next 10 years
1 Source: Morningstar Direct. KiwiSaver Moderate, Balanced, Growth & Aggressive funds.
19
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Managing our
key risks
Material risks
Enterprise Risk Management framework
Effective risk management is fundamental to
understanding and responding to changes in
AMP’s operating environment, enabling us to
achieve our purpose and strategic objectives.
Risk management is a responsibility of all AMP
employees and is reflected in AMP’s values –
put customers first, own it, be brave, do the right
thing, and play as one team.
AMP’s risk management framework provides
the foundation for how risks are managed
across AMP and enables AMP to meet its
legislative and regulatory requirements, codes,
and ethical standards, as well as internal policies
and procedures. It includes the following
key components:
—
Strategy and business plans covering
the whole of AMP
—
Risk management strategy
—
Risk appetite statement
—
Supporting policies and practices
—
Performance management
By establishing the principles, requirements,
roles, and responsibilities for management
of risk across AMP, the framework ensures all
employees have clarity on how risks are to
be managed to fulfil the obligations to key
stakeholders, including customers, shareholders
and regulators.
The risk appetite statement articulates the
level of risk the board is willing to accept to
ensure the effective delivery of AMP’s strategic
objectives. There is clear alignment between
AMP’s corporate strategy and the risk appetite
of the AMP Limited Board, to ensure that
decisions made are consistent with the nature
and level of risk the board and management
are willing to accept.
AMP is in a growth phase, with a strategy
to expand our wealth and bank businesses
by delivering valuable and sustainable
products and services for our members and
customers. As part of this growth phase,
AMP is focussing on:
—
Our commitment to maintaining strong risk
management practices and risk culture.
Effective risk management and a strong risk
culture underpin our ambition for growth so
that, as we expand, we do so with discipline,
accountability, resilience and integrity.
—
The transformative potential of artificial
intelligence (AI) to drive efficiency, insights
and customer value. At the same time, we
are committed to implementing appropriate
guardrails so that AI is used responsibly,
ethically and in alignment with regulatory
expectations and community standards.
—
Embedment of key projects and initiatives,
particularly CPS 230 (Operational
Resilience), AML‑CTF reform and uplift
requirements, and embedding the new
Integrated Risk Management system (IRM).
AMP’s approach to achieving its strategic objectives
is to take measured risks within our risk appetite.
AMP has a clear strategic plan to drive our business
forward and an Enterprise Risk Management
framework to identify, measure, control, and
report risks.
20
Key business challenges
AMP is focused on delivering on its strategy, and in doing
so remains conscious of various challenges affecting the
financial services industry. These include, but are not limited
to, the following (listed in alphabetical order):
Business, employee and
business partner conduct
The conduct of financial institutions remains an area
of significant focus for the financial services industry
both globally and in Australia and New Zealand. AMP
devotes significant effort to ensure that our business
practices, management, staff or business partner
behaviours adequately meet the expectations of
customers, regulators and the broader community,
and do not result in an adverse impact on our
reputation and value proposition to customers.
Our Code of Conduct outlines how AMP seeks to
conduct its business and how it expects people to
conduct themselves. The principles that define the high
standards outline the behaviour and decision‑making
practices, including how we treat our employees,
customers, business partners and shareholders.
We are committed to ensuring the right culture is
embedded in our everyday practices.
AMP embraces a safe and respectful work
environment that encourages our people to
report issues or concerns in the workplace.
Directors, employees (current and former),
contractors, service providers or any relative
or dependants of any of these people can
utilise AMP’s whistleblowing program to report
misconduct or unethical behaviours.
Climate change
AMP, its customers and its external suppliers may be
adversely affected by physical and transition risks
associated with climate change. These effects may
directly affect AMP and its customers through a range
of physical, financial and legal impacts to our business,
the investments we manage on behalf of our customers
and the wider community.
Initiatives to mitigate or respond to adverse impacts
of climate change may in turn impact market and asset
prices, economic activity, and customer behaviour,
particularly in geographic locations and industry
sectors adversely affected by these changes.
Climate‑related risks are identified, assessed
and monitored in accordance with the AMP’s
Risk Management Framework (RMF) which
includes the Risk Management Strategy (RMS)
and Risk Appetite Statement (RAS) that guide
consistent risk oversight across the organisation.
AMP’s climate‑related disclosures prepared
in accordance with AASB S2 Climate‑related
Disclosures (AASB S2) are presented in the
Sustainability report (pages 72–90) which
describes AMP’s approach to managing
climate‑related risks and opportunities.
Certain climate‑related disclosures which
are not mandated by AASB S2 for 2025 are
included in AMP’s Sustainability supplement,
at amp.com.au/about-amp/what-we-do/
corporate-sustainability.
21
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Material risks
Cyber security,
financial crime, fraud
and scam threats
Cyber risks, financial crime, fraud
and scams remain major threats in a
continuously evolving digital landscape.
AMP is dedicated to enhancing its
response to these risks by preventing,
detecting, and addressing cyber incidents
promptly. We also monitor potential
financial crimes, fraud and scams and
seek to address them as early as possible.
AMP aligns its cybersecurity practices
with the National Institute of Standards
and Technology NIST cybersecurity
framework. This alignment ensures a
comprehensive approach to managing and
mitigating cybersecurity risks. Continuous
improvement is a cornerstone of AMP’s
cybersecurity capabilities. We regularly
review and update our cyber defence
protocols to adapt to emerging threats
and technological advancements. Through
ongoing assessments and improvements,
we aim to stay ahead of potential risks
and ensure the highest level of security for
our clients and stakeholders. AMP’s Cyber
Defence Centre employs best practices,
advanced technologies, and intelligence
sharing with the Australian Government and
the industry to bolster cyber defences and
situational awareness. We also recognise
the importance of employee education for
securing customer data and ensure regular
cyber security seminars are conducted for
all AMP staff awareness.
AMP continues to strengthen its
framework to prevent, detect and
respond to frauds and scams.
During 2025, AMP has developed
a group‑wide anti‑fraud and scam
strategy building from the Bank
anti‑scam strategy established in
2024, and continued to enhance and
implement its anti‑scam strategy.
AMP Bank continues to deliver
anti‑scam initiatives in alignment with
the Australian Bankers Association
Scam‑Safe Accord to help protect
our customers and the broader
community from scammers. AMP
has financial crime policies and
procedures to enable us to identify,
mitigate and manage the risks
that our products and services
could be inappropriately used to
facilitate money laundering or
terrorist financing.
Competitor
and customer
environment
AMP operates in banking and
wealth management in Australia
and New Zealand, helping
customers build wealth through
property, superannuation, and
investments. These sectors have
strong long‑term fundamentals
and supportive demographic
trends including increasing
household wealth particularly in
property and superannuation; the
growing number of retirees as a
proportion of the population; and
longer life expectancy meaning
that retirement income needs to
last longer.
In 2025, the competitive landscape
was shaped by rapid adoption of
generative artificial intelligence,
which is driving efficiency and
enhancing customer experiences,
as well as ongoing regulatory
reforms, particularly in banking
and superannuation. Competition
in banking for mortgages and
deposits remained intense, and
customer expectations continue
to rise. Preventing fraud and
scams remained a critical priority
across the industry, both in terms
of strengthening protections and
improving customer awareness
and education.
At the same time, economic
uncertainty, geopolitical
instability and cost‑of‑living
pressures persisted.
Against this backdrop, AMP
helped customers navigate
uncertainty and supported
those experiencing financial
vulnerability.
Investment
governance
It is highly important to have a robust
investment governance model so that
investment decisions are in line with
investment strategies and objectives,
the best interests of customers and
regulatory/legislative requirements.
AMP has frameworks and
policies in place to manage
and oversee the investments
offered to customers, including
dedicated investment research
and governance capabilities.
AMP continues to work with
regulators and industry bodies
such as the Financial Services
Council to promote investor
confidence in platforms and
superannuation.
22
Operational risk
environment
Operational risk exposures for
AMP relate to losses resulting
from inadequate or failed internal
processes, people and systems or from
external events. These include, but are
not limited to, information technology,
human resources, or external threats.
This environment will be further
stressed by the other key business
challenges included in this section.
We are committed to mitigating
operational risk by reducing
operational complexity and
strengthening risk management,
internal controls, the three lines
of defence risk management
model, and governance. To
support operational resilience,
critical operations and disruption
tolerances have been identified
and are monitored and managed.
Business Continuity and Crisis
Management Plans are in place to
help AMP effectively respond and
recover from unexpected events
and emergencies. We continue
simplifying superannuation
products and investment options,
and our corporate structure.
The AMP operational risk profile
reflects these exposures, and
the financial statements of AMP
contain certain provisions and
contingent liability disclosures
for these risks in accordance with
applicable accounting standards.
Organisational
change
Changes were made throughout
the year to continue to simplify the
operating model of the business.
There is always a risk that
business momentum is lost
while organisational change is
implemented. There is a risk that
the extended period of change
may have an adverse impact
on employees causing a strain
to deliver on our strategy and
transformation initiatives. These risks
will be mitigated by maintaining
leadership and performance focus
on the business.
AMP continues to invest
in adopting new ways of
working to drive efficiency
and improve its practices
to increase accountability
and build on core strengths.
We recognise that failure to
execute appropriately on
the implementation of these
changes can increase the
risks of disruption to AMP’s
business operations.
Regulatory
environment
AMP operates in Australia and New
Zealand, each with its own legislative
and regulatory requirements.
Regulatory requirements and
expectations continue to evolve in
both jurisdictions Key focus areas
of our main regulators include
operational (including cyber) and
financial resilience, responding
to significant and emerging risks,
enhancements to the anti‑money
laundering and counter‑terrorism
financing laws, and investment,
product and advice governance.
AMP continues to anticipate
upcoming changes to these
requirements and work openly and
constructively with its regulators.
AMP continues to respond and
adjust its business processes
for any changes to regulatory
requirements. AMP’s internal
policies, frameworks and
procedures seek to ensure
any changes in our regulatory
obligations are complied with.
Breaches are reported to AMP
management committees and
regulators, as appropriate and
in accordance with internal
policies and regulatory
requirements. Regulatory
consultations and interactions
are reported and monitored
as part of AMP’s internal risk
and compliance reporting
process. AMP actively
participates in regulatory policy
development and consultations
both bilaterally and through
industry bodies.
More information about our approach to these
challenges can be found on our website at: corporate.
amp.com.au/about-amp/corporate-sustainability.
Significant changes to the state of affairs
Apart from as elsewhere disclosed in this report, there were no other
significant changes in the state of affairs during the year.
23
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Our approach
to governance
Board renewal
AMP’s board recognises that regular board renewal
is essential for strong performance in a complex,
evolving environment. Linda Elkins commenced her role
as a non‑executive director of AMP on 1 September
2025, following the retirement of Andrea Slattery on
31 August 2025. Linda is a member of the Audit, Nomination,
and Risk and Compliance committees.
Culture, conduct & ethical behaviour
The board oversaw key initiatives including the introduction
of revised leadership expectations, a refreshed
performance process, and expanded people policies
focused on fostering an inclusive, customer-driven culture,
aligned with AMP’s code of conduct and values.
Risk management and culture
At AMP, respecting risk means recognising and managing
risks to protect the business while delivering outcomes for
customers, shareholders and the community.
AMP’s risk culture is aligned with its risk management
framework, ensuring that everyone shares responsibility
for upholding a positive risk culture which is embedded
in AMP’s purpose and values. The board manages its
risk culture accountability through: (i) approving and
overseeing the risk management framework, risk appetite
statement and risk management strategy; (ii) setting a clear
tone from the top, exemplifying robust risk management
practices, and setting appropriate expectations, and (iii)
regularly monitoring the implementation and effectiveness
of the risk culture framework.
Inclusion and diversity
AMP is committed to creating an environment which
empowers people to be their authentic selves and is
reflective of AMP’s customers and community. In 2025,
AMP achieved gender balance targets of 40:40:20 across
the board, senior management, middle management and
overall workforce. In addition, AMP delivered against
committed actions outlined in the 2025 inclusion and
diversity strategic plan including enhanced people policies,
refreshed communication practices and increased external
partnerships, prioritised to enable shared education,
awareness and accessibility across all teams.
Strategy
The board is responsible for approving group strategy
and overseeing management’s execution of the strategy.
In 2025, this included the launch of the new digital bank for
small businesses and individuals, AMP Bank GO; the roll out
of AMP Super Lifetime for members in the Superannuation
& Investments business; and the launch of Grow, a new
investment menu on the North Platform.
Sustainability and ESG performance
The board considers the environmental and social impacts
of AMP’s activities and oversees AMP’s sustainability and
ESG strategy. For the fourth consecutive year, AMP was
included in the Dow Jones Best-in-Class Australia Index
in 2025. The index tracks the performance of the top 30%
of the Australian companies in the S&P/ASX 200 that are
leading in sustainability performance.
→ To read more about AMP’s approach to corporate governance,
please see the 2025 Corporate governance statement
The AMP board views strong corporate governance as essential
to achieving AMP’s purpose of helping people create their
tomorrow, and delivering sustainable value and outcomes for
AMP’s shareholders, customers and the communities in which
AMP operates. The board’s commitment to governance was
demonstrated by a number of key governance activities in 2025:
Governance
CEO succession
On 20 January 2026, AMP announced the appointment of AMP’s current Chief Financial Officer Blair Vernon to
succeed Alexis George as AMP’s CEO following her retirement from executive roles effective 30 March 2026.
24
AMP’s governance framework provides clear separation of the board’s
oversight functions from the executive responsibilities and accountability of the
CEO and AMP’s leadership team, (the executive committee). This framework
is supported by AMP’s constitution, internal policies, charters, standards and
procedures which facilitate this separation of responsibilities. An overview of
AMP’s corporate governance framework is depicted below.
Stakeholders
Strategy and risk management
Purpose and values
Managing Director and CEO (CEO)
Responsible for the day-to-day management of the AMP Group
and recommending and implementing AMP’s strategic objectives
AMP Executive Committee
Responsible, with the CEO, for executing AMP’s strategic objectives
and managing and conducting the AMP group’s operations
Policies, standards, systems and processes
AMP Employees
AMP Limited Committees
Audit
committee
Oversees
financial
reporting and
internal/external
audit functions
Nomination
committee
Oversees board
and committee
membership and
succession
planning
Remuneration
committee 1
Oversees key
remuneration and
people policies and
practices
1 Effective 1 January 2026,
committee changed its
name to Remuneration
and People committee.
Risk and
Compliance
committee
Oversees current and
emerging risks and
how they are
managed
AMP Limited Board
(including CEO)
Oversees management of AMP for stakeholders, approves the strategic
plan and sets risk appetite
Independent assurance and advice
Company
Secretary
Responsible
for proper
functioning
of the board
AMP Limited
Constitution,
Charters,
Policies
and Standards
Delegation
Accountability
25
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Mike was appointed to the AMP Limited Board as a Non-executive director in July 2021 and
as its Chair and the Chair of the AMP Bank Board in April 2024. He was also appointed as
the Chair of the Nomination Committee in April 2024 and was the Chair of the AMP Limited
and AMP Bank Risk and Compliance Committee from October 2022 until April 2024 and
remains a member. Mike is also a member of the Remuneration Committee.
Experience
Mike has more than 40 years of experience in board and senior executive leadership
roles within retail banking, treasury, funds management and financial markets. Mike was
the Managing Director and Chief Executive Officer of Bendigo and Adelaide Bank from
2009 to 2018 and prior to this, he worked in senior executive and management positions
with Colonial Limited, Westpac Banking Corporation and Chase AMP Bank. Mike served
as Deputy Chair of the Treasury Corporation of Victoria and previously held non-executive
directorships with Austraclear Limited, Colonial First State, Rural Bank and Barwon Health
Limited. Mike was a Commissioner on the Federal Government’s National COVID-19
Commission Advisory Board, a member of the Federal Government’s Financial Sector
Advisory Council and was Deputy Chair of the Australian Banking Association.
Directorships of other ASX listed companies
—
Non-executive director, AMCIL Limited (appointed January 2019)
—
Non-executive director, Butn Limited (September 2020–February 2024)
Directorships of other companies
—
Non-executive director, GMHBA Limited (appointed July 2018)
—
Non-executive director, Adelaide Airport Limited (appointed September 2023)
Government and community involvement
—
Honorary Member, Business Council of Australia (appointed July 2018)
Mike Hirst
BCom, SFFin,
MAICD
Independent Chair
Alexis was appointed Chief Executive Officer (CEO) of AMP Limited in August 2021. In January
2026, AMP announced that Alexis would retire from executive roles, effective 30 March
2026. Alexis was appointed to the AMP Limited Board and AMP Bank Board in August 2021.
In addition, Alexis was appointed to the AMP Foundation Board in March 2022, and as Chair
in June 2024.
Experience
Alexis has more than 30 years’ experience in the financial services industry in Australia
and overseas. She spent seven years at ANZ, including as the Deputy Chief Executive
Officer, working with the CEO to drive group-wide strategic initiatives in addition to having
responsibility for its shared service centres and banking services. As the Group Executive
Wealth Australia, Alexis led ANZ’s ~$4 billion wealth divestment program, including the
separation and sale of its life insurance and superannuation businesses to Zurich and IOOF.
Prior to ANZ, Alexis spent 10 years with ING Group in a number of senior roles, including
CEO Czech Republic and Slovakia, responsible for banking, insurance and funds management,
and Regional COO Asia, responsible for product, marketing, technology and operations.
Directorships of other ASX listed companies
—
None
Government and community involvement
—
Member, Chief Executive Women Australia (appointed October 2016)
—
Member, Australian Bankers Association Council (appointed August 2021)
—
Deputy Chairman, Financial Services Council Board (appointed as a Member
in September 2023, and as Deputy Chairman September 2024)
—
Member, Cancer Council NSW Board (appointed August 2025)
Board of directors
Alexis
George
BCom, FCA, GAICD
Chief Executive
Officer
26
Andrew was appointed to the AMP Limited Board as a Non-executive director in July 2022.
He was appointed as the Chair of the Risk and Compliance Committee in May 2024 and is a
member of the Nomination and Remuneration Committees. At the same time as joining the
AMP Limited Board, Andrew was appointed to the AMP Bank Board and is Chair of its Risk
and Compliance Committee.
Experience
Andrew is a senior financial services executive with over 30 years’ international and domestic
experience across banking and financial markets in Australia, London, Hong Kong and
Singapore, with a particular focus on capital markets and mergers and acquisitions. From
1989 to 2020, Andrew worked with J.P. Morgan Chase & Co holding various roles over his
three-decade career with the company, including most recently as Head of Investment
Banking for Australia and New Zealand from 2017 to 2020. Prior to that role, Andrew was
Head of the Financial Institutions investment banking business for Australia and New Zealand
from 2004. Andrew is a member of the Ord Minnett Private Opportunities Fund Investment
Committee, a panel member for Adara Group, which provides independent pro bono advice
to Australian companies as well as being an executive coach with Foresight Global Coaching.
Directorships of other ASX listed companies
—
None
Government and community involvement
—
Member, National Heart Foundation Advisory Board (appointed April 2020)
Andrew Best
BLaws, BSc, MAICD
Independent,
Non-executive
director
Kathleen was appointed to the AMP Limited Board as a non-executive director in January
2024 and is the Chair of the Remuneration Committee and a member of the Nomination
Committee. At the same time as joining the AMP Limited Board, Kathleen was appointed
to the AMP Bank Board.
Experience
Kathleen has over 25 years’ experience in board and senior executive leadership roles
across diverse industry sectors including financial services, technology, utilities and
education. Kathleen was the Group General Manager, Global Shared Services of Australia
and New Zealand Banking Group (ANZ) from 2008-2013 and prior to this she was the Chief
Executive Officer of The Fordham Group and held senior executive management positions
with PMP Ltd, Phillips Fox Lawyers (now DLA Piper) and IBM Australia and New Zealand.
Directorships of other ASX listed companies
—
Non-executive director and Chair, Janison Education Group Limited (appointed
February 2022 and as Chair, October 2023)
Directorships of other companies
—
Non-executive director, Datacom Group Limited (appointed April 2022)
Government and community involvement
—
Member, Chief Executive Women (appointed January 2009)
—
Australian Institute of Company Directors, Non-Executive Director (appointed Dec
2024), Victorian Councillor (appointed 2017) and Victorian President (elected 2024),
Member of Technology Governance & Innovation Advisory Panel (appointed 2018)
—
Non-executive director, St Vincent’s Health Australia Limited (appointed April 2023)
—
Independent External Advisor, Bain & Company Advisory Council (appointed January 2025)
Kathleen
Bailey-Lord
BA(Hons), FAICD
Independent,
Non-executive
director
27
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Board of directors
Linda was appointed to the AMP Limited Board as a Non-executive director, effective
1 September 2025, and as a member of the Board Risk and Compliance, and Audit
committees. Linda has also been appointed to the AMP Bank Board.
Experience
Linda has more than 30 years’ experience across Wealth Platforms and Superannuation
and the broader wealth management sector. Linda was the National Leader, Asset and
Wealth Management at KPMG. Before joining KPMG Linda was Executive General Manager
for Colonial First State, leading 1,000 staff and managing over $130 billion in funds under
management (FUM). She also served on the Colonial First State Superannuation Boards.
Prior to Colonial First State, Linda was Managing Director of Russell’s Superannuation
Business, overseeing the Russell Superannuation Solutions Mastertrust and a portfolio
of corporate superannuation funds, including Qantas and Australia Post.
Directorships of other ASX listed companies
—
None
Government and community involvement
—
Member, ASFA Conference Committee (appointed January 2018)
—
Member, Chief Executive Women (appointed October 2017)
—
Vice President, Shoalhaven Dressage Club (appointed January 2023)
Linda Elkins
BApp Sc, GAICD
Independent,
Non-executive
director
Rahoul was appointed to the AMP Limited Board as a Non-executive director in January 2020.
He served as Chair of the Risk Committee from May 2020 to October 2022. He was appointed
the Chair of the Audit Committee in October 2022 and is a member of the Nomination and Risk
and Compliance Committees. At the same time as joining the AMP Limited Board, Rahoul was
appointed to the AMP Bank Board and is Chair of its Audit Committee and a member of its
Risk and Compliance Committee.
Experience
Rahoul has over 40 years’ experience in professional services, advising complex multinational
organisations in Australia and overseas. He currently serves on the Board of Export Finance
Australia, where he is deputy chair of the Audit and Risk Committee. Rahoul is also a member
of the Audit and Risk Committee of Minter Ellison’s Partnership Board. Between 2018 and 2021,
he was Partner and National Leader of Minter Ellison’s financial services practice in Australia
and leader of the risk consulting practice. Prior to this, Rahoul was a Senior Partner in PwC
Australia (1989–2012) and subsequently PwC Canada (2012–2017), serving for a total of almost
30 years. During this time, he held a number of leadership roles, delivering audit, assurance
and risk consulting services to major financial institutions in Australia, Canada and the United
Kingdom. Rahoul is also a member of the Advisory Committee for Genpact Australia Pty Ltd.
Directorships of other ASX listed companies
—
None
Government and community involvement
—
Member, Reserve Bank of Australia, Audit Committee (2018–2025)
—
Member, Loreto Kirribilli Board, and Finance and Risk Committee (appointed February 2024)
Rahoul
Chowdry
BCom, FCA
Independent,
Non-executive
director
28
Anna was appointed to the AMP Limited Board as a non-executive director in January 2024
and is a member of the Nomination and Risk and Compliance Committees. At the same time
as joining the AMP Limited Board, Anna was appointed to the AMP Bank Board and its Risk
and Compliance Committee.
Experience
Anna’s experience spans private and public boards and senior executive leadership
positions across a wide spectrum of highly regulated and asset-intensive service sectors
such as financial services, telecommunications, infrastructure and healthcare. Anna was the
Chief Delivery and Information Officer (2019–2021) and Chief Information Officer (2017–2019)
at UniSuper and has also held senior executive roles with PwC and Telstra.
Directorships of other ASX listed companies
—
None
Directorships of other companies
—
Non-executive director, Secure Electronic Registries Victoria (SERV)
(appointed September 2021)
Government and community involvement
—
Member, Chief Executive Women Australia (appointed November 2024)
Anna Leibel
LLM (EntGov),
GDipITLdshp,
GAICD, GCB.D
(ESG)
Independent,
Non-executive
director
Michael was appointed to the AMP Limited Board as a Non-executive director in March
2020. He is a member of the Audit, Nomination and Remuneration Committees and was
previously the Chair of the Remuneration Committee between August 2020 and October
2024. At the same time as joining the AMP Limited Board, Michael was also appointed
to the AMP Bank Board and is a member of its Audit Committee.
Experience
Michael has over 35 years of professional experience, with significant experience in senior
executive financial and commercial roles. His experience as Chief Financial Officer spans
over 20 years in ASX Listed companies as well as the public sector. Michael is also Chair
of Sigma Healthcare and has served on numerous private boards since 2010.
Directorships of other ASX listed companies
—
Non-executive director and Chair, Sigma Healthcare Limited
(appointed February 2020 and Chair in August 2022)
Directorships of other companies
—
Non-executive director of GMHBA Limited (appointed October 2023)
Michael
Sammells
BBus, FCPA, GAICD
Independent,
Non-executive
director
Andrea Slattery BAcc, MCom, FCPA, FCA, FSSA, FAICD, GCB.D (ESG & S)
Former Independent, Non-executive director
Andrea served as an independent non-executive director of AMP Limited and AMP Bank
Limited from November 2019 until her retirement in August 2025. Andrea was a member of
the AMP Limited Audit, Nomination and Risk and Compliance Committees. Andrea was also
appointed to the AMP Foundation Board in March 2022.
29
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Group Executive
Committee
Alexis was appointed Chief Executive Officer (CEO) of AMP Limited in August 2021. In January
2026, AMP announced that Alexis would retire from executive roles, effective 30 March
2026. Alexis was appointed to the AMP Limited Board and AMP Bank Board in August 2021.
In addition, Alexis was appointed to the AMP Foundation Board in March 2022, and as Chair
in June 2024.
Experience
Alexis has more than 30 years’ experience in the financial services industry in Australia
and overseas. She spent seven years at ANZ, including most recently as the Deputy Chief
Executive Officer, working with the CEO to drive group-wide strategic initiatives in addition
to having responsibility for its shared service centres and banking services.
As the Group Executive Wealth Australia, Alexis led ANZ’s ~$4 billion wealth divestment program,
including the separation and sale of its life insurance and superannuation businesses to Zurich and
IOOF. Prior to ANZ, Alexis spent ten years with ING Group in a number of senior roles including
CEO Czech Republic and Slovakia, responsible for banking, insurance and funds management,
and Regional COO Asia, responsible for product, marketing, technology and operations.
Alexis is a member of the Institute of Chartered Accountants and a graduate of the Australian
Institute of Company Directors. Alexis is an active member of Chief Executive Women and
is a passionate advocate for women in leadership roles. She is a member of the Financial
Services Council Board and the Australian Bankers Association Council. Alexis was appointed
to the Cancer Council NSW Board in August 2025.
Alexis George
BCom, FCA, GAICD
Chief Executive
Officer
Blair joined AMP in 2009 and took up the role of Chief Financial Officer in July 2023.
On 20 January 2026, Blair was appointed incoming CEO to succeed Alexis George, effective
30 March 2026.
Experience
Blair was previously CEO/Managing Director of New Zealand Wealth Management from
January 2017, and prior to this served as AMP’s Director Retail Financial Services; Director
of Advice & Sales and General Manager Marketing and Distribution. Blair has over 30 years’
experience across the financial services sector in New Zealand and Australia.
From August 2020 to January 2021, Blair also served as Acting CEO for AMP Australia,
where he was responsible for AMP’s wealth management and banking divisions with
a focus on strengthening client-led outcomes.
Blair Vernon
BBS
Chief Financial Officer
(Incoming CEO)
30
David was appointed Chief Risk & Legal Officer in April 2025, having previously
held the role of Group General Counsel since May 2018. David has group-wide
responsibility for AMP’s legal, risk and governance functions.
Experience
David has over 30 years’ experience in the legal profession, with extensive experience
in the areas of M&A, corporate law and corporate governance, having worked in law
firms in Perth and Sydney and with the ASX.
David has held various roles across AMP since joining in 2004, including Group
Company Secretary (2013 to 2018) and Group General Counsel (2018 to 2025).
He is also a Director of AMP Foundation Limited.
David holds a Bachelor of Commerce and Bachelor of Laws from the University
of Western Australia and a Master of Laws from the University of Sydney. He is a
Fellow of the Governance Institute of Australia.
David Cullen
BCom, LLB, LLM
Chief Risk and Legal
Officer
Melinda was appointed Group Executive Superannuation and Investments in January
2024, joining from KPMG where she led the Actuarial and Data Analytics team.
She leads AMP’s Superannuation business which serves personal and corporate
super members with flagship offering AMP Super. She also leads AMP Investments
and AMP New Zealand.
Experience
Melinda has deep expertise in superannuation with more than 30 years in the industry
with roles ranging from product to sales and business line leadership. She also has
experience in wealth management, life insurance, general insurance and not for profit
organisations, including as CEO of the Actuaries Institute and Policy Director at ASFA.
Melinda is an actuary and is a Fellow of the Institute of Actuaries of Australia. She has
executive and non-executive director experience and is a graduate of the Australian
Institute of Company Directors.
Melinda Howes
BEc, FIAA, GAICD
Group Executive,
Superannuation
and Investments
31
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
Group Executive Committee
Kavita was appointed Chief Technology Officer in January 2024, and is responsible for
leading the group’s technology strategy to ensure a digital first approach aligned to AMP’s
strategy of a simplified, customer-centric business.
Experience
Kavita is an accomplished technology leader with expertise in driving transformational
change to deliver strategic and commercial objectives. Kavita has more than 20 years’
experience across a variety of technology roles specialising in financial services, including
superannuation, investments, digital, data, cloud, lending, and corporate technology.
Prior to AMP Kavita was at AustralianSuper, where she held the roles of co-acting CTO
and Head of Enterprise Technology. At AustralianSuper she established and transformed
technology capabilities across investments, member experience, cloud infrastructure,
employee experience, data, and enterprise technology assets. Prior to this, Kavita held
various senior positions over 14 years at ANZ, including leadership roles within Home and
Business Lending technology. Kavita holds a Bachelor of Science from Maharaja Sayajirao
University of Baroda in India, and a Master of Information Management and Systems from
Monash University. Other qualifications and certifications include the Disruptive Strategy
Program (Harvard Business School); Digital Transformation Program (MIT Sloan Executive
Education); and Leading SAFe (Scaled Agile Framework).
Kavita Mistry
BSc, MIMS
Chief Technology
Officer
Edwina was appointed Group Executive Platforms in July 2023. The Platforms business
provides superannuation, retirement and investment solutions to advisers and their clients.
Experience
Edwina is a seasoned executive, board director, consultant, and transformational leader
having held senior executive roles across wealth management; superannuation and funds
management businesses. In June 2021, Edwina was appointed Director, Platforms at AMP,
with end-to-end accountability for AMP’s Wealth Superannuation Fund, Wrap Platforms
and SuperConcepts SMSF business (which was sold on 30 June 2023).
Previously, Edwina led AMP Capital’s Global Product function, responsible for its Managed
Investment Schemes, offshore domiciled funds and separate accounts. Before AMP, Edwina
held various senior leadership roles at Perpetual Investments responsible for strategy;
business development; product innovation and management functions. She was also a
management consultant with Accenture specialising in wealth management and began
her career as a lawyer with DLA Piper (then Phillips Fox). She was a Director of ASFA from
September 2022 to November 2025.
Edwina holds a Bachelor of Laws (QUT) and a Graduate Diploma in Applied Finance
& Investment (FINSIA).
Edwina
Maloney
LLB, GradDip Applied
Finance & Investment
(FINSIA)
Group Executive,
Platforms
32
Rebecca was appointed the Chief People Officer in November 2021 and is responsible
for leading human capital strategy, employee experience, talent and succession,
leadership, performance, remuneration, recruitment, diversity and inclusion,
cultural transformation and employee development. Rebecca is also accountable
for corporate communications and sustainability, the AMP Foundation, Customer
Advocate and Customer Dispute Resolution. Rebecca joined AMP in April 2020
as Group Director People.
Experience
Rebecca has more than 25 years of local and global multi-sector experience. Prior
to joining AMP, she spent seven years at Perpetual as the Group Executive, People
& Culture, where her portfolio included sustainability and business transformation.
During her time at Perpetual, Rebecca served as a Director of Perpetual Trustee
Company. Prior to Perpetual, Rebecca held senior roles with National Australia
Bank and Accenture. Rebecca is a graduate of the Australian Institute of Company
Directors, Stanford Business School and Harvard Business School’s Women on Boards
program (2018).
She holds a Bachelor of Business degree from the University of Technology, Sydney,
and a change management qualification from the Australian Graduate School of
Management at the University of New South Wales, Sydney.
Rebecca Nash
BBus, GAICD, GradCert
Chief People,
Sustainability and
Community Officer
Sean was appointed the Group Executive of AMP Bank in September 2021. He is
responsible for the management and growth of AMP Bank across the group.
Experience
Sean joined AMP in May 2013 and has over 25 years of experience in delivering
enhanced business results, predominately in financial services industries.
Sean joined the bank as Director of Technology and Operations in 2016, focused on
leading capability and technology enhancements, and the Future AMP Bank Core
Program. In April 2021, Sean was appointed to Managing Director AMP Bank. As in his
current role as Group Executive, AMP Bank, Sean is responsible for leading the bank,
delivering its future growth strategy, uplifting its digital capability and ensuring the
ongoing delivery of high-quality products and services to customers.
Sean led the strategy ideation, delivery and successful launch of AMP Bank GO in
February 2025, building and launching a fully digital bank in less than 12 months.
Sean holds a Bachelor of Commerce from University of Wollongong and a Master
of Business Administration from University of Queensland.
Sean O’Malley
MBA, BCom, FIML
Group Executive,
AMP Bank
33
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
About the Directors’ report
This directors’ report provides information on the structure and progress of our business, our 2025 financial
performance and our strategies and prospects for the future. It covers AMP Limited and the entities it controlled
during the year ended 31 December 2025. In addition to the information contained in this section, the following
information also forms part of the directors’ report:
— Information on directors (pages 26-29)
— Managing key risks (pages 20-23)
All figures are in Australian dollars ($) unless otherwise stated.
Operating and financial review
Principal activities
AMP Group provides banking, superannuation and retirement services in Australia and New Zealand.
For the purposes of this report, our business is divided into four operating business units: Platforms, Superannuation &
Investments, AMP Bank and New Zealand Wealth Management.
Platforms is a leading provider of superannuation, retirement and investment solutions, enabling advisers and their clients to
build a personalised investment portfolio on AMP’s award-winning North platform. North’s offering is particularly tailored to
focus on pre-retirees and retirees.
Superannuation & Investments offers a market competitive super and pension solution across individual and corporate super
through one of the largest retail Master Trusts in Australia (AMP Super).
AMP Bank offers residential mortgages, business financing, deposits and transaction banking services to mini businesses and
individual customers. The Bank continues to focus on growth through its digital channels, including the launch of AMP Bank GO
in February 2025 and the recent launch of its new broker platform for mortgage origination.
New Zealand Wealth Management provides customers with retirement coaching supported by the offering of diversified
wealth management solutions including KiwiSaver, corporate superannuation, retail investments and general insurance.
It also provides specialist financial coaching and advice under the enable.me and AdviceFirst brands.
In addition to these operating business units, AMP also holds several partnerships including:
—
19.99% of China Life Pension Company (CLPC),
—
14.97% of China Life AMP Asset Management Company Ltd (CLAMP),
—
21.56% in US real estate investment manager, PCCP, LLC (PCCP), and
—
30.00% of Akumin Pty Ltd, previously Mutual Advice Partners Pty Ltd.
Directors’ report
for the year ended 31 December 2025
34
Review of operations and results
The profit attributable to the shareholders of AMP Limited for the full year ended 31 December 2025 was $133m (FY 24: $150m).
Profit for the group and key performance metrics were as follows:
Profit ($m)
FY 25
FY 241
%FY
Platforms
106
97
9.3
Superannuation & Investments
62
54
14.8
AMP Bank
55
61
(9.8)
New Zealand Wealth Management
39
37
5.4
Group
23
(13)
n/a
NPAT (underlying)
285
236
20.8
Items reported below NPAT
(152)
(87)
(74.7)
Discontinued operations
-
1
n/a
NPAT (statutory)
133
150
(11.3)
—
FY 25 NPAT (underlying) of $285m was $49m higher than FY 24 (FY 24: $236m). This reflects improved Platforms earnings
(9.3%), Superannuation & Investments earnings (14.8%), New Zealand Wealth Management earnings (5.4%) and an
improvement in Group earnings ($36m), this was offset by a reduction in AMP Bank earnings (9.8%).
—
FY 25 NPAT (statutory) profit of $133m (FY 24: $150m) includes recognition of certain one-off costs, including business
simplification costs, litigation and remediation related costs, permanent tax differences and other one-off impacts.
Key performance metrics
FY 25
FY 24
Earnings
EPS – statutory (cps)
5.3
5.7
EPS – underlying (cps)
11.3
9.0
RoE – statutory
3.7%
4.1%
RoE – underlying
8.0%
6.4%
Volumes
AMP Bank total loans ($m)
24,098
23,274
Total AUM ($b)
161.7
148.4
– Platforms AUM ($m)
88,731
79,788
– Superannuation & Investments AUM ($m)
60,661
56,846
– New Zealand Wealth Management AUM ($m)
12,280
11,792
Controllable costs (pre-tax) and cost ratios
Controllable costs ($m)
603
648
Cost to income ratio2
61.5%
67.6%
1 FY 24 NPAT underlying has been restated to reflect additional Group cost allocations to business units from FY 25.
2 FY 24 has been restated to reflect updated cost to income ratio calculation. Ratio is calculated as controllable costs divided by gross profit.
Gross profit is calculated as total revenue less total variable costs (pre-tax).
—
Basic earnings per share on a statutory basis for the period ended 31 December 2025 was 5.3 cents (FY 24: 5.7 cents).
On an underlying basis, earnings per share was 11.3 cents, an increase of 25.6% on FY 24, driven by improved NPAT
(underlying) and the buyback of shares as part of the previously announced capital return program.
—
Underlying return on equity was 8.0% in FY 25 (FY 24: 6.4%).
—
Total AUM across Platforms, Superannuation & Investments and New Zealand Wealth Management of $161.7b in FY 25
increased by $13.3b (9.0%) from FY 24.
—
Group cost-to-income ratio improved to 61.5% in FY 25 from 67.6% in FY 24. AMP’s controllable costs were $603m,
$45m lower than FY 24.
35
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
FY 25 Business unit overview
Platforms
NPAT (underlying) of $106m increased by $9m (9.3%) on FY 24, predominantly driven by increased cashflows, positive market
conditions and cost discipline.
Net cash inflows of $5.1b1 (FY 24: $2.8b) increased by $2.3b on FY 24 driven by higher inflows. AUM based revenue to average
AUM of 42bps in FY 25 was lower by 3bps compared to FY 24 driven by the impact of strong AUM growth on tiered fee
structures and fee caps, as well as investment mix changes.
Average AUM of $83.6b was $8.1b (10.8%) higher than FY 24, with continued growth in managed portfolios where AUM is now
$25.2b (FY24: $19.1b).
Superannuation & Investments
NPAT (underlying) of $62m increased by $8m on FY 24 driven by higher AUM based revenue being partially offset by lower
investment income.
Net cash outflows of $0.5b2 improved from $1.0b in FY 24. This reflects resilient inflows and improved retention, driven by the
continued focus on the member proposition. AUM based revenue to average AUM of 62bps in FY 25 was 1bp lower compared
to FY 24 driven by AUM mix changes and the impact of fee caps and fixed fee elements.
AMP Bank
NPAT (underlying) of $55m decreased by $6m (9.8%) on FY 24 predominantly due to the inclusion of AMP Bank GO costs
partially offset by the positive performance of AMP Bank’s existing business. Net interest margin was up 2bps to 1.28% due to
improvements in deposits and wholesale funding margins. AMP Bank’s return on capital in FY 25 was 4.8%, down from 5.2% in
FY 24 reflective of additional AMP Bank GO costs.
During the year, AMP Bank prioritised margins through careful management of volumes. AMP Bank continues to maintain
a conservative approach to lending – 90+ day arrears was 0.69%, and 50% of the portfolio is ahead of their mortgage
repayments by more than three months.
New Zealand Wealth Management
NPAT (underlying) of $39m in FY 25 increased by $2m (5.4%) on FY 24. Strong performance in investment returns driving 3.3%
growth in AUM based revenues. Despite increased inflationary pressures a disciplined approach to cost control is supporting
investment into FY 26 growth strategy.
Net cash inflows of $219m3 in FY 25 were $69m ahead of FY 24 driven by product diversification into contemporary offerings.
Group
Group earnings improved to NPAT (underlying) of $23m, from losses of $13m in FY 24. This was predominantly driven by
stronger profit contribution from China partnerships, which rose 53.2% to $72m in FY 25 due to continued growth in CLPC.
Other partnership earnings of $19m was down from $32m in FY 24 reflecting lower earnings from the sponsor investment in
PCCP due to one-off benefit from the normalisation of US property values in FY 24.
Group controllable costs reduced by $39m to $70m in FY 25, with delivery of cost out offsetting inflationary pressures.
Capital, liquidity and dividend
Capital and liquidity
A number of operating entities within the AMP group of companies are regulated, including AMP Bank (an authorised deposit
taking institution), superannuation entities, and the Wealth businesses which have Australian Financial Services License (AFSL)
requirements. These companies are regulated by APRA and ASIC and are required to hold minimum levels of regulatory capital
and liquidity.
AMP group’s CET1 capital surplus as at 31 December 2025 was $287m (FY24: $139m), with the increase reflecting statutory
profits (+$133m) and changes in net business activity (+$91m), partially offset by the FY 24 final dividend (-$25m) and HY 25
interim dividend (-$51m).
Dividend
The Board has resolved to declare a final dividend of 2.0 cents per share, 20% franked, and continues to target a dividend payout
of 2.0 cents per share per half through 2026.
1 Excludes pension payments of $2.6b in FY 25 ($2.3b in FY 24).
2 Excludes pension payments of $0.4b in FY 25 ($0.4b in FY 24).
3 Excludes pension payments of $164m in FY 25 ($160m in FY 24).
Directors’ report
for the year ended 31 December 2025
36
Strategy and prospects
AMP is positioned to be a preeminent retirement specialist that helps more people build wealth and retire with confidence.
AMP’s strategy is centred around the following pillars:
Customer growth:
—
Drive cashflows
—
Continue to build relationships with new advisers
—
Further develop D2C capability to deliver customer growth
—
Grow deposit base in AMP Bank GO
Pursue innovation:
—
Expand AMP’s market-leading retirement solutions
—
Explore new product innovation at the intersection of property and wealth
Embrace new business models:
—
Leverage AI to improve outcomes for our people, customers and shareholders
—
Enhance customer and member digital experience
Settlement of Superannuation class action and Commissions for advice and insurance
advice class action
Superannuation class action
On 15 September 2025, AMP announced that an in-principle agreement had been reached to settle the class action brought
against N.M. Superannuation Proprietary Limited, AMP Superannuation Pty Limited and AMP Services Limited on behalf of
certain superannuation clients and their beneficiaries for the period of July 2008 to May 2020. The proceedings related to fees
charged to members of certain AMP superannuation funds, and the interest rates received, and fees charged, on cash-only
fund options.
The settlement is for a total sum of $120m, without admission of liability, and is subject to the finalisation and execution
of a deed of settlement and approval by the Federal Court of Australia (the Court). AMP will contribute approximately $75m
of the $120m settlement, with the balance met by insurance. Approval by the Court is expected in 1H 26.
Commissions for advice and insurance advice class action
On 11 December 2025, AMP announced that an in-principle agreement had been reached to settle the commissions for advice
and insurance advice class action that was commenced in 2020. The class action related to historical activity including the
payment of commissions from July 2014 to February 2021. The claims were brought against AMP Limited and advice licensee
subsidiaries that were previously part of the AMP advice network.
The settlement is for a total sum of $29m, without admission of liability, and is subject to the finalisation and execution of a deed
of settlement and approval by the Court. Approval by the Court is expected in 1H 26.
The Environment
We do not believe that AMP is subject to any particular or significant environmental regulations.
This year, we have published our Sustainability report to meet the new mandatory requirements under the Australian
Sustainability Reporting Standard AASB S2 Climate-related Disclosures and the Corporations Act 2001. You can find AMP’s
mandatory climate-related disclosures on pages 72 to 90.
For more information about our broader approach to ESG-related matters, refer to our voluntary disclosures in the
Sustainability supplement at amp.com.au/about-amp/what-we-do/corporate-sustainability.
Events occurring after the reporting date
As at the date of this report and except as otherwise disclosed in this report, the directors are not aware of any other
matters or circumstances that have arisen since the reporting date that have significantly affected, or may significantly
affect, the group’s operations; the results of those operations; or the group’s state of affairs in future periods.
37
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
The AMP Limited Board of Directors
The directors of AMP Limited during the year ended 31 December 2025 and up to the date of this report are listed below.
Directors were in office for this entire period except where stated otherwise:
Current Non-executive Directors:
Mike Hirst (Chair)
Kathleen Bailey-Lord
Andrew Best
Rahoul Chowdry
Linda Elkins (appointed on 1 September 2025)
Anna Leibel
Michael Sammells
Executive Director:
Alexis George (Managing Director and Chief Executive Officer)
Former Non-executive Director:
Andrea Slattery (retired on 31 August 2025)
Attendance at board and committee meetings
The AMP Limited Board met 17 times during the year ended 31 December 2025. In addition, directors also attended other
meetings, including board committee meetings, special purpose committees and strategy sessions during the year.
The table below includes:
—
names of the directors who held office at any time during, or since the end of, the financial year; and
—
the number of board and committee meetings held during the financial year for which each director was a member of the
board or relevant board committee and eligible to attend, and the number of meetings attended by each director.
All directors may attend all board committee meetings even if they are not a member of the committee. The table excludes the
attendance of those directors who attended board committee meetings of which they are not a member.
Board/committee
AMP Limited
Board 1
Audit
Committee
Nomination
Committee
Remuneration
Committee 2
Risk and Compliance
Committee
Additional
Committees 3
Directors
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Mike Hirst
17
17
-
-
2
2
6
6
7
7
2
2
Alexis George
17
17
-
-
-
-
-
-
-
-
2
2
Kathleen Bailey-Lord
17
15
-
-
2
2
6
6
-
-
-
-
Andrew Best
17
17
-
-
2
2
6
5
7
7
-
-
Rahoul Chowdry
17
17
4
4
2
2
-
-
7
7
2
2
Linda Elkins 4
7
7
1
1
1
1
-
-
2
2
-
-
Anna Leibel
17
17
-
-
2
2
-
-
7
7
-
-
Michael Sammells
17
16
4
4
2
2
6
6
-
-
-
-
Andrea Slattery 5
10
10
3
3
1
1
-
-
5
5
-
-
1 11 regular and 6 out-of-cycle board meetings were held during the period.
2 Effective 1 January 2026, the Remuneration Committee increased the scope of its responsibilities and changed its name to the Remuneration
and People Committee.
3 Additional committees were convened during the year on matters including financial results.
4 Linda Elkins was appointed as a director and a member of the Audit, Nomination and Risk and Compliance Committees, effective
1 September 2025.
5 Andrea Slattery retired as a director and a member of the Audit, Nomination and Risk and Compliance Committees, effective 31 August 2025.
Directors’ report
for the year ended 31 December 2025
38
Company secretary details
Details of each company secretary of AMP Limited as at the date of this report, including their qualifications and experience,
are set out below.
David Cullen, Chief Risk and Legal Officer
BCom, LLB, LLM
David was appointed Company Secretary of AMP Limited on 4 March 2022. Since joining AMP in September 2004, David has
held several senior executive roles, including Group General Counsel from May 2018, with group-wide responsibility for legal
and governance functions. In April 2025, following the integration of AMP’s Risk, Legal, and Governance teams, David was
appointed Chief Risk and Legal Officer. Prior to these roles, David served as Group Company Secretary and General Counsel,
Governance, which included acting as Company Secretary for AMP Limited.
Kate Gordon, Head of Corporate Governance
BA (Juris), LLB, LLM
Kate was appointed as the Company Secretary for AMP Limited on 4 March 2022 and is also company secretary of several
other AMP group companies. Kate joined AMP as Senior Company Secretary & Senior Legal Counsel in June 2020. Kate has
significant experience in the legal profession with expertise in corporate governance, mergers & acquisitions, corporate and
commercial law. Before joining AMP, Kate worked at Henry Davis York (now Norton Rose Fulbright) and HWL Ebsworth Lawyers.
Indemnification and insurance of directors and officers
Under its constitution, the company indemnifies, to the extent permitted by law, all current and former officers of the company
(including the directors) against any liability (including the costs and expenses of defending actions for an actual or alleged
liability) incurred in their capacity as an officer of the company. This indemnity is not extended to current or former employees
of the AMP group against liability incurred in their capacity as an employee, unless approved by the AMP Limited Board.
During, and since the end of, the financial year ended 31 December 2025, the company maintained, and paid premiums for,
directors’ and officers’ and company reimbursement insurance for the benefit of all of the officers of the AMP group (including
each director, secretary and senior manager of the company) against certain liabilities as permitted by the Corporations Act
2001. The insurance policy prohibits disclosure of the nature of the liabilities covered, the amount of the premium payable and
the limit of liability.
In addition, the company and each of the current and former directors, and a subsidiary of the company and each of the
company secretaries, are parties to deeds of indemnity, insurance and access. Those deeds provide that:
—
these officers will have access to board papers and specified records of the company (and of certain other companies)
for their period of office and for at least 10 (or, in some cases, seven) years after they cease to hold office (subject to
certain conditions);
—
the company indemnifies the directors, and a subsidiary of the company indemnifies the secretaries, to the extent permitted
by law, and to the extent and for the amount that the relevant officer is not otherwise entitled to be, and is not actually
indemnified by another person;
—
the indemnity covers liabilities (including legal costs) incurred by the relevant officer in their capacity as a current or former
director or secretary of the company, or as a director or secretary of any AMP group company or an AMP representative
in relation to an external company; and
—
the company will maintain directors’ and officers’ insurance cover for the directors, to the extent permitted by law,
for the period of their office and for at least 10 years after they cease to hold office.
Indemnification and insurance of auditors
To the extent permitted by law, the Company has agreed to indemnify its auditor, Ernst & Young, as part of the terms
of its audit engagement agreement, against claims by third parties arising out of or relating to the audit or the audit
engagement agreement, other than where the claim is determined to have resulted from any negligent, wrongful or wilful
act or omission by or of Ernst & Young. No payment has been made to indemnify Ernst & Young during or since the financial
year ended 31 December 2025.
Remuneration disclosures
The remuneration arrangements for AMP directors and senior executives are outlined in the remuneration report which forms
part of the directors’ report for the year ended 31 December 2025. Directors’ and senior executives’ interests in AMP Limited
shares, performance rights and options are also set out in the remuneration report on the following pages.
39
Overview
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Business review
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Financial report
Additional information
AMP 2025 Annual report
To our shareholders
On behalf of the board and the Remuneration and People
Committee, I am pleased to present AMP’s Remuneration
Report for the year ended 31 December 2025.
This year’s report reflects the ongoing delivery of our
strategy as we pivot to growth, together with continued
fiscal discipline. It is pleasing to see the improved
momentum in our wealth businesses and progress with our
digital bank offering, AMP Bank GO.
Customers and members are always at the forefront of our
focus on innovative retirement solutions. Our commitment,
to help Australians retire with confidence, drives us to
improve our business every day through investment in
our people, focus on effective risk management and
governance – all of which underpins the hard won
improvement in our reputation.
Overview of 2025
Throughout 2025, delivery of our strategic objectives
continued. This is reflected in returns to you, our
shareholders, and in key performance measures –
Underlying NPAT $285m (up $49m), Customer satisfaction
8.0 (up 0.1), and AMP reputation 67.9 (up 4.0).
Progress was made with our people strategy. We focused
on capability development across leadership, AI and
customer solution delivery in addition to driving diversity,
equity and inclusion. These efforts were reflected in the
strong results observed in our inclusion index.
Our remuneration framework is designed to motivate and
reward our people for performance against financial
and non‑financial measures and is consistent with market
practice. Our aim is to reward sustainable value creation
for our customers and members, our people/partners,
the community and our shareholders.
As foreshadowed in last year’s report, we have made
two changes to the executive remuneration framework.
Firstly, we revised the maximum short‑term incentive (STI)
opportunity from 200% to 150% of Fixed Remuneration
Remuneration
report
1
Who is covered in this report
42
2
2025 remuneration at a glance
43
3
Remuneration framework
45
4 Performance and
reward outcomes
52
5
Remuneration governance
and risk management
58
6
Executive KMP statutory
remuneration disclosures
61
7
Non‑executive director
remuneration
66
8 Looking forward to 2026
69
In 2025, we broadened our digital
offerings and innovative retirement
solutions to better serve our customers,
and to deliver for shareholders. Our
executive remuneration outcomes
demonstrate the strong progress made
on our strategic business objectives
during the year.
Remuneration report contents
Glossary
CAGR
Compound Annual Growth Rate
CEO
Chief Executive Officer
EPS
Earnings Per Share
ExCo
Executive Committee
EMSR
Executive Minimum Shareholding Requirement policy
KMP
Key Management Personnel
LTI
Long‑term incentive plan
NED
Non‑executive director
NPAT
Net Profit After Tax (underlying)
STI
Short‑term incentive plan
TSR
Total Shareholder Return
rTSR
Relative Total Shareholder Return
40
(FR). Secondly, we updated the long‑term incentive (LTI)
plan by removing the Compound Annual Growth Rate
(CAGR) of AMP’s adjusted EPS measure, which accounted
for 35% of the total outcome in the 2024 LTI plan. As
a result, the number of assessment measures reduced
from three to two. The weighting for the relative Total
Shareholder Return (rTSR) measure increased to 70%, from
35% in 2024, with a requirement that absolute TSR be above
zero. The second measure, RepTrak, remained weighted at
30% of the LTI plan.
AMP is required to annually review its remuneration
framework to ensure ongoing compliance with the
requirements of CPS 511 and its effectiveness in supporting
sound risk management and remuneration outcomes.
In 2025 AMP completed its first triennial independent
effectiveness review of the framework. The review
concluded that the framework remains effective overall,
while identifying minor areas for continuous improvement.
Key Management Personnel
During the period, AMP merged the executive roles of Chief
Risk Officer and Group General Counsel. AMP appointed
Group General Counsel, David Cullen, to the combined
role of Chief Risk and Legal Officer, effective 22 April 2025.
Consequently, the position of Chief Risk Officer was made
redundant, resulting in Nicola Rimmer‑Hollyman leaving
the business.
We also had changes to our directors. Andrea Slattery
retired from her role as independent Non‑executive
director on 31 August 2025. And from 1 September 2025
we welcomed Linda Elkins to the AMP Limited Board as a
Non‑executive director, and member of the Board Risk and
Compliance, and Audit committees.
Performance
For FY25 AMP Limited’s performance result was assessed
at 101% of the scorecard target. Delivery of the strategy
with solid cashflow performance and an improved digital
banking proposition, improved underlying NPAT and cost
management was fundamental to this outcome. Strong
results were also achieved in customer and employee
satisfaction. AMP maintained a positive reputation in the
market and continued to prudently manage risks whilst
enhancing enterprise risk management capabilities.
2025 variable remuneration outcomes
The board reviewed the scorecard result of 101%, taking into
consideration stakeholder feedback, the uncertain economic
and operating environment, and shareholder experience
during the performance year. With all those factors in
mind, the board has approved Short‑Term Incentive (STI)
pool funding of 95%. This decision aims to recognise and
incentivise AMP’s key executives and employees for the
business performance and progress on several strategic
items throughout the year to drive sustainable value for
shareholders. An overview of the STI performance objectives
and assessment is provided in section 4.2.
The performance of the 2023 long‑term incentive (LTI) plan
was tested for the performance period of 1 January 2023 to
31 December 2025. The 2023 LTI plan met the performance
criteria for adjusted Earnings Per Share (EPS) and
Reputation (RepTrak score improvement), but did not meet
the minimum criteria for rTSR. Consequently, 65% of the
performance rights granted under this plan are on track to
vest on schedule. Further details on the performance testing
and outcomes for this award can be found in section 4.4.
People
From 1 January 2026, the Remuneration and People
Committee’s (RPC) remit expands to include oversight
of AMP’s people strategy, including talent management,
succession planning for key roles (noting CEO succession
remains with the board), performance, diversity and inclusion,
along with workplace health and safety. To prepare for this
transition, the Committee initiated a review of these areas
during 2025, inviting Executive Committee members to
present their business unit people plans. These presentations
focused on strategic capabilities and workforce planning,
including insights into future workforce and talent needs.
Looking ahead
On 20 January 2026, AMP announced the appointment of
Blair Vernon as incoming Chief Executive Officer (CEO).
Since August 2021, Alexis George has successfully guided
AMP through significant transformation and growth, and
will retire from executive roles effective 30 March 2026.
As we look ahead to 2026 and beyond, our priority remains
driving innovation and growth across our core businesses.
We are committed to delivering enhanced retirement solutions
that elevate customer and member experiences and create
long‑term shareholder value. At the same time, we continue
to evolve our remuneration practices to attract and retain
exceptional talent, guided by our strong commitment to
diversity, equity and inclusion. The development, well being,
and engagement of our people remain central to our strategy.
For the 2026 performance year, the board has revised the
LTI plan by re‑introducing the Compound Annual Growth
Rate of AMP’s adjusted EPS measure, accounting for 40% of
the LTI grant. As a result, the weighting of rTSR will reduce
from 70% to 40%, while RepTrak will move to 20%. EPS is
being re‑introduced to take account of a broader range
of financial measures. Previously, EPS was removed due to
challenges in setting appropriate targets amid a changing
portfolio. With a more stable portfolio, the board is able to
set appropriate EPS targets.
We are confident that our remuneration approach will
continue to drive the right behaviours and performance
outcomes in support of our strategic objectives and deliver
long‑term value for shareholders.
On behalf of the board, I would like to thank our CEO,
Executive team and all AMP employees for their continued
hard work and dedication.
We welcome your feedback on this report and look forward
to another year of growth and achievement.
Kathleen Bailey‑Lord
Chair, Remuneration and People Committee
41
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
This report details the remuneration framework and outcomes for KMP of AMP Limited for the year ended 31 December
2025. KMP are those persons that have the authority and responsibility for planning, directing and controlling the activities
of an entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. The report has been
prepared and audited in accordance with the disclosure requirements of the Corporations Act 2001.
1
Section
Who is covered in this report
1.1
KMP
The following Executive KMP and Non-executive directors are included in this report.
Name
Position
Term as KMP
Executive KMP
Alexis George
Chief Executive Officer
Full year
David Cullen
Chief Risk and Legal Officer
From 22 April 2025
Sean O’Malley
Group Executive, AMP Bank
Full year
Nicola Rimmer-Hollyman
Chief Risk Officer
Until 21 April 2025
Blair Vernon
Chief Financial Officer
Full Year
Non-executive directors (NED)
Mike Hirst
Chair
Full year
Kathleen Bailey-Lord
Non-executive director
Full year
Andrew Best
Non-executive director
Full year
Rahoul Chowdry
Non-executive director
Full year
Linda Elkins
Non-executive director
From 1 September 2025
Anna Leibel
Non-executive director
Full year
Michael Sammells
Non-executive director
Full year
Former Non-executive director
Andrea Slattery
Non-executive director
Until 31 August 2025
1.2
KMP changes
The following changes in KMP occurred in 2025.
—
AMP merged the roles of Chief Risk Officer (CRO) and Group General Counsel. David Cullen was appointed as Chief Risk
and Legal Officer (CRLO), effective 22 April 2025. Consequently, the CRO position was made redundant, resulting in Nicola
Rimmer-Hollyman leaving the business.
—
Andrea Slattery retired from her role as an independent NED, effective 31 August 2025, following six years of service on the
AMP Limited and AMP Bank Boards, including time as Chair of the Audit Committee and the Board’s ESG & Sustainability
Advisory Group.
—
Linda Elkins was appointed to the AMP Limited Board as a NED, effective 1 September 2025, and as a member of the Board
Risk and Compliance, and Audit committees. Linda has also been appointed to the AMP Bank Board.
Remuneration report
42
2
Section
2025 remuneration at a glance
2.1
2025 remuneration outcomes
Each year the board sets key performance objectives on the AMP scorecard that align directly with the company’s strategic
priorities. These objectives are supported by specific measures and targets designed to drive outcomes in areas critical to
AMP’s long-term success. Outcomes awarded under AMP’s remuneration framework reflect both what is achieved in terms of
measurable performance and how it is achieved, incorporating a risk overlay. Performance assessments explicitly consider not
only the delivery of strategic priorities but also the visible demonstration of AMP’s purpose, values, and conduct expectations.
Risk management remains integral to all aspects of the remuneration framework and informs decision-making on STI outcomes,
as detailed in section 5.
Scorecard and STI outcomes
Scorecard result
101%
Total STI funding
pool
95%
Financial
Profitability
Weighting
Assessment
Weighted outcome
30%
107%
32.2%
Strategy
30%
95%
28.4%
Non‑financial
Customer
10%
100%
10%
People
10%
100%
10%
Reputation
10%
104%
10.4%
Risk
10%
100%
10%
→ Refer to section 4.2 for further information
43
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Additional information
AMP 2025 Annual report
2023 LTI plan outcomes
LTI performance
test outcome
65%
Share rights are subject to a further restriction period. For the CEO, rights will be released in three approximately equal tranches from 31
January 2027 to 31 January 2029. For Executive KMP, rights will be released in two equal tranches from 31 January 2027 and 31 January 2028.
→ Refer to section 4.4 for further information
Component
Benchmark group
Weighting
Result
Weighted outcome
EPS
35%
Performance
13%
35%
rTSR
ASX 200 Financials
Ex A-REITS
35%
Ranking
48th
0%
Percentile
RepTrak
RepTrak Benchmark
60 Index
30%
Ranking
100th 30%
Percentile
Performance period: 1 Jan 2023 → 31 Dec 2025
2.2
Actual remuneration realised by current executive KMP in 2025
The table below is a voluntary, non-statutory disclosure that shows the realised remuneration received during 2025. The
amounts shown include annual fixed remuneration as per each executive’s employment contract, cash STI as disclosed in the
statutory table in section 6.1, prior year deferred STI share rights that vested and were released during the year, and prior year
LTI awards that vested and were released to the executive during the year. This differs from the statutory remuneration table,
which is prepared in accordance with Australian Accounting Standards. Statutory disclosures are provided in Section 6.1.
Executive KMP
Year
Fixed 1
remuneration
Cash STI 2
STI & other
equity awards
vested 3
LTI equity
awards
released 4
Other
benefits 5
Total
remuneration
received
$’000
$’000
$’000
$’000
$’000
$’000
Alexis George
2025
1,715
988
622
–
–
3,325
2024
1,715
948
301
359
1
3,324
David Cullen 6
2025
523
301
–
–
1
825
2024
–
–
–
–
–
–
Sean O’Malley
2025
650
371
377
–
–
1,398
2024
650
342
138
–
–
1,130
Blair Vernon
2025
925
531
532
–
59
2,047
2024
925
492
323
–
20
1,760
1
Contractual fixed remuneration includes superannuation and salary sacrificed benefits and reflects the time in a KMP role during 2025.
2 The cash STI earned for the performance year as disclosed in the statutory table in section 6.1. The 2025 cash STI is due to be paid in March 2026.
3 The value of vested equity awards is calculated based on the units that vested multiplied by the five-day volume weighted average price (VWAP)
up to and including the vesting date of each award. The amounts disclosed includes the 2020 Retention award, the 2021 LTI Share Rights award,
Tranche 3 of the 2021 Deferred STI award, Tranche 2 of the 2022 Deferred STI award, and Tranche 1 of the 2023 Deferred STI award.
4 The performance rights under the 2022 LTI award met the rTSR performance condition as of 31 December 2024, and were subject to a
restriction period from 1 January 2025, with shares released to participants subject to service and malus conditions, from 15 February 2026.
Released shares will be reported in the 2026 remuneration report.
5 Other benefits may include non-monetary benefits and any related FBT exempt and FBT payable benefits, excluding salary sacrificed benefits.
For Blair Vernon, his 2025 amount includes tax protection loan cost incurred, debt waiver fringe benefit and external taxation advice.
6 For David Cullen, the amounts disclosed reflects remuneration paid in line with his KMP period. Refer to Section 1.1 for further information.
2.1
2025 remuneration outcomes continued
Remuneration report
44
3
Section
Remuneration strategy and framework
3.1
Our remuneration framework
Our remuneration framework aligns with AMP’s purpose, values, strategic priorities, and shareholder outcomes by linking reward
to progress on key results, assessing individual and team performance, and rewarding our employees for this performance. The
framework is underpinned by principles that provide flexibility to attract and retain talent, maintain market competitiveness, and
reward performance effectively. It also incorporates strong risk alignment, ensuring remuneration outcomes support prudent risk-
taking and sustainable long-term value creation.
Our purpose: Helping people create their tomorrow
Achieved by focusing on our values
Put customers first
Own it
Be brave
Play as one team
Do the right thing
Supported by our remuneration principles
Market competitive
to attract the
right people
Reflect AMP’s
purpose and values
Differentiate for
performance and
adjust for risk
Linked to strategy
and sustainable
value creation
Balance interests of
customers, people
and shareholders
Promote the RSE
Trustee to act in
beneficiaries’ best
financial interests
Delivered through the executive remuneration framework
Fixed remuneration (FR)
Includes base salary and superannuation.
Attracts and retains talent required to
deliver AMP’s strategic objectives
Short term incentive (STI)
At-risk component designed to reward the
achievement of financial and non-financial
outcomes aligned to AMP’s strategic priorities
Long term incentive (LTI)
Encourages executives to focus on AMP’s
long-term strategic objectives, ensuring their
interests are aligned with key stakeholders
Risk and conduct
Risk and conduct assessments are applied to all variable
remuneration outcomes, in line with AMP’s established
remuneration adjustment policies (see section 5.3).
Minimum shareholding requirement
Over a 5-year period, all KMP are expected to accumulate and hold
shares (including restricted shares) and share rights equivalent to
200% of FR for the CEO, and 100% of FR for other Executive KMP.
Governed by
AMP Limited Board
The board is ultimately responsible for overseeing AMP’s approach to remuneration. This includes approving the Remuneration Policy,
decisions on executive remuneration, and issues related to risk and conduct, all to ensure alignment with AMP’s purpose, values, strategic
objectives and risk appetite.
Remuneration and People Committee (RPC)
Advises the board and boards of AMP subsidiaries in setting
and overseeing AMP’s Remuneration Policy and practices.
Remuneration Policy
AMP’s Remuneration Policy provides a framework for the design,
implementation, assessment and maintenance of remuneration
arrangements designed to attract, retain and motivate the people
required to achieve AMP’s objectives.
Management
The CEO makes recommendations to the RPC on the performance
and remuneration outcomes for her direct reports.
Risk and Compliance Committee
Assists the board with oversight of the implementation and
operation of AMP’s risk management framework.
Consequence Management Framework
The consequence management framework ensures that behaviours
that do not meet expectations are addressed promptly and
consistently throughout the year, including adjustments to past,
current and future remuneration, where appropriate.
Independent remuneration advisers
The RPC may engage remuneration advisers when it needs additional
information to assist the board in making remuneration decisions.
45
Overview
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Additional information
AMP 2025 Annual report
3.1
Our remuneration framework continued
The diagrams below outline AMP’s 2025 remuneration framework for the Executive Committee, including the Executive KMP.
This framework is underpinned by remuneration governance, risk management and consequence management frameworks,
and remains subject to the AMP Board’s discretion. Variable remuneration and deferral mechanisms are designed to balance
executive retention, reward, and motivation with alignment of shareholder experience, long-term value creation and regulatory
compliance. Deferring variable rewards ensures executives’ interests remain aligned with those of shareholders and reinforces
accountability over the long term. The board retains the authority to adjust remuneration – past, current or future – through
clawback and malus provisions when appropriate (refer to sections 5.2 and 5.3 for details).
2025 STI plan
Opportunity
Performance and vesting periods
CEO & Executive KMP
YR1
YR2
YR3
YR4
YR5
YR6
Fixed remuneration
Target: 100% of FR
Max: 150% of Target
(or 150% of FR) 1
STI cash – 60%
STI deferral – 40%
Performance
period
– 1 year
Restriction and vesting periods
2025 LTI plan
Opportunity
Performance and vesting periods
CEO
YR1
YR2
YR3
YR4
YR5
YR6
LTI – rTSR
Financial metric 70%
100% of FR
in performance
rights 1
Performance
tests
LTI – Reputation
Non‑financial 30%
Performance period – 3 years
Restriction and vesting periods
Executive KMP
LTI – rTSR
Financial metric 70%
100% of FR
in performance
rights 1
Performance
tests
LTI – Reputation
Non‑financial 30%
Performance period – 3 years
Restriction and vesting periods
1 The number of performance rights granted under the LTI is expressed as a percentage of fixed remuneration. Refer to page 49 for the
allocation methodology.
1/3
1/3
1/3
1/3
1/3
1/3
1/3
1/3
1/3
1/2
1/2
1/2
1/2
Remuneration report
46
Remuneration mix at maximum opportunity
At maximum opportunity, the CEO and ExCo have 71.4% of their total remuneration delivered as variable ‘at risk’ reward,
with these provisions applying to executives designated as KMP as of 31 December 2025. This strong emphasis on variable
remuneration ensures a clear link between pay, performance (including risk management) and shareholder experience.
CEO and other Executive Committee members
Fixed Remuneration 29%
STI Cash
26%
STI Deferred Share Rights 17%
LTI Performance Rights
29%
3.3
Remuneration framework in detail
Fixed remuneration and contracts
Purpose
Fixed remuneration (FR) includes base salary and superannuation, and is referred to internally as total fixed package (TFP).
FR is determined based on the size of the role, the executive’s skill and experience, and benchmarking (as described below) to
ensure competitive market remuneration for attracting and retaining talent.
Market positioning and remuneration benchmarking group
The RPC incorporates market data into the annual remuneration review process. Remuneration levels are benchmarked
against a peer group primarily comprising the ASX200 Financials (excluding A-REITS). The RPC periodically reviews and
adjusts this peer group to ensure it reflects the appropriate size, market capitalisation and other qualitative factors. In
2025, adjustments excluded the major five banks, foreign entities listed on the ASX, and organisations outside AMP’s direct
competitive landscape, such as insurance companies. When determining remuneration, the RPC considers both internal and
external relativities, aligned with AMP’s position within the benchmarking group.
Fixed remuneration (FR) increases
The board annually reviews FR for the CEO and the ExCo. There were no FR increases to Executive KMP in 2025. For 2026,
there are no planned FR increases for the CEO or executive KMP who are remaining in their roles, the exception being the
previously announced changes for Blair Vernon from his effective date as CEO.
Contract terms
Contract terms
CEO
Executive KMP
Length of contract
Open-ended
Open-ended
Notice period
Six months by AMP or by the CEO
Six months by AMP or the executive
Entitlements on termination
—
Accrued fixed remuneration, superannuation, and other statutory requirements.
—
Executives eligible for STI and LTI may be awarded on a pro rata basis for the current period in the case of death,
disablement, redundancy, retirement or notice without cause, subject to the original performance periods and hurdle.
—
Unvested rights will lapse if an executive resigns or is summarily dismissed before the vesting date. Should an executive
cease employment for any other reason, any unvested rights will be retained and vest in the ordinary course, subject
to the original terms and performance conditions, if applicable.
—
Vested rights will be retained but are subject to clawback, for example, in the case of serious misconduct.
—
In the case of redundancy, the AMP Redundancy Policy in place at the time will apply. This is the same policy that
applies to all employees at AMP.
Restrictions on termination benefits
AMP will not make payments on termination that require shareholder approval or involve a breach of the Corporations Act.
Post-employment restraint
Six-month restraint on entering employment with a competitor and 12-month restraint on solicitation of AMP clients and employees.
3.2
Our remuneration mix
47
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
2025 STI
Purpose
Annual at-risk variable remuneration designed to motivate and reward all employees for meeting
annual financial and non-financial performance objectives aligned to AMP’s strategic priorities.
STI opportunity
Target STI opportunity is 100% of fixed remuneration (FR) for the CEO and Executive KMP and
70% of FR for the former Chief Risk Officer (CRO). Maximum STI opportunity is 150% of target STI.
Award
determination
STI opportunity
STI outcome
FR
$
x
Target STI
%
=
Target STI
$
x
STI pool
outcome →
Adjusted for
individual
performance
→
Risk
overview =
Individual
STI
outcome
The AMP STI pool is determined through the aggregate targets for eligible participants adjusted for in
year performance and board discretion. The board considers:
—
A scorecard comprising financial, strategic, customer, reputation, and people priorities and
objectives that supports AMP’s risk management framework.
—
Other outcomes, including shareholder value creation.
—
Behaviour in line with AMP’s purpose and values, conduct and risk appetite.
The board considers both the achievement of the risk metrics as well as a risk overview when
determining the STI pool.
Individual
performance
Executive KMP are primarily assessed against both the AMP and their business unit scorecards.
This ensures an executive’s performance aligns with both company and their individual business
unit performance. Individual performance, conduct and demonstration of AMP’s values are also
considered when determining individual STI outcomes.
Delivery
60% of the STI is delivered as cash and 40% is deferred into equity.
Deferred STI is delivered as share rights that represents the right to receive a fully paid ordinary AMP
share for nil consideration subject to continued employment at the time of vesting, aligning executive
reward directly to the shareholder experience.
Vesting period
Performance period
Restriction and vesting periods
YR1
YR2
YR3
YR4
YR5
Share rights
1/3
1/3
1/3
STI adjustment
principles
The board retains absolute discretion to adjust targets and/or outcomes, either upward or downward,
to ensure management is appropriately rewarded. This may occur when circumstances render
the original scorecard targets no longer appropriate or insufficiently reflective of performance.
Examples include:
—
Unforeseen factors with a material impact on performance, such as:
•
Material changes to the strategic business plan.
•
Material regulatory or legislative changes.
•
Material shifts in external market conditions or natural disasters.
•
Significant out-of-plan business activity, such as acquisitions and divestments.
—
Material risk or conduct events affecting shareholder experience, company reputation or resulting
in regulatory disciplinary action (refer to section 5).
Where these events lead to outcomes materially different from forecasts, adjustments should reflect
the holistic contribution of employees and Executive KMP, excluding significant costs or gains that
were unforeseen, outside the ordinary course of business, or not directly attributable to the efforts of
Executive KMP.
Forfeiture (malus)
The board has the authority to adjust or cancel unvested equity (including reducing it to zero) in certain
circumstances to protect AMP’s financial soundness or respond to unforeseen events or outcomes of prior
decisions. Such events may include material risk management breaches, unexpected financial losses,
reputational harm, or regulatory non-compliance. For details on how the board considers remuneration
adjustment for material risk and conduct events, see section 5.3.
3.3
Remuneration framework in detail continued
Remuneration report
48
2025 LTI
Purpose
LTI awards are designed to promote the creation of long-term shareholder value. The performance
measures – relative Total Shareholder Return (rTSR) and relative RepTrak (Reputation) – were selected
to drive sustainable value over the long term. These measures align with AMP’s strategic priorities and
ensure that executives’ interests remain closely connected to those of key stakeholders.
LTI opportunity
The value of the LTI awarded to the CEO and current Executive KMP is expressed as a percentage
of FR. The face value of the 2025 LTI performance rights opportunity is 100% of FR.
Allocation
methodology
The number of performance rights granted is determined by dividing the dollar value of the LTI
opportunity by the face value of a performance right. The face value of a performance right is
the volume weighted average price (VWAP) of AMP shares during the 10-trading day period up to
31 December 2024.
LTI opportunity
LTI grant
FR
$
x
LTI
%
=
LTI
$
÷
10‑day VWAP
(face value
allocation)
=
Number of
performance
rights granted
Performance and
vesting period
Each performance measure is assessed over a three-year period, from 1 January 2025 to 31 December
2027. For any performance rights that vest, an additional holding restriction period applies – up to
three years for the CEO and two years for other Executive KMP, subject to continued service (as shown
in the diagram below).
Performance period
Restriction and vesting periods
CEO
YR1
YR2
YR3
YR4
YR5
YR6
rTSR
Financial metric 70%
Performance
tests
Reputation
Non‑financial 30%
Executive KMP
rTSR
Financial metric 70%
Performance
tests
Reputation
Non‑financial 30%
1/3
1/3
1/3
1/3
1/3
1/3
1/2
1/2
1/2
1/2
3.3
Remuneration framework in detail continued
49
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
2025 LTI
Performance
measures
rTSR – 70%
70% of the LTI award is determined based on
AMP’s Compound Average Growth Rate (CAGR)
in Total Shareholder Return (TSR) relative to a
peer group of ASX 200 financial companies
excluding A-REITs as of 1 January 2025.
rTSR performance is tested over a three‑year
performance period from 1 January 2025
through to 31 December 2027.
If a positive absolute TSR is not achieved
during the performance period, the rights
will automatically lapse.
rTSR provides a robust measure of AMP’s
financial performance and returns for
shareholders in comparison to other companies.
Reputation – 30%
30% of the LTI award is determined based on
AMP’s RepTrak score improvement relative to
a comparator index as at 1 January 2025.
RepTrak score improvement is tested over a
three-year performance period from 1 January
2025 through to 31 December 2027. As at 1
January 2025, the RepTrak score for AMP was 62.1
and is the starting point for testing purposes.
Reputation is a measure of AMP’s strategy
to rebuild trust with stakeholders and enhance
the AMP brand.
Vesting Schedule
CAGR TSR
performance – AMP
TSR ranking
Proportion of rTSR
component vesting
< 50th percentile
0%
50th percentile
50%
> 50th percentile and
< 75th percentile
Straight-line vesting
from 50% to 100%
(rounded to the
nearest whole
percentile)
≥ 75th percentile
100%
Vesting Schedule
AMP RepTrak
Performance
Proportion of
Reputation
component vesting
< 50th percentile
0%
50th percentile
50%
> 50th percentile and
< 75th percentile
Straight-line vesting
from 50% to 100%
(rounded to the
nearest whole
percentile)
≥ 75th percentile
100%
Peer/comparator
group
rTSR Peer Group
• AMP
• ANZ Group
• ASX
• AUB Group
• Bank of Queensland
• Bendigo & Adelaide
Bank
• Block, Inc.
• Challenger
• Commonwealth Bank
of Australia
• Credit Corp Group
• Helia Group
• HMC Capital
• HUB24
• Insignia Financial
• Insurance Australia
Group
• Judo Capital
• Macquarie Group
• Magellan Financial
Group
• Medibank Private
• National Australia
Bank
• Netwealth Group
• nib Holdings
• Perpetual
• Pinnacle Investment
Management Group
• QBE Insurance Group
• Steadfast Group
• Suncorp Group
• Washington H Soul
Patterson and Co
• Westpac Banking
Corporation
• Zip Co
RepTrak Comparator Group 1
• AGL Energy
• AMP
• ANZ
• Australian Taxation
Office
• Commonwealth Bank
of Australia
• Medibank Private
• National Australia
Bank
• NBN Co
• News Corp
• Nine Entertainment
• Optus
• Qantas Airways
• Reserve Bank of
Australia
• Rio Tinto
• Telstra Corporation
• Westpac Banking
Corporation
3.3
Remuneration framework in detail continued
1 A consistent approach is applied when determining AMP’s RepTrak comparator group for each annual allocation, and that same comparator
group is referenced at vesting.
Remuneration report
50
3.3
Remuneration framework in detail continued
2025 LTI
Vesting/forfeiture
conditions
If an executive is terminated for cause or gives notice of resignation to AMP before the vesting
date, all unvested rights (or restricted shares) will lapse or be forfeited, unless the board determines
otherwise. In all other cases, unless the board determines otherwise:
—
A pro rata portion of the performance rights (calculated based on the portion of the performance
period that has elapsed up until the date of termination) will remain on foot to be tested in the
ordinary course.
—
All restricted shares allocated to the executive on vesting of the performance rights will remain
on foot until the end of the relevant restriction period for each respective tranche.
Retesting
There is no retesting if the performance measure is not met.
Dividend
entitlements
No dividend is paid or payable on any unvested rights.
Clawback/malus
The board retains the discretion to adjust upwards or downwards the vesting outcome, including
taking into account any risk or conduct events that are not in line with the board’s expectations, and
lapse the unvested portion of any LTI award, including to zero in line with the remuneration adjustment
guidelines outlined in section 5.3.
3.4
Executive minimum shareholding requirements (EMSR)
The amount of AMP equity required to be held by Executive KMP under the EMSR policy and the time to comply is as follows:
Category
Fixed remuneration
Timeframe
Securities included to meet requirements
CEO
200%
Executive KMP are expected
to achieve the EMSR within
a five-year period from
commencement in their role
AMP Limited shares: ordinary AMP Limited
shares registered in Executive KMP’s name
or a related party
AMP share rights and restricted shares:
granted to executives through AMP’s
employee share plans
Executive KMP
100%
Share rights and restricted shares granted to Executive KMP count toward the EMSR only if their future vesting is subject solely
to continued service, with no additional performance conditions. AMP Limited shares, restricted shares and share rights must
not be hedged. Executive KMP are not expected to purchase shares to meet the EMSR, rather, they are expected to retain
vested shares, restricted shares and share rights until the minimum holding is achieved and not sell any shares, except to cover
arising tax liabilities. Refer to table 6.3 for EMSR progress.
51
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
4
Section
Performance and reward outcomes
4.1
Financial performance outcomes
The table below illustrates AMP’s performance over the past five years and remuneration outcomes.
2021
2022
2023
2024
2025
Financial results
Profit (loss) after tax attributable to shareholders (statutory) ($m)
(252)
387
265
150
133
Net profit after tax (underlying) ($m) 1
280
184
205
236
285
Cost to income ratio (%) 2
67
72
67
68
62
Shareholder outcomes
Total dividends paid during the year (cents per share) 3
–
–
5
4
3
Share price at 31 December ($)
1.01
1.31
0.93
1.59
1.82
Remuneration outcomes
Relative TSR percentile 4
n/a
n/a
7th
76th
48th
LTI performance test outcome (% of grant)
n/a
n/a
0%
100%
65%
Average STI received by Executive KMP
(as % of target opportunity) 5
39
88
73.5
91.4
94.5
Average STI received by Executive KMP
(as % of maximum opportunity) 5, 6
20
44
36.7
45.7
63.0
1
NPAT (underlying) represents shareholder attributable net profit or loss after tax after excluding non-recurring revenue and expenses.
2 Cost to income ratio is calculated as controllable costs divided by gross profit. Gross profit is calculated as total revenue less total variable
costs (pre-tax). Prior periods have been restated.
3 Refers to dividends paid during the year and not dividends declared. Refer to note 1.5 of the 2025 Financial Report for further information.
4 No LTI grants were tested during 2021 and 2022.
5 The average STI outcome relates to Executive KMP including the CEO. Refer to section 4.3 for further information on each Executive KMP’s
2025 STI outcome.
6 2025 is the first year that maximum STI for the CEO and executive KMP was reduced from 200% to 150% of fixed remuneration.
4.2
2025 STI scorecard
The 2025 scorecard remains consistent with 2024, designed to strike the right balance between financial and non-financial
measures. For all eligible employees, financial targets represent 60% of the scorecard, while the remaining 40% focuses on
non-financial outcomes that support AMP’s strategic priorities. This approach ensures alignment between management and
shareholder interests, while maintaining a strong focus on non-financial measures in line with APRA’s prudential standard CPS
511. Both AMP and executive performance are assessed against this scorecard, with each key result area defined by specific
objectives, measures and targets set at the beginning of 2025. The board considers performance achievements against these
objectives as a key input when determining the STI funding pool.
Remuneration report
52
60% Financial
Profitability
Weighting:
30%
Weighted outcome
assessed:
32.2%
Deliver profitable returns
AMP NPAT
(underlying)
2024 Position:
$236m
2025 Outcome: $285m
111%
2025 Target:
$258m
End of 2024 position: $236m (as reported)
2025 Target: $258m
End of 2025 outcome: $285m (as reported)
AMP NPAT underlying delivered performance above target with the weighted outcome assessed as 22.1%,
reflecting management’s focus on driving growth in the wealth businesses including maintaining strong
net cashflow momentum, continued innovation in Managed Portfolios and retirement, and improving
member proposition and retention. This was supplemented by disciplined cost management. The result for
2025 also benefitted from positive equity markets and higher profit contribution from our China partnerships.
Cost to income
2025 Target:
62.4%
2025 Outcome: 61.5%
101%
2024 Position:
67.6%
End of 2024 position: 67.6%
2025 Target: 62.4%
End of 2025 outcome: 61.5%
AMP achieved a cost to income ratio of 61.5%, improving from 67.6% in 2024, reflecting management’s
continued focus on disciplined cost management. This is 0.9% above target with the weighted outcome
assessed as 10.1%.
Strategy
Weighting:
30%
Weighted outcome
assessed:
28.4%
Grow our business
Platforms
net cashflow
(excluding
pension
payments)
2024 Position:
$2,756m
2025 Outcome: $5,105m
154%
2025 Target:
$3,325m
End of 2024 position: $2,756m
2025 Target: $3,325m
End of 2025 outcome: $5,105m
Platforms net cashflows (excluding pension payments) are $1,780m favourable to target, driven by
higher inflows and lower outflows, a result of the continued growth in Managed Portfolios, new adviser
activations and ongoing growth from existing advisers.
Super &
Investments
net cashflows
(excluding
pension
payments)
2024 Position:
-$1,030m
2025 Target:
-$573m
2025 Outcome: -$542m
105%
End of 2024 position: -$1,030m
2025 Target: -$573m
End of 2025 outcome: -$542m
Super & Investments net cashflows (excluding pension payments) are $31m favourable to target, driven
by lower outflows reflecting a continually improving proposition and member retention.
New Zealand
Wealth
Management
net cashflows
(excluding
pension
payments)
2024 Position:
$150m
2025 Outcome: $219m
66%
2025 Target:
$333m
End of 2024 position: $150m
2025 Target: $333m
End of 2025 outcome: $219m
NZWM net cashflows (excluding pension payments) are $114m unfavourable to target, driven by higher
than expected outflows across all products due to market volatility earlier in the year.
4.2
2025 STI scorecard continued
53
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
60% Financial
Grow our
business
Small Business
and Personal
Banking
account
balances
2025 Target:
$624m
2025 Outcome: $310m
50%
End of 2024 position: $N/A
2025 Target: $624m
End of 2025 outcome: $310m
AMP Bank GO deposit balances were below target due to delays in product launches.
Deliver the new cost
base
Total
controllable
costs
2024 Position:
$685m
2025 Target:
$600m
2025 Outcome: $603m
99.5%
End of 2024 position: $685m
2025 Target: $600m
End of 2025 outcome: $603m
AMP has delivered a controllable cost base equivalent to 99.5% of target. The result reflects ongoing
disciplined cost management and delivery of the cost-out program, absorbing inflationary pressures
and operational costs of AMP Bank GO.
Further information on the Group Financial Performance can be found
in Business Review section of AMP’s 2025 Annual Report
40% Non-financial
Customer
Weighting:
10%
Weighted outcome
assessed:
10%
Deliver to our
customers
Customer
satisfaction
score
2024 Position:
7.9
2025 Target:
8
2025 Outcome: 8
100%
End of 2024 position: 7.9 (out of 10)
2025 Target: 8 (out of 10)
End of 2025 outcome: 8 (out of 10)
Customer Satisfaction improved from 7.9 to 8.0, achieving 100% of target and a weighted outcome of
10%. This uplift was achieved through AMP’s continued focus on meeting customer needs, delivering new
and innovative products, enhancing service via technology investments, and working with customers
experiencing financial difficulty. Satisfaction of customers, members and advisers was measured across
AMP Bank, AMP super, Platforms and New Zealand Wealth Management.
People
Weighting:
10%
Weighted outcome
assessed:
10%
Deliver an inclusive
high‑performance
culture
AMP inclusion
index
2024 Position:
74
2025 Target:
75
2025 Outcome: 75
100%
End of 2024 position: 74
2025 Target: 75
End of 2025 outcome: 75
The AMP inclusion index increased from 74 to 75 year on year, equivalent to 100% of target and a
weighted outcome of 10%. This was achieved through promoting an inclusive performance culture,
investing in employee and leader capabilities, and supporting our people through important change
during simplification.
Further information regarding diversity and inclusion can be found in AMP’s 2025 Sustainability supplement
4.2
2025 STI scorecard continued
Remuneration report
54
40% Non-financial
Reputation
Weighting:
10%
Weighted outcome
assessed:
10.4%
Deliver a positive
reputation
AMP Absolute
RepTrak score
2025 Target:
65
2025 Outcome: 67.9
104%
2024 Position:
63.9
End of 2024 position: 63.9
2025 Target: 65.0
End of 2025 outcome: 67.9
Reputation improvement from 63.9 to 67.9, an above target result with the weighted outcome assessed
as 10.4%. This was achieved through staying focused on delivering on our promises and taking actions
that align to our purpose, while transparently reporting on our progress.
40% Non-financial
Risk
Weighting:
10%
Weighted outcome
assessed:
10%
Deliver a culture that respects risk
Deliver within
AMP risk
appetite
2024 Position:
1
2025 Target:
0–1
2025 Outcome: 0
100%
End of 2024 position: 1
2025 Target: 0–1 risks
End of 2025 outcome: 0
Effective management of risks was in line with target with no risk profile outside of AMP Limited’s risk
appetite, with a weighted outcome assessed as 5.0%.
Risk culture
maturity
assessment
2024 Position:
Mature
2025 Target:
Stable
2025 Outcome: Stable
100%
End of 2024 position: Mature
2025 Target: Stable
End of 2025 outcome: Stable
AMP took important steps to uplift risk management in response to an ever-changing risk environment.
This included investing in a new risk management system, uplifting risk controls, uplifting risk capabilities,
and driving awareness and accountability. Against an uplifted target risk culture, AMP achieved a Stable
risk culture assessment, with a weighted outcome assessed as 5.0%.
2025 Performance Assessment – Total scorecard result
101%
How the STI funding pool was determined
The board acknowledges the performance resulted in a scorecard outcome of 101% while
also acknowledging a scorecard set annually in advance makes assumptions about
market conditions generally and across individual business units specifically that rarely
align with what occurs.
When taking a holistic view of organisation performance, shareholder experience, and
overall remuneration outcomes, the board elected to exercise downward discretion in
determining STI. This in no way reflects the performance of executive management and
employees, which has been excellent, but rather balances the remuneration outcomes
to reflect matters that are largely within management control.
Scorecard result
101%
Total STI funding
pool
95%
4.2
2025 STI scorecard continued
55
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
4.3
2025 STI outcomes
The following table shows the STI awarded to current and former Executive KMP for the 2025 performance year. It differs from
the statutory table in section 6.1 which is prepared according to Australian Accounting Standards.
Pro rated target
STI
opportunity 1
Total STI
outcome
awarded 2
60% to be paid
as cash 3
40% to be
delivered in
share rights 3
STI awarded
as % of pro
rated target STI
opportunity 4
STI awarded
as % of pro
rated
max STI
opportunity 4
$’000
$’000
$’000
$’000
%
%
Executive KMP
Alexis George
1,715
1,646
988
659
96%
64%
David Cullen
523
501
301
200
96%
64%
Sean O’Malley
650
618
371
247
95%
63%
Nicola Rimmer-Hollyman
208
150
90
60
72%
48%
Blair Vernon
925
885
531
354
96%
64%
Total STI awarded
3,800
2,280
1,520
1
For Nicola Rimmer-Hollyman and David Cullen, the pro rated target STI opportunity reflects their respective periods as KMP.
Refer to Section 1.1 for further information.
2 The STI outcome awarded is based on performance during 2025.
3 The total STI outcome awarded, of which 60% is paid in cash in March 2026, and 40% is granted in share rights in February 2026.
4 Represents the STI award as a percentage of the target and maximum STI opportunity (which is 150% of target). The average STI received
by Executive KMP was 95% of the target opportunity, or 63% of the maximum opportunity.
4.4
2023 LTI outcomes
Performance rights awarded under the 2023 LTI plan and granted in April 2023, were subject to rTSR, EPS and RepTrak
performance conditions measured over a three-year performance period from 1 January 2023 to 31 December 2025.
Performance rights that met the performance conditions are subject to a further restriction period from 1 January 2026,
vesting in three equal tranches on 31 January 2027, 31 January 2028, and 31 January 2029 for the CEO, and vesting in two
equal tranches on 31 January 2027 and 31 January 2028 for Executive KMP.
Relative Total Shareholder Return (rTSR)
35% of the LTI award was based on the compound annual growth rate (CAGR) in AMP’s Total Shareholder return (TSR) relative
to the CAGR in TSR to the peer group of ASX 200 financial companies excluding A-REITs as at 1 January 2023. The number of
performance rights that vested was determined by the board in line with the vesting schedule below.
Vesting Schedule
CAGR TSR performance
Proportion of LTI grant vesting
AMP’s TSR ranking below the 50th percentile of the peer group
0%
AMP’s TSR ranking at the 50th percentile of the peer group
50%
AMP’s TSR ranking between the 50th and 75th percentile of the peer group
Straight-line vesting from 50% to 100%
(rounded to nearest whole percentile)
AMP’s TSR ranking is at least the 75th percentile of the peer group
100%
ASX200 Financials (ex A-REITs) peer group as at 1 January 2023:
—
ANZ Group Holdings Limited
—
ASX Limited
—
AUB Group Limited
—
Bank of Queensland Limited
—
Bendigo and Adelaide Bank Limited
—
Challenger Limited
—
Commonwealth Bank of Australia
—
Credit Corp Group Limited
—
HUB24 Limited
—
Insignia Financial Limited
—
Insurance Australia Group Limited
—
Macquarie Group Limited
—
Magellan Financial Group Limited
—
Medibank Private Limited
—
National Australia Bank
—
Netwealth Group Limited
—
nib Holdings Ltd/Australia
—
Perpetual Limited
—
Pinnacle Investment
Management Group
—
QBE Insurance Group Limited
—
Steadfast Group Limited
—
Suncorp Group Limited
—
Virgin Money UK PLC
—
Westpac Banking Corporation
Remuneration report
56
Adjusted Earnings Per Share (EPS)
35% of the LTI award was based on the compound annual growth rate (CAGR) in AMP’s adjusted EPS. EPS is calculated by
dividing AMP’s adjusted net profit after tax (NPAT) for the relevant reporting period by the weighted average number of
AMP ordinary shares during the period. The board may adjust underlying NPAT, where appropriate, to better reflect core
performance and exclude one-off gains and losses. EPS performance was assessed over a three-year performance period
from 1 January 2023 through to 31 December 2025. The number of performance rights that vested under the award was
determined by the board in line with the vesting schedule below.
Vesting Schedule
CAGR EPS performance
Proportion of LTI grant vesting
AMP’s EPS below 4% per annum
0%
AMP’s EPS at 4% per annum
50%
AMP’s EPS between 4% and 8% per annum
Straight-line vesting from 50% to 100%
(rounded to nearest whole percentile)
AMP’s EPS above 8% per annum
100%
Reputation (RepTrak score improvement)
30% of the LTI award was based on AMP’s RepTrak score improvement relative to a comparator group comprising of 15
organisations similarly positioned in RepTrak’s Benchmark 60 index as at 1 January 2023. RepTrak score improvement was
tested over a three-year performance period from 1 January 2023 through to 31 December 2025. AMP’s starting RepTrak
score for testing purposes was 57.8 as at 1 January 2023. The number of performance rights that vested under the award was
determined by the board in line with the vesting schedule below.
Vesting Schedule
RepTrak score performance
Proportion of LTI grant vesting
AMP’s RepTrak improvement below the 50th percentile of the comparator group
0%
AMP’s RepTrak improvement at the 50th percentile of the comparator group
50%
AMP’s RepTrak improvement between the 50th and 75th percentile of the
comparator group
Straight-line vesting from 50% to 100%
(rounded to nearest whole percentile)
AMP’s RepTrak improvement at or above the 75th percentile of the
comparator group
100%
RepTrak comparator group as at 1 January 2023:
—
AGL Energy
—
Alinta
—
ANZ Bank
—
Australian Taxation Office
—
Commonwealth Bank of Australia
—
Medibank Private
—
National Australia Bank
—
NBN Co
—
News Corp
—
Optus
—
Origin
—
Reserve Bank of Australia
—
Rio Tinto
—
Telstra
—
Westpac Banking Corporation
Each performance right that vested following testing of the performance condition entitled executives to one AMP share.
The performance conditions for the performance rights were tested following the conclusion of the performance period on
31 December 2025 and the results and vesting outcomes are detailed below. The results were approved by the board after
considering any risk and conduct issues in line with the remuneration adjustment guidelines in section 5.3.
Component
Performance Period
Performance Condition
Result
% passed
% lapsed
rTSR
1 January 2023 to
31 December 2025
AMP’s TSR ranking against a
peer group within the ASX200
Financials (ex A-REITS)
48th percentile
0%
100%
EPS
1 January 2023 to
31 December 2025
Adjusted Earnings Per Share
13% 1
100%
0%
RepTrak
1 January 2023 to
31 December 2025
RepTrak score improvement
relative to a comparator
group in RepTrak’s Benchmark
60 Index
100th percentile
100%
0%
1 When deciding on the vesting of the 2023 LTI, the board took a holistic view of EPS performance. The reported EPS result excludes the impact
of share buybacks. If share buybacks are considered, the Compound Annual Growth Rate of EPS was 22% over the performance period.
4.4
2023 long-term incentive update continued
57
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
5
Section
Remuneration governance and risk management
5.1
AMP’s remuneration governance framework
The AMP Limited Board is ultimately responsible for overseeing AMP’s approach to remuneration, including approving the
Remuneration Policy, decisions on executive remuneration, and issues related to risk and conduct, all to ensure alignment with
AMP’s purpose, values, strategic objectives and risk appetite. The board uses a robust framework and exercises judgement to
make prudent remuneration decisions. A remuneration adjustment framework guides the board in determining appropriate
remuneration outcomes (see section 5.3 for more information).
Remuneration governance framework
AMP subsidiary Boards
AMP Limited Board
Remuneration and People Committee (RPC)
Advises the AMP Limited Board and the boards of AMP subsidiaries
in setting and overseeing AMP’s remuneration policy and practices.
Key responsibilities include:
— Reviewing AMP’s remuneration policy, including effectiveness and
compliance with regulatory requirements.
— Reviewing the remuneration arrangements, performance objectives,
measures and outcomes for executives and senior management.
— Reviewing the remuneration arrangements for non‑executive directors.
— Reviewing AMP’s remuneration disclosures.
— Overseeing all incentive plans.
— Reviewing and making recommendations in relation to equity
awards, including malus and clawback.
— Members of the RPC are independent NEDs. The responsibilities
of the RPC are outlined in its Charter, which is reviewed annually.
The Charter is available at www.amp.com.au/about-amp/
corporate-governance
Risk and Compliance Committee
Assists the board in overseeing the
implementation and operation of
AMP’s risk management framework.
Makes recommendations to the
Remuneration Committee on:
— Risk-related adjustments for
remuneration outcomes.
— Risk-related adjustments for the
incentive pool.
— Risk-related matters that may
require the application of malus
or clawback or in-year reduction
to incentives.
Management
The CEO makes recommendations to the RPC on the
performance and remuneration outcomes for her
direct reports.
Management advises the RPC and provides information
on remuneration related matters.
Independent remuneration advisers
The RPC may engage remuneration advisers when it
needs additional information to assist the AMP Board
in making remuneration decisions. This may include
guidance or independent benchmarking but does
not replace the independent consideration of all
the issues by each NED. The RPC did not engage
any independent adviser to provide remuneration
recommendations in 2025.
Remuneration report
58
5.2
Risk management in remuneration
In addition to the robust risk features of the performance management framework, the board has a range of mechanisms
available to adjust remuneration and incentive outcomes to reflect behavioural, risk or compliance outcomes. The table below
summaries the range of mechanisms available and their intended operation.
Mechanisms available for risk management
Mechanism
Scope
Intended operation
Risk
assessment
Enterprise and
business unit
levels
— The CRLO has a standing agenda item and reports at each RPC meeting, covering the
overall assessment of risk management at the end of the performance year as an input
to the determination of the STI pool.
— At the conclusion of each performance year, the Chair of the Risk and Compliance
Committee (who is also a member of the RPC) provides a summary of key issues
addressed by the Risk and Compliance Committee that are likely to be relevant to
the RPC’s assessment of remuneration outcomes for the CEO and ExCo.
Risk and
conduct
outcomes
All employees
— Employees’ risk management behaviour and conduct is specifically considered as part of
individual performance assessments and in the determination of remuneration outcomes.
— AMP’s consequence management framework ensures that any conduct falling short
of expectations is actively and consistently managed throughout the year, including
adjustments to past, present and future remuneration if appropriate.
Malus and
clawback
provisions
All variable
remuneration
plans
— Variable remuneration (STI and LTI) plan terms allow the board to adjust and lapse (malus)
unvested equity awards or reclaim (clawback) vested incentives in certain circumstances.
— All deferred incentives are subject to a conduct and risk review before vesting. This applies
to current and former employees.
Board
discretion
All variable
remuneration
plans
— The board retains absolute discretion to adjust past, current and future remuneration in
accordance with the rules of the STI and LTI plans and applicable policies.
— These adjustments are made according to the remuneration adjustment framework to
ensure greater consistency in remuneration adjustments (refer to section 5.3 below).
Interactions between management, committees and the board
Mechanism
Intended operation
Board discretion
in Remuneration
The board exercises discretion to apply both positive or negative remuneration consequences to executives
based on matters within their business units, including those with adverse risk, customer, and/or reputational
impacts.
CRLO and the
RPC
There is a standing agenda item at each RPC for the CRLO to present any risk-related information for the
RPC’s consideration in making remuneration decisions. This gives the RPC an opportunity to make enquiries
and have unrestricted access to risk and internal audit executives. The RPC considers both the achievement
of the risk metrics as well as a risk overview when determining the incentive pool.
Management
Prior to each equity vesting event, management provides a report to the RPC to identify any reasons,
including risk considerations, for the RPC to exercise its discretion to lapse unvested equity awards.
Committees
Consequence Management Committee (CMC): ensures consistent management of workplace conduct
matters and Consequence Management policy application. The CMC comprises the CEO, Chief People,
Sustainability and Community Officer and CRLO as standing members.
Risk and Compliance Committee: statistics and insights on all conduct cases are reviewed by the CMC
and then reported biannually to the Risk and Compliance Committee.
RPC: matters affecting performance and remuneration recommendations and outcomes are discussed
at the RPC.
Consequence
Management
Framework
Under the consequence management framework, all substantiated misconduct cases require the
application of a management and/or remuneration consequence. Where there is a recommendation from
People, Sustainability and Community (and as endorsed by the CMC) to apply malus or clawback to past
remuneration, submissions are made to the RPC to exercise its discretion to lapse unvested equity awards.
During the year, there was no application of the Consequence Management policy in relation to 2025 remuneration outcomes
for any of AMP’s current executives.
59
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
5.3
Guidelines for adjusting remuneration
The board applies a remuneration adjustment framework to ensure consistency when exercising discretion across past, current
and future remuneration decisions. At each decision point, the framework is used to identify any material conduct or risk events
that have impacted shareholder experience, damaged the company’s reputation, or resulted in regulatory disciplinary action.
It also allows for positive adjustments where performance exceeds expectations.
While these guidelines support the board in making upward or downward adjustments to variable remuneration, they are
intended to inform decision-making rather than serve as a prescriptive formula. The board exercises judgement based on the
specific facts and circumstances of each situation.
The following chart illustrates examples of qualitative and quantitative indicators that the board may consider when applying
discretion in response to material conduct or risk events. A comprehensive assessment should consider overall organisational
performance, management’s contribution, shareholder experience, market conditions, additional influencing factors, and a
risk overlay.
Considerations for adjusting remuneration
Is the remuneration outcome on an individual or cohort basis in line with the actual values and original intent?
Qualitative indicators
Quantitative indicators
Considerations
Customer and people
Has there been an actual or potential breakdown of trust with
AMP’s employees, customers, fund beneficiaries or members of the
community or have we operated in a way that is contrary to our
stated values?
Customer Satisfaction and / or
Employee Satisfaction scores
Reputation
Has there been unexpected widespread media coverage about
AMP that has impacted the reputation or brand?
Reputation score (RepTrak),
shareholder experience
Risk
Has there been a material deterioration in the risk culture or profile
of the company?
Unacceptable level of risk
taken, risk culture survey, risk
events
Finance
Have we behaved in a way that was not fiscally responsible,
with an impact on our prudential standing or reputation?
Capital adequacy,
credit rating, appropriate
market disclosure
Potential adjusting event identified
Enact
Decision making
Remuneration and People Committee
Board decision
Adjust remuneration upward or downward
Downward adjustment to be proportionate to the severity of the risk and conduct outcome
Reduction or
cancellation of
cash payments
Malus applied
to existing equity
awards on foot
Clawback of
already paid/
released equity
awards
Downward
adjustment
to in period
remuneration
Pre grant
adjustment to
quantum of
future LTI grant
Remuneration report
60
6
Section
Executive KMP statutory remuneration disclosures
The following tables disclose remuneration information as required under the Corporations Act. This includes the 2025
remuneration for Executive KMP and NEDs that has been prepared in accordance with the Australian Accounting Standards.
6.1
Executive KMP statutory remuneration
Statutory remuneration represents the accounting expense of remuneration in the financial year. It includes fixed remuneration,
cash STI, the fair value amortisation expense of equity awards granted, long service leave entitlements and insurance, reflective
of the relevant KMP period.
Short-term employee benefits
Post-
employment
benefits
Share-
based
payments 4
Long-term
benefits
Year
Cash
salary 1
$’000
Cash
STI 2
$’000
Other
short-term
benefits 3
$’000
Super-
annuation
benefits
$’000
Rights
and
options
$’000
Other 5
$’000
Termination
benefits
$’000
Total
$’000
Executive KMP
Alexis George
2025
1,647
988
19
30
1,186
15
–
3,885
2024
1,671
948
18
28
1,418
10
–
4,093
David Cullen 6
2025
508
301
(16)
15
505
12
–
1,325
2024
–
–
–
–
–
–
–
–
Sean O’Malley
2025
617
371
(15)
25
459
13
–
1,470
2024
614
342
25
29
510
30
–
1,550
Blair Vernon
2025
899
531
95
26
611
19
–
2,181
2024
897
492
1
28
776
25
–
2,219
Former Executive KMP
Nicola Rimmer-
Hollyman 7
2025
175
90
18
8
401
24
235
951
2024
548
252
(16)
52
351
16
–
1,203
Total
2025
3,846
2,281
101
104
3,162
83
235
9,812
2024
3,730
2,034
28
137
3,055
81
–
9,065
1
Cash salary is inclusive of base salary and short-term compensated absences, less superannuation deductions.
2 Cash STI reflects 60% of the STI award outcome for the performance year.
3 Other short-term benefits include non-monetary benefits and any related FBT exempt benefits and FBT payable benefits, for example car
parking, car leasing arrangements, debt waiver fringe benefit, external taxation advice, professional subscriptions and the net change in annual
leave accrued.
4 The values in the table reflect the current year accounting expense for all share rights and performance rights outstanding at any point during
the year, as required under the Australian Accounting Standards. The cost of the award is amortised at the fair value over the vesting period and
updated at each reporting period for changes in the number of instruments expected to vest. 2024 expense has been represented to reflect a
revision to the applied service period provided in the year.
5 Other long-term benefits represent the net change in long service leave accrued.
6 The 2025 statutory remuneration for David Cullen has been apportioned from 22 April 2025, when he became KMP.
7 The 2025 statutory remuneration for Nicola Rimmer-Hollyman has been calculated up to 21 April 2025, when she ceased as KMP.
Her termination benefits relate to a redundancy payment of just over 20 weeks’ severance pay in line with AMP’s Redundancy Policy.
Termination benefits provided were in compliance with the Fair Work Act 2009 including the National Employment Standards (NES).
61
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Directors’ report
Business review
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Financial report
Additional information
AMP 2025 Annual report
6.2
Loans and other transactions
All loans provided by AMP to KMP and their related parties are in the ordinary course of business and on equivalent terms to
those offered to other employees and shareholders. These loans include other borrowing facilities offered to employees from
time-to-time as part of our global mobility arrangements. The following table shows loan balances that exceed $100,000 held
by KMP (including their related parties) during the reporting year. No loans were written down during the reporting year.
KMP
Balance on
1 Jan 2025
Write downs
Net advances
(repayments)
Balance on
31 Dec 2025
Interest
Highest
balance
during the
year
charged
not charged
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Non-executive director
Mike Hirst
1,600
–
–
1,600
97
–
1,600
Anna Leibel
2,147
–
(647)
1,500
106
–
2,280
Executive KMP
Alexis George
653
–
(15)
638
37
–
653
Sean O’Malley
2,586
–
66
2,652
145
–
2,684
Aggregate of KMP and
related party loans 1
7,011
–
(621)
6,390
385
4
7,398
1
The aggregate of KMP and related party loans includes all loans to KMP including related parties. The table details KMP and related parties
with loans above $100,000 during the reporting period.
Other transactions
Executive KMP and their related parties may have access to AMP products and these products are provided to executives
within normal employee terms and conditions. The products may include personal banking with AMP bank and/or financial
investment services.
Remuneration report
62
6.3
Executive shares and share rights holdings
The following table shows the number of shares and share rights held by Executive KMP and/or their related parties during 2025.
A related party is typically a family member of the executive and/or is an entity in which the executive has direct or indirect
control. The definition of units includes AMP Limited shares and share rights which are not subject to performance conditions.
Shares and Share Right Holdings
MSR Progress
Name
Type
Balance on
1 Jan 2025
Granted 1
Exercised/
released 2
Forfeited/
lapsed
Balance
on 31 Dec
2025 3
Total Value on
31 Dec 2025
per the MSR 4
Requirement
per the MSR 4
Executive KMP
Alexis
George
Shares
2,209,013
–
422,247
–
2,631,260
$6,448,771
$3,430,000
Share rights
939,119
395,149
(422,247)
–
912,021
by
Total
3,148,132
395,149
–
–
3,543,281
1 August 2026
David
Cullen 5
Shares
1,052,999
–
–
–
1,052,999
$2,634,244
$750,000
Share rights
394,388
–
–
–
394,388
by
Total
1,447,387
–
–
–
1,447,387
31 May 2023
Sean
O’Malley
Shares
80,752
–
119,988
–
200,740
$948,045
$650,000
Share rights
448,772
142,554
(271,162)
–
320,164
by
Total
529,524
142,554
(151,174) 6
–
520,904
14 November
2026
Blair
Vernon
Shares
565,209
–
361,234
–
926,443
$2,551,127
$925,000
Share rights
631,432
205,077
(361,234)
–
475,275
by
Total
1,196,641
205,077
–
–
1,401,718
2 July 2028
Former Executive KMP
Nicola
Rimmer-
Hollyman 7
Shares
48,244
–
249,866
–
298,110
n/a
n/a
Share rights
484,657
105,040
(249,866)
–
339,831
Total
532,901
105,040
–
–
637,941
1
Relates to share rights awarded as part of the 2024 STI deferral granted on 31 March 2025, with fair values of $1.21 for Tranche 1, $1.18 for
Tranche 2 and $1.16 for Tranche 3.
2 Share Rights exercised included tranche 2 of the 2022 STI deferral that vested in February 2025 at a market price of $1.47 per share, and
tranche 1 of the 2023 STI deferral that vested in February 2025 at a market price of $1.47 per share. Additionally, for Blair Vernon, Sean
O’Malley and Nicola Rimmer-Hollyman, Share Rights exercised included the 2020 Retention award that vested in February 2025 at a market
price of $1.47 per share. For Sean O’Malley and Nicola Rimmer-Hollyman, Share Rights exercised also included the 2021 LTI award that vested
in April 2025 at a market price of $1.22 per share. Lastly, for Alexis George, Shares Rights exercised included tranche 3 of the 2021 STI deferral
that vested in February 2025 at a market price of $1.47 per share.
3 There are no share rights held by any KMP’s related parties and no share rights held indirectly or beneficially by our KMP. As at 31 December
2025, there were no share rights vested, or vested and exercisable or vested and unexercisable. No amount is payable by the Executive
KMP on grant, vesting or exercise of their share rights. Any share rights that vest following the end of the vesting period will be
automatically exercised.
4 We assess compliance with the executive minimum shareholding requirement (EMSR) each year. The table above summarises the position of
each Executive KMP as at 31 December 2025 against the requirement at the reporting date. The total value of each holding was calculated on
31 December 2025 using a closing price of $1.82.
5 For David Cullen the opening balance reflects the date he commenced as KMP. Refer to Section 1.1 for further information.
6 For Sean O’Malley, refers to 151,174 shares sold on market in 2025.
7 For Nicola Rimmer-Hollyman the closing balance reflects the date she ceased to be KMP (refer to Section 1.1 for further information).
Following termination, share rights will remain on foot and vest in the ordinary course.
63
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
6.4
Executive performance rights holdings
The following table shows the performance rights which were granted, exercised or lapsed during 2025.
Grant date
Performance
measure
Fair
value
per
right
Holding on
1 Jan 2025
Granted 1
Vested
Lapsed/
cancelled 2
Held on
31 Dec 2025 3
Rights
held in
restriction 4
Executive KMP
Alexis
George
30-May-22
Relative TSR
0.59
1,818,278
–
–
–
–
1,818,278
1-Apr-23
Relative TSR
0.44
438,715
–
–
(438,715)
–
–
1-Apr-23
Adjusted EPS
0.92
438,715
–
–
–
438,715
–
1-Apr-23
Reputation
0.92
376,042
–
–
–
376,042
–
1-Apr-24
Relative TSR
0.72
645,430
–
–
–
645,430
–
1-Apr-24
Adjusted EPS
1.04
645,430
–
–
–
645,430
–
1-Apr-24
Reputation
1.04
553,227
–
–
–
553,227
–
31-Mar-25
Relative TSR
0.51
–
750,595
–
–
750,595
–
31-Mar-25
Reputation
1.16
–
321,682
321,682
–
Total
4,915,837
1,072,277
–
(438,715)
3,731,121
1,818,278
David
Cullen 5
30-May-22
Relative TSR
0.59
795,165
–
–
–
–
795,165
1-Apr-23
Relative TSR
0.44
191,858
–
–
(191,858)
–
–
1-Apr-23
Adjusted EPS
0.92
191,858
–
–
–
191,858
–
1-Apr-23
Reputation
0.92
164,450
–
–
–
164,450
–
1-Apr-24
Relative TSR
0.72
282,258
–
–
–
282,258
–
1-Apr-24
Adjusted EPS
1.04
282,258
–
–
–
282,258
–
1-Apr-24
Reputation
1.04
241,936
–
–
–
241,936
–
31-Mar-25
Relative TSR
0.51
328,248
–
–
–
328,248
–
31-Mar-25
Reputation
1.16
140,678
–
–
–
140,678
–
Total
2,618,709
–
–
(191,858)
1,631,686
795,165
Sean
O’Malley
30-May-22
Relative TSR
0.59
636,132
–
–
–
–
636,132
1-Apr-23
Relative TSR
0.44
166,277
–
–
(166,277)
–
–
1-Apr-23
Adjusted EPS
0.92
166,277
–
–
–
166,277
–
1-Apr-23
Reputation
0.92
142,523
–
–
–
142,523
–
1-Apr-24
Relative TSR
0.72
244,624
–
–
–
244,624
–
1-Apr-24
Adjusted EPS
1.04
244,624
–
–
–
244,624
–
1-Apr-24
Reputation
1.04
209,677
–
–
–
209,677
–
31-Mar-25
Relative TSR
0.51
–
284,483
–
–
284,483
–
31-Mar-25
Reputation
1.16
–
121,920
–
–
121,920
–
Total
1,810,134
406,403
–
(166,277)
1,414,128
636,132
1
Relates to the 2025 LTI plan. Refer to section 3.3 for further information.
2 Performance rights granted on 1 April 2023 under the 2023 LTI did not meet the rTSR performance condition. The remaining performance
rights granted under this award will vest and be released from 31 January 2027 subject to service conditions. Refer to section 4.4 for
further information.
3 There are no options or performance rights held by any KMP’s related parties and no options or performance rights held indirectly or
beneficially by Executive KMP. As at 31 December 2025, there were no performance rights vested, or vested and exercisable or vested and
unexercisable. No amount is payable by the Executive KMP on grant, vesting or exercising of their performance rights.
4 During the 2025 financial year, 4,359,272 LTI performance rights granted on 30 May 2022 met the performance condition and will be released
on 15 February 2026 subject to service conditions.
5 For David Cullen the opening balance reflects the date he commenced as KMP. Refer to Section 1.1 for further information.
Remuneration report
64
Grant date
Performance
measure
Fair
value
per
right
Holding on
1 Jan 2025
Granted 1
Vested
Lapsed/
cancelled 2
Held on
31 Dec 2025 3
Rights
held in
restriction 4
Blair
Vernon
30-May-22
Relative TSR
0.59
791,631
–
–
–
–
791,631
1-Apr-23
Relative TSR
0.44
186,517
–
–
(186,517)
–
–
1-Apr-23
Adjusted EPS
0.92
186,517
–
–
–
186,517
–
1-Apr-23
Reputation
0.92
159,871
–
–
–
159,871
–
1-Apr-24
Relative TSR
0.72
348,118
–
–
–
348,118
–
1-Apr-24
Adjusted EPS
1.04
348,118
–
–
–
348,118
–
1-Apr-24
Reputation
1.04
298,388
–
–
–
298,388
–
31-Mar-25
Relative TSR
0.51
–
404,840
–
–
404,840
–
31-Mar-25
Reputation
1.16
–
173,502
–
–
173,502
–
Total
2,319,160
578,342
–
(186,517)
1,919,354
791,631
Former Executive KMP
Nicola
Rimmer-
Hollyman 5
30-May-22
Relative TSR
0.59
318,066
–
–
–
–
318,066
1-Apr-23
Relative TSR
0.44
107,440
–
–
(107,440)
–
–
1-Apr-23
Adjusted EPS
0.92
107,441
–
–
–
107,441
–
1-Apr-23
Reputation
0.92
92,092
–
–
–
92,092
–
1-Apr-24
Relative TSR
0.72
158,065
–
–
–
158,065
–
1-Apr-24
Adjusted EPS
1.04
158,064
–
–
–
158,064
–
1-Apr-24
Reputation
1.04
135,484
–
–
–
135,484
–
Total
1,076,652
–
–
(107,440)
651,146
318,066
1
Relates to the 2025 LTI plan. Refer to section 3.3 for further information.
2 Performance rights granted on 1 April 2023 under the 2023 LTI did not meet the rTSR performance condition. The remaining performance
rights granted under this award will vest and be released from 31 January 2027 subject to service conditions. Refer to section 4.4 for
further information.
3 There are no options or performance rights held by any KMP’s related parties and no options or performance rights held indirectly or
beneficially by Executive KMP. As at 31 December 2025, there were no performance rights vested, or vested and exercisable or vested and
unexercisable. No amount is payable by the Executive KMP on grant, vesting or exercising of their performance rights.
4 During the 2025 financial year, 4,359,272 LTI performance rights granted on 30 May 2022 met the performance condition and will be released
on 15 February 2026 subject to service conditions.
5 For Nicola Rimmer-Hollyman the closing balance reflects the date she ceased to be KMP (refer to Section 1.1 for further information).
Following termination, a pro-rata portion of performance rights (calculated based on the portion of the performance period that has elapsed
up until the date of termination) will remain on foot to be tested in the ordinary course.
6.4
Executive performance rights holdings continued
65
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Additional information
AMP 2025 Annual report
7
Section
Non-executive director remuneration
7.1
Non-executive director fees
The RPC is responsible for reviewing Non-executive director (NED) fees for AMP Limited and its main subsidiaries. In reviewing
these fees, the RPC considers a range of factors including AMP’s operations and those of its main subsidiaries, fees paid to
board members of other Australian corporations of comparable size and complexity, and the responsibilities and workload
requirements of each board and committee. The RPC obtains market data and recommends any proposed fee changes to the
AMP Board for approval.
A review of NED fees for the AMP Limited Board (which also included fees for the Registrable Superannuation Entity (RSE) –
NM Superannuation P/L) was conducted in 2025. This included reference to a remuneration benchmark group of companies
comparable to AMP and excluding the big four banks (and Macquarie), foreign organisations listed on the ASX and organisations
that do not directly compete in the same industry/sector as AMP (e.g., insurance companies). Following a thorough market data
analysis, the board concluded that the current fees are competitive with those of companies of equivalent size, complexity, and
regulatory oversight. Given that total NED fees paid have reduced by more than 45% since 2019, it was deemed appropriate to
maintain fees at slightly above the median of the financial services sector.
During 2025, the board met 17 times, and committees met an additional total of 21 times. The total remuneration earned by AMP
Limited NEDs during 2025 (including all AMP Bank Limited duties and obligations) was $2.076m, which represents 44.9% of the 2025
annual fee pool that was approved by shareholders at the 2015 AGM. The current members and role of each standing committee
as at the date of this statement are set out in the corporate governance statement. The following table shows the annual NED fees
for the board and permanent committees of AMP Limited and AMP Bank Limited for 2025.
Chair base fee
Member base fee
2025
2025
$
$
AMP Limited
Board
561,000 1
204,000
Audit Committee
46,750
21,590
Risk and Compliance Committee
46,750
21,590
Remuneration and People Committee
46,750
21,590
Nomination Committee
nil
nil
AMP Bank Limited 2
Board
nil
nil
Audit Committee
nil
nil
Risk and Compliance Committee
nil
nil
1
The Chair of AMP Limited Board does not receive separate committee fees. Since his appointment as Chair, Mike Hirst is also Chair of the
Nomination Committee and remains a member of the RPC and Risk and Compliance Committee.
2 No additional fees are paid to NEDs for their membership or for chairing the AMP Bank Limited Board.
Remuneration report
66
7.2
Non-executive director statutory remuneration
Short-term benefits
Post-employment
benefits
NED
Year
Board and
committee fees
Additional board
duties
Non-monetary
benefits 1
Superannuation 2
Total
$’000
$’000
$’000
$’000
$’000
Current non-executive directors
Mike Hirst
2025
541
–
–
20
561
2024
467
–
–
12
479
Kathleen Bailey-Lord
2025
224
–
–
26
250
2024
206
–
–
23
229
Andrew Best
2025
244
–
–
29
273
2024
237
–
–
27
264
Rahoul Chowdry
2025
244
–
–
29
273
2024
245
–
–
28
273
Linda Elkins
2025
74
–
–
9
83
2024
–
–
–
–
–
Anna Leibel
2025
202
–
–
24
226
2024
203
–
–
23
226
Michael Sammells
2025
221
–
–
26
247
2024
241
–
–
27
268
Former non-executive director
Andrea Slattery
2025
148
–
1
17
166
2024
220
–
–
27
247
Total 3
2025
1,898
–
1
180
2,079
2024
1,819
–
–
167
1,986
1
Non-monetary benefits consist of farewell gifts and any associated fringe benefits tax.
2 Superannuation contributions are disclosed separately in this table however are included in the base NED fees disclosed elsewhere in this report.
3 The total in this table for 2024 of $1.986 million is different to the total for 2024 in the 2024 Remuneration Report as it does not include $161
thousand for former AMP Limited Chair Debra Hazelton.
67
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AMP 2025 Annual report
7.3
Non-executive director minimum shareholding requirement
The minimum shareholding requirement (MSR) for NEDs is set out in AMP’s minimum shareholding policy. Under this policy,
NEDs are expected to accumulate and hold a minimum value of AMP shares to ensure their interests are aligned with the
long-term interests of AMP shareholders. As at the date of this report, these minimum values are 100% of the AMP Limited base
Chair fee for the Chair and 100% of the AMP Limited base NED fee for all other NEDs. NEDs are ordinarily expected to achieve
these levels within four years of their appointment as NED or Chair (as applicable). The policy expects NEDs to apply at least
25% of their base fee each year to acquire AMP shares until the MSR has been met, but only at times when permitted to trade
and subject to AMP’s trading policy. NEDs cannot trade during blackout periods or when in possession of material non-public
information. As of the date of this report, all NEDs except the Chair have met or are on track to meet their MSR. Mike Hirst was
appointed Chair of AMP Limited on 13 April 2024, increasing his MSR to $561,000, with the additional value expected to be
acquired by 13 April 2028. See section 7.4 for details of securities held by NEDs as at 31 December 2025.
7.4
Non-executive director shareholding
The following table details the shareholdings and movements in those shareholdings in AMP Limited held directly, indirectly or
beneficially by NEDs or their related parties during the year and as at 31 December 2025.
NED
Balance on
1 Jan 2025
Shares acquired
during the year
Shares disposed
during the year
Balance on
31 Dec 2025 1
#
#
#
#
Current non-executive directors
Mike Hirst
200,000
–
–
200,000
Kathleen Bailey-Lord
46,740
51,961
–
98,701
Andrew Best
197,712
34,288
–
232,000
Rahoul Chowdry
100,000
–
–
100,000
Linda Elkins 2
–
–
–
–
Anna Leibel
33,974
35,469
–
69,443
Michael Sammells
170,000
–
–
170,000
Former non-executive director
Andrea Slattery 3
203,975
–
–
n/a
1
As at 31 December 2025 and the date of this report, each of the current NEDs held a ‘relevant interest’ (as defined in the Corporations Act
2001) in the number of AMP shares disclosed above for that NED.
2 Linda Elkins was appointed as an independent NED on 1 September 2025.
3 Andrea Slattery retired as an independent NED on 31 August 2025.
Remuneration report
68
8
Section
Looking forward to 2026
8.1
2026 scorecard
The 2026 scorecard is consistent with 2025 and seeks to continue to strike the right balance of financial and non-financial
objectives. This approach ensures management’s interests are aligned with shareholders’ interests, while maintaining a material
weighting to non-financial measures, consistent with the requirements of APRA’s prudential standard CPS 511 Remuneration.
2026 SCORECARD
Key result areas
Objectives
Measures
Financial (60%)
Profitability
WEIGHTING
30%
Deliver profitable returns
Net profit after tax (underlying)
Cost to income (excluding Bank)
AMP Bank Return on Capital
Strategy
WEIGHTING
30%
Grow our businesses
Super & Investments net cashflows
(excl. pension payments)
Platforms net cashflows
(excl. pension payments)
NZWM net cashflows (excl. pension payments)
AMP BANK GO transaction account balances
- Small business
- Retail (personal)
Non-financial (40%)
Customer
WEIGHTING
20%
Deliver to our customers
Help more people retire
with confidence
Customer Satisfaction (CSAT)
AMP Super customers
Number of customers in retirement
People
WEIGHTING
10%
Deliver an inclusive
performance culture
Inclusion index
Risk
WEIGHTING
10%
Deliver a culture that respects risk
Uplift in risk culture and risk capability
100%
The overall AMP performance scorecard outcome is subject to board discretion and a risk
overview, and is one aspect the board considers in assessing overall performance and
determining the incentive pool for STI outcomes
69
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Financial report
Additional information
AMP 2025 Annual report
Rounding
In accordance with the Australian Securities and Investments Commission Corporations Instrument 2016/191, amounts in this
directors’ report and the accompanying financial report have been rounded off to the nearest million Australian dollars,
unless stated otherwise.
Non-audit services
The Audit Committee has reviewed details of the amounts paid or payable to the auditor for non-audit services provided
to the AMP group during the year ended 31 December 2025, by the company’s auditor, EY.
In accordance with written advice provided by the Audit Committee, the directors are satisfied that the provision of those
non-audit services by the auditor is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001 and did not compromise the auditor independence requirements of the Corporations Act 2001 for the
following reasons:
—
all non-audit assignments were approved by the Chief Financial Officer (CFO), or his nominated delegate, or the Chair
of the Audit Committee, in line with the AMP Charter of Audit Independence;
—
no non-audit assignments were carried out which were specifically excluded by the AMP Charter of Audit
Independence; and
—
the proportion of non-audit fees to audit fees paid to EY, as disclosed in note 6.5 to the financial report is not considered
significant enough to compromise EY’s independence or cause a perception of compromise.
Signed in accordance with a resolution of the directors.
Mike Hirst
Chair
Alexis George
Chief Executive Officer and Managing Director
Sydney, 12 February 2026
Directors’ report
for the year ended 31 December 2025
Directors’ report
for the year ended 31 December 2025
70
Auditor’s independence declaration to the directors of AMP Limited
As lead auditor for the audit of the financial report of AMP Limited and for the review of the selective sustainability information
in the sustainability report for the financial year ended 31 December 2025, I declare to the best of my knowledge and belief,
there have been:
a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit
and review;
b. No contraventions of any applicable code of professional conduct in relation to the audit and review; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit
and review.
This declaration is in respect of AMP Limited and the entities it controlled during the financial year.
Ernst & Young
Anita Kariappa
Partner
12 February 2026
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au
71
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Financial report
Additional information
AMP 2025 Annual report
Sustainability report 2025
Sustainability report
This report represents AMP Limited’s climate‑related disclosure
for the year ended 31 December 2025 and provides information
about our approach to identification, management and
disclosure of material exposure to climate-related risks
and opportunities.
The report covers AMP Limited and the entities it controlled
(AMP Group or AMP) during the year ended 31 December 2025.
For the purpose of reporting operational greenhouse gas
emissions, AMP applies an operational control boundary
approach which requires inclusion of emissions from operations
where AMP has operational control. Emissions from entities or
operations where AMP does not have operational control are
excluded from the scope of reporting.
This report was authorised for issue on 12 February 2026
in accordance with a resolution of directors.
Statement of compliance
The report has been prepared in accordance with AASB
S2 Climate‑related Disclosures (AASB S2) adopted
by the Australian Accounting Standards Board and
the Corporations Act 2001.
Limitations, judgements, estimates
and assumptions
This Sustainability report may contain forward‑looking
statements, management judgements and estimates which
reflect AMP’s views and assumptions with respect to future
events as at the date of this report. Climate‑related disclosures
are subject to significant limitations, assumptions, and variables
due to known and unknown factors such as the nature of
climate outcomes, including time horizons over which those
could emerge, evolving regulatory developments, and other
variables (including those referred to in section 2 of this
report), many of which are beyond AMP’s control. In preparing
these disclosures, AMP has applied significant judgements
and assumptions, including, but not limited to the usage and
interpretation of climate‑related data, methodologies and
modelling employed in relation to estimating and calculating
emissions, and usage of data from third party sources
amongst other factors. Accordingly, actual outcomes may
differ materially from those expressed or implied in this
report. Forward-looking statements are not guarantees or
predictions of future events or performance. To the maximum
extent permitted by law, AMP makes no representation,
assurance, warranty, or guarantee, express or implied, and
disclaims all responsibility for the fulfilment, completeness,
reliability or likelihood of achievement of any forward‑looking
statements. AMP is under no obligation to update any
forward‑looking statements in this report, subject to applicable
disclosure requirements.
Table of contents
Sustainability report
72
Statement of compliance
72
Limitations, judgements, estimates
and assumptions
72
Section 1: Governance
73
1.1
Roles and responsibilities
74
1.2 Management committees
74
1.3 Management responsibilities
74
1.4 Management controls
and procedures
75
1.5 Board skills and experience
75
1.6 Executive remuneration
75
Section 2: Strategy
76
2.1 Our purpose: Helping people
create their tomorrow
76
2.2 Climate‑related risks
and opportunities
77
2.3 Current and anticipated
financial effects
79
2.4 Climate scenario analysis
80
2.5 Climate resilience
82
Section 3: Risk management
84
3.1 Risk process
84
Section 4: Metrics and targets
86
4.1 Greenhouse gas emissions
86
4.2 Other performance metrics
86
4.3 Internal carbon price
86
Directors’ declaration
87
Independent auditor’s review report
88
72
1
Section
Governance
The Board of Directors (the Board) is responsible for setting and overseeing AMP’s strategic direction, including
climate‑related risks and opportunities, through governance structures and risk management frameworks.
The Board, supported by the Board Risk and Compliance Committee (BRCC) and the Board Audit Committee (BAC), has
oversight of climate‑related matters. The BAC oversees the annual sustainability reporting process which is approved by the
Board. The CEO and Executive Committee (ExCo 1) manage and monitor AMP’s climate‑related risks and opportunities through
the Group Risk and Compliance Committee (GRCC), which comprises all members of the ExCo.
→ Further details about AMP’s governance structures are available in the 2025 Corporate Governance Statement.
The following diagram provides an overview of AMP’s climate‑related governance framework.
1 The ExCo is an executive management committee chaired by the Group Chief Executive Officer (CEO). ExCo is responsible for implementing
the policies and strategies approved by the Board and running the general operations and business of AMP.
Executive Committee
Responsible, with the CEO, for executing our strategic objectives and managing AMP’s operations
AMP Limited Board
(including Chief Executive Officer)
Oversees management of AMP for shareholders, approves the strategic plan and risk appetite
↑
↑
Group Risk and Compliance Committee
Responsible for the risk management framework and managing key risks, including climate‑related risks and opportunities
Board Risk and Compliance Committee
Oversees climate‑related risks and
opportunities of AMP
Board Audit Committee
Oversees climate‑related disclosures and
reporting of AMP
Supported by the Sustainability Steering Committee and Sustainability Working group
AMP’s climate‑related governance framework
73
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The Board has ultimate responsibility for the oversight of climate‑related risks and opportunities. In accordance with the Board
Charter, it is responsible for approving the following on an annual basis:
—
approving AMP’s risk management framework (including Risk Appetite Statement and Risk Management Strategy).
—
approving AMP’s approach to managing climate‑related risks and opportunities.
—
approving AMP’s annual Sustainability report, including climate‑related strategy.
To assist the Board in discharging its climate‑related responsibilities, the Board has delegated authority to the BAC and BRCC.
The BAC oversees the effectiveness of AMP’s financial reporting, audit processes, and risk management framework.
This includes managing climate‑related matters such as:
—
overseeing AMP’s annual sustainability reporting requirements (including the Sustainability report) and recommending
to the Board for approval on an annual basis.
—
overseeing independent audit and assurance processes over sustainability reporting.
The BRCC is responsible for overseeing the implementation and operation of AMP’s risk and compliance management
framework, its risk profile and appetite, including climate‑related matters, which include:
—
recommending AMP’s Risk Appetite Statement and Risk Management Strategy to the Board for approval
on an annual basis.
—
overseeing and monitoring climate‑related risks and opportunities.
—
reviewing material climate‑related targets and plans, recommending to the Board for approval, and overseeing progress
towards such targets and plans (as applicable).
—
approving the annual climate‑related risks and opportunities assessment each year.
1.2
Management committees
The GRCC comprising the CEO and all members of ExCo, facilitates the implementation of the risk management framework and
manages key risks facing AMP, including climate‑related risks and opportunities.
The GRCC discusses the climate‑related risks and opportunities assessment on an annual basis. This is then provided to
the BRCC for approval. This assessment considers AMP’s strategy with trade‑offs expressed through prioritising risks and
opportunities using inherent and residual risk ratings, determined by their relative impact on financial and non‑financial
outcomes to various stakeholder groups.
The GRCC is supported by the Sustainability Steering Committee and the Sustainability Working group. The Sustainability
Steering Committee provides oversight into the process of developing and implementing climate‑related reporting in
accordance with the AASB S2 requirements. This process is executed by the Sustainability Working group, which also manages
cross‑functional coordination and implementation of climate‑related initiatives. The Sustainability Steering Committee reviews
and provides feedback on the development of climate‑related disclosures at least on a quarterly basis, ensuring alignment
with strategic objectives and regulatory expectations.
1.3
Management responsibilities
The Board delegates day‑to‑day responsibility for assessing and managing climate‑related risks and opportunities to the CEO,
who is supported by a team of management executives with defined responsibilities for climate‑related matters. These roles
are summarised in the table overleaf.
While operational responsibility is delegated to management, the Board retains oversight through its committees, which
monitor climate‑related risks, opportunities, and progress, and provide updates to the Board as required.
1.1
Roles and responsibilities
Sustainability report – Governance
74
Role
Responsibilities
Chief Executive Officer
Implementation of the overall climate‑related strategies and reports to the AMP Board.
Chief Financial Officer
Ownership of financial results and financial reports of AMP, including climate‑related
mandatory disclosures.
Chief People, Sustainability
and Community Officer
Implementation of AMP’s enterprise‑wide sustainability strategy, including ownership of AMP’s
voluntary ESG disclosures (i.e. Sustainability supplement).
Chief Risk and
Legal Officer
Management of AMP’s Risk Management Strategy, framework and monitoring of the Risk
Appetite Statement, including climate‑related risks.
Chief Investment Officer
Oversees the integration of climate‑related considerations into AMP’s investment strategies,
ensuring that responsible investment practices are embedded across the investment function.
1.4
Management controls and procedures
Management’s oversight of climate‑related risks and opportunities is supported by controls and procedures relating to the
identification of climate‑related risks and opportunities through its Risk Management Strategy and monitoring performance
through regular reporting to management committees.
Climate risk is identified as a key material risk within the Risk Management Strategy and is therefore considered across all
internal functions. AMP’s risk management system allows for documentation of climate‑related risks, the controls or mitigating
actions that are in place, and the accountable owners. Management has procedures and systems in place for the data
collection and measuring of greenhouse gas emissions and oversight of the communication of this information externally.
1.5
Board skills and experience
AMP is dedicated to maintaining a Board whose members collectively bring an appropriate mix of skills, commitment and
diversity to support effective decision‑making on matters which include oversight of climate‑related risks and opportunities.
To support this, the Board has implemented a comprehensive skills matrix which outlines the combination of skills and
experience that the Board considers crucial, both at present and looking ahead. The matrix indicates the degree to which
skills and experiences are currently represented among Board members to enable the Board and its committees to fulfil the
responsibilities detailed in their respective charters. It is reviewed annually by the Nomination Committee and approved by
the Board to ensure its ongoing suitability. It is also reviewed for alignment with AMP’s strategy and periodically alongside
externally facilitated Board effectiveness reviews.
Each director completes a self‑assessment by rating their expertise against the skills matrix competency areas, which,
as relevant to climate reporting, assesses a director’s (i) ability to understand and analyse sustainability reports, including the
assessment of and responses to climate risks and opportunities, and to contribute to the oversight of the integrity of sustainability
record keeping and reporting; and (ii) experience in identifying, assessing and monitoring systemic, existing and emerging financial
and non‑financial risks, including environmental and social risks. Ratings are subsequently reviewed, and if required, adjusted
in consultation with the Board Chair. Board training, workshops and education sessions are provided to strengthen and sustain
the skills and knowledge necessary for directors to effectively discharge their duties as AMP directors.
→ The outcomes of the Board’s annual self‑assessment against the skills matrix are disclosed in the 2025 Corporate Governance Statement.
1.6
Executive remuneration
The Remuneration Committee at AMP is responsible for recommending and overseeing executive remuneration arrangements
at least annually to ensure they align with company objectives, risk considerations and regulatory requirements. Each year, the
Board sets key performance objectives on the AMP scorecard aligned to key results areas, including clear goals, metrics, and
targets for each purpose, which are detailed in AMP’s Remuneration report as part of the annual reporting suite.
AMP’s executive remuneration framework does not include direct climate‑related performance metrics. There is no linkage
between executive remuneration outcomes and climate‑related risks or opportunities at this time. The Board and Remuneration
Committee will continue to review and assess the measures within the remuneration framework to ensure alignment with AMP’s
strategic objectives and governance practices.
→ Further details of AMP’s remuneration approach can be found in the 2025 Remuneration report.
1.3
Management responsibilities continued
75
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2
Section
Strategy
Climate change is a global environmental and economic challenge that poses short and long‑term challenges for our business,
our customers, our members and the broader community. As a systemic issue for the global economy impacting all sectors,
industries and geographies, it is important that we incorporate climate considerations into our business activities. We consider
climate‑related risks and opportunities in the decision making process around our key business activities.
2.1
Our purpose: Helping people create their tomorrow
AMP is committed to helping Australians and New Zealanders retire with confidence. We deliver on this purpose through
four core businesses across Australia and New Zealand, each playing a distinct role in servicing the retirement needs of our
customers throughout wealth accumulation and decumulation.
Platforms
Platforms is a leading provider of superannuation, retirement and investment solutions, enabling advisers and their clients to
build a personalised investment portfolio on AMP’s award-winning North platform. North’s offering is particularly tailored to
focus on pre-retirees and retirees.
Superannuation & Investments
Superannuation & Investments (S&I) offers a market competitive super and pension solution across individual and corporate
super through one of the largest retail Master Trusts in Australia (AMP Super).
AMP Bank
AMP Bank offers residential mortgages, business financing, deposits and transaction banking services to mini businesses and
individual customers. The Bank continues to focus on growth through its digital channels, including the launch of AMP Bank GO
in February 2025 and the recent launch of its new broker platform for mortgage origination.
New Zealand Wealth Management
New Zealand Wealth Management provides customers with retirement coaching supported by the offering of diversified
wealth management solutions including KiwiSaver, corporate superannuation, retail investments and general insurance. It also
provides specialist financial coaching and advice under the enable.me and AdviceFirst brands.
Connecting our businesses
AMP’s enterprise strategy is to help Australians and New Zealanders retire with confidence. Our key innovations across the
enterprise to deliver against this strategy include:
—
Platforms’ suite of innovative retirement solutions for advisers and their clients on the North platform, including MyNorth
Lifetime Super and Pension products and North Guarantee investment options.
—
The recently launched Lifetime Super product and digital advice offer in AMP Super are designed to support members with
simpler needs with access to tools to support them plan for retirement.
—
AMP Bank has launched products focused on servicing the lending needs of Australians preparing for, or living in
retirement, notably the recently released 10‑year interest only mortgage.
Sustainability report – Strategy
76
2.2
Climate‑related risks and opportunities
AMP takes a considered approach in identifying and assessing climate‑related risks and opportunities that could reasonably
be expected to affect our prospects. This process combines qualitative, and where available, quantitative insights to
understand potential impacts on AMP’s business model.
Our assessment draws upon AMP’s existing risk management framework and climate scenario analysis supported by input from
internal stakeholders across multiple functions as well as external sources, including an external expert consulted as part of the
assessment. This process involves application of management judgement and assumptions to identify climate‑related risks and
opportunities that are most relevant to AMP and our stakeholders.
When defining our time horizons, we considered AMP’s existing decision‑making frameworks, including those used for credit
risk management as well as strategic and capital planning. This approach is consistent with how we manage risk and plan for
long‑term growth.
Short term 0–3 years
Medium term Over 3–15 years
Long term Over 15–30 years
Below is a summary of the climate‑related risks and opportunities that could have a material impact on our businesses over
the short, medium and long‑term time horizons, including their potential impact on our business model and value chain, as well
as the mitigation actions and strategic responses we are actively exploring to address them.
Physical risk
Physical climate‑related events impacting the value of assets due to geographical location
Description
Acute (e.g. bushfire, flooding) and chronic (e.g. rising sea levels) physical risks could adversely impact the
value of assets held by AMP.
Time horizon
Short term 0–3 years
Medium term Over 3–15 years
Long term Over 15–30 years
Potential impact
to AMP’s business
model
Increased credit risk and loss given default impacting AMP Bank’s mortgage book due to collateral devaluation.
Potential reduction in investment income and fund performance in our Australian and New Zealand wealth
management businesses due to extreme weather events and chronic climate impacts affecting companies
and sectors, particularly those not taking sufficient action to build resilience and adapt to climate change.
Potential impact to
AMP’s value chain
Tighter lending policies and reduced borrowing capacity for AMP Bank customers in high‑risk regions.
Heightened volatility in investment returns, particularly where assets lack sufficient resilience to withstand
or adapt to physical impacts of climate change potentially impacting members in our Australian and
New Zealand wealth management businesses.
Mitigation and
adaptation efforts
Credit lending policy at AMP Bank incorporates climate change within acceptable security requirements.
Any lending outside of policy requires higher delegation approval and is subject to stringent review to
assess credit risk.
Scenario analysis is partially integrated into the S&I strategic asset allocation process, leveraging external
climate modelling criteria, incorporating considerations for physical and transition risk.
Transition risk
Emerging climate regulations and compliance obligations
Description
Government policies and regulations may impose additional costs on underlying investment assets.
Additionally, failure to comply with regulations may lead to litigation and penalties, including potential
penalties associated with greenwashing.
Time horizon
Short term 0–3 years
Medium term Over 3–15 years
Long term Over 15–30 years
Potential impact
to AMP’s business
model
Increased operational and compliance costs.
Legal and financial risk from potential fines and penalties for non‑compliance.
Reputational risk.
Potential impact to
AMP’s value chain
Heightened regulatory scrutiny on climate disclosure, performance assessment and compliance.
Potential impact on shareholder value if climate‑related regulatory costs or compliance obligations
affect AMP’s financial performance or growth outlook.
Mitigation and
adaptation efforts
Ongoing focus on compliance with climate‑related disclosure regimes, reinforcing transparency
and credibility in managing regulatory risks.
Strengthen ESG governance and compliance processes.
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Transition risk
Investee companies and sectors fail to adapt to clean technology disruption and
decarbonisation trends
Description
There is risk from underperformance of sectors misaligned with decarbonisation and shifting investor
preferences to low‑carbon technologies.
Time horizon
Short term 0–3 years
Medium term Over 3–15 years
Long term Over 15–30 years
Potential impact
to AMP’s business
model
Decreased valuation of investment assets, including stranded assets.
Increased operational costs to integrate sophisticated climate risk assessment tools into investment
management processes.
Reduction in returns from investments in companies and sectors which are not taking action to transition
towards a lower‑carbon economy.
Potential impact to
AMP’s value chain
Slow adaptation to build climate resilience or evolve sustainable investment solutions could lead to
potential outflows or reduced inflows.
Mitigation and
adaptation efforts
Improving climate risk data and ongoing review of ESG integration into investment management processes.
Opportunity
Increased demand for
climate‑linked products
Diversification into climate transition
and resilient assets
Description
Investing in the development and offering of
climate‑linked products and sustainable options
on investment menus where supported by growing
market demand.
Investing in companies and projects that support
climate transition, energy efficiency, and physical
climate resilience enables AMP to diversify its
investment allocation while aligning with its
long‑term investment objectives, ESG objectives and
members’ best financial interests.
Time horizon
Short term 0–3 years
Medium term Over 3–15 years
Long term Over 15–30 years
Potential impact
to AMP
Access to new customer segments seeking sustainable and climate‑conscious financial solutions.
Strengthened market position in sustainable investments.
Enhanced product innovation and differentiation.
Potential for enhanced returns on investments benefitting from economic growth associated with the
transition to a lower‑carbon economy.
Potential benefits to
AMP’s value chain
Potential increase in availability of climate aware opportunities to invest in assets designed to withstand
climate‑related risks.
Access to innovative financial solutions aligned with climate goals.
Strategy
implications
Monitor and review current ESG and sustainability themed investment options on a regular basis.
Monitor market developments for new investment opportunities.
2.2
Climate‑related risks and opportunities continued
Sustainability report – Strategy
78
AMP has undertaken an assessment of the financial implications of climate‑related risks and opportunities identified in the
preceding section. Based on this assessment, climate‑related risks and opportunities have not had a material impact on AMP’s
financial position, financial performance, or cash flows for the current reporting period. Furthermore, we have not identified
any significant risk of material adjustment to the carrying amounts of assets and liabilities in the next annual reporting period.
At this stage, AMP has presented the anticipated effects mostly on a qualitative basis informed by a selective quantitative
analysis. Significant complexities within AMP’s value chain requires development of additional processes, data infrastructure
and third‑party arrangements, in order to undertake a more fulsome and granular quantitative analysis. AMP is currently
developing such processes and requirements to enable AMP to transition into more quantitative analysis in future periods.
Accordingly, our initial focus this year primarily has been on providing meaningful qualitative insights, with a view to expanding
our disclosures in future periods as our processes mature. The anticipated financial effects, taking into account AMP’s strategic
responses and mitigation initiatives, are presented in the table below.
Climate‑related risks and opportunities
Anticipated financial effects over short, medium and/or long‑term
Risk (physical): Physical
climate‑related events
impacting value of assets due to
geographical location
Time horizon:
Medium and long
The nature of AMP’s business as a financial services organisation does not directly
expose our business operations to industries, sectors or locations that are considered
highly exposed to climate‑related physical risks.
Our Platforms, S&I and New Zealand Wealth Management businesses manage
diversified and single sector investment portfolios on behalf of members that may
have exposure to climate-related physical risks through underlying investments. AMP
does not own these investments, hence the underlying assets are not recognised
on our balance sheet and do not have a direct impact on our financial position.
However, to understand the potential financial implications to AMP’s financial
performance arising from underlying investments’ exposure to such risks, an analysis
utilising third party datasets was undertaken on selected asset classes¹ in AMP Super
Fund. The analysis indicates there is no material revenue or profit impact to AMP
arising from such physical climate risks.
Our banking business does not provide business financing to potentially high‑risk
industries such as energy generation, mining or agriculture, thereby limiting any direct
exposure arising from those areas. To understand AMP’s exposure from residential
mortgages, we undertook an analysis of mortgages located in areas considered to
be in the elevated climate risk zone² utilising third party datasets. For this analysis two
physical risks (bushfire and flooding) were considered relevant. The analysis indicates
less than 0.5% of AMP’s residential mortgage book as at 31 December 2025 is located
in the elevated climate risk zone. Given the immaterial exposure of the mortgage
portfolio, any revenue or profit impact arising from such physical climate risks are not
considered material.
Risk (transition): Emerging climate
regulations and compliance
obligations
Time horizon:
Short and medium
The impacts from these risks are expected to evolve as regulatory frameworks mature
and become more defined. Based on the current estimation, the impact, without
consideration of mitigating actions, includes elevated provisioning and compliance
costs driven by policy changes. Additionally, increased capital and operational
expenditure to meet regulatory requirements could result in higher costs, although
these will be aimed at enhancing long‑term resilience and regulatory alignment.
AMP’s enhanced focus on regulatory compliance, and continuing monitoring of
changes in the regulatory landscape for future compliance obligations are expected
to mitigate any potential material impact. On current assessment, impact from these
risks is not expected to be material.
2.3
Current and anticipated financial effects
1 Asset classes selected for this analysis covers approximately 75% of AMP Super Fund’s FUM (funds under management) of $56.8 billion
as at 31 December 2024. Asset classes not included primarily consist of investments in private markets, cash and term deposits and
government bonds. For the avoidance of doubt, this analysis does not include the Wealth Personal Superannuation and Pension Fund.
2 For the purpose of this analysis, the elevated climate risk zone identified by AMP included approximately 100 suburbs across Australia.
These suburbs were selected based on our analysis of third party datasets. The impact identified reflects AMP’s exposure within this zone,
which is limited to a subset of these suburbs.
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Climate‑related risks and opportunities
Anticipated financial effects over short, medium and/or long‑term
Risk (transition):
Investee companies and
sectors fail to adapt to
clean technology disruption
and decarbonisation trends
Time horizon:
Medium and long
In the medium to long term, AMP could be exposed to reduced returns as
carbon‑intensive assets underperform in response to accelerating clean technology
adoption and decarbonisation policies. The risk of stranded assets could potentially
increase, leading to portfolio devaluation and lower overall returns if investment
strategies do not adapt to these structural market shifts. AMP’s ongoing review and
monitoring of ESG‑ and sustainability‑themed investment options as well as continuing
integration of sustainability inputs into investment management processes are
expected to mitigate any potential material impact. On current assessment, impact
from this risk is not expected to be material.
Opportunity:
Increased demand for
climate‑linked products
Time horizon:
Medium
Growing demand for climate‑linked products could support revenue growth through
offering sustainability themed investment options/products, resulting in improved
customer acquisition and retention. Over time, this opportunity could enhance
AMP’s market share and provide investment opportunities to strengthen portfolio
resilience, supporting long‑term value creation and competitive positioning
in sustainable investments.
Opportunity:
Diversification into climate transition
and resilient assets
Time horizon:
Medium
Diversifying into assets with embedded climate mitigation or adaptation strategies—
those positioned to benefit from the climate and energy transition, as well as resilient
assets—can help protect and potentially enhance portfolio returns and reduce return
volatility. Allocating to such assets also mitigates exposure to carbon‑intensive
sectors and supports stable, long‑term value creation through increased investment in
resilient industries.
2.4
Climate scenario analysis
Scenario analysis is a structured process used to explore a range of plausible future events, helping to assess the resilience
of our business model in the face of climate‑related risks and opportunities. There are limitations with scenario analysis,
which relies on assumptions that may or may not eventuate. Scenarios are not indications of probable outcomes and may be
impacted by additional factors to the assumptions disclosed. In 2025, AMP has undertaken a climate scenario analysis using
two scenarios to provide insight into the potential impact of climate change on our business under different climate futures.
These scenarios were selected in alignment with the requirements of AASB S2 and the Corporations Act 2001 to capture both
transition risks, arising from the global shift to a low‑carbon economy, and physical risks, resulting from the direct impacts
of climate change. The selection process was informed by peer benchmarking, industry research, and input from internal
stakeholders across AMP.
Our current scenario modelling has been conducted primarily on a qualitative basis, supplemented by selective quantitative
analysis where appropriate. The complexity of AMP’s value chain presents challenges to undertaking a fulsome and meaningful
quantitative approach, highlighting the need to further develop our modelling processes, data infrastructure and external
support arrangements. Efforts are currently underway to strengthen these elements to enable AMP to progressively enhance
our disclosures in future reporting periods. Accordingly, our initial focus this year primarily has been on providing meaningful
qualitative insights, with the intention to expand our disclosures in future periods as our processes mature.
Scenario
Net zero by 2050 scenario
High emissions scenario
Scenario details
Scenario narratives
In line with the Paris Agreement and reflects
a future where ambitious global action
limits warming to 1.5°C. It assumes rapid
decarbonisation, strong policy intervention,
technological innovation, and significant market
and consumer behaviour shifts.
This scenario typically assumes rapid, concerted
global efforts to reduce greenhouse gas emissions
across all sectors, leading to near‑zero net
emissions between 2050 and 2070.
This scenario represents a world where global
mitigation efforts fall short, and greenhouse
gas emissions continue to rise. This scenario
assumes only the currently implemented policies
are preserved, leading to high physical risks.
It implies limited technological breakthroughs
in decarbonisation and continued reliance on
fossil fuels.
Scenario
temperature
alignment 2100 1
+1.5°C
+3°C
Sustainability report – Strategy
2.3
Current and anticipated financial effects continued
1 The +1.5°C and +3°C scenarios represent projected increases in global average temperature relative to pre‑industrial levels.
80
Scenario
Net zero by 2050 scenario
High emissions scenario
Rationale for
selection
This scenario envisions an orderly transition of
the world economy to net zero by 2050 whereby
the world embarks on a transformative journey
towards a sustainable future. It envisions a rapid
shift to a low‑carbon economy, driven by the
collective efforts of governments, businesses,
and consumers. Decarbonisation rates soar as
coordinated emissions reduction actions and
interventions take centre stage. As a result, this
scenario could result in significant transition risks
as well as some opportunities.
This scenario explores physical risks to inform
understanding of the more pronounced impacts
of physical climate hazards, which increase
towards the end of the century. The world faces
unprecedented changes in social, economic, and
technological trends. Erratic development and
income growth cause severe setbacks in many
regions, with less socio‑economically mature
nations especially affected.
Key data sources
NGFS 1: Net zero 2050
IPCC 2: Shared socio‑economic pathway (SSP 1‑1.9)
IEA 3: Net zero emissions by 2050
NGFS: Current policies
IPCC: Shared socio‑economic pathway (SSP 5‑8.5)
RCP: Representative concentration
pathway (RCP8.5)
Key scenario
characteristics
Significant and rapid transformation of the
economy due to the shift away from fossil fuels.
Rapid emissions decline to reach net zero
by 2050; fast tech adoption (renewables,
electrification), medium‑high use of carbon
dioxide removal technologies.
Ambitious policies cause short‑term
GDP impacts but foster inclusive and
climate‑resilient development.
Continued emissions growth, roughly doubling by
2050 compared to 2020, under limited policies.
Fossil fuel‑driven economy with slow
technology transition and low carbon dioxide
removal adoption.
High‑growth overshadowed by severe climate
disruptions and decreased labour productivity.
Key assumptions
Climate‑related
policies
Ambitious climate policies, including rising carbon
prices, sectoral emissions budgets, mandatory
energy efficiency standards (e.g. NCC 4 2022/2025,
NatHERS 5 7‑star), and electrification targets.
Only current policies are maintained, with limited
new mitigation measures.
Macroeconomic
trends
This scenario models short‑term economic
adjustment followed by long‑term growth driven by
clean energy investment and productivity gains.
Continued economic growth but rising costs from
physical climate impacts. GDP, inflation, and
interest rates are modelled using the NGFS and
IPCC frameworks.
National/regional
variables
In this scenario, physical climate impacts are
moderate and largely manageable, with
increased but stabilised heatwaves, sea level rise,
and weather variability. Based on IPCC SSP1‑1.9,
global emissions peak early and decline rapidly,
limiting long‑term damage to ecosystems and
infrastructure. Other variables are taken from
NGFS Scenarios.
This scenario reflects severe and escalating
physical risks, including extreme heat, widespread
drought, coastal inundation, and ecosystem
collapse, consistent with IPCC SSP5‑8.5. Other
variables are taken from NGFS Scenarios.
Energy usage and
energy mix
Rapid electrification and a shift to renewables,
with >98% renewable energy by 2050 and ACCU 6
prices rising to $420/tCO2‑e.
Continued reliance on fossil fuels and slow
adoption of clean energy, with incremental energy
efficiency improvements.
Technology
developments
Accelerated innovation in renewables,
energy efficiency, carbon capture and storage,
and digitalisation.
Limited technological progress and continued
reliance on legacy infrastructure.
1 NGFS: Network for Greening the Financial System.
2 IPCC: Intergovernmental Panel on Climate Change.
3 IEA: International Energy Agency.
4 NCC: National Construction Code.
5 NatHERS: Nationwide House Energy Rating Scheme.
6 ACCU: Australian Carbon Credit Unit.
2.4
Climate scenario analysis continued
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The climate‑related risks and opportunities have been categorised by the scenario under which each risk and opportunity
is likely to cause the most significant impact to our business. The respective time horizon through which these impacts could
emerge is also outlined.
Time horizon
Scenarios
Climate risk or opportunity
Impact type
Short
Medium
Long
Net zero by 2050
scenario (+1.5°C)
Emerging climate regulations and
compliance obligations
Transition risk
Investee companies and sectors fail to
adapt to clean technology disruption and
decarbonisation trends
Transition risk
High emissions
scenario (+3°C)
Physical climate‑related events impacting the
value of assets due to geographical location
Physical risk
Net zero by 2050
scenario (+1.5°C)
Increased demand for climate‑linked products
Opportunity
Diversification into climate transition and
resilient assets
Opportunity
2.5
Climate resilience
AMP recognises the need to build resilience to climate‑related risks and continues to explore ways to embed adaptation and
resilience within our strategy while continuing to identify opportunities that drive long‑term sustainability.
Implications on strategy and business model
Our business strategy includes actions which mitigate against climate (and other) risks including but not limited to:
—
Partial integration of climate considerations into the S&I strategic asset allocation process and providing specialist
sustainable investment offerings more broadly.
—
Assessment of investments within our wealth management businesses that are likely to benefit from the energy transition.
—
Restricting our business lending activity to avoid potentially high‑risk sectors.
Climate scenario analysis helps AMP understand the possible impact of varying climate situations over short, medium and
long‑term time horizons and inform consideration of appropriate future actions. As we continue to mature our approach
to climate scenario analysis to better inform how we integrate and manage climate‑related risks across our businesses,
operations and value chain, we are actively exploring ways to embed sustainability into our business model and business
activities by continuing integration of ESG considerations across lending and investment offerings, strengthening sustainability
governance of emerging compliance requirements and enhancing climate‑related disclosures. These actions strengthen AMP’s
long‑term resilience and position our business to respond to emerging regulatory expectations, stakeholder demands, and
market opportunities associated with climate change. As detailed in section 2.3, climate-related physical risks do not have any
material revenue or profit impact on AMP over the time horizons considered. Additionally, in respect of transition risks, AMP’s
current policies and future planned actions are expected to mitigate any potential material impacts in future periods.
Sustainability report – Strategy
2.4
Climate scenario analysis continued
82
2.5
Climate resilience continued
Significant areas of judgements and uncertainties considered in the assessment of
climate resilience
As part of the climate resilience assessment, AMP has used scenario analysis to evaluate key areas of uncertainty that could
impact our ability to adapt and respond to the climate‑related risks and opportunities identified. These uncertainties are
critical in understanding how climate scenarios may impact our business model and business strategy.
The scenario analysis explored a range of plausible climate futures, including both transition and physical risk pathways. Through
this process, AMP identified several significant areas of uncertainty that could influence our resilience and strategic response
including areas where judgements have been applied:
—
Policy and regulatory change: There is uncertainty around the timing, scope, and enforcement of climate‑related
regulations, including evolving sustainability related disclosure requirements.
—
Market dynamics and technology adoption: The pace of innovation and uptake of low‑emissions technologies, as well as
shifts in consumer and investor expectations, could materially affect our product offerings and investment decisions.
—
Physical climate impacts: There is variability in the frequency and severity of extreme weather events, which may
potentially disrupt operations, asset values, and customer outcomes.
—
Economic and social transitions: Broader macroeconomic impacts, including inflationary pressures, labour market shifts,
other structural economic changes, and social adaptation challenges could influence AMP’s operating environment and
strategic priorities.
Capacity to adapt AMP’s strategy and business model to address climate change challenges
Our capacity to remain resilient to climate change depends on our ability to adapt our strategy and business model
to emerging challenges and priorities including climate change. This capability enables us to respond should risks and
opportunities change due to shifting global actions, regulatory developments, and stakeholder expectations. AMP’s approach
to climate resilience includes maintaining financial flexibility to support strategic pivots, assessing the potential to redeploy or
repurpose assets where appropriate, and investing in business capability to develop climate‑related mitigation, adaptation,
and opportunity areas. These capabilities collectively support our long‑term sustainability and ability to navigate an evolving
climate landscape.
Financial flexibility
Our approach to capital management provides us with the financial flexibility, as and when needed, to respond to unforeseen
events including climate‑related developments. This includes the ability to reallocate funding across business units, adjust
investment strategies, and support financially attractive opportunities aligned with a low‑carbon economy.
Redeploying, repurposing and upgrading existing assets
As a financial services organisation, AMP does not directly own and operate physical assets in industries, sectors or locations
that are considered highly exposed to climate‑related physical or transition risks. Accordingly, we do not currently anticipate a
need for extensive redeployment or repurposing of assets. However, we remain prepared to reassess such actions if required.
Investment in climate‑related mitigation, adaptation and opportunities
AMP continues to invest in building capability and climate‑related initiatives that support both mitigation and adaptation.
We continue to evolve our approach to managing climate risk in our banking and wealth management businesses.
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3
Section
Risk management
To support risk management, AMP has a Risk Management Framework which comprises of our Strategy and Business Plans,
the Risk Management Strategy, our Risk Appetite Statement, and supporting policies and practices that guide consistent risk
oversight across the organisation. Climate‑related physical and transition risks are integrated within the Risk Management
Framework along with other material risk types. AMP follows a holistic approach to identifying, assessing, prioritising and
monitoring risks.
While the framework applies enterprise‑wide, business units have a standalone Risk Management Strategy, to address
regulatory requirements, which builds on the AMP framework with additional provisions as required.
3.1
Risk process
The process for identifying, assessing, prioritising and monitoring climate‑related risks and opportunities is as follows:
Monitoring
Prioritisation
Assessment
Identification
Identification
Risk and opportunity identification is the key mechanism for understanding internally generated and externally influenced
factors that might impact our business. Risks and opportunities are identified through several mechanisms, including risk
profiling, stress testing, scenario analysis, stakeholder engagement and horizon scanning.
The AMP Risk Taxonomy articulates the material risk types and risk statements that have an impact, whether financial or
non‑financial, on AMP. This allows for a consistent way for AMP entities and functions to identify, classify and report on risks
across the business. The taxonomy is regularly reviewed and updated to ensure that it remains relevant. Climate‑related risk
is defined as a material risk type in the AMP Risk Taxonomy to capture the potential impacts both physical and transition risks
may have on our business.
AMP has identified a long list of climate‑related risks and opportunities, informed by a range of internal and external inputs
including two climate scenario analyses conducted across three time horizons as detailed in section 2.4.
The following internal and external inputs were considered during the identification process:
Internal inputs
External inputs
Value chain modelling
Materiality framework
Scenario analyses
Risk Appetite Statement
Risk Management Strategy
External climate scenarios
Peer reviews
TCFD defined examples of climate‑related
risks and opportunities
ASIC RG280
Consultation with external expert
Sustainability report – Risk management
84
Assessment
For each identified climate‑related risk and opportunity, AMP assesses its likelihood and impact using an internally developed
framework to determine a qualitative risk rating and/or to inform any potential financial exposure. Each risk is evaluated on
both an inherent basis (without consideration of mitigation treatments) and then a residual basis (after application of risk
treatments or associated controls).
Prioritisation
Once a risk has been identified and assessed for materiality, it is prioritised based on its residual risk rating and risk appetite set
annually by the Board. The risk appetite is formally documented in the Risk Appetite Statement and reflects the level of risk AMP
is willing to accept in pursuit of our strategic objectives. It is designed to align risk‑taking with AMP’s business strategy, capital
planning, and broader business planning.
Climate‑related opportunities are prioritised based on their potential impact, feasibility and alignment with AMP’s strategic
objectives. Opportunities are evaluated based on their relevance to AMP’s core business operations, stakeholder interest and
potential to drive long‑term value creation.
Prioritisation outcomes are reviewed and approved by the Board, ensuring governance oversight and integration into AMP’s
broader risk management.
Monitoring
Risks are monitored on an ongoing basis to ensure that they are managed within appetite. This includes the consideration
of any emerging risks, compliance with our legal and prudential obligations, the impact of any risk events or issues and the
results of controls testing. As part of the ongoing monitoring process, risks are tested under stress scenarios to assess the
ability of AMP to withstand plausible yet extreme conditions. Where a risk exceeds the defined appetite, a risk response plan is
implemented to bring it within acceptable levels.
Opportunities are monitored through performance tracking of current investments and continuing assessment of market trends.
This approach enables AMP to identify and harness opportunities that support the achievement of its climate objectives and
contribute to long‑term organisational growth.
3.1
Risk process continued
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4
Section
Metrics and targets
The following outlines AMP’s climate‑related metrics and targets.
4.1
Greenhouse gas emissions
AMP seeks to minimise emissions from operational activities
where practicable and offsets residual emissions by
purchasing and retiring Australian Carbon Credit Units
and Verified Carbon Standard offsets. Since 2013, we have
offset our annual operational Scope 1 and 2 emissions, as
well as Scope 3 1 emissions associated with business travel.
We have measured our operational emissions (Scope 1
and Scope 2) per the Greenhouse Gas Protocol. Further
information regarding our Scope 1 and Scope 2 greenhouse
gas emissions methodology, assumptions and exclusions can
be found in section 1, section 2.1 and sections 3.1, 3.2 and 3.3
in AMP’s 2025 Greenhouse gas reporting criteria.
AMP greenhouse gas performance summary
Metric
Unit
2025 2,3
Scope 1
Fuel and natural gas
tCO2‑e
53
Scope 2
Location‑based
tCO2‑e
1,200
Market‑based 4
tCO2‑e
381
4.2
Other performance metrics
As a financial services organisation operating primarily in the capital cities of Australia and New Zealand, AMP does not have
direct operations in industry, sectors or locations that are considered highly exposed to climate‑related physical or transition
risks. While our Australian and New Zealand wealth management businesses manage diversified and single sector investment
portfolios on behalf of members that may have exposure to such risks through underlying investments, AMP does not own these
investments and hence there is no direct impact on our financial position as the underlying assets are not recognised in AMP’s
balance sheet in accordance with the requirements of accounting standards. Additionally, AMP Bank does not provide business
financing to industries typically associated with elevated climate risk, and therefore has limited direct exposure there. To better
understand our exposure to physical climate risks in respect of the residential mortgage portfolio, we have conducted a
vulnerability assessment of the portfolio using suburb‑level data to identify areas potentially exposed to climate‑related
hazards. Further details of this assessment are provided in section 2.3.
4.3
Internal carbon price
Internal carbon pricing is used within AMP’s scenario analysis and in respect of our decisions on carbon offset purchases. In
relation to the purchase of carbon credits to offset the unavoidable carbon emissions of AMP, the internal carbon price of $34/
tCO2‑e is applied. The high emissions scenario assumes a global carbon price of $34/tCO2‑e in 2025, decreasing to $27/tCO2‑e
by 2050. On the other hand, the net zero by 2050 scenario assumes a price of $34/tCO2‑e carbon price in 2025, increasing to
$138/tCO2‑e by 2050.
Sustainability report – Metrics and targets
1 AMP has adopted the transitional relief provided under AASB S2 paragraph C4(b), which permits entities not to disclose Scope 3 greenhouse
gas emissions in their first annual reporting period applying AASB S2. While this exemption applies to our mandatory disclosures, AMP
has voluntarily reported selected categories of Scope 3 greenhouse gas emissions in the “Managing our own operations” section of the
Sustainability supplement to provide additional transparency.
2 AMP has adopted the transitional relief provided under AASB S2 paragraph C3, which provides an exemption from disclosing comparative
information in the first annual reporting period in which it applies AASB S2.
3 Scope 1 and Scope 2 market‑based greenhouse gas emissions are presented post-consideration of green energy purchased, and
pre‑consideration of carbon offsets purchased and retired subsequent to the reporting period.
4 AMP New Zealand Wealth Management holds a contract with Ecotricity for electricity supply to its New Zealand offices where electricity
consumption is matched with renewable electricity on an annualised basis. Associated emissions are measured, minimised and offset, and
independently verified by Toitū Envirocare.
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Directors’ declaration
under section 296A of the Corporations Act 2001 for the year ended 31 December 2025
The directors of AMP Limited declare that:
In the opinion of the directors:
The consolidated entity has taken reasonable steps to ensure the substantive provisions of the Sustainability report for the year
ended 31 December 2025 are in accordance with the Corporations Act 2001, including complying with:
(i) the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures, and any further requirements
contained in section 296C(2); and
(ii) the requirements of the climate statement disclosures contained in section 296D.
This declaration is made in accordance with a resolution of the directors pursuant to section 296A(6) of the Corporations Act
2001 as modified by section 1707C(2).
Mike Hirst
Chair
Alexis George
Chief Executive Officer and Managing Director
Sydney, 12 February 2026
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Conclusion
We have conducted a review of the following information in the Sustainability Report of AMP Limited (“the Company”) and
its subsidiaries (collectively “the Group”) for the year ended 31 December 2025 (the ‘selective sustainability information’)
as required by Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in
Sustainability Reports under the Corporations Act 2001 issued by the Auditing and Assurance Standards Board (AUASB):
Selective sustainability information
Criteria: Reporting requirement
of AASB S2 Climate-related Disclosures
(AASB S2) (including related general
disclosures required by Appendix D)
Location in Sustainability Report
Governance
Paragraph 6
Sections 1.1 to 1.6 on pages 74 to 75
Strategy (risks and opportunities)
Subparagraphs 9(a), 10(a) and 10(b)
Section 2.2 on pages 77 to 78
Scope 1 and 2 emissions
Subparagraphs 29(a)(i)(1) to (2) and
29(a)(ii) to (v)
Section 4.1 on page 86 and section
“Sustainability report” on page 72
The requirements of AASB S2 identified in the table above form the criteria relevant to the selective sustainability information
and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the Act).
We have not become aware of any matter in the course of our review that makes us believe that the selective sustainability
information specified in the table above does not comply with Division 1 of Part 2M.3 of the Corporations Act 2001.
Basis for conclusion
Our review has been conducted in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General
Requirements for Sustainability Assurance Engagements (ASSA 5000) issued by the AUASB. Our review includes obtaining
limited assurance about whether the selective sustainability information is free from material misstatement.
In applying the relevant criteria, we note that subsection 296C(1) of the Act includes a requirement to comply with AASB S2.
Our conclusion is based on the procedures we have performed and the evidence we have obtained in accordance with ASSA
5000. The procedures in a review vary in nature and timing from, and are less in extent than for, an audit. Consequently, the
level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an audit
been performed. See the Summary of the Work performed section of our report.
Our responsibilities under ASSA 5000 are further described in the Auditor’s responsibilities section of our report.
We are independent of the Group in accordance with the auditor independence requirements of the Act and the ethical
requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the
Accounting Professional & Ethical Standards Board Limited (November 2018 incorporating all amendments to June 2024) (the
Code) that are relevant to reviews of the selective sustainability information of public interest entities in Australia. We have also
fulfilled our other ethical responsibilities in accordance with these requirements and the Code.
Our firm applies Australian Standard on Quality Management ASQM 1 Quality Management for Firms that Perform Audits or
Reviews of Financial Reports and Other Financial Information or Other Assurance or Related Services Engagements, which
requires the firm to design, implement and operate a system of quality management, including policies and procedures
regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Independent auditor’s review report
to the members of AMP Limited
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au
88
Other information
The directors of the Group are responsible for the other information. The other information comprises the Group’s Annual
Report, including the Financial Report and the Sustainability Report, but does not include the selective sustainability
information and our review report thereon.
Our conclusion on the selective sustainability information does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our review of the selective sustainability information, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the selective
sustainability information, or our knowledge obtained when conducting the review, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities for the selective sustainability information
The directors of the Group are responsible for:
—
The preparation of the selective sustainability information in accordance with the Act; and
—
Designing, implementing and maintaining such internal control necessary to enable the preparation of the selective
sustainability information, in accordance with the Act that is free from material misstatement, whether due to fraud or error.
Inherent limitations
As discussed on page 72, 80 to 83 of the Sustainability Report, climate-related risk management is an emerging area, and
often uses data and methodologies that are developing and uncertain. The Sustainability Report contains forward looking
statements, including climate-related scenarios, targets, assumptions, climate projections, forecasts, statements of future
intentions and estimates and judgements that have not yet occurred and may never occur. We do not provide assurance on the
achievability of this prospective information.
Greenhouse gas emissions quantification is subject to significant measurement uncertainty, which arises because of incomplete
scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. The
comparability of sustainability information between entities and over time may be affected by inconsistencies in the methods to
estimate or measure those emissions, due to different, but acceptable, methods applied.
Auditor’s responsibilities
Our objectives are to plan and perform the review to obtain limited assurance about whether the selective sustainability
information, defined in the Conclusion section of our report, is free from material misstatement, whether due to fraud or error,
and to issue a review report that includes our conclusion. Misstatements can arise from fraud or error and are considered
material if, individually or in aggregate, they could reasonably be expected to influence decisions of users taken on the basis of
the selective sustainability information.
As part of a review in accordance with ASSA 5000, we exercise professional judgement and maintain professional scepticism
throughout the engagement. We also:
—
Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement,
to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for
the purpose of providing a conclusion on the effectiveness of the entity’s internal control.
—
Design and perform procedures responsive to assessed risks of material misstatement at the disclosure level. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Independent auditor’s review report
to the members of AMP Limited
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
89
Overview
Directors’ report
Business review
Sustainability report
Financial report
Additional information
AMP 2025 Annual report
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Summary of the work performed
A review is a limited assurance engagement and involves performing procedures to obtain evidence about the selective
sustainability information. The nature, timing and extent of procedures selected depend on professional judgement, including
the assessed risks of material misstatement at the disclosure level, whether due to fraud or error.
In conducting our review, the procedures we performed included, but were not limited to:
—
Considered the completeness of the Group’s assessment of climate-related risks and opportunities
—
Conducted interviews with key personnel to understand the process for collecting, collating and reporting the selective
sustainability information during the reporting period
—
Read minutes of relevant committees to understand matters discussed and decisions made with respect
to climate‑related disclosures
—
Assessed the appropriateness of the reporting boundaries applied
—
Undertook analytical review procedures to support the reasonableness of the selective sustainability information
—
Evaluated the appropriateness of emission factors applied in the greenhouse gas emission processes
—
Agreed the selective sustainability information disclosures made in the Sustainability report with the underlying records
—
Evaluated the presentation and disclosure of the selective sustainability information against the requirements of AASB S2.
Ernst & Young
Anita Kariappa
Partner
Sydney
12 February 2026
Independent auditor’s review report
to the members of AMP Limited
90
Table of contents
Main statements
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
92
93
94
95
97
About this report
Understanding the AMP financial report
Basis of consolidation
Material accounting policies
Critical accounting estimates and judgements
98
98
99
99
Section 1:
Results for the year
1.1 Segment performance
1.2 Other operating expenses
1.3 Earnings per share
1.4 Taxes
1.5 Dividends
100
104
105
106
108
Section 2:
Loans and advances,
investments, intangibles and
working capital
2.1 Loans and advances
2.2 Investments in other financial assets and liabilities
2.3 Intangibles
2.4 Other assets
2.5 Receivables
2.6 Payables
2.7 Fair value information
109
112
114
115
116
116
117
Section 3:
Capital structure and
financial risk management
3.1 Contributed equity
3.2 Interest-bearing liabilities
3.3 Financial risk management
3.4 Derivatives and hedge accounting
3.5 Capital management
122
123
124
131
134
Section 4:
Employee disclosures
4.1 Defined benefit plans
4.2 Share-based payments
135
139
Section 5:
Group entities
5.1 Controlled entities
5.2 Investments in associates
5.3 Parent entity information
5.4 Related party disclosures
144
145
145
147
Section 6:
Other disclosures
6.1 Notes to the Consolidated statement of cash flows
6.2 Commitments
6.3 Right of use assets and lease liabilities
6.4 Provisions, contingent liabilities and contingent assets
6.5 Auditor’s remuneration
6.6 New accounting standards and other developments
6.7 Events occurring after reporting date
149
150
150
152
154
154
155
Consolidated entity disclosure statement
156
Directors’ declaration
158
Independent auditor’s report
159
Financial report
for the year ended 31 December 2025
91
Overview
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Sustainability report
Financial report
Additional information
AMP 2025 Annual report
2025
2024
Note
$m
$m
Fee revenue
1.1(c)
869
856
Interest income using the effective interest method
1,610
1,660
Other interest income
75
185
Share of profit from associates
103
84
Movement in guarantee liabilities
4
7
Other income
1.1(c)
150
77
Total revenue
2,811
2,869
Fee related expenses
(149)
(148)
Staff and related expenses
(487)
(467)
Finance costs
(1,453)
(1,608)
Other operating expenses
1.2
(482)
(382)
Other investment losses
(15)
(22)
Total expenses
(2,586)
(2,627)
Profit before tax
225
242
Income tax expense
1.4(a)
(92)
(62)
Profit after tax from continuing operations
133
180
Loss after tax from discontinued operations 1
–
(30)
Profit for the year
133
150
Earnings per share
cents
cents
Basic
1.3
5.3
5.7
Diluted
1.3
5.2
5.6
Profit per share from continuing operations
Basic
1.3
5.3
6.9
Diluted
1.3
5.2
6.8
1
Comparative amount relates to loss from Advice business which was sold in 2024.
Consolidated income statement
for the year ended 31 December 2025
92
2025
2024
Note
$m
$m
Profit for the year after tax from continuing operations
133
180
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Fair value reserve
— net loss on fair value reserve
(23)
(29)
— tax effect on fair value reserve
7
9
— net amount transferred to profit or loss for the year
1
17
— tax effect on amount transferred to profit or loss for the year
–
(5)
Total fair value reserve
(15)
(8)
Cash flow hedges
— net gain/(loss) on cash flow hedges
53
(27)
— tax effect on cash flow hedges
(16)
(3)
— net amount transferred to profit or loss for the year
(17)
(72)
— tax effect on amount transferred to profit or loss for the year
5
21
Total cash flow hedges
25
(81)
Translation of foreign operations and revaluation of hedge of net investments
(2)
22
Total translation of foreign operations and revaluation of hedge of
net investments
(2)
22
Defined benefit plans
— actuarial gains
4.1(a)
46
61
— tax effect on actuarial gains
(14)
(15)
Total defined benefit plans
32
46
Total other comprehensive income/(loss) for the year from continuing operations
40
(21)
Total comprehensive income for the year from continuing operations
173
159
Loss for the year from discontinued operations 1
–
(30)
Other comprehensive loss for the year from discontinued operations
–
–
Total comprehensive loss for the year from discontinued operations
–
(30)
Total comprehensive income for the year
173
129
1
Comparative amount relates to loss from Advice business which was sold in 2024.
Consolidated statement of comprehensive income
for the year ended 31 December 2025
93
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Additional information
AMP 2025 Annual report
2025
2024
Note
$m
$m
Assets
Cash and cash equivalents
1,247
1,269
Receivables
2.5
526
557
Other financial assets
2.2
6,232
5,897
Current tax assets
7
4
Loans and advances
2.1(a)
24,246
23,423
Investments in associates
5.2
878
839
Right of use assets
6.3(a)
212
239
Deferred tax assets
1.4(b)
491
602
Intangibles
2.3
225
219
Other assets
2.4
40
53
Defined benefit plan asset
4.1(a)
108
59
Total assets
34,212
33,161
Liabilities
Payables
2.6
263
243
Current tax liabilities
–
5
Employee benefits
104
108
Other financial liabilities
2.2
136
179
Provisions
6.4
290
233
Interest-bearing liabilities
3.2
29,183
28,202
Lease liabilities
6.3(b)
454
498
Deferred tax liabilities
1.4(b)
17
16
Guarantee liabilities
21
25
Total liabilities
30,468
29,509
Net assets
3,744
3,652
Equity
Contributed equity
3.1
4,420
4,420
Reserves
858
763
Accumulated losses
(1,534)
(1,531)
Total equity
3,744
3,652
Consolidated statement of financial position
as at 31 December 2025
94
Equity attributable to shareholders of AMP Limited
Contributed
equity
Share-
based
payment
reserve
Profits
reserve 1
Fair
value
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
and hedge
of net
investments
reserves
Equity
transaction
reserve 2
Total
reserves
Accumulated
losses
Total
equity
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
2025
Balance at the beginning of the year
4,420
122
599
(79)
58
89
(26)
763
(1,531)
3,652
Profit from continuing operations
–
–
–
–
–
–
–
–
133
133
Other comprehensive (loss)/income from
continuing operations
–
–
–
(15)
25
(2)
–
8
32
40
Total comprehensive (loss)/income
–
–
–
(15)
25
(2)
–
8
165
173
Share-based payment expense
11
–
–
–
–
–
11
–
11
Share purchases
–
(12)
–
–
–
–
–
(12)
–
(12)
Transfers to profits reserve
–
–
164
–
–
–
–
164
(164)
–
Dividends paid
–
–
(76)
–
–
–
–
(76)
–
(76)
AMP Foundation charitable distribution
–
–
–
–
–
–
–
–
(4)
(4)
Balance at the end of the year
4,420
121
687
(94)
83
87
(26)
858
(1,534)
3,744
1
The profits reserve represents profits of AMP Limited transferred to a separate reserve to preserve their profit character. Such profits are available to enable payment of dividends in future years.
2 The equity transaction reserve represents gains and losses attributable to AMP Limited shareholders on equity transactions with the owners of non-controlling interests in controlled entities, where applicable.
Consolidated statement of changes in equity
for the year ended 31 December 2025
95
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AMP 2025 Annual report
Equity attributable to shareholders of AMP Limited
Contributed
equity
Share-
based
payment
reserve
Profits
reserve 1
Fair value
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
and hedge
of net
investments
reserves
Equity
transaction
reserve 2
Total
reserves
Accumulated
losses
Total
equity
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
2024
Balance at the beginning of the year
4,664
120
22
(71)
139
67
(34)
243
(1,021)
3,886
Profit from continuing operations
–
–
–
–
–
–
–
–
180
180
Loss from discontinued operations 3
–
–
–
–
–
–
–
–
(30)
(30)
Other comprehensive (loss)/income from
continuing operations
–
–
–
(8)
(81)
22
–
(67)
46
(21)
Total comprehensive (loss)/income
–
–
–
(8)
(81)
22
–
(67)
196
129
Share-based payment expense
–
7
–
–
–
–
–
7
–
7
Share purchases
(244)
(5)
–
–
–
–
–
(5)
–
(249)
Transfers to profits reserve
–
–
577
–
–
–
–
577
(577)
–
Transfers to accumulated losses
–
–
–
–
–
–
8
8
(8)
–
Dividends paid
–
–
–
–
–
–
–
–
(106)
(106)
AMP Foundation charitable distribution
–
–
–
–
–
–
–
–
(15)
(15)
Balance at the end of the year
4,420
122
599
(79)
58
89
(26)
763
(1,531)
3,652
1
The profits reserve represents profits of AMP Limited transferred to a separate reserve to preserve their profit character. Such profits are available to enable payment of dividends in future years.
2 The equity transaction reserve represents gains and losses attributable to AMP Limited shareholders on equity transactions with the owners of non-controlling interests in controlled entities, where applicable.
3 Relates to loss from Advice business which was sold in 2024.
Consolidated statement of changes in equity
for the year ended 31 December 2025
96
2025
2024
Note
$m
$m
Cash flows from operating activities
Cash receipts in the course of operations
1,116
1,516
Cash payments in the course of operations
(975)
(2,048)
Dividends and distributions received 1
49
31
Interest received
1,689
1,829
Interest paid
(1,491)
(1,671)
Net movement in loans and advances
(806)
1,145
Net movement in deposits from customers
(939)
(700)
Income tax (paid)/benefit received
(18)
69
Net cash (used in)/provided by operating activities
6.1
(1,375)
171
Cash flows from investing activities
Net (payments)/receipts from sale or acquisition of:
— investments in financial assets
(398)
(518)
— operating and intangible assets
(74)
(47)
— Sale of Advice business
–
87
Net cash used in investing activities
(472)
(478)
Cash flows from financing activities
Net movement in borrowings – banking operations
2,228
785
Net movement in borrowings – non-banking operations
(273)
(191)
Share buy-backs
–
(244)
Purchase of shares relating to share-based payments arrangements
(12)
(5)
Payments for the principal portion of lease liabilities
(42)
(38)
Dividends paid
(76)
(106)
Net cash provided by financing activities
1,825
201
Net decrease in cash and cash equivalents
(22)
(106)
Cash and cash equivalents at the beginning of the year 2
1,269
1,375
Cash and cash equivalents per Consolidated statement of financial position
1,247
1,269
1
Includes dividends and distributions received from CLPC, CLAMP, PCCP and sponsor investments.
2 Amount for 2024 has been re-presented for consistency. For details refer to note 2.5.
Consolidated statement of cash flows
for the year ended 31 December 2025
97
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AMP 2025 Annual report
About this report
This section outlines the structure of the AMP group, information useful to understand the
AMP group’s financial report and the basis on which the financial report has been prepared.
(a) Understanding the AMP financial report
The AMP group (AMP) is comprised of AMP Limited (the parent), a holding company incorporated and domiciled in Australia,
and the entities it controls (subsidiaries or controlled entities). The consolidated financial statements of AMP Limited include
the financial information of its controlled entities and investments in associates.
The consolidated financial report:
—
is a general purpose financial report;
—
has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards,
including Australian Accounting Interpretations adopted by the Australian Accounting Standards Board (AASB) and
International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board;
—
is presented in Australian dollars, which is AMP’s functional and presentation currency, with all values rounded to the
nearest million dollars ($m), unless otherwise stated;
—
has been prepared on a going concern basis generally using a historical cost basis; however where permitted under
accounting standards, a different basis may be used, including the fair value basis;
—
presents assets and liabilities on the face of the Consolidated statement of financial position in decreasing order of liquidity
and therefore does not distinguish between current and non-current items;
—
presents reclassified comparative information where required for consistency with the current year’s presentation within the
financial report.
AMP Limited is a for-profit entity and is limited by shares. The financial statements for the year ended 31 December 2025 were
authorised for issue on 12 February 2026 in accordance with a resolution of the directors.
(b) Basis of consolidation
Entities are fully consolidated from the date of acquisition, being the date on which the AMP group obtains control, and continue
to be consolidated until the date that control ceases. Control exists where the AMP group is exposed, or has rights, to variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Income, expenses, assets, liabilities and cash flows of controlled entities are consolidated into the AMP group financial
statements, along with those attributable to the shareholders of the parent entity. All inter-company transactions are eliminated
in full, including unrealised profits arising from intra-group transactions.
Materiality
Information has been included in the financial report to the extent that it has been considered material and relevant to the
understanding of the financial statements. A disclosure is considered material and relevant if, for example:
—
the amount in question is significant because of its size or nature;
—
it is important for understanding the results of the AMP group;
—
it helps explain the impact of significant changes to the AMP group; and/or
—
it relates to an aspect of the AMP group’s operations that is important to its future performance.
Notes to the financial statements
for the year ended 31 December 2025
98
(c) Material accounting policies
The material accounting policies adopted in the preparation of the financial report are contained in the notes to the financial
statements to which they relate. All accounting policies have been consistently applied to the current year and comparative
period, unless otherwise stated. Where an accounting policy relates to more than one note or where no note is provided,
the accounting policies are set out below.
Interest income and interest expense and distribution income
Interest income and interest expense on financial assets and financial liabilities measured at amortised cost are recognised in the
Consolidated income statement using the effective interest method. Revenue from distributions is recognised when the AMP
group’s right to receive payment is established.
Foreign currency transactions
Transactions, assets and liabilities denominated in foreign currencies are translated into Australian dollars (the functional
currency) using the following applicable exchange rates:
Foreign currency amount
Applicable exchange rate
Transactions
Date of transaction
Monetary assets and liabilities
Reporting date
Non-monetary assets and liabilities carried at fair value
Date fair value is determined
Foreign exchange gains and losses resulting from translation of foreign exchange transactions are recognised in the
Consolidated income statement, except for qualifying cash flow hedges and hedges of net investments in foreign operations,
which are deferred to equity.
On consolidation, the assets, liabilities, income and expenses of foreign operations are translated into Australian dollars using
the following applicable exchange rates:
Foreign currency amount
Applicable exchange rate
Income and expenses
Average exchange rate
Assets and liabilities
Reporting date
Equity
Historical date
Reserves
Reporting date
Foreign exchange differences resulting from translation of foreign operations are initially recognised in the foreign currency
translation reserve and subsequently transferred to the Consolidated income statement on disposal of the foreign operation.
(d) Critical accounting estimates and judgements
Preparation of the financial statements requires management to make judgements, estimates and assumptions about future events.
Information on critical judgements and estimates considered when applying the accounting policies can be found in the following notes:
Accounting estimates and judgements
Note description
Note #
Page
Taxes
Taxes
1.4
108
Impairment of financial assets
Expected credit losses (ECLs)
2.1
111
Financial assets and liabilities measured at fair value
Investments in other financial assets and liabilities
2.2
113
Goodwill and intangible assets
Intangibles
2.3
115
Trail commissions
Payables
2.6
116
Defined benefit obligations
Defined benefit plans
4.1
138
Right of use assets and lease liabilities
Right of use assets and lease liabilities
6.3
151
Provisions, contingent liabilities and contingent assets
Provisions, contingent liabilities and contingent assets
6.4
154
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1
Section
Results for the year
This section provides insights into how the AMP group has performed in the current year and provides
additional information about those individual line items in the financial statements that the directors
consider most relevant in the context of the operations of the AMP group.
Statutory measures of performance disclosed in this report are:
—
Statutory earnings per share (EPS) – basic and diluted, and
—
Profit/(loss) after tax attributable to the shareholders of AMP.
NPAT (underlying) is AMP’s key measure of business performance. This performance measure is disclosed
for each AMP operating segment within segment performance.
1.1
Segment performance
1.2
Other operating expenses
1.3
Earnings per share
1.4
Taxes
1.5
Dividends
1.1
Segment performance
The AMP group identifies its operating segments based on separate financial information that is regularly reviewed by the Chief
Executive Officer and the executive team in assessing performance and determining the allocation of resources. The operating
segments are identified according to the nature of profit generated and services provided, and their performance is evaluated
based on a post-tax operating earnings basis.
Reportable segment
Segment description
Platforms
Platforms is a leading provider of superannuation, retirement and investment solutions, enabling advisers
and their clients to build a personalised investment portfolio on AMP’s award-winning North platform.
North’s offering is particularly tailored to focus on pre-retirees and retirees.
Superannuation &
Investments
Superannuation & Investments offers a market competitive super and pension solution across individual
and corporate super through one of the largest retail Master Trusts in Australia (AMP Super).
AMP Bank
AMP Bank offers residential mortgages, business financing, deposits and transaction banking services
to mini businesses and individual customers. The Bank continues to focus on growth through its digital
channels, including the launch of AMP Bank GO in February 2025 and the recent launch of its new broker
platform for mortgage origination.
New Zealand
Wealth
Management
(NZWM)
New Zealand Wealth Management provides customers with retirement coaching supported by the
offering of diversified wealth management solutions including KiwiSaver, corporate superannuation,
retail investments and general insurance. It also provides specialist financial coaching and advice under
the enable.me and AdviceFirst brands.
Group
Group includes Partnerships, Group costs not recovered from business units, investment income and
interest expense on corporate debt.
Notes to the financial statements
for the year ended 31 December 2025
100
(a) Segment profit
Platforms
Superannuation &
Investments
AMP Bank
NZWM
Group
Total
2025
$m
$m
$m
$m
$m
$m
Segment profit after income tax 1
106
62
55
39
23
285
Segment revenue
353
357
343
135
99
1,287
Other segment information
Income tax (expense)/benefit
(45)
(27)
(25)
(13)
16
(94)
Depreciation and amortisation
(12)
(1)
(10)
–
–
(23)
Investment income
15
9
–
–
33
57
2024
Segment profit/(loss) after income tax
107
67
72
37
(47)
236
Segment revenue
346
343
332
139
92
1,252
Other segment information
Income tax (expense)/benefit
(46)
(29)
(31)
(14)
37
(83)
Depreciation and amortisation
(11)
(1)
(11)
–
–
(23)
Investment income
16
12
–
–
34
62
1
Includes new cost allocations from Group to Platforms, Superannuation & Investments, and AMP Bank. Comparative period has not been restated.
1.1
Segment performance continued
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(b) The following table allocates the disaggregated segment revenue to the group’s
operating segments – see note 1.1(a)
Platforms
Superannuation &
Investments
AMP Bank
NZWM
Group
Total
2025
$m
$m
$m
$m
$m
$m
AUM based revenue
350
361
–
94
–
805
Net interest income
–
–
333
–
–
333
Partnerships 1
–
–
–
–
91
91
Other revenue 2
3
(4)
10
41
8
58
Total segment revenue per
segment note
353
357
343
135
99
1,287
2024
AUM based revenue
338
345
–
91
–
774
Net interest income
–
–
322
–
–
322
Partnerships 1
–
–
–
–
79
79
Other revenue 2
8
(2)
10
48
13
77
Total segment revenue per
segment note
346
343
332
139
92
1,252
1
Includes profit contributions from CLPC, CLAMP, PCCP, Akumin Pty Ltd and sponsor investments.
2 Includes AMP Bank service fees, Advice retained interest, North Guarantee and NZWM other revenues.
(c) Statutory revenue
2025
2024
Statutory revenue from contracts with customers
$m
$m
Fee revenue
— Investment management and related fees
853
840
— Financial advisory fees
16
16
869
856
Other income 1
50
55
Total statutory revenue from contracts with customers
919
911
1
Other income excludes revenue of $100m (2024: $22m), of which $68m relates to insurance recoveries in relation to certain historical
remediation matters, not recognised under AASB 15:Revenue from Contracts with Customers.
1.1
Segment performance continued
Notes to the financial statements
for the year ended 31 December 2025
102
(d) Reconciliations
Segment profit after income tax differs from profit attributable to shareholders of AMP Limited due to the exclusion of the
following items:
2025
2024
$m
$m
Total segment profit after income tax
285
236
Litigation and remediation related costs
(95)
(8)
Business simplification
(50)
(43)
Other items 1
(1)
(34)
Amortisation of intangible assets
(6)
(2)
Discontinued operations 2
–
1
Net profit after tax
133
150
1
Comparative amount includes $36m loss on sale of Advice business which was sold in 2024.
2 Comparative amount relates to Advice business which was sold in 2024.
Total segment revenue differs from total revenue as follows:
2025
2024
$m
$m
Total segment revenue
1,287
1,252
Add revenue excluded from segment revenue
— Insurance recoveries in relation to certain historical remediation matters
68
–
— Investment income
57
62
Add back expenses offset against segment revenue
— Interest expense related to AMP Bank
1,306
1,348
Other1
93
207
Total revenue
2,811
2,869
1
Includes derivative interest income of $56m (2024:$171m) offset against interest expense related to AMP Bank.
(e) Segment assets and liabilities
Assets and liabilities have not been reported on a segment basis as the balances for each segment are not regularly provided
to the Chief Executive Officer or the executive team.
1.1
Segment performance continued
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Accounting policy – recognition and measurement
Revenue from contracts with customers
For AMP, revenue from contracts with customers arises primarily from the provision of investment management and financial
advisory services. Revenue is recognised when control of services is transferred to the customer at an amount that reflects
the consideration which AMP is entitled to in exchange for the services provided. As the customer simultaneously receives and
consumes the benefits as the service is provided, control is transferred over time. Accordingly, revenue is recognised over time.
Fee rebates provided to customers are recognised as a reduction in fee revenue.
Investment management and related fees
Fees are charged to customers in connection with the provision of investment management and other related services.
These performance obligations are satisfied on an ongoing basis, usually daily, and revenue is recognised as the service is provided.
Financial advisory fees
Financial advisory fees primarily consist of fee-for-service revenue which is earned for providing customers with financial
advice and performing related advisory services. These performance obligations are satisfied over time. Accordingly,
revenue is recognised over time.
1.2
Other operating expenses
2025
2024
$m
$m
Information technology and communication
(103)
(112)
Professional and consulting fees
(122)
(117)
Amortisation of intangibles
(38)
(32)
Depreciation of property, plant and equipment 1
(35)
(35)
Other expenses 2
(184)
(86)
Total other operating expenses
(482)
(382)
1
This includes depreciation for right of use assets.
2 Includes expenses relating to marketing, regulatory fees, various other service fees, utilities and other operational expenses. Amount in 2025
also includes expenses of $75m (net of $45m insurance recoveries) in respect of the superannuation class action and $29m in respect of the
commissions for advice and insurance advice class action. See note 6.4 for further details.
1.1
Segment performance continued
Notes to the financial statements
for the year ended 31 December 2025
104
1.3
Earnings per share
Basic earnings per share
Basic earnings per share is calculated based on Profit attributable to shareholders of AMP and the weighted average
number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is based on Profit attributable to shareholders of AMP and the weighted average number
of ordinary shares outstanding after adjustments for the effects of all dilutive potential ordinary shares, such as options
and performance rights.
2025
2024
$m
$m
Profit/(loss) attributable to shareholders of AMP
Continuing operations
133
180
Discontinued operations 1
–
(30)
Profit attributable to shareholders of AMP
133
150
2025
2024
millions
millions
Weighted average number of ordinary shares for basic EPS 2
2,530
2,625
Add: potential ordinary shares considered dilutive
45
45
Weighted average number of ordinary shares used in the calculation of dilutive earnings
per share
2,575
2,670
2025
2024
cents
cents
Earnings per share
Basic
5.3
5.7
Diluted
5.2
5.6
Earnings per share for continuing operations
Basic
5.3
6.9
Diluted
5.2
6.8
Earnings per share for discontinued operations
Basic
–
(1.2)
Diluted
–
(1.2)
1
Comparative amount relates to Advice business which was sold in 2024.
2 The weighted average number of ordinary shares outstanding is calculated after deducting the weighted average number of treasury shares
held during the year.
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1.4
Taxes
Our taxes
This sub-section outlines the impact of income taxes on the results and financial position of AMP. In particular:
—
the impact of tax on the reported result;
—
amounts owed to/receivable from the tax authorities; and
—
deferred tax balances that arise due to differences in the tax and accounting treatment of balances recorded in the
financial report.
These financial statements include the disclosures relating to tax required under accounting standards.
(a) Income tax expense
The following table provides a reconciliation of differences between prima facie tax calculated as 30% of the profit or loss before
income tax for the year and the income tax expense or benefit recognised in the Consolidated income statement for the year.
2025
2024
$m
$m
Profit before tax
225
242
Prima facie income tax at 30%
(68)
(73)
Non-deductible expenses
(11)
(12)
Non-taxable income
26
27
Other items
(44)
(17)
Over provided in previous years
4
11
Differences in overseas tax rates
1
2
Income tax expense
(92)
(62)
Current tax expense
(10)
–
Deferred tax expense
(82)
(62)
Income tax expense
(92)
(62)
(b) Analysis of deferred tax balances
2025
2024
$m
$m
Analysis of deferred tax assets
Expenses deductible in future periods
105
134
Unrealised investment losses
28
33
Losses available for offset against future taxable income
366
397
Lease liabilities
135
148
Capitalised software expenses
39
54
Total deferred tax assets
673
766
Offset against DTLs
(182)
(164)
Net deferred tax assets
491
602
Analysis of deferred tax liabilities
Unrealised investment gains
48
44
Right of use assets
63
71
Unearned revenue
56
46
Defined benefit asset
32
19
Total deferred tax liabilities
199
180
Offset against DTAs
(182)
(164)
Net deferred tax liabilities
17
16
Notes to the financial statements
for the year ended 31 December 2025
106
(c) Amounts recognised directly in equity
2025
2024
$m
$m
Income tax (expense)/benefit related to items taken directly to equity during the year
(30)
17
(d) Unused tax losses and deductible temporary differences not recognised 1
2025
2024
$m
$m
Revenue losses
229
219
Capital losses
1,819
1,402
Deductible temporary differences
57
27
1
These represent deferred tax assets not recognised in these financial statements.
Accounting policy – recognition and measurement
Income tax expense
Income tax expense is the tax payable on taxable income for the current period based on the income tax rate for each
jurisdiction and adjusted for changes in deferred tax assets and liabilities. These changes are attributable to:
—
temporary differences between the tax bases of assets and liabilities and their Consolidated statement of financial
position carrying amounts;
—
unused tax losses; and
—
the impact of changes in the amounts of deferred tax assets and liabilities arising from changes in tax rates or in the
manner in which these balances are expected to be realised.
Adjustments to income tax expense are also made for any differences between the amounts paid, or expected to be paid,
in relation to prior periods and the amounts provided for these periods at the start of the current period.
Any tax impact on income and expense items that are recognised directly in equity is also recognised directly in equity.
Deferred tax
Deferred tax assets and liabilities are recognised for temporary differences and are measured at the tax rates which are expected
to apply when the assets are recovered or liabilities are settled, based on tax rates that have been enacted or substantively
enacted for each jurisdiction at the reporting date. Deferred tax assets and liabilities are not discounted to present value.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
Tax consolidation
AMP Limited and its wholly owned Australian controlled entities are part of a tax-consolidated group, with AMP Limited being
the head entity (the company). A tax funding agreement has been entered into by the head entity and the controlled entities
in the tax-consolidated group and requires entities to fully compensate the company for current tax liabilities and to be fully
compensated by the company for any current or deferred tax assets in respect of tax losses arising from external transactions
occurring after 30 June 2003, the implementation date of the tax-consolidated group.
Global minimum top-up tax
In 2021, the Organisation for Economic Co-operation and Development (OECD) released Global Anti-Base Erosion (GLoBE)
Model rules (Pillar Two) which introduced new ‘top-up’ taxing mechanisms for multinational enterprises (MNEs) that are within
the scope of the rules. Under these rules, MNEs can be liable to pay a top-up tax reflecting the difference between their GLoBE
effective tax rate per jurisdiction and the 15% minimum tax rate.
Australian Pillar Two legislation has been effective for the Group from the financial year ended 31 December 2024 onwards.
The Group has subsidiaries in New Zealand and Luxembourg where Pillar Two has also been enacted into domestic
law. On current assessment, the Group does not expect any liability to Pillar Two top-up tax to arise for the year ended
31 December 2025. The temporary exception to recognising and disclosing information about deferred tax assets and
deferred tax liabilities in respect of Pillar Two has been applied by the Group in this set of financial statements as required
by amendments to IAS 12 / AASB 112 Income Taxes issued by the International Accounting Standards Board (IASB) and the
Australian Accounting Standards Board (AASB) respectively.
1.4
Taxes continued
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Critical accounting estimates and judgements
The AMP group is subject to taxes in Australia and other jurisdictions where it has operations. The application
of tax law to the specific circumstances and transactions of the AMP group requires exercise of judgement
by management. The tax treatments adopted by management in preparing the financial statements may
be impacted by changes in legislation and interpretations or be subject to challenge by tax authorities.
Judgement is also applied by management in setting assumptions used to forecast future profitability in order
to determine the extent to which the recovery of carried forward tax losses and deductible temporary
differences are probable for the purpose of meeting the criteria for recognition as deferred tax assets (DTAs).
Future profitability may differ from forecasts which could impact management’s expectations in future periods
with respect to the recoverability of DTAs and result in DTA impairments or reversals of prior DTA impairments.
1.5
Dividends
Dividends paid and proposed during the year are shown in the table below:
2025
2025
2024
2024
Final
Interim
Final
Interim
Dividend per share (cents)
2.0
2.0
1.0
2.0
Franking percentage
20%
20%
20%
20%
Dividend amount ($m)
51
51
25
51
Payment date
2 April 2026
26 September 2025
3 April 2025
27 September 2024
2025
2024
$m
$m
Dividends paid
Final dividend on ordinary shares for the
prior period
25
55
Interim dividend on ordinary shares
51
51
Total dividends paid
76
106
Dividend franking credits
Franking credits available to shareholders are $39m (2024: $47m), based on a tax rate of 30%. This amount is calculated from
the balance of the franking account as at the end of the reporting period.
AMP Limited’s ability to utilise the franking account credits depends on meeting Corporations Act 2001 requirements to declare
dividends. The impact of the proposed dividend will be to reduce the balance of franking credit account by $5m.
Franked dividends are franked at a tax rate of 30%.
1.4
Taxes continued
Notes to the financial statements
for the year ended 31 December 2025
108
2
Section
Loans and advances, investments, intangibles and working capital
This section highlights the AMP group’s assets and working capital used to support the AMP group’s activities.
2.1
Loans and advances
2.2
Investments in other financial assets and liabilities
2.3
Intangibles
2.4
Other assets
2.5
Receivables
2.6
Payables
2.7
Fair value information
2.1
Loans and advances
(a) Loans and advances
2025
2024
$m
$m
Housing loans
24,153
23,280
Business finance loans
177
231
Total gross loans and advances 1, 2
24,330
23,511
Less: Provisions for impairment
Individual provisions
— Housing loans
(1)
(1)
— Business finance loans
(44)
(48)
Collective provisions
(39)
(39)
Total provisions for impairment
(84)
(88)
Total net loans and advances
24,246
23,423
Movement in provisions:
Individual provisions
Balance at the beginning of the year
49
56
Net provisions raised during the year
2
1
Bad debts written off
(1)
(1)
Provision released
(5)
(7)
Balance at the end of the year
45
49
Collective provision
Balance at the beginning of the year
39
44
Net decrease in provision
–
(5)
Balance at the end of the year
39
39
1
Total gross loans and advances include net capitalised costs and trail commissions (refer to note 2.6 for details) of $181m (2024: $189m).
2 Total gross loans and advances of $18,471m (2024: $17,586m) is expected to be received more than 12 months after the reporting date.
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(b) Expected credit losses
The following table provides the changes to expected credit losses (ECLs) relating to loans and advances during the year.
Stage 1
Stage 2
Stage 3
Total
Performing
Performing
Non-performing
2025
$m
$m
$m
$m
Balance at the beginning of the year
15
13
60
88
Transferred to/(from) Stage 1 (12-months ECL)
10
(5)
(5)
–
Transferred to/(from) Stage 2 (lifetime ECL not credit impaired)
–
3
(3)
–
Transferred to/(from) Stage 3 (lifetime ECL credit impaired)
(1)
(3)
4
–
Net (released)/increased provisions
(8)
2
6
–
Bad debts written off
–
–
(1)
(1)
Release of provision for business finance loans
–
–
(3)
(3)
Balance at the end of the year
16
10
58
84
2024
Balance at the beginning of the year
16
15
69
100
Transferred to/(from) Stage 1 (12-months ECL)
11
(4)
(7)
–
Transferred to/(from) Stage 2 (lifetime ECL not credit impaired)
(1)
3
(2)
–
Transferred to/(from) Stage 3 (lifetime ECL credit impaired)
–
(3)
3
–
Net (released)/increased provisions
(11)
2
5
(4)
Bad debts written off
–
–
(1)
(1)
Release of provision for business finance loans
–
–
(7)
(7)
Balance at the end of the year
15
13
60
88
Accounting policy – recognition and measurement
Financial assets measured at amortised cost – loans and advances and debt securities
Loans and advances and debt securities are measured at amortised cost when both of the following conditions are met:
—
the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual
cash flows; and
—
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Financial assets measured at amortised cost are initially recognised at fair value plus transaction costs that are directly
attributable to the acquisition or issue of the financial asset. These assets are subsequently recognised at amortised cost
using the effective interest rate method. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
Loans and advances are financial assets with fixed or determinable payments that are not quoted in an active market.
They arise when AMP Bank provides money directly to a customer, including loans and advances to advisers, and with
no intention of trading the financial asset. Loans and advances are initially recognised at fair value, including direct and
incremental transaction costs relating to loan origination. They are subsequently measured at amortised cost using the
effective interest method, less any provision for impairment.
2.1
Loans and advances continued
Notes to the financial statements
for the year ended 31 December 2025
110
Impairment of financial assets
An allowance for expected credit losses (ECLs) is recognised for financial assets measured at amortised cost, debt securities
measured at fair value through other comprehensive income (FVOCI) and loan commitments. ECLs are probability weighted
estimates of credit losses and are measured as the present value of all cash shortfalls discounted at the effective interest rate
of the financial instrument. The key elements in the measurement of ECLs are as follows:
—
PD – the probability of default is an estimate of the likelihood of default over a given time horizon.
—
EAD – the exposure at default is an estimate of the exposure at a future default date, taking into account expected
changes in the exposure after the reporting date.
—
LGD – loss given default is an estimate of the loss arising in the case where default occurs at a given time. It is based on the
difference between cash flows due to the group in accordance with the contract and the cash flows that the group expects
to receive, including from the realisation of any collateral.
The group estimates these elements using appropriate credit risk models taking into consideration a number of factors,
including the internal and external credit ratings of the assets, nature and value of collateral and forward-looking
macro‑economic scenarios. The group applies a three-stage approach to measure the ECLs as follows:
Stage 1 (12-month ECL)
The group collectively assesses and recognises a provision at an amount equal to 12-month ECL when financial assets
are current and/or have had a good performance history and are of low credit risk. It includes financial assets where the
credit risk has improved and the financial assets have been reclassified from Stage 2 or even Stage 3 based on improved
performance observed over a predefined period of time. A financial asset is considered to have low credit risk when its
credit risk rating is equivalent to the globally understood definition of ‘investment grade’.
Stage 2 (Lifetime ECL – not credit impaired)
The group collectively assesses and recognises a provision at an amount equal to lifetime ECL on financial assets where
there has been a significant increase in credit risk since initial recognition but the financial assets are not credit impaired.
The quantitative criteria used to determine a significant increase in credit risk is a series of relative and absolute thresholds.
Financial assets that were 30 days past due at least once over the last six months are deemed to have significant increase
in credit risk since initial recognition. For loans and advances, other risk factors like hardship, loan to value ratio (LVR) and
loan to income ratio (LTI) are also considered in order to determine a significant increase in credit risk.
Stage 3 (Lifetime ECL – credit impaired)
The group measures loss allowances at an amount equal to lifetime ECL on financial assets that are determined to be credit
impaired based on objective evidence of impairment. Financial assets are classified as credit impaired when payment is 90 days
past due or when there is no longer reasonable assurance that principal or interest will be collected.
Critical accounting estimates and judgements
Impairment of financial assets
The impairment provisions (individual and collective) are outputs of ECL models with a number of underlying
assumptions regarding the choice of variable inputs and their interdependencies. Elements of the ECL models
that are considered accounting estimates and judgements include:
—
the AMP group’s internal credit risk grading which assigns PDs to the individual credit rating grades;
—
the AMP group’s estimates of LGDs arising in the event of default;
—
the AMP group’s criteria for assessing if there has been a significant increase in credit risk;
—
development of ECL models, including the various formulas, choice of inputs and assumptions; and
—
determination of associations between macroeconomic scenarios and their probability weightings, to derive
the economic inputs into the ECL models.
—
Management overlay has been applied to best estimate where required.
Future outcomes and macro-economic conditions which differ from management’s assumptions and estimates
could result in changes to the timing and amount of credit losses to be recognised.
2.1
Loans and advances continued
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2.2
Investments in other financial assets and liabilities
2025
2024
$m
$m
Other financial assets measured at fair value through profit or loss
Equity securities
–
17
Debt securities 1
316
315
Unlisted managed investment schemes 1
176
216
Derivative financial assets
123
97
Total other financial assets measured at fair value through profit or loss
615
645
Other financial assets measured at fair value through other comprehensive income
Debt securities 2
4,736
4,569
Total other financial assets measured at fair value through other comprehensive income
4,736
4,569
Other financial assets measured at amortised cost
Debt securities 3
881
683
Total other financial assets measured at amortised cost
881
683
Total other financial assets
6,232
5,897
Other financial liabilities measured at fair value through profit or loss
Derivative financial liabilities
60
141
Total other financial liabilities measured at fair value through profit or loss
60
141
Other financial liabilities measured at amortised cost
Collateral deposits held
68
34
Other financial liabilities
8
4
Total other financial liabilities measured at amortised cost
76
38
Total other financial liabilities
136
179
1
$6m (2024: $5m) of debt securities and $45m (2024: $54m) of unlisted managed investment schemes are held by AMP Foundation for
charitable purposes in accordance with the AMP Foundation Trust Deed.
2 Debt securities measured at fair value through other comprehensive income are assets of AMP Bank.
3 $2m (2024: $1m) of debt securities are held by AMP Foundation for charitable purposes.
Accounting policy – recognition and measurement
Recognition and derecognition of financial assets and liabilities
Financial assets and financial liabilities are recognised at the date the AMP group becomes a party to the contractual
provisions of the instrument. At initial recognition, financial assets are classified as subsequently measured at fair value through
profit or loss, fair value through other comprehensive income (OCI), or amortised cost. The classification of financial assets
at initial recognition depends on the financial asset’s contractual cash flow characteristics and the group’s business model for
managing them.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are
transferred. A transfer occurs when substantially all the risks and rewards of ownership of the financial asset are passed
to an unrelated third party. Financial liabilities are derecognised when the obligation specified in the contract is discharged,
cancelled or expires.
Financial assets measured at fair value through profit or loss
Financial assets measured on initial recognition as financial assets measured at fair value through profit or loss are initially
recognised at fair value, determined as the purchase cost of the asset, exclusive of any transaction costs. Transaction costs
are expensed as incurred in profit or loss. Any realised and unrealised gains or losses arising from subsequent measurement
at fair value are recognised in the Consolidated income statement in the period in which they arise.
Notes to the financial statements
for the year ended 31 December 2025
112
Financial assets measured at fair value through profit or loss – debt securities
Debt securities can be irrevocably designated, at initial recognition, as measured at fair value through profit or loss where
doing so would eliminate or significantly reduce a measurement or recognition inconsistency or otherwise results in more
relevant information. Fair value on initial recognition is determined as the purchase cost of the asset, exclusive of any
transaction costs. Transaction costs are expensed as incurred in profit or loss. Subsequent measurement is determined
with reference to the bid price at the reporting date. Any realised and unrealised gains or losses arising from subsequent
measurement at fair value are recognised in the Consolidated income statement in the period in which they arise.
Financial assets measured at fair value through OCI – debt securities
Debt securities are measured at fair value through OCI when both of the following conditions are met:
—
the instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows
and selling financial assets; and
—
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Fair value through OCI instruments are subsequently measured at fair value with gains and losses arising due to changes
in fair value recognised in OCI. Interest income and foreign exchange gains and losses and impairment losses or reversals
are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. The remaining fair
value changes are recognised in OCI. The accumulated gains or losses recognised in OCI are recycled to profit and loss
upon derecognition of the assets.
The group classifies debt securities held by AMP Bank under this category.
Financial assets measured at amortised cost – debt securities
Refer to note 2.1 for details.
Critical accounting estimates and judgements
Financial assets and liabilities measured at fair value
Where available, quoted market prices for the same or similar instruments are used to determine fair value.
Where there is no market price available for an instrument, a valuation technique is used. Management applies
judgement in selecting valuation techniques and setting valuation assumptions and inputs. Further detail on the
determination of fair value of financial instruments is set out in note 2.7.
2.2
Investments in other financial assets and liabilities continued
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2.3
Intangibles
Goodwill
Capitalised
costs
Distribution
networks
Total
2025
$m
$m
$m
$m
Balance at the beginning of the year
88
99
32
219
Additions through acquisitions
–
–
1
1
Additions through internal development
–
47
–
47
Reductions through disposal
–
–
(1)
(1)
Amortisation expense
–
(28)
(10)
(38)
FX movements
(2)
–
(1)
(3)
Balance at the end of the year
86
118
21
225
2024
Balance at the beginning of the year
88
83
38
209
Additions through acquisitions
–
–
3
3
Additions through internal development
–
47
–
47
Reductions through disposal
–
–
(2)
(2)
Amortisation expense
–
(25)
(7)
(32)
Impairment loss 1
–
(6)
–
(6)
Balance at the end of the year
88
99
32
219
1
The comparative amount includes $4m of impairment loss related to Advice business which was sold in 2024.
Accounting policy – recognition and measurement
Goodwill
Goodwill acquired in a business combination is recognised at cost and subsequently measured at cost less any accumulated
impairment losses. The cost represents the excess of the cost of a business combination over the fair value of the identifiable
assets acquired and liabilities assumed.
Capitalised costs
Costs are capitalised when the costs relate to the creation of an asset with expected future economic benefits which are
capable of reliable measurement. Capitalised costs are amortised on a straight-line basis over the estimated useful life of the
asset, commencing at the time the asset is first put into use or held ready for use, whichever is the earlier.
Distribution networks
Distribution networks such as customer lists, financial planner client servicing rights or other distribution-related rights, either
acquired separately or through a business combination, are initially measured at fair value and subsequently measured at cost
less amortisation and any accumulated impairment losses.
Notes to the financial statements
for the year ended 31 December 2025
114
Amortisation
Intangible assets with finite useful lives are amortised on a straight-line basis over the useful life of the intangible asset.
The estimated useful lives are:
Item
Useful life
Capitalised costs
Up to 10 years
Distribution networks
2 to 15 years
The useful life of each intangible asset is reviewed at the end of the period and, where necessary, adjusted to reflect
current assessments.
Impairment testing
Goodwill is tested at least annually for impairment. Other intangible assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash flows (cash-generating units or CGUs). An impairment loss is recognised when the CGU’s carrying amount exceeds the
CGU’s recoverable amount. When applicable, an impairment loss is first allocated to goodwill and any remainder is then
allocated to the other assets on a pro‑rata basis.
Composition of goodwill
The goodwill of $86m (2024: $88m) relates to the NZWM CGU. The annual impairment assessment for NZWM resulted in
significant headroom and there was no reasonably possible change to a key assumption used in the assessment that would
result in an impairment as at 31 December 2025.
Critical accounting estimates and judgements
Management applies judgement in selecting valuation techniques and setting valuation assumptions
to determine the:
—
acquisition date fair value and estimated useful life of acquired intangible assets;
—
allocation of goodwill to CGUs and determining the recoverable amount of the CGUs; and
—
assessment of whether there are any impairment indicators for acquired intangibles and internally
generated intangibles, where required, in determining the recoverable amount.
2.4
Other assets
2025
2024
$m
$m
Prepayments
31
39
Property, plant and equipment
9
14
Total other assets
40
53
Current
28
38
Non-current
12
15
2.3
Intangibles continued
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2.5
Receivables
2025
2024
$m
$m
Client register receivables
16
31
Collateral receivables 1
137
159
Trade debtors and other receivables
229
215
Sublease receivables
144
152
Total receivables
526
557
Current
407
407
Non-current
119
150
1
This primarily represents collateral related margins placed in relation to derivative instruments. An amount of $110m within the comparative
balance of collateral receivables has been reclassified from cash and cash equivalents for consistency with the current year’s presentation.
Accounting policy – recognition and measurement
Receivables
Trade debtors, client register, sublease, collateral and other receivables are measured at amortised cost, less an allowance for ECLs.
The group applies a simplified approach in calculating ECLs for receivables. Therefore, the group does not track changes
in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment.
2.6
Payables
2025
2024
$m
$m
Accrued expenses
68
66
Trade creditors and other payables 1
195
177
Total payables
263
243
Current
233
201
Non-current
30
42
1
Trade creditors and other payables include trail commissions payable of $66m (2024: $74m).
Accounting policy – recognition and measurement
Payables
Payables are measured at the nominal amount payable. Given the short-term nature of most payables, the nominal amount
payable approximates fair value.
Critical accounting estimates and judgements
Trail commissions payable – the measurement of trail commission liabilities is dependent on assumptions
about the behavioural life and future outstanding balances of the underlying transactions. A provision for trail
commissions is only recognised to the extent that the group can reliably estimate the future cash flows arising
from a past event.
Notes to the financial statements
for the year ended 31 December 2025
116
2.7
Fair value information
The following table shows the carrying amount and estimated fair values of financial instruments, including their levels in the
fair value hierarchy.
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
2025
$m
$m
$m
$m
$m
Financial assets measured at fair value
Debt securities
5,052
4,612
440
–
5,052
Unlisted managed investment schemes
176
–
88
88
176
Derivative financial assets
123
–
123
–
123
Total financial assets measured at fair value
5,351
4,612
651
88
5,351
Financial assets not measured at fair value
Loans and advances
24,246
–
–
24,254
24,254
Debt securities
881
–
874
–
874
Total financial assets not measured at fair value
25,127
–
874
24,254
25,128
Financial liabilities measured at fair value
Derivative financial liabilities
60
–
60
–
60
Guarantee liabilities
21
–
–
21
21
Total financial liabilities measured at fair value
81
–
60
21
81
Financial liabilities not measured at fair value
AMP Bank
— Deposits
19,654
–
19,702
–
19,702
— Other
8,721
1
8,946
–
8,947
— Subordinated debt
329
–
334
–
334
Corporate borrowings
479
486
–
–
486
Collateral deposits held
68
68
–
–
68
Other financial liabilities
8
–
8
–
8
Total financial liabilities not measured at fair value
29,259
555
28,990
–
29,545
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Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
2024
$m
$m
$m
$m
$m
Financial assets measured at fair value
Equity securities
17
–
–
17
17
Debt securities
4,884
4,400
484
–
4,884
Unlisted managed investment schemes
216
–
105
111
216
Derivative financial assets
97
–
97
–
97
Total financial assets measured at fair value
5,214
4,400
686
128
5,214
Financial assets not measured at fair value
Loans and advances
23,423
–
–
23,434
23,434
Debt securities
683
–
683
–
683
Total financial assets not measured at fair value
24,106
–
683
23,434
24,117
Financial liabilities measured at fair value
Derivative financial liabilities
141
–
141
–
141
Guarantee liabilities
25
–
–
25
25
Total financial liabilities measured at fair value
166
–
141
25
166
Financial liabilities not measured at fair value
AMP Bank
— Deposits
20,628
–
20,726
–
20,726
— Other
6,617
–
6,709
–
6,709
— Subordinated debt
202
–
218
–
218
Corporate borrowings
755
770
–
–
770
Collateral deposits held
34
34
–
–
34
Other financial liabilities
4
–
4
–
4
Total financial liabilities not measured at fair value
28,240
804
27,657
–
28,461
2.7
Fair value information continued
Notes to the financial statements
for the year ended 31 December 2025
118
AMP’s methodology and assumptions used to estimate the fair value of financial instruments are described below:
Equity securities
The fair value of equity securities is established using valuation techniques, including the use
of recent arm’s length transactions where applicable, references to other instruments that are
substantially the same, discounted cash flow analysis and option pricing models.
Debt securities
The fair value of listed debt securities reflects the bid price at the reporting date.
Listed debt securities that are not frequently traded are valued by discounting estimated
recoverable amounts.
The fair value of unlisted debt securities is estimated using interest rate yields obtainable
on comparable listed investments. For debt securities with a maturity of less than 12 months,
par value is considered a reasonable approximation of fair value.
Loans
The estimated fair value of loans represents the discounted amount of estimated future cash
flows expected to be received, based on the maturity profile of the loans. As the loans are
unlisted, the discount rates applied are based on the yield curve appropriate to the remaining
term of the loans. The loans may, from time to time, be measured at an amount in excess of fair
value due to fluctuations on fixed rate loans. In these situations, as the fluctuations in fair value
would not represent a permanent diminution and the carrying amounts of the loans are recorded
at recoverable amounts after assessing impairment, it would not be appropriate to restate their
carrying amounts.
Unlisted managed
investment schemes
The fair value of investments in unlisted managed investment schemes is determined on the basis
of redemption price, and independent external valuation of those managed investment schemes
as appropriate at the reporting date.
Derivative financial
assets and liabilities
The fair value of financial instruments traded in active markets (such as publicly traded
derivatives) is based on quoted market prices (current bid price or current offer price)
at the reporting date. The fair value of financial instruments not traded in an active market
(e.g. over‑the‑counter derivatives) is determined using valuation techniques. Valuation techniques
include net present value techniques, option pricing models, discounted cash flow methods and
comparison to quoted market prices or dealer quotes for similar instruments. The models use
a number of inputs, including the credit quality of counterparties, foreign exchange spot and
forward rates, yield curves of the respective currencies, currency basis spreads between the
respective currencies, interest rate curves and forward rate curves of the underlying instruments.
Some derivatives contracts are significantly cash collateralised, thereby minimising both
counterparty risk and the group’s own non-performance risk.
Corporate
borrowings
Borrowings comprise commercial paper, drawn liquidity facilities, various floating-rate and
medium‑term notes and subordinated debt. The estimated fair value of borrowings is determined
with reference to quoted market prices. For borrowings where quoted market prices are not
available, a discounted cash flow model is used, based on a current yield curve appropriate
for the remaining term to maturity. For short-term borrowings, the par value is considered
a reasonable approximation of the fair value.
AMP Bank
deposits and other
borrowings
The estimated fair value of deposits and other borrowings represents the discounted amount
of estimated future cash flows expected to be paid based on the residual maturity of these
liabilities. The discount rate applied is based on a current yield curve appropriate for similar
types of deposits and borrowings at the reporting date.
Collaterals
The carrying value approximates fair value as these are short term in nature
and settled on demand.
Guarantee
liabilities
The fair value of the guarantee liabilities is determined as the net present value of future cash
flows discounted using market rates. The future cash flows are determined using risk neutral
stochastic projections based on assumptions such as mortality rate, lapse rate and asset class
allocation/correlation. The future cash flows comprise expected guarantee claims and hedging
expenses net of expected fee revenue.
2.7
Fair value information continued
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Financial assets and liabilities measured at fair value are categorised using the fair value hierarchy which reflects the
significance of inputs into the determination of fair value as follows:
—
Level 1: the fair value is valued by reference to quoted prices and active markets for identical assets or liabilities.
—
Level 2: the fair value is estimated using inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (as prices) or indirectly (derived from prices).
—
Level 3: the fair value is estimated using inputs for the asset or liability that are not based on observable market data.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the group determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level
input that is significant to the fair value measurement as a whole) at the end of each reporting period.
There have been no significant transfers between Level 1 and Level 2 during the 2025 financial year. Transfers to and from
Level 3 are shown in the Reconciliation of Level 3 values table later in this note.
Level 3 fair values
The following table shows the valuation techniques used in measuring Level 3 fair values of financial assets measured at fair
value on a recurring basis, as well as the significant unobservable inputs used.
Type
Valuation technique
Significant unobservable inputs
Equity securities
Discounted cash flow approach utilising
cost of equity as the discount rate
Discount rate
Terminal value growth rate
Cash flow forecasts
Unlisted managed investment schemes
Discounted cash flow and
income approach
Discount rate
Terminal value growth rate
Cash flow forecasts
Guarantee liabilities
Discounted cash flow approach
Discount rate
Hedging costs
Sensitivity
The following table illustrates the impacts to profit after tax and equity resulting from reasonably possible changes
in key assumptions.
2025
2024
(+)
(-)
(+)
(-)
$m
$m
$m
$m
Financial assets 1
Equity securities
–
–
3
(3)
Unlisted managed investment schemes
12
(12)
15
(15)
Financial liabilities
Guarantee liabilities 2
4
(6)
4
(5)
1
Reasonably possible changes in price movements of 20% (2024: 20%) have been applied in determining the impact on profit after tax and equity.
2 Reasonably possible changes in equity market movements of 20% (2024: 20%) and bond yield movements of 100bps (2024:100 bps) have
been applied in determining the impact on profit after tax and equity. The sensitivities disclosed are shown net of the offsetting impacts
of derivatives held as economic hedges of the guarantee liabilities.
2.7
Fair value information continued
Notes to the financial statements
for the year ended 31 December 2025
120
2.7
Fair value information continued
Reconciliation of Level 3 values
The following table shows movements in the fair values of financial instruments measured at fair value on a recurring basis
and categorised as Level 3 in the fair value hierarchy:
Balance
at the
beginning
of the year
FX gains/
(losses)
Total
gains/
(losses)
Purchases/
(deposits)
(Disposals)/
withdrawals 1
Net
transfers
in/(out)
Balance at
the end of
the year
Total gains/
(losses) on
assets and
liabilities held
at reporting
date
2025
$m
$m
$m
$m
$m
$m
$m
$m
Assets classified as Level 3
Equity securities
17
–
(1)
–
(16)
–
–
–
Unlisted managed
investment schemes
111
(5)
(8)
3
(13)
–
88
(13)
Liabilities classified as
Level 3
Guarantee liabilities
(25)
–
4
–
–
–
(21)
4
2024
Assets classified as Level 3
Equity securities
12
–
9
1
(30)
25
17
4
Unlisted managed
investment schemes
118
6
4
8
(25)
–
111
10
Liabilities classified as
Level 3
Guarantee liabilities
(32)
–
6
–
1
–
(25)
6
1
Amount in equity securities represents disposal of investments.
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3
Section
Capital structure and financial risk management
This section provides information relating to AMP group’s:
—
capital management, equity and debt structure; and
—
exposure to financial risks – how the risks affect financial position and performance and how the risks
are managed, including the use of derivative financial instruments.
The capital structure of the AMP group consists of equity and debt. AMP determines the appropriate
capital structure in order to finance the current and future activities of the AMP group and satisfy the
requirements of the regulator. The directors review the group’s capital structure and dividend policy
regularly and do so in the context of the group’s ability to satisfy capital requirements.
3.1
Contributed equity
3.2
Interest-bearing liabilities
3.3
Financial risk management
3.4
Derivatives and hedge accounting
3.5
Capital management
3.1
Contributed equity
2025
2024
$m
$m
Ordinary share capital
Shares on issue:
Balance at the beginning of the year
2,531,739,839 (2024: 2,741,080,904) ordinary shares fully paid
4,426
4,670
Share buy-backs
Nil (2024: 209,341,065) shares purchased on-market
–
(244)
Total contributed equity
2,531,739,839 (2024: 2,531,739,839) ordinary shares fully paid
4,426
4,426
Less treasury shares 1:
Balance at the beginning of the year
2,126,387 (2024: 2,126,387) treasury shares
(6)
(6)
Total treasury shares
2,126,387 (2024: 2,126,387) treasury shares
(6)
(6)
Balance at the end of the year
4,420
4,420
1
Held by AMP Foundation.
Holders of ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the company,
to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares
held. Fully paid ordinary shares carry the right to one vote per share. Ordinary shares have no par value.
Accounting policy – recognition and measurement
Issued capital
Issued capital in respect of ordinary shares is recognised as the fair value of consideration received by the AMP Limited entity.
Incremental costs directly attributable to the issue of certain new shares are recognised in equity as a deduction, net of tax,
from the proceeds.
Treasury shares
AMP Foundation holds AMP Limited shares (treasury shares). These shares, plus any fair value movement on these shares and
any dividend income, are eliminated on consolidation.
Notes to the financial statements
for the year ended 31 December 2025
122
3.2
Interest-bearing liabilities
Interest-bearing liabilities
2025
2024
Current
Non-
current
Total
Current
Non-
current
Total
$m
$m
$m
$m
$m
$m
Interest-bearing liabilities
AMP Bank
— Deposits 1
19,326
328
19,654
20,134
494
20,628
— Other2
4,851
3,870
8,721
2,998
3,619
6,617
— Subordinated debt 3
6
323
329
4
198
202
Corporate borrowings
— AMP Capital Notes 2 4
–
–
–
1
275
276
— AUD Medium Term Notes 5
279
200
479
5
474
479
Total interest-bearing liabilities 6
24,462
4,721
29,183
23,142
5,060
28,202
1
Deposits comprise of customer deposits and deposits sourced from AMP’s Platforms and Super & Investments businesses in AMP Bank.
2 These mainly comprise of term borrowings by AMP Bank via the issuance of Senior Unsecured Medium Term Notes, Negotiable Certificates of
Deposit and residential mortgage-backed securities.
3 AMP Bank subordinated debt of $200m was issued on 7 October 2022 and matures on 7 October 2032. Additional subordinated debt of
$125m was issued on 8 October 2025 and matures on 8 October 2035.
4 All outstanding AMP Capital Notes 2 (ASX: AMPPB) issued on 23 December 2019 were redeemed on 16 December 2025.
5 Senior Unsecured Medium Term Notes of $275m were issued on 9 November 2023 and mature on 9 November 2026. Additional $200m Senior
Unsecured Medium Term Notes were issued on 4 November 2024 and mature on 4 November 2027.
6 The classification of liabilities as current vs non-current is based on the payment profile of the underlying instruments with amounts falling due
within 12 months from the balance date classified as current liabilities and the remaining amounts classified as non-current liabilities.
Accounting policy – recognition and measurement
Interest-bearing liabilities are initially recognised at fair value, net of transaction costs. They are subsequently measured
at amortised cost using the effective interest rate method.
It is AMP’s policy to hedge currency and interest rate risk arising on issued notes and subordinated debt. When cash flow
hedge accounting is applied, the carrying amounts of borrowings and subordinated debt are not revalued.
Finance costs include:
(i) borrowing costs:
•
interest on bank overdrafts, borrowings and subordinated debt;
•
amortisation of discounts or premiums related to borrowings;
(ii) exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment
to interest costs; and
(iii) changes in the fair value of derivatives, foreign exchange gains and losses and other financing-related amounts.
Changes in the fair value of derivatives in effective cash flow hedges are recognised in the cash flow hedge reserve.
The accounting policy for derivatives is set out in note 3.4.
Finance costs are recognised as expenses when incurred.
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3.3
Financial risk management
Financial risk arises from the holding of financial instruments and financial risk management activities and is an integral part
of the AMP group’s enterprise risk management framework. The AMP Limited Board has overall responsibility for the AMP
group’s enterprise risk management framework, including the approval of AMP’s strategic plan, risk management strategy,
and risk appetite.
This note discloses financial risk in accordance with the categories in AASB 7 Financial Instruments: Disclosures:
—
market risk;
—
liquidity and refinancing risk; and
—
credit risk.
These risks are managed in accordance with the board-approved risk appetite statement and the individual policies
for each risk category.
(a) Market risk
Market risk is the risk that the fair value of assets and liabilities, or future cash flows of a financial instrument, will fluctuate
due to movements in financial markets, including interest rates, foreign exchange rates, equity prices, property prices,
credit spreads, commodity prices and other financial market variables.
The following table provides information on significant market risk exposures for the AMP group, which could lead to an impact
on the AMP group’s profit after tax and shareholders’ equity position, and the management of those exposures.
Market risk
Exposures
Management of exposures and use
of derivatives
Interest rate risk
The risk of an impact on the
AMP group’s profit after tax and
equity arising from fluctuations
in the fair value or future cash
flows of financial instruments due
to changes in market interest rates.
Interest rate movements could
result from changes in the
absolute levels of interest rates,
the shape of the yield curve, the
margin between yield curves
and the changes in actual or
expected levels of inflation.
The AMP group’s long-term
borrowings, subordinated
debt and investment held
in interest‑bearing securities.
The AMP group interest rate risk is managed
by entering into interest rate swaps, which
have the effect of converting investments
or borrowings from fixed to floating rates.
AMP Bank’s interest rate risk from
mismatches in the repricing terms
of assets and liabilities (term risk)
and variable rate short-term
repricing bases (basis risk).
AMP Bank uses natural offsets, interest
rate swaps and basis swaps to hedge the
mismatches within exposure limits. AMP
group’s Group Treasury team (Group
Treasury) manages the exposure in AMP
Bank by maintaining a net interest rate risk
position within the limits delegated and
approved by the AMP Bank Board.
The AMP group’s defined benefit
plan exposures, both through the
fair value of plan assets (specifically
interest-bearing assets), as well as
the valuation of defined benefit
obligations (through changes
in the discount curve used for
actuarial valuations).
The AMP group periodically reviews exposures
to interest rates arising from defined benefit
plan exposures, and considers the use
of derivatives in managing these exposures.
No derivatives were employed to manage
exposures to interest rates during the year
ended 31 December 2025.
Notes to the financial statements
for the year ended 31 December 2025
124
Market risk
Exposures
Management of exposures and use
of derivatives
Currency risk
The risk of an impact on the AMP
group’s profit after tax and equity
arising from fluctuations of the fair
value of a financial asset, liability
or commitment due to changes
in foreign exchange rates.
Foreign currency denominated
assets and liabilities.
Foreign equity accounted
associates and capital invested
in overseas operations.
Foreign exchange rate movements
on specific cash flow transactions.
The AMP group uses cross currency swaps
to hedge the foreign currency risk on foreign
currency denominated borrowings. The AMP
group utilises various hedging instruments
to hedge foreign currency risk arising
from certain investments denominated
in a foreign currency.
The AMP group may hedge material foreign
currency risk arising from cash receipts and
payments once the value and timing of the
expected cash flow is known.
In addition, the AMP group will at times
pre‑hedge any future (but not expected)
foreign currency receipts and payments,
subject to market conditions.
The AMP group’s defined benefit
plan exposures, through the value
of unhedged exposures to plan asset
denominated in foreign currencies.
AMP group periodically reviews exposures
to foreign currencies arising from defined
benefit plan exposures, and considers
the use of derivatives in managing these
exposures. No derivatives were employed
to manage exposures to foreign currencies
during the year ended 31 December 2025.
Equity price risk
The risk of an impact on the
AMP group’s profit after tax and
equity arising from fluctuations
in the fair value or future cash
flows of a financial instrument
due to changes in equity prices.
Exposure for shareholders includes
listed and unlisted shares, guarantee
liabilities and participation in equity
unit trusts.
Group Treasury may, with AMP group’s
Asset and Liability Committee (Group
ALCO) approval, use equity exposures
or equity futures or options to hedge other
enterprise‑wide equity exposures.
The AMP group’s defined benefit
plan exposures, through the value
of exposures to plan asset held in
equities, or equity-like exposures.
AMP group periodically reviews exposures
to equities arising from defined benefit
plan exposures, and considers the use
of derivatives in managing these exposures.
No derivatives were employed to manage
exposures to equities during the year ended
31 December 2025.
3.3
Financial risk management continued
(a) Market risk continued
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Sensitivity analysis
The table below includes sensitivity analysis showing how the profit after tax and equity would have been impacted by changes
in market risk variables. The analysis:
—
shows the direct impact of a reasonably possible change in market rates and is not intended to illustrate a remote,
worst case stress test scenario;
—
assumes that all underlying exposures and related hedges are included and the change in variable occurs at the
reporting date; and
—
does not include the impact of any mitigating management actions over the period to the subsequent reporting date.
The categories of risks faced and methods used for deriving sensitivity information did not change from previous years.
2025
2024
Impact
on profit
after tax
increase/
(decrease)
Impact
on equity 1
increase/
(decrease)
Impact
on profit
after tax
increase/
(decrease)
Impact
on equity 1
increase/
(decrease)
Sensitivity analysis
Change in variables
$m
$m
$m
$m
Interest rate risk
Impact of a 100 basis point
(bp) change in Australian and
international interest rates.
- 100bp
3.7
(3.6)
3.0
9.8
+ 100bp
(4.2)
(0.4)
(3.9)
(14.2)
Currency risk
Impact of a 10% movement
of exchange rates against the Australian
dollar on currency sensitive monetary
assets and liabilities.
10% depreciation of AUD
0.7
57.3
1.6
60.4
10% appreciation of AUD
(0.7)
(50.2)
(1.2)
(52.3)
Equity price risk
Impact of a 10% movement in
Australian and international equities.
Any potential impact on fees from
the AMP group’s investment-linked
business is not included.
10% increase in:
Australian equities
–
13.4
0.1
12.3
International equities
0.2
13.6
0.1
13.1
10% decrease in:
Australian equities
(0.1)
(12.7)
–
(12.2)
International equities
(0.3)
(13.7)
(0.1)
(13.0)
1
Includes both the impact on profit after tax as well as the impact of amounts that would be taken directly to equity in respect of the portion of
changes in the fair value of derivatives that qualify as cash flow hedges or net investment hedges for hedge accounting.
(b) Liquidity and refinancing risk
Risk
Exposures
Management of exposures
Liquidity risk
The risk that the AMP group is not able
to meet its obligations as they fall due
because of an inability to liquidate
assets or obtain adequate funding
when required.
The AMP group corporate
debt portfolio and AMP
Bank retail and wholesale
funding portfolios.
Group Treasury maintains a defined surplus
of cash to mitigate refinancing risk (for both
AMP’s non-bank corporate exposures and
AMP Bank’s specific exposures), satisfy
regulatory requirements and protect against
liquidity shocks in accordance with the
requirements of the AMP Group Liquidity Policy
and the AMP Bank Liquidity and Funding Policy.
These policies are reviewed and endorsed
by Group ALCO (AMP Group Liquidity Policy)
and AMP Bank ALCO (AMP Bank Liquidity and
Funding Policy) and approved by the AMP
Limited and AMP Bank Boards.
Refinancing risk
The risk that the AMP group is not
able to refinance the full quantum
of its ongoing debt requirements
on appropriate terms and pricing.
3.3
Financial risk management continued
(a) Market risk continued
Notes to the financial statements
for the year ended 31 December 2025
126
3.3
Financial risk management continued
(b) Liquidity and refinancing risk continued
Maturity analysis
Below is a summary of the maturity profiles of AMP’s undiscounted financial liabilities and off-balance sheet items at the
reporting date, based on contractual undiscounted repayment obligations. Repayments that are subject to notice are treated
as if notice were to be given immediately.
Up to 1
year
1 to 5
years
Over 5
years
Not
specified
Total
2025
$m
$m
$m
$m
$m
Non-derivative financial liabilities
Payables
233
30
–
–
263
Borrowings 1
24,786
3,791
1,103
–
29,680
Lease liabilities
67
267
237
–
571
Subordinated debt 2
23
363
–
–
386
Guarantee liabilities
–
–
–
21
21
Derivative financial instruments
Interest rate swaps
3
23
33
–
59
Foreign currency forward contract
1
–
–
–
1
Futures
1
–
–
–
1
Off-balance sheet items
Credit-related loan commitments – AMP Bank 3
3,520
–
–
–
3,520
Investment commitments
–
–
–
8
8
Total undiscounted financial liabilities and
off‑balance sheet items
28,634
4,474
1,373
29
34,510
2024
Non-derivative financial liabilities
Payables
201
42
–
–
243
Borrowings 1
23,724
4,523
606
–
28,853
Lease liabilities
69
268
302
–
639
Subordinated debt 2
45
555
–
–
600
Guarantee liabilities
–
–
–
25
25
Derivative financial instruments
Interest rate swaps
12
24
64
–
100
Foreign currency forward contract
40
–
–
–
40
Futures
1
–
–
–
1
Off-balance sheet items
Credit-related loan commitments – AMP Bank 3
4,025
–
–
–
4,025
Investment commitments
–
–
–
12
12
Total undiscounted financial liabilities and
off‑balance sheet items
28,117
5,412
972
37
34,538
1
Borrowings include AMP Bank deposits.
2 Includes AMP Capital Notes 2 and AMP Bank subordinated debt. AMP Capital Notes 2 were fully redeemed in the current year. See note 3.2.
3 Credit-related loan commitments are off-balance sheet as they relate to unexercised commitments to lend to customers of AMP Bank.
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(c) Credit risk
Credit risk management is decentralised in business units within AMP, with the exception of credit risk directly and indirectly
impacting shareholder capital, which is measured and managed on an aggregate basis by Group Treasury at the AMP group
level and reported to Group ALCO.
Risk
Exposures
Management of exposures and use of derivatives
Credit risk
Credit default risk is the risk of
a counterparty failing to meet their
contractual commitments in full and
on time.
Concentration of credit risk arises
when a number of financial
instruments or contracts are
entered into with the same
counterparty or where a number
of counterparties are engaged
in similar business activities that
would cause their ability to meet
contractual obligations to be
similarly affected by changes
in economic or other conditions.
Wholesale credit
risk, arising from
corporate investments
held in relation to the
management of liquidity.
Wholesale credit risk exposures arising from corporate
investments made in relation to the management of
liquidity (and related activities, including hedging
financial risks) are managed by Group Treasury in
accordance with the AMP Group Aggregate Risk
Exposures and Intra-Group Transaction Exposure
Policy, as well as the AMP Group Large Exposures
and Credit Concentration Risk Standards. The policy
is endorsed by the AMP Group ALCO and approved
by the AMP Limited Board, whilst the Standards are
approved by the AMP Group ALCO.
Credit risk arising from the
AMP group’s Australian
banking activities which
are predominantly related
to residential mortgage
lending and business
finance loans.
Wholesale credit risk exposures arising from
investments made in relation to the management
of liquidity within AMP Bank (and related activities,
including hedging financial risks) are managed by
Group Treasury in accordance with the AMP Bank
Wholesale Counterparty Credit Risk Policy. This policy
is reviewed and endorsed by the AMP Bank ALCO
and approved by the AMP Bank Board. Specific detail
relating to the credit risk management of the AMP
Bank loan portfolio is outlined below.
The AMP Group Large Exposures & Credit Concentration Risk Standard sets out the assessment and determination of what
constitutes credit concentration risk. The policy sets exposure limits based on each counterparty’s credit rating (unless
special considerations are defined). Additional limits are set for the distribution of the total portfolio by credit rating bands.
Compliance with this policy is monitored and exposures and breaches are reported to senior management and the AMP
Board Risk & Compliance Committee (BRCC) through periodic financial risk management reports.
Group Treasury may also enter into credit default swaps to hedge concentration risk against material exposures.
The exposures on interest-bearing securities and cash equivalents which impact AMP’s capital position are managed
by Group Treasury within limits set by the AMP Group Wholesale Counterparty Credit Risk Policy.
Impairment assessment
Definition of default
AMP Bank considers a financial asset defaulted and hence Stage 3 impaired when payment is 90 days past due or when there
is no longer reasonable assurance that principal or interest will be collected.
AMP Bank’s internal risk grading and PD estimation process
AMP Bank’s Line 2 risk team, which is part of its second line of defence, runs expected credit loss models for the housing
loan book as well as the business finance loans. The Bank’s housing loan book is a portfolio with a low number of defaults.
The PDs of this portfolio is determined using an internal behavioural scorecard model.
Internal risk grades for the residential mortgage book are as follows:
Credit quality
Credit quality description
Performing
Not in arrears in the past six months.
Past due but not impaired
Accounts in arrears but have not been past 90 days in the last six months.
Impaired
Customers who are 90 days or more past due or have been 90 days past
due in the last six months. Customers may return to performing status
after making six consecutive monthly payments.
For business finance loans a probability of default risk grade model is applied that includes weighted risk factors such as interest
coverage ratio, revenue growth, licence compliance rating, experience in business and arrears levels. Practices on watch-list are
also downgraded. Credit judgement may be applied to arrive at the final risk grade.
3.3
Financial risk management continued
Notes to the financial statements
for the year ended 31 December 2025
128
Internal risk grades for business finance loans are as follows:
Internal risk grade
Internal risk grade description
Broadly corresponds with S&P Global Ratings of
A to H
Sub-investment grade
BB+ to CCC
I
Impaired
D
AMP Bank’s interbank and financial institutions exposures, as well as exposures to interest-bearing securities, are based on the
external credit rating of the counterparties as follows:
Internal risk grade description
Broadly corresponds with S&P Global Ratings of
Senior investment grade
AAA to A-
Investment grade
BBB+ to BBB-
Sub-investment grade
BB+ up to but not including defaulted or impaired
Exposure at default (EAD)
EAD is modelled by applying assumptions in relation to the amortisation of the loans based on scheduled principal and interest
repayments, except for Stage 3 loans.
Loss given default (LGD)
For the residential mortgage portfolio, the key driver for the LGD calculation is the value of the underlying property since,
in a foreclosure scenario, the proceeds from the sale of a property are secured by AMP Bank to repay the loan. The value
of the underlying residential property is captured via the LVR, which applies both the changes in loan balance and estimated
value of the collateral using market data and indices. A floor rate is applied to provide for model risk.
For business finance loans, the LGD is calculated via assumptions to the reduction in valuations of security values (being a multiple
of their recurring cash flows) in the event of default, such as client run-off or deterioration in valuation due to compliance issues.
In addition, haircuts are applied to capture the volatility observed in the register values in the event of default but also general
volatility in valuations over time.
Grouping of financial assets for expected credit losses (ECL) calculation
AMP Bank calculates ECL on either a collective or individual basis on all Stage 3 assets, including interbank and debt securities
which are measured at FVOCI. For Stage 1 and 2 assets, ECL is calculated on a collective basis, taking into account risk factors
for each loan to calculate the ECL estimate and then aggregating the estimated number for each relevant portfolio.
Forward-looking information
AMP Bank’s ECL model incorporates a number of forward-looking macroeconomic factors (MEF) that are reviewed
on a quarterly basis and approved by the Credit Risk Committee (CRC). The MEF includes unemployment, property prices,
ASX All Ordinaries index and Reserve Bank of Australia cash rate.
At least three different scenarios with fixed weightings are used in the model. The weightings are reviewed on an annual basis.
The ECL is calculated as the probability weighted average of the provision calculated for each economic scenario.
Management overlay
Management overlay is required to mitigate model risk and any systemic risk that is not recognised by the model.
The management overlays are reviewed on an annual basis or more frequently if required and presented to the CRC and
Board Audit Committee (BAC) for endorsement.
Write-offs
Financial assets are written off either partially or in their entirety only when there is no reasonable expectation of recovery.
Recovery actions can cease if they are determined as being no longer cost effective or in some situations where the customers
have filed for bankruptcy.
Credit risk of the loan portfolio in AMP Bank
AMP Bank is predominantly a lender for residential properties for both owner occupied and investment purposes. In relation
to each loan application, AMP Bank completes a credit assessment, including cost of living expense assessment, and requires
valuation of the proposed security property.
AMP Bank’s CRC and BRCC oversee trends in lending exposures and compliance with the risk appetite statement. AMP Bank
secures its housing loans with mortgages over relevant properties and as a result, manages credit risk on its loans with
conservative lending policies and particular focus on the LVR. The LVR is calculated by dividing the total loan amount
outstanding by the lower of AMP Bank’s approved valuation amount or the purchase price. Loans with LVR greater than
80% are fully mortgage insured. Mortgage insurance is provided by Helia Insurance Pty Limited and QBE Lenders Mortgage
3.3
Financial risk management continued
(c) Credit risk continued
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Insurance Ltd, who are regulated by APRA. AMP Bank has strong relationships with both insurers and has experienced minimal
levels of historic claim rejections and reductions.
The average LVR at origination of AMP Bank’s loan portfolio for existing and new business is set out in the following table:
Existing
business
New
business
Existing
business
New
business
2025
2025
2024
2024
LVR %
%
%
%
%
0 – 50
20
8
21
10
51 – 60
13
8
14
9
61 – 70
18
12
19
12
71 – 80
38
56
36
49
81 – 90
10
12
9
16
91 – 95
1
4
1
4
> 95
–
–
–
–
Renegotiated loans
Where possible, AMP Bank seeks to renegotiate loans for borrowers seeking hardship relief rather than take possession of
collateral. This may involve capitalising interest repayments for a period and increasing the repayment arrangement for the
remaining term of the loan. Once the terms have been renegotiated and the required monitoring period has been completed,
the loan is no longer considered past due or an impaired asset unless a specific provision has been raised for the loan.
As at 31 December 2025, AMP Bank had assisted customers by renegotiating loans of $166m (2024: $174m).
Collateral and master netting or similar agreements
The AMP group obtains collateral and utilises netting agreements to mitigate credit risk exposures from certain counterparties.
(i)
Derivative financial assets and liabilities
The credit risk of derivatives is managed in the context of the AMP group’s overall credit risk policies and includes the use
of Credit Support Annexes to derivative agreements which facilitate the bilateral posting of collateral as well as the clearing
of derivative positions on the London Clearing House.
Certain derivative assets and liabilities are subject to legally enforceable master netting arrangements, such as an International
Swaps and Derivatives Association (ISDA) master netting agreement. In certain circumstances, for example when a credit event
such as a default occurs, all outstanding transactions under an ISDA agreement are terminated, the termination value is assessed
and only a single net amount is payable in settlement of all transactions.
An ISDA agreement does not automatically meet the criteria for offsetting in the Consolidated statement of financial position.
This is because the AMP group, in most cases, does not have any current legally enforceable right to offset recognised amounts.
If these netting arrangements were applied to the derivative portfolio, the derivative assets of $123m would be reduced
by $46m to the net amount of $77m and derivative liabilities of $60m would not be reduced (2024: derivative assets of $97m
would be reduced by $14m to the net amount of $83m and derivative liabilities of $141m would be reduced by $29m to the net
amount of $112m).
(ii)
Other collateral
The AMP group has collateral arrangements in place with some counterparties in addition to collateral deposits held with respect
to repurchase agreements. The amount and type of collateral required by AMP Bank on housing loans depends on an assessment
of the credit risk of the counterparty. Guidelines are in place covering the acceptability and valuation of each type of collateral.
AMP Bank holds collateral against its loans and advances primarily in the form of mortgage interests over property, other
registered securities over assets and guarantees.
Management monitors the market value of collateral and may request additional collateral in accordance with the underlying
agreement. In the event of customer default, AMP Bank can enforce any security held as collateral against the outstanding claim.
Any loan security is usually held as mortgagee in possession while AMP Bank seeks to realise its value through the sale of the
property. Therefore, AMP Bank does not hold any real estate or other assets acquired through the repossession of collateral.
Collateral generally consists of 11am loans and deposits and is exchanged between the counterparties to reduce the exposure
from the net fair value of derivative assets and liabilities between the counterparties. As at 31 December 2025, there was $68m
(2024: $34m) of collateral deposits (due to other counterparties) and $137m (2024: $159m) of collateral loans (due from other
counterparties) relating to derivative assets and liabilities.
3.3
Financial risk management continued
(c) Credit risk continued
Notes to the financial statements
for the year ended 31 December 2025
130
3.4
Derivatives and hedge accounting
The group is exposed to certain risks relating to its ongoing business operations. To mitigate the risks, the group uses derivative
financial instruments, such as cross-currency swaps and interest rate swaps. When the group designates certain derivatives
to be part of a hedging relationship, and they meet the criteria for hedge accounting, the hedges are classified as:
—
cash flow hedges; or
—
net investment hedges.
Derivative financial instruments are held for risk and asset management purposes only and not for the purpose of speculation.
Not all derivatives held are designated as hedging instruments as the group uses some hedging instruments as economic
hedges. The group’s risk management strategy and how it is applied to manage risk is explained further in note 3.3.
The following table sets out the notional amount of derivative instruments designated in a hedge relationship by relationship
type as well as the related carrying amounts.
2025
2024
Notional
Fair value
Fair value
Notional
Fair value
Fair value
amount
assets
liabilities
amount
assets
liabilities
$m
$m
$m
$m
$m
$m
Derivatives designed as cash flow hedges
Interest rate swaps
14,811
53
–
12,470
34
(29)
Total derivatives designed as cash
flow hedges
14,811
53
–
12,470
34
(29)
Hedges of net investments
in foreign operations
Foreign currency forward contract
1,011
23
(2)
936
3
(28)
Total hedges of net investments
in foreign operations
1,011
23
(2)
936
3
(28)
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Derivative instruments accounted for as cash flow hedges
The group is exposed to variability in future interest cash flows on non-trading assets and liabilities which bear interest at fixed
and variable rates. The group uses interest rate swaps to manage interest rate risks and many of the swaps are cash flow hedges
for accounting purposes.
Methods used to test hedge effectiveness and establish the hedge ratio include regression analysis and for some portfolio
hedge relationships, a comparison to ensure the expected interest cash flows from the portfolio exceed those of the hedging
instruments. The main potential source of hedge ineffectiveness from cash flow hedges is mismatches in the terms of hedged
items and hedging instruments, for example the frequency and timing of when interest rates are reset.
During the year, the AMP group recognised $nil (2024: $nil) due to ineffectiveness on derivative instruments designated
as cash flow hedges.
Hedges of net investments in foreign operations
The group hedges its exposure to changes in exchange rates on the value of its foreign currency denominated investments.
Hedge effectiveness is assessed based on the overall changes in the fair value of the forward contract, primarily using the
cumulative dollar offset method.
During the year, the AMP group recognised $nil (2024: $nil) due to the ineffective portion of hedges relating to investments
in foreign operations.
The following table sets out the maturity profile of derivative instruments in a hedge relationship.
0 to 3
months
3 to 12
months
1 to 5
years
Over 5
years
Total
2025
$m
$m
$m
$m
$m
Interest rate swaps
2,433
6,369
2,895
3,114
14,811
Foreign currency forward contract
304
707
–
–
1,011
Total
2,737
7,076
2,895
3,114
15,822
2024
Interest rate swaps
1,291
4,675
2,849
3,655
12,470
Foreign currency forward contract
206
730
–
–
936
Total
1,497
5,405
2,849
3,655
13,406
3.4
Derivatives and hedge accounting continued
Notes to the financial statements
for the year ended 31 December 2025
132
3.4
Derivatives and hedge accounting continued
Accounting policy – recognition and measurement
Derivative financial instruments
Derivative financial instruments are initially recognised at fair value exclusive of any transaction costs on the date a derivative
contract is entered into and are subsequently remeasured to their fair value at each reporting date. Derivatives are recognised
as assets when their fair values are positive and as liabilities when their fair values are negative. Any gains or losses arising
from changes in the fair values of derivatives, except those that qualify as effective hedges, are immediately recognised in the
Consolidated income statement.
Hedge accounting
AMP continues to apply the hedge accounting requirements under AASB 139 Financial Instruments: Recognition and Measurement.
Cash flow hedges
The effective portion of changes in the fair value of cash flow hedges is recognised (including related tax impacts) in Other
comprehensive income. The ineffective portion is recognised immediately in the Consolidated income statement. The balance
of the cash flow hedge reserve in relation to each particular hedge is transferred to the Consolidated income statement in
the period when the hedged item affects profit or loss. Hedge accounting is discontinued when a hedging instrument expires
or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting. The cumulative gain or loss
existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the
Consolidated income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that
was reported in equity is immediately transferred to the Consolidated income statement.
Net investment hedges
The effective portion of changes in the fair value of net investment hedges is recognised (including related tax impacts)
in Other comprehensive income. Any ineffective portion is recognised immediately in the Consolidated income statement.
The cumulative gain or loss existing in equity remains in equity until the foreign investment is disposed of.
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AMP’s capital management strategy is to optimise shareholder value by managing the level, mix and use of capital resources.
The primary objective is to ensure that there are sufficient capital resources to maintain and grow the business in accordance
with risk appetite and maintain AMP’s credit rating.
The Group operates under a NOHC structure, which is subject to capital requirements set and monitored by APRA and ASIC,
including certain prudential requirements regarding:
—
the proportion of high quality capital such as share capital and retained profits; and
—
reductions in the Group’s capital base requiring APRA’s written approval (for example, planned payment of dividends that
exceed the prior 12 months’ earnings, or other forms of returns of capital).
Calculation of capital resources
Group CET1 capital includes ordinary equity less intangibles, equity accounted investments, net deferred tax assets and other
assets required to be removed by regulation. The table below summarises the capital position as at reporting date:
2025
2024
$m
$m
AMP statutory equity attributable to shareholders of AMP Limited
3,744
3,652
Other adjustments 1
(161)
(117)
AMP shareholder equity
3,583
3,535
Goodwill and other intangibles
(225)
(219)
Equity accounted investments
(878)
(839)
Net deferred tax assets
(474)
(586)
Other regulatory adjustments 2
(158)
(122)
Group CET1 capital
1,848
1,769
Group CET1 capital requirements 3
1,561
1,630
Group CET1 surplus capital
287
139
1
Other adjustments relate to the net assets of AMP Foundation and surpluses recognised on defined benefit plans.
2 Other regulatory adjustments relate to deductions for securitisation, capitalised finance costs, cash flow hedge reserves for non-fair value
items on the balance sheet and other deductions.
3 A number of AMP’s operating entities are subject to APRA (AMP Bank Limited under the ADI Prudential Standards and N.M Superannuation
Proprietary Limited under the Operational Risk Financial Requirements) and ASIC requirements. In certain circumstances, regulators may
require AMP and its operating entities to hold a greater level of capital to support its business and/or restrict the amount of dividends that
can be paid by them.
3.5
Capital management
Notes to the financial statements
for the year ended 31 December 2025
134
4
Section
Employee disclosures
This section provides details on various programs the AMP group uses to reward and recognise
employees, including key management personnel.
4.1
Defined benefit plans
4.2
Share-based payments
4.1
Defined benefit plans
AMP contributes to defined benefit plans which provide benefits to employees, and their dependants, on resignation,
retirement, disability or death of the employee. The benefits are based on years of service and an average salary calculation.
All defined benefit plans are closed to new members.
The characteristics and risks associated with each of the defined benefit plans are described below:
Plan details
Australia
New Zealand
Plan names
AMP Australia Plan I and AMP Australia Plan II.
AMP New Zealand Plan I and AMP
New Zealand Plan II.
Entitlements of
active members
A lump sum or pension on retirement.
Pensions provided are lifetime
indexed pensions with a reversionary
spouse pension.
A lump sum or pension on retirement.
For those who elect for a pension,
the plan also provides for a spouse pension.
Governance of the plans
The plans’ trustees – this includes
administration of the plan, management
and investment of the plan assets,
and compliance with superannuation
laws and other applicable regulations.
The plans’ trustees – this includes
administration of the plan, management
and investment of the plan assets, and
looking after the interests of all beneficiaries.
Valuations required
Every year.
Every three years.
Key risks
The risk of actual outcomes being different to the actuarial assumptions used to estimate
the defined benefit obligation, investment risk and legislative risk.
Date of last valuation
31 March 2025.
31 December 2023.
Additional recommended
contributions
No additional contributions are required
until the 31 March 2026 valuation
is completed.
Contributions recommenced for both plans
with effect from 1 January 2024.
(a) Defined benefit asset
2025
2024
$m
$m
Present value of wholly-funded defined benefit obligations
(624)
(653)
Fair value of plan assets
732
712
Defined benefit asset recognised in the Consolidated statement of financial position
108
59
Movement in defined benefit asset/(liability)
Defined benefit asset/(liability) recognised at the beginning of the year
59
(1)
Plus: Total income/(expenses) recognised in the Consolidated income statement
2
(1)
Plus: Foreign currency exchange rate changes
1
–
Plus: Actuarial gains recognised in Other comprehensive income 1
46
61
Defined benefit asset recognised at the end of the year
108
59
1
The cumulative net actuarial gains recognised in the Other comprehensive income are $293m (2024: $247m).
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(b) Reconciliation of the movement in the defined benefit asset
Defined benefit obligation
Fair value of plan assets
2025
2024
2025
2024
$m
$m
$m
$m
Balance at the beginning of the year
(653)
(677)
712
676
Current service cost
(1)
(1)
–
–
Interest (expense)/income
(26)
(29)
29
29
Net actuarial gains
4
7
42
54
Foreign currency exchange rate changes
4
2
(3)
(2)
Benefits paid
48
45
(48)
(45)
Balance at the end of the year
(624)
(653)
732
712
(c) Analysis of defined benefit surplus/(deficit) by plan
Fair value
of plan assets
Present value
of plan obligation
Net recognised
surplus/(deficit)
Actuarial gains
2025
2024
2025
2024
2025
2024
2025
2024
$m
$m
$m
$m
$m
$m
$m
$m
AMP Australia Plan I
268
259
(237)
(251)
31
8
24
22
AMP Australia Plan II
385
369
(308)
(315)
77
54
20
28
AMP New Zealand Plan I
10
12
(10)
(12)
–
–
–
2
AMP New Zealand Plan II
69
72
(69)
(75)
–
(3)
2
9
Total
732
712
(624)
(653)
108
59
46
61
(d) Principal actuarial assumptions
The following table sets out the principal actuarial assumptions used as at the reporting date in measuring the defined benefit
obligations of the Australian and New Zealand defined benefit funds:
AMP Plan I
AMP Plan II
Australia
New Zealand
Australia
New Zealand
2025
2024
2025
2024
2025
2024
2025
2024
%
%
%
%
%
%
%
%
Weighted average
discount rate
5.4
5.2
4.5
4.6
5.5
5.3
4.8
4.8
Expected rate
of salary increases
n/a
n/a
n/a
n/a
2.8
2.8
3.0
3.0
4.1
Defined benefit plans continued
Notes to the financial statements
for the year ended 31 December 2025
136
(e) Allocation of assets
The asset allocations of the defined benefit funds are shown in the following table:
AMP Plan I
AMP Plan II
Australia
New Zealand
Australia
New Zealand
2025
2024
2025
2024
2025
2024
2025
2024
%
%
%
%
%
%
%
%
Equity
62
57
44
43
62
57
44
43
Fixed interest
18
22
44
41
18
22
44
41
Property
8
15
–
–
8
15
–
–
Cash
2
1
7
9
2
1
7
9
Other
10
5
5
7
10
5
5
7
(f) Sensitivity analysis
The defined benefit obligation has been recalculated for each scenario by changing only the specified assumption as outlined
below, whilst retaining all other assumptions as per the base case. The table below shows the increase/(decrease) for each
assumption change. Where an assumption is not material to the fund it has been marked as n/a.
AMP Plan I
AMP Plan II
2025
Australia
New Zealand
Australia
New Zealand
(+)
(-)
(+)
(-)
(+)
(-)
(+)
(-)
Assumption
$m
$m
$m
$m
$m
$m
$m
$m
Discount rate (+/- 0.5%) 1
(8)
9
n/a
1
(14)
15
n/a
7
Pensioner indexation
assumption (0.5%) 2
9
(9)
1
n/a
14
(13)
6
n/a
Pensioner mortality
assumption (10%)
n/a
8
n/a
n/a
n/a
7
n/a
n/a
Life expectancy
(additional 1 year)
n/a
n/a
1
n/a
n/a
n/a
2
n/a
2024
Discount rate (+/- 0.5%) 1
(9)
9
n/a
1
(14)
16
n/a
7
Pensioner indexation
assumption (0.5%) 2
10
(9)
1
n/a
15
(14)
7
n/a
Pensioner mortality
assumption (10%)
n/a
8
n/a
n/a
n/a
7
n/a
n/a
Life expectancy
(additional 1 year)
n/a
n/a
1
n/a
n/a
n/a
2
n/a
1
(- 1%) discount rate applied to AMP New Zealand Plan I and II.
2 1% indexation increase applied to AMP New Zealand Plan I and II.
(g) Expected contributions and maturity profile of the defined benefit obligation
AMP Plan I
AMP Plan II
Australia
New Zealand
Australia
New Zealand
Weighted average duration of the defined benefit
obligation (years)
7
7
10
10
4.1
Defined benefit plans continued
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Accounting policy – recognition and measurement
Defined benefit plans
The AMP group recognises the net deficit or surplus position of each fund in the Consolidated statement of financial position.
The deficit or surplus is measured as the difference between the fair value of the funds’ assets and the discounted defined
benefit obligations of the funds, using discount rates determined with reference to market yields on high quality corporate
bonds at the end of the reporting period.
After taking into account any contributions paid into the defined benefit funds during the year, movements in the net surplus
or deficit of each fund, except actuarial gains and losses, are recognised in the Consolidated income statement. Actuarial
gains and losses arising from experience adjustments and changes in actuarial assumptions over the year and the returns
on plan assets are recognised (net of tax) directly in retained earnings through Other comprehensive income.
Contributions paid into defined benefit funds are recognised as reductions in the deficit of the relevant funds.
Critical accounting estimates and judgements
Defined benefit obligations
The value of the group’s defined benefit obligations are outputs of actuarial models dependent on
a number of underlying assumptions. Management applies judgement in selecting the assumptions used.
Key assumptions include:
—
discount rate;
—
expected future salary increases;
—
pension indexation;
—
mortality; and
—
life expectancy.
4.1
Defined benefit plans continued
Notes to the financial statements
for the year ended 31 December 2025
138
4.2
Share-based payments
AMP has multiple employee share-based payment plans. Share-based payment plans help create alignment between employees
participating in those plans (participants) and shareholders. Information on plans which AMP currently offers is provided below.
The following table shows the expense recorded for AMP share-based payment plans during the year:
2025
2024
$’000
$’000
Plans currently offered
Performance rights – equity settled 1
3,893
3,143
Share rights and restricted shares – equity settled 2
6,456
4,114
Performance rights – cash settled
191
79
Total share-based payments expense
10,540
7,336
1
Non-market performance rights which were forfeited or where performance conditions were not met were reversed during the year.
2 Includes deferred share rights issued under Short-Term Incentive (STI) awards. The 2025 total includes shares awarded under the 2025
Employee Share Plan.
Accounting policy – recognition and measurement
Equity-settled share-based payments
The cost of equity-settled share-based payments is measured using their fair value at the date on which they are granted.
The fair value calculation takes into consideration several factors, including the likelihood of achieving market-based vesting
conditions such as total shareholder return (market conditions).
The cost of equity-settled share-based payments is recognised in the Consolidated income statement, together with a
corresponding increase in the share-based payment reserve (SBP reserve) in equity, over the vesting period of the instrument.
At each reporting date, AMP reviews its estimates of the number of instruments that are expected to vest and any changes to the
cost are recognised in the Consolidated income statement and the SBP reserve, over the remaining vesting period.
Where the terms of an equity-settled share-based payment are modified and the expense increases because of the modification,
the increase is recognised over the remaining vesting period. When a modification reduces the expense, there is no adjustment,
and the pre-modification cost continues to be recognised.
Where an equity-settled award does not ultimately vest, the expenses get reversed, except for awards where vesting is conditional
upon a market condition and that condition is not satisfied in which case the relevant expenses are retained in line with the
accounting requirements.
Cash-settled share-based payments
Cash-settled share-based payments are recognised where AMP has an obligation to settle a share-based arrangement
in cash or intends to settle in cash.
Cash-settled share-based payments are recognised over the vesting period of the award in the Consolidated income
statement, together with a corresponding liability. The fair value is measured on initial recognition and re-measured at each
reporting date up to and including the settlement date, with any changes in fair value recognised in the Consolidated income
statement. Similar to equity-settled awards, the number of instruments expected to vest are reviewed at each reporting
date and any changes are recognised in the Consolidated income statement and as a corresponding movement in liability.
The fair value is determined using appropriate valuation techniques.
(a) Performance rights – equity settled
The Chief Executive Officer (CEO) and Executive Committee members receive their long-term incentive (LTI) award in the form
of performance rights. This is intended to ensure the interests of those executives who can most directly influence company
performance, are appropriately aligned with the interests of shareholders.
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(a)
Performance rights – equity settled continued
Plan
Long-term Incentive (LTI) Awards
Overview
Performance rights give the participant the right to acquire one fully paid ordinary share
in AMP Limited upon meeting specific performance hurdles. They are granted at no cost
to the participant and carry no dividend or voting rights until they vest. Upon vesting, the
performance rights convert to restricted shares, which are subject to further restriction periods.
This award may be settled through an equivalent cash payment, at the discretion of the board.
Years granted
2022, 2023, 2024 and 2025
Vesting conditions/
period
The vesting of performance rights under the 2022 LTI awards is subject to:
—
Relative TSR: which measures the Compound Annual Growth Rate (CAGR) or CAGR in the
Company’s TSR relative to CAGR in TSR to the peer group of ASX100 financial companies
(excluding A-REITs) over a three-year Performance Period.
Any performance rights that vest is subject to a further one-year restriction period.
The vesting of performance rights under the 2023 and 2024 LTI awards is subject to:
—
Relative TSR (35% of award): measures AMP’s CAGR TSR relative to a peer group of ASX 200
financial companies (excluding A-REITs) over a three-year Performance Period;
—
Adjusted Earnings Per Share (EPS) (35% of award): measures AMP’s CAGR in AMP’s adjusted
EPS over a three-year Performance Period;
—
Reputation (30% of award): measures AMP’s RepTrak score performance relative to a comparator
group which is based on a subset of 15 organisations positioned similarly to AMP in RepTrak’s
Benchmark 60 index, over a three-year Performance Period.
The vesting of performance rights under the 2025 LTI award is subject to:
—
Relative TSR (70% of award): measures AMP’s CAGR TSR relative to a peer group of ASX 200
financial companies (excluding A-REITs) over a three-year Performance Period.
—
Reputation (30% of award): measures AMP’s RepTrak score performance relative to
a comparator group which is based on a subset of 15 organisations positioned similarly
to AMP in RepTrak’s Benchmark 60 index, over a three-year Performance Period.
Any performance rights that vest is subject to further restriction periods of up to three years in the
case of the CEO and up to an additional two years for Executive Committee members.
Risk and Conduct
Gateway
All equity plans are subject to a Risk and Conduct Gateway – if a participant’s performance and
conduct is not in line with AMP’s expectations, the board has discretion to amend the number
of rights granted and/or the vesting outcome in line with the board’s adjustment guidelines.
Unvested awards
If a participant is terminated for cause or gives notice of resignation before the vesting date,
all unvested rights will lapse or be forfeited, unless the board determines otherwise.
If a participant’s employment ends for any other reason, the unvested awards will remain
on foot. For the 2022, 2023, 2024 and 2025 LTI awards, a pro rata portion of rights are
retained. All unreleased restricted shares allocated to a participant on vesting will remain
on foot until the end of the restriction period, unless the participant is terminated for cause,
in which case the awards are forfeited.
4.2
Share-based payments continued
Notes to the financial statements
for the year ended 31 December 2025
140
Valuation of Performance rights – equity settled
The values for performance rights are based on valuations prepared by an independent external consultant. The valuations
are based on the 10-day volume weighted average share price over the 10-day trading period prior to the start of the award’s
valuation period. Assumptions regarding the dividend yield and volatility have been estimated based on AMP’s dividend yield
and volatility over an appropriate period.
In determining the share-based payments expense, the number of instruments expected to vest has been adjusted to reflect
the number of employees expected to remain with AMP until the end of the performance period; this is revisited each reporting
date. The following table shows the factors and range considered in determining the value of the performance rights granted
during the last two years.
Performance rights – equity settled
2025
2024
Closing share price on grant date
$1.235
$1.17
Contractual life (in years)
3.8–5.8
3.8–5.8
Dividend yield (per annum)
2.3%
4.2%
Expected volatility of share price
34%
35%
Risk-free interest rate (per annum)
3.7%
3.6%
Performance rights hurdle discount
6%–59%
11%–38%
Fair value of performance rights (weighted average)
$0.70
$0.93
Expected time to vesting (in years)
3.7
3.7
Performance rights – equity settled movements
Number of performance rights – equity settled
2025
2024
Balance at the beginning of the year
17,656,660
12,934,743
Granted during the year
4,182,822
8,087,316
Exercised during the year
–
(224,548)
Lapsed during the year
(325,737)
(3,140,851)
Balance at the end of the year
21,513,745
17,656,660
4.2
Share-based payments continued
(a) Performance rights – equity settled continued
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(b) Share rights and restricted shares – equity settled
The Chief Executive Officer (CEO), Executive Committee members, and certain executives and employees are provided share
rights as a part of their remuneration arrangements. These arrangements are summarised as follows:
Share rights
Long-term Variable
Remuneration Awards
Short-term
Incentive Awards
Employee Share Plan
Overview
Share rights give the participant the right to acquire one fully paid ordinary share in AMP Limited after
a specified service period. They are granted at no cost to the participant and carry no dividend or voting
rights until they vest. All awards are subject to ongoing employment, compliance with AMP policies and
the board’s discretion.
In 2025, AMP extended an offer to eligible employees in Australia to receive up to $1,000 in AMP Limited
shares at no cost to the employee. These shares are subject to restriction and will be released either three
years following the grant date or upon termination of employment with AMP, whichever occurs first.
Vesting
conditions/
period
Long-term Variable Remuneration
(LTVR) awards for certain
employees (pre 2023) are subject
to continued service periods
of three or four years.
LTVR awards for certain employees
granted in 2023 are subject to
continued service periods that vest
in three equal tranches over a three
year period, or a single tranche
after four years.
LTVR awards for certain employees
granted from 2024 onwards are
subject to continued service periods
vesting in three equal tranches over
three years, or two equal tranches
after four years.
These awards may be settled
through an equivalent cash
payment, at the discretion
of the board.
Short-term Incentive (STI) awards
typically have 40% of the award
deferred in equity. The vesting
period is between two to four
years of continued service.
These awards may be settled
through an equivalent cash
payment, at the discretion
of the board.
Shares awarded through
the Employee Share Plan do
not carry any performance
or service requirements and
cannot be forfeited.
Unvested
awards
Unvested awards are forfeited if the participant voluntarily ceases employment or is dismissed
for misconduct.
4.2
Share-based payments continued
Notes to the financial statements
for the year ended 31 December 2025
142
Valuation of share rights
The fair value of share rights has been calculated as at the grant date by external consultants using a discounted cash flow
methodology. If relevant to the award, fair value has been discounted for the present value of dividends expected to be paid
during the vesting period to which the participant is not entitled. For the purposes of the valuation, it is assumed share rights
are exercised as soon as they have vested. Assumptions regarding the dividend yield have been estimated based on AMP’s
dividend yield over an appropriate period.
In determining the share-based payments expense, the number of instruments expected to vest has been adjusted to reflect
the number of employees expected to remain with AMP until the end of the vesting period. The following table shows the
factors and range considered in determining the independent fair value of the share rights granted during the last two years.
Share rights and restricted shares – equity settled
2025
2024
Closing share price on grant date
$1.235
$1.17
Contractual life (in years)
0.8–4.8
0.8–4.8
Dividend yield (per annum)
2.3%
4.2%
Dividend discount
2%–10%
3%–18%
Fair value of share rights (weighted average)
$1.17
$1.05
Expected time to vesting (in years)
0.1–4.1
0.1–4.1
Share rights and restricted shares – equity settled movements
Number of share rights and restricted shares – equity settled
2025
2024
Balance at the beginning of the year
17,846,668
20,045,019
Granted during the year
4,256,021
6,867,939
Exercised during the year
(8,240,569)
(6,177,437)
Lapsed during the year
(634,397)
(2,888,853)
Balance at the end of the year
13,227,723
17,846,668
4.2
Share-based payments continued
(b) Share rights and restricted shares – equity settled continued
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5
Section
Group entities
This section explains significant aspects of the AMP group structure, including significant investments
in controlled operating entities, and investments in associates. It also provides information on business
acquisitions and disposals made during the year.
5.1
Controlled entities
5.2
Investments in associates
5.3
Parent entity information
5.4
Related party disclosures
5.1
Controlled entities
Significant investments in controlled operating entities are as follows:
Operating entities
Country of
% holdings
Name of entity
incorporation
Share type
2025
2024
AdviceFirst Limited
New Zealand
Ord
100
100
AMP Bank Limited
Australia
Ord
100
100
AMP Group Finance Services Limited
Australia
Ord
100
100
AMP Services (NZ) Limited
New Zealand
Ord
100
100
AMP Services Limited
Australia
Ord
100
100
AMP Wealth Management New Zealand Limited
New Zealand
Ord
100
100
AWM Services Pty Ltd
Australia
Ord
100
100
ipac Asset Management Limited
Australia
Ord
100
100
N.M. Superannuation Pty Ltd
Australia
Ord
100
100
National Mutual Funds Management Ltd
Australia
Ord
100
100
NMMT Limited
Australia
Ord
100
100
Notes to the financial statements
for the year ended 31 December 2025
144
5.2
Investments in associates
Investments in associates accounted for using the equity method:
Place of business
Ownership interest
Carrying amount 1
2025
2024
2025
2024
Associate
Principal activity
%
%
$m
$m
China Life Pension
Company (CLPC) 2, 3
Pension Company
China
19.99
19.99
572
525
China Life AMP Asset Management
Company Ltd (CLAMP) 3
Investment Management China
14.97
14.97
111
106
PCCP, LLC
Investment Management United States
21.56
22.95
193
205
Akumin Pty Ltd 4
Advice Licensee Services Australia
30.00
30.00
2
3
Total investments in associates
878
839
1
The carrying amount is after recognising $103m (2024: $84m) share of current year profit from associates accounted for using the equity method.
2 AMP’s 31 December 2024 financial report was qualified with respect to the external auditor’s ability to obtain sufficient, appropriate, third‑party
audit evidence about AMP’s share of the net income and consequently the carrying amount of its investment in CLPC for the year ended
31 December 2024. On 25 March 2025, subsequent to the issuance of AMP’s 31 December 2024 financial report, CLPC’s audited financial
statements were issued which evidenced AMP’s share of CLPC’s net income for the year ended 31 December 2024 and consequently the carrying
amount of AMP’s investment in CLPC at that date was supported.
3 AMP has significant influence through representation on the entity’s board.
4 Formerly Mutual Advice Partners Pty Ltd, a subsidiary of Entireti Limited (Entireti), which acquired AMP’s Advice business in 2024.
Accounting Policy – recognition and measurement
Investments in associates
Investments in entities over which the AMP group has the ability to exercise significant influence, but not control, are accounted
for using the equity method. The investment is measured at cost plus post-acquisition changes in the AMP group’s share of the
associates’ net assets, less any impairment in value. The AMP group’s share of profit or loss of associates is included in the
Consolidated income statement. Any dividend or distribution received from associates is accounted for as a reduction in the
carrying value of the associate.
Any impairment is recognised in the Consolidated income statement when there is objective evidence that a loss has been
incurred. It is measured as the amount by which the carrying amount of the investment in entities exceeds the recoverable amount.
5.3
Parent entity information
(a) Statement of comprehensive income – AMP Limited stand-alone entity
2025
2024
$m
$m
Dividends and distributions from controlled entities and net gains or losses on financial assets 1
58
58
Interest revenue
1
6
Service fee revenue
6
7
Share of profit from associates
73
53
Other income 2
113
99
Operating expenses
(13)
(10)
Impairment of investments in controlled entities 3
–
(421)
Finance costs
(53)
(51)
Income tax (expense)/benefit
(21)
25
Profit/(loss) for the year
164
(234)
Total comprehensive income/(loss) for the year
164
(234)
1
Dividends and distributions from controlled entities of $58m (2024: $55m) is not assessable for tax purposes.
2 Other income in 2025 represents insurance recoveries in relation to the superannuation class action and certain historical remediation matters.
3 Management performs an impairment assessment of controlled entities on an annual basis. Current year assessment indicates no impairment
or reversal. These assessments are subject to market movements and could change period to period.
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(b) Statement of financial position – AMP Limited stand-alone entity
2025
2024
$m
$m
Current assets
Cash and cash equivalents
–
27
Receivables 1
226
137
Loans and advances to subsidiaries
1,342
1,042
Non-current assets
Investments in controlled entities
2,853
3,438
Investments in associates
582
535
Deferred tax assets 2
365
398
Total assets
5,368
5,577
Current liabilities
Payables 1
348
374
Current tax liabilities
–
5
Provisions
3
1
AMP Capital Notes 2 3
–
1
AUD Medium Term Notes 3
279
5
Non-current liabilities
AMP Capital Notes 2 3
–
275
AUD Medium Term Notes 3
200
474
Deferred tax liabilities
13
–
Total liabilities
843
1,135
Net assets
4,525
4,442
Equity
Contributed equity
4,426
4,426
Share-based payment reserve
33
32
Profits reserve 4
687
599
Other reserve
17
23
Accumulated losses
(638)
(638)
Total equity
4,525
4,442
1
Receivables and payables include tax-related amounts receivable from subsidiaries of $66m (2024: $86m) and payable to subsidiaries of $327m
(2024: $358m).
2 Deferred tax assets include amounts recognised for losses available for offset against future taxable income of $363m (2024:$397m).
3 The AMP Limited entity is the issuer of these notes. All outstanding AMP Capital Notes 2 were redeemed during the year. See note 3.2.
4 Refer to the Consolidated statement of changes in equity for further information.
(c) Contingent liabilities of the AMP Limited stand-alone entity
The AMP Limited entity has entered into deeds to provide capital maintenance and liquidity support to AMP Bank Limited.
At the reporting date, the likelihood of any outflow in settlement of these obligations is considered remote.
5.3
Parent entity information continued
Notes to the financial statements
for the year ended 31 December 2025
146
5.4
Related party disclosures
(a) Key management personnel
Compensation of key management personnel
2025
2024
$’000
$’000
Short-term benefits
8,127
7,763
Post-employment benefits
284
313
Share-based payments
3,162
3,055
Other long-term benefits
83
81
Termination benefits
235
–
Total
11,891
11,212
Compensation of the group’s key management personnel includes salaries, non-cash benefits and contributions to the
post‑employment benefits. Executive key management personnel also participate in share-based incentive programs
(refer to note 4.2). The amounts disclosed in the table are recognised as an expense during the reporting period.
Loans to key management personnel
Loans to key management personnel and their related parties are provided by AMP Bank and are on similar terms and conditions
generally available to other employees within the group. No guarantees are given or received in relation to these loans. Loans
have been made to five current key management personnel and their related parties. Details of these loans are:
2025
2024
$’000
$’000
Balance at the beginning of the year
7,011
2,117
Net advances
(621)
4,894
Balance at the end of the year
6,390
7,011
Interest charged
385
349
Interest not charged
4
2
Key management personnel access to AMP’s products
From time to time, key management personnel or their related entities may have had access to certain AMP products and
services such as investment products, personal banking and financial investment services. These products and services
are offered to key management personnel on the same terms and conditions as those entered into by other group
employees or customers.
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(b) Transactions with related parties
Transactions with non-executive directors
Some non-executive directors of AMP group hold directorships or positions in other companies or organisations. AMP may
provide or receive services from these companies or organisations negotiated based on arm’s length terms. None of the
non-executive directors were, or are, involved in any procurement or board decision making regarding the companies
or organisations with which they have an association.
Transactions with associates
The key transactions with associates include receipt of dividends and provision of certain services.
Transactions with investment entities
The AMP group, from time to time, invests sponsor capital. The structure of the fund or the group’s level of ownership may result
in the fund being treated as an associate of the group. See note 5.2 for details of the group’s associates. Management fees are
earned by AMP or its associates for managing and administering these investment funds.
All transactions between the group, its associates and the funds are on an arm’s length basis.
Accounting policy – recognition and measurement
Short-term benefits – Liabilities arising in respect of salaries and wages and any other employee entitlements expected
to be settled within 12 months of the reporting date are measured at their nominal amounts.
Post-employment benefits – Defined contribution funds – The contributions paid and payable by the AMP group to defined
contributions funds are recognised in the Consolidated income statement as an operating expense when they fall due. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
Share-based payments – Refer to note 4.2.
Other long-term benefits – Other employee entitlements are measured at the present value of the estimated future cash
outflows to be made in respect of services provided by employees up to the reporting date. In determining the present
value of future cash outflows, discount rates are determined with reference to market yields at the end of the reporting
period on high quality corporate bonds.
5.4
Related party disclosures continued
Notes to the financial statements
for the year ended 31 December 2025
148
6
Section
Other disclosures
This section includes disclosures other than those covered in the previous sections required
for the AMP group to comply with the accounting standards and pronouncements.
6.1
Notes to the Consolidated statement of cash flows
6.2
Commitments
6.3
Right of use assets and lease liabilities
6.4
Provisions, contingent liabilities and contingent assets
6.5
Auditor’s remuneration
6.6
New accounting standards and other developments
6.7
Events occurring after reporting date
6.1
Notes to the Consolidated statement of cash flows
Reconciliation of cash flow from operating activities
2025
2024
$m
$m
Net profit after income tax
133
150
Depreciation of operating assets
35
35
Amortisation and impairment of intangibles
38
38
Investment losses and share of profit from investments in associates
(81)
(146)
Dividend and distribution income received
49
31
Share-based payment expense
11
7
(Increase)/decrease in receivables, loans and advances and other assets
(730)
1,051
Decrease in guarantee liabilities
(4)
(7)
(Decrease)/increase in income tax balances
(8)
67
Decrease in deposits, other payables and provisions
(818)
(1,055)
Cash flows (used in)/provided by operating activities
(1,375)
171
Accounting policy – recognition and measurement
Cash and cash equivalents
Cash and cash equivalents comprise cash-on-hand that is available on demand and deposits that are held at call with
financial institutions. Cash and cash equivalents are measured at fair value, being the principal amount. For the purpose
of the Consolidated statement of cash flows, cash and cash equivalents also include other highly liquid investments not subject
to significant risk of change in value, with short periods to maturity, net of outstanding bank overdrafts. Bank overdrafts are
shown within interest-bearing liabilities in the Consolidated statement of financial position.
149
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6.2
Commitments
(a) Investment commitments
At 31 December 2025, AMP group had uncalled investment commitments of $8m (2024: $12m) in relation to certain sponsor
investments. Subsequent to the reporting date, $nil of this committed capital was invested by AMP group into managed
funds. These investment commitments will only be called when suitable investment opportunities arise, and the exact timeline
remains unspecified.
(b) AMP Bank credit-related loan commitments
At 31 December 2025, AMP Bank had credit-related commitments of $3,520m (2024: $4,025m), which included undrawn balances
on customer approved limits as well as loan offers pending signing by customers and signed loan contracts pending settlement.
AMP Bank expects that not all of the credit-related commitments will be drawn before their contractual expiry.
6.3
Right of use assets and lease liabilities
Per AASB 16 Leases (AASB 16), the group recognises lease liabilities except for short-term leases and leases where the underlying
asset is of low value, with corresponding right of use assets in the Consolidated statement of financial position.
(a) Right of use (ROU) assets
The main type of ROU assets recognised by the group is premises. The following table details the carrying amount of the ROU
assets at 31 December 2025 and the movements during the year.
2025
2024
$m
$m
Balance at the beginning of the year
239
329
Additions
3
5
Transfers to sublease receivables
–
(63)
Depreciation expense
(30)
(32)
Balance at the end of the year
212
239
(b) Lease liabilities
The following table details the carrying amount of lease liabilities at 31 December 2025 and the movements during the year.
2025
2024
$m
$m
Balance at the beginning of the year
498
536
Additions
3
–
Derecognition
(5)
–
Interest expense
27
29
Payments made
(69)
(67)
Balance at the end of the year
454
498
The AMP group paid $1m (2024: $2m) in relation to short-term leases. The total cash outflow for leases in 2025 was $70m
(2024: $69m).
Notes to the financial statements
for the year ended 31 December 2025
150
Accounting policy – recognition and measurement
At inception, the AMP group assesses whether a contract is, or contains, a lease. Such assessment involves the application
of judgement as to whether:
—
the contract involves the use of an identified asset;
—
the group obtains substantially all the economic benefits from the asset; and
—
the group has the right to direct the use of the asset.
It is AMP’s policy to separate non-lease components when recognising the lease liability.
The group recognises a Right of Use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially
measured as the present value of future lease payments, plus initial direct costs and restoration costs of the underlying asset,
less any lease incentives received. The ROU asset is depreciated over the shorter of the lease term and the useful life of the
underlying asset. The ROU asset is tested for impairment, including any reversal, if there is an indicator, and is adjusted for
certain remeasurements of the lease liability.
A lease liability is initially measured at the present value of future lease payments discounted using the group’s incremental
borrowing rate. Lease payments generally include fixed payments and variable payments that depend on an index, e.g. CPI.
A lease liability is remeasured when there is a change in future lease payments from a change in an index, or if the group’s
assessment of whether an option will be exercised changes.
Interest expense on lease liabilities is recognised within finance costs in the Consolidated income statement.
The group has elected not to recognise ROU assets and lease liabilities for leases where the lease term is less than or equal
to 12 months and where the underlying asset is of low value. Payments for such leases are recognised as an expense
on a straight‑line basis over the lease term.
Critical accounting estimates and judgements
Management applies judgement in identifying and measuring lease liabilities and assessing impairment
indicators for ROU assets which includes:
—
assessing whether a contract contains a lease;
—
determining lease term and incremental borrowing rate;
—
separating lease and non-lease components;
—
assessing lease modification vis-a-vis new lease; and
—
assessing the usage of ROU assets and the associated benefits.
6.3
Right of use assets and lease liabilities continued
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2025
2024
$m
$m
(a) Provisions
Compliance, litigation and corporate reorganisation
201
86
Other1
89
147
Total provisions
290
233
1
Other provisions include provisions for onerous lease arrangements, make-good provisions relating to premises and other operational provisions.
Compliance,
litigation and
corporate
reorganisation
Other
Total
2025
$m
$m
$m
(b) Movements in provisions
Balance at the beginning of the year
86
147
233
Net provisions raised during the year1
162
27
189
Provisions utilised during the year
(47)
(85)
(132)
Balance at the end of the year
201
89
290
1
Net provisions raised during the year include provisions of $120m (of which $45m will be met by insurance) and $29m in respect of settlement
of the superannuation and the commissions for advice and insurance advice class actions respectively. The nature of these class actions
has been described in AMP’s half year financial report for the period ended 30 June 2025. During the second half of 2025, in-principle
agreements were reached to settle the class actions subject to the finalisation and execution of the respective deeds of settlement and
approval by the Federal Court of Australia. Court approvals and the finalisation of payments are expected in the first half of 2026.
Accounting policy – recognition and measurement
Provisions are recognised when:
—
AMP has a present obligation (legal or constructive) as a result of a past event;
—
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
—
a reliable estimate can be made of the amount of the obligation.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the reporting date. For provisions other than employee entitlements, the discount rate used to determine the
present value reflects current market assessments of the time value of money and the risks specific to the liability.
A contingent liability is disclosed where a legal or constructive obligation is possible, but not probable; or where the obligation
is probable, but the financial impact of the event is unable to be reliably estimated.
From time to time the AMP group may incur obligations or suffer financial loss arising from litigation or contracts entered into in
the normal course of business, including guarantees issued for performance obligations of controlled entities in the AMP group.
Legal proceedings threatened against AMP may also, if filed, result in AMP incurring obligations or suffering financial loss.
Contingent assets including potential recoveries from third parties are not recognised until the recovery is virtually certain.
In relation to this, AMP has not recognised any contingent asset in respect of the recent sale by DigitalBridge of a 51% interest
in a legacy fund from AMP’s previous AMP Capital business which was sold in 2022. As disclosed in the announcement on
28 April 2022 of the sale of the AMP Capital International Equity Infrastructure business to DigitalBridge, AMP retained a right
to receive carried interest in certain legacy funds which results in a possible future asset. It is possible that this recent sale may
activate a portion of AMP’s carried interest, subject to satisfaction of the conditions of sale (including regulatory approvals)
as well as the sale of the remaining 49% interest. In the event that all required conditions are satisfied, AMP estimates a possible
future earning in the range of 30% above or below the amount disclosed in the 2022 announcement ($57m).
Where it is determined that the disclosure of information in relation to a contingent liability or a contingent asset can be
expected to adversely prejudice the position of the AMP group (or its insurers) in a dispute, accounting standards allow AMP to
not disclose such information. It is AMP’s policy that such information is not disclosed in this note.
6.4
Provisions, contingent liabilities and contingent assets
Notes to the financial statements
for the year ended 31 December 2025
152
Industry and regulatory compliance investigations
AMP is subject to review from time to time by regulators, both in Australia and offshore. In Australia, AMP’s principal regulators
are APRA, ASIC, AUSTRAC and the ATO, although other government agencies may have jurisdiction depending on the
circumstances. The reviews and investigations conducted by regulators may be industry-wide or specific to AMP and the
outcomes of those reviews and investigations can vary and may lead, for example, to the imposition of penalties, disagreement
with management’s position on judgemental matters including provisions and tax positions, variations or restrictions to
licences, the compensation of clients, enforceable undertakings or recommendations and directions for AMP to enhance its
control framework, governance and systems.
AMP regularly undertakes internal reviews, as part of ongoing monitoring and supervision activities, to determine, amongst
other things, where clients or other stakeholders, including employees, may have been disadvantaged. In some instances,
compensation has been paid and where the results of our reviews have reached the point that compensation is likely and can
be reliably estimated then a provision has been raised. These provisions are judgemental and the actual compensation could
vary from the amounts provided.
Litigation and claims
Proceedings brought by Munich Re Australia
In April 2023, AMP Limited and certain subsidiaries, namely, AMP Services Limited, N.M. Superannuation Proprietary Limited
(NM Super), AMP Superannuation Pty Limited (AMP Super), and AWM Services Pty Limited, were served with proceedings in
the Supreme Court of New South Wales brought by Munich Reinsurance Company of Australasia Limited (Munich Re). The
proceedings primarily relate to allegations of misleading or deceptive conduct in respect of the entry by Munich Re and
Resolution Life Australasia Limited (RLA) (formerly AMP Life Limited, which is also a defendant to the proceedings) into certain
reinsurance arrangements in 2016 and 2017. The AMP respondents have filed a defence in the primary proceedings. RLA has
similarly filed a defence in the primary proceedings and a cross-claim against AMP Services (in respect of an indemnity said to
be given by AMP Services to RLA) and subsequently amended that cross-claim (in respect of claims against NM Super relating
to purported termination of certain policies held with RLA). The AMP respondents have filed a defence to the cross-claim. The
AMP respondents have also filed a cross-claim against RLA. The claim is yet to be quantified. Currently, the potential outcome
and costs associated with the matter remain uncertain. The proceedings are being defended.
Life insurance class action
In July 2025, NM Super and AMP Super, both subsidiaries of AMP Limited, were served with a class action in the Federal Court.
The class action relates to allegations of high premium payments by certain members of AMP’s superannuation funds for life
insurance (death only cover, total and permanent disablement cover and income protection cover) during the period June 2019
to April 2024. Currently, the potential outcome and costs associated with the matter remain uncertain. The proceedings will
be defended.
Indemnities and warranties
Under the terms of sale agreements of various entities transacted by AMP from time to time, AMP has given certain covenants,
warranties and indemnities in favour of counterparties to those sales. From time to time, AMP may be notified of potential
breaches of these covenants, warranties and indemnities. A breach of these covenants or warranties, or the triggering of an
indemnity, may result in AMP being potentially liable for some future payments to those entities. Management reviews these
notified potential breaches on an ongoing basis, and provision amounts, where applicable, are adjusted at each reporting
period to reflect management’s best estimate. In addition, there remain other indemnities and warranties for which no provision
has been recognised as at the reporting date and a contingent liability exists should such indemnities and warranties be called
upon or where actual outcomes differ from management’s expectations.
In this regard, in July 2025, proceedings were filed in the Supreme Court of New South Wales by Dexus Funds Management
Limited (in its capacity as Responsible Entity of Dexus Property Trust and Dexus Operations Trust) against Collimate Capital
Limited and AMP Group Holdings Limited, both subsidiaries of AMP Limited. The proceeding arises out of the dispute between
a Dexus entity and Macquarie Retail Pty Limited regarding activation of pre-emptive rights in relation to Macquarie Shopping
Centre, following the sale of the former AMP Capital business to Dexus, and relates to the market value on sale of that property.
Currently, the potential outcome and costs associated with the matter remain uncertain. The proceedings will be defended.
6.4
Provisions, contingent liabilities and contingent assets continued
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Critical accounting estimates and judgements
The group recognises a provision where a legal or constructive obligation exists at the balance sheet date and
a reliable estimate can be made of the likely outcome. Provisions are reviewed on a regular basis and adjusted
for management’s best estimates, however significant judgement is required to estimate likely outcomes and
future cash flows. The judgemental nature of these items means that future amounts settled may be different
from those provided for.
6.5
Auditor’s remuneration
2025
2024
$’000
$’000
Audit services
— Group
1,579
1,633
— Controlled entities
1,696
1,624
Total audit services remuneration
3,275
3,257
Audit related assurance services
Statutory assurance services 1
260
258
Other assurance services – audit related 2
1,624
1,361
Total audit related assurance services remuneration
1,884
1,619
Total audit related services remuneration
5,159
4,876
Non-audit services
— Other services 3
125
100
Total non-audit services remuneration
125
100
Total auditor’s remuneration 4
5,284
4,976
1
Statutory assurance services relate to AFSL audits and certain APRA reporting assurance required to be performed by the statutory auditor.
2 Other assurance services – audit related primarily relate to APRA returns and compliance reporting, compliance plan audits, internal control
reviews, GS007 Type 2 reporting, sustainability reporting related assurance services.
3 Other services in 2025 primarily represent the issuance of comfort letters relating to the Medium Term Note (MTN) program.
4 Total amount excludes audit related fees and non-audit fees paid or payable for Trusts and Funds not consolidated into the group. Total fees
excluded are $2,838k (2024: $3,046k) of which $nil (2024: $95k) is for non-audit services.
6.6
New accounting standards and other developments
(a) New and amended accounting standards adopted by the AMP group
The adoption of new amendments to accounting standards have not had a material impact on the financial position or
performance of the AMP group for the financial year ended 31 December 2025.
(b) New accounting standards issued but not yet effective
A number of new accounting standards and amendments have been issued but are not yet effective, none of which have been
early adopted by the AMP group in these financial statements. These new standards and amendments, when applied in future
periods, are not expected to have a material impact on AMP group’s financial statements except for the below accounting
standard, which is not being early adopted by the group.
Notes to the financial statements
for the year ended 31 December 2025
154
AASB 18 Presentation and Disclosure in Financial Statements (AASB 18)
AASB 18 was issued in June 2024 replacing AASB 101 Presentation of Financial Statements (AASB 101) and will be effective for
the group from 1 January 2027. The standard has been issued to improve how entities communicate their results within their
financial statements, with a particular focus on information about financial performance in the income statement. The key
presentation and disclosure requirements are:
(i) The presentation of newly defined categories of income and expenses and subtotals in the income statement;
(ii) The disclosure of management-defined performance measures; and
(iii) Enhanced guidance on the grouping of information.
The AMP group is currently undertaking an impact assessment of this new standard.
(c) Other developments
AASB S2 Climate-related Disclosures (AASB S2)
AASB S2 deals with climate-related disclosures and sets out requirements for an entity to disclose information about its
exposure to significant climate-related risks and opportunities that will facilitate users of its financial report to assess
the impact of these risks and opportunities on the entity’s financial position, performance and cash-flows, strategy and
business model. The main climate-related financial disclosure requirements are structured around the four content pillars of
governance, strategy, risk management, and metrics and targets.
The AMP group has adopted AASB S2 for the financial year ended 31 December 2025. Refer to AMP’s Sustainability report
2025 for our climate-related disclosures.
6.7
Events occurring after reporting date
As at the date of this report, the directors are not aware of any matters or circumstances that have arisen since the end of the
financial year that have significantly affected, or may significantly affect:
—
the AMP group’s operation in future financial years;
—
the results of those operations in future financial years; or
—
the AMP group’s state of affairs in future financial years.
6.6
New accounting standards and other developments continued
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AMP 2025 Annual report
Tax residency
Entity name
Entity type
Place
incorporated
/formed
Percentage
of share
capital held
(%)
Australian or
foreign
Foreign
jurisdiction
AMP Limited
Body corporate
Australia
n/a
Australia
n/a
AdviceFirst Limited
Body corporate
New Zealand
100
Foreign
New Zealand
AMP Advice Holdings Pty Ltd
Body corporate
Australia
100
Australia
n/a
AMP Bank Limited
Body corporate
Australia
100
Australia
n/a
AMP Capital Finance (US), LLC
Body corporate/
Private limited
liability company
United States
100
Australia and
foreign
United States
of America
AMP Capital Finance Limited
Body corporate
Australia
100
Australia
n/a
AMP Capital Investors Advisory (Beijing) Limited
Body corporate
China
100
Foreign
China
AMP Capital Investors International Holdings
Limited
Body corporate
Australia
100
Australia
n/a
AMP Capital Investors US Real Estate, LLC
Body corporate/
Private limited
liability company
United States
100
Australia and
foreign
United States
of America
AMP Finance Pty Limited
Body corporate
Australia
100
Australia
n/a
AMP Financial Investment Group Holdings LimitedBody corporate
Australia
100
Australia
n/a
AMP Foundation Income Beneficiary Pty Limited
Body corporate
Australia
100
Australia
n/a
AMP Foundation Limited 1
Body corporate
Australia
100
Australia
n/a
AMP Foundation 1
Trust
Australia
n/a
Australia
n/a
AMP Group Finance Services Limited
Body corporate
Australia
100
Australia
n/a
AMP Group Holdings Limited
Body corporate
Australia
100
Australia
n/a
AMP Heritage Holdings Pty Ltd
Body corporate
Australia
100
Australia
n/a
AMP Holdings Pty Limited
Body corporate
Australia
100
Australia
n/a
AMP Lending Services Pty Limited
Body corporate
Australia
100
Australia
n/a
AMP Managed Bitcoin Fund 2
Trust
Australia
n/a
Australia
n/a
AMP New Ventures Holdings Pty Ltd
Body corporate
Australia
100
Australia
n/a
AMP New Zealand Holdings Limited
Body corporate
New Zealand
100
Foreign
New Zealand
AMP Nominees (NZ) Limited
Body corporate
New Zealand
100
Foreign
New Zealand
AMP Real Assets Fund 3
Trust
Australia
n/a
Australia
n/a
AMP Services (NZ) Limited
Body corporate
New Zealand
100
Foreign
New Zealand
AMP Services Limited
Body corporate
Australia
100
Australia
n/a
AMP Superannuation Pty Limited
Body corporate
Australia
100
Australia
n/a
AMP Wealth Management Holdings Pty Ltd
Body corporate
Australia
100
Australia
n/a
AMP Wealth Management New Zealand Limited
Body corporate
New Zealand
100
Foreign
New Zealand
Australian Mutual Provident Society Pty Limited
Body Corporate
Australia
100
Australia
n/a
AWM Payments Administrator Pty Ltd
Body Corporate
Australia
100
Australia
n/a
AWM Services Pty Ltd
Body Corporate
Australia
100
Australia
n/a
Citrus Innovations Pty Ltd
Body Corporate
Australia
98
Australia
n/a
Collimate Capital Pty Limited
Body Corporate
Australia
100
Australia
n/a
Genesys Wealth Advisers Pty Limited
Body Corporate
Australia
100
Australia
n/a
The table below presents the AMP group consolidated entity disclosure statement as required by s295(3A) of the
Corporations Act 2001.
Consolidated entity disclosure statement
as at 31 December 2025
156
Tax residency
Entity name
Entity type
Place
incorporated
/formed
Percentage
of share
capital held
(%)
Australian or
foreign
Foreign
jurisdiction
IDF II GP S.àr.l.
Body corporate/
Private limited
liability company
Luxembourg
100
Foreign
Luxembourg
IDF III GP S.à r.l.
Body corporate/
Private limited
liability company
Luxembourg
100
Foreign
Luxembourg
IDF IV GP S.àr.l.
Body corporate/
Private limited
liability company
Luxembourg
100
Foreign
Luxembourg
INSSA Pty Limited
Body Corporate
Australia
100
Australia
n/a
ipac Asset Management Limited 2
Body Corporate
Australia
100
Australia
n/a
N. M. Superannuation Pty Limited
Body Corporate
Australia
100
Australia
n/a
National Mutual Funds Management (Global) Pty
Limited
Body Corporate
Australia
100
Australia
n/a
National Mutual Funds Management Ltd 3
Body Corporate
Australia
100
Australia
n/a
NMMT Limited
Body Corporate
Australia
100
Australia
n/a
PremierOne Mortgage Advice Pty Limited
Body Corporate
Australia
100
Australia
n/a
Priority One Agency Services Pty Ltd
Body Corporate
Australia
100
Australia
n/a
Priority One Financial Services Pty Limited
Body Corporate
Australia
100
Australia
n/a
Progress 2008 – 1R Trust
Trust
Australia
n/a
Australia
n/a
Progress 2016-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2017-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2017-2 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2018-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2019-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2020-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2021-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2022 1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2022-2 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2023 1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2023-2 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2024-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2024-2 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2025-1 Trust
Trust
Australia
n/a
Australia
n/a
Progress 2025-2 Trust
Trust
Australia
n/a
Australia
n/a
Progress Warehouse Trust No.3
Trust
Australia
n/a
Australia
n/a
Progress Warehouse Trust No.4
Trust
Australia
n/a
Australia
n/a
Progress Warehouse Trust No.5
Trust
Australia
n/a
Australia
n/a
Progress Warehouse Trust No.6
Trust
Australia
n/a
Australia
n/a
Solar Risk Pty Limited
Body Corporate
Australia
100
Australia
n/a
Transition Shell Trust 6 3
Trust
Australia
n/a
Australia
n/a
Tynan Mackenzie Pty Ltd
Body Corporate
Australia
100
Australia
n/a
1
AMP Foundation Limited is the Trustee for AMP Foundation.
2 ipac Asset Management Ltd is the Trustee for AMP Managed Bitcoin Fund.
3 National Mutual Funds Management Ltd is the Trustee for AMP Real Assets Fund and Transition Shell Trust 6.
Consolidated entity disclosure statement continued
as at 31 December 2025
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Additional information
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The directors of AMP Limited declare that:
In the opinion of the directors:
(a) the consolidated financial statements and accompanying notes for the year ended 31 December 2025 are in accordance
with the Corporations Act 2001, including:
(i) complying with the Australian Accounting Standards and any further requirements in the Corporations Regulations
2001; and
(ii) giving a true and fair view of the group’s financial position as at 31 December 2025 and their performance for the year
ended 31 December 2025;
(b) the consolidated entity disclosure statement set out in the financial report as at 31 December 2025 is true and correct; and
(c) there are reasonable grounds to believe that AMP Limited will be able to pay its debts as and when they become due
and payable.
Notes to the financial statements include a statement of compliance with the International Financial Reporting Standards,
as set out in ‘About this report – (a) Understanding the AMP financial report’.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the directors.
Mike Hirst
Chair
Alexis George
Chief Executive Officer and Managing Director
Sydney, 12 February 2026
Directors’ declaration
under section 295A of the Corporations Act 2001 for the year ended 31 December 2025
158
Report on the audit of the financial report
Qualified opinion
We have audited the financial report of AMP Limited (the Company) and its subsidiaries (collectively the Group), which
comprises the consolidated statement of financial position as at 31 December 2025, the consolidated income statement,
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy
information, the consolidated entity disclosure statement and the directors’ declaration.
In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion section of our
report, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a. Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2025 and of its
consolidated financial performance for the year ended on that date; and
b. Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for qualified opinion
As disclosed in section 5.2 of the notes to the financial statements, the Company’s investment in China Life Pension
Company (CLPC), a foreign associate accounted for using the equity method, is carried at $572 million on the consolidated
statement of financial position at 31 December 2025. The Company’s share of CLPC’s post-tax net income of $73 million
is included in the Company’s income for the year then ended, and financial statements of CLPC for the year ended
31 December 2025 are still in the process of being audited by CLPC’s auditor at the date of this audit report. We were
therefore unable to obtain sufficient appropriate audit evidence about the Company’s share of CLPC’s net income for the
year then ended and the carrying amount of the Company’s investment in CLPC as at 31 December 2025. Consequently,
we were unable to determine whether any adjustments to these amounts were necessary.
Our opinion on the financial report for the year ended 31 December 2024 was similarly qualified. In the audit for the year
ended 31 December 2025, we were able to obtain sufficient appropriate evidence to support the Company’s share of
CLPC’s net income that was recorded in 2024 and also the carrying amount of the Company’s investment in CLPC as at
31 December 2024.
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards
are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are
independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the
ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public
interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
A member firm of Ernst & Young Global Limited
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Independent auditor’s report
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Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial report of the current year. These matters were addressed in the context of our audit of the financial report as a
whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. In addition to the
matter described in the Basis for qualified opinion section we have determined the matters described below to be the key
audit matters to be communicated in our report. For each matter below, our description of how our audit addressed the
matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying financial report.
Credit Provisions
Financial report reference: Section 2.1: Loans and advances, Section 3.3 Financial Risk Management
Why significant
How our audit addressed the key audit matter
As at 31 December 2025 loans and advances totalled
$24,330 million against which provisions for expected
credit losses of $84 million have been recorded in
accordance with the requirements of Australian
Accounting Standards, as disclosed in Section 2.1.
This was a key audit matter due to the value of the
provisions, and the degree of judgment and estimation
uncertainty associated with the provision calculation.
Key areas of judgment included:
—
the application of the impairment requirements
of AASB 9 Financial Instruments within the Group’s
expected credit loss methodology;
—
the identification of exposures with a significant
deterioration in credit risk;
—
assumptions used in the expected credit loss
model (for exposures assessed on an individual or
collective basis); and
—
the incorporation of forward-looking information
to reflect current and anticipated future external
factors, including economic scenarios adopted
and the probability weighting determined for
each scenario.
Our audit procedures included the following:
—
We assessed the methodology of the Group’s
expected credit loss model and its underlying
methodology against the requirements of AASB 9.
—
We assessed the following for exposures evaluated
and overlays recognised at 31 December 2025:
•
significant modelling and forward-looking
macroeconomic assumptions;
•
the basis for and data used to determine
the provision at 31 December 2025; and
•
the mathematical accuracy of the model
and the key assumptions utilising our
actuarial specialists.
—
We examined a sample of exposures on an
individual basis by:
•
assessing the reasonableness and timeliness
of internal credit quality assessments based on
the borrowers’ particular circumstances; and
•
evaluating the associated provisions by
assessing the reasonableness of key inputs
into the calculation, with particular focus on
collateral values, work out strategies and the
value and timing of recoveries.
—
We also assessed the adequacy and
appropriateness of the disclosures included
in the notes to the financial statements.
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160
Taxation
Financial report reference: Section 1.4: Taxes
Why significant
How our audit addressed the key audit matter
As presented in the consolidated statement of financial
position and Section 1.4, the Group has significant tax
balances as at 31 December 2025, being a current tax
asset of $7 million, a deferred tax asset of $491 million,
and a deferred tax liability of $17 million.
Due to the complexity and high level of judgment
required in the following areas, we considered this
to be a key audit matter:
—
estimating future taxable income and assessing
the recoverability of tax losses and other deferred
tax assets in future years; and
—
the adequacy of provisioning and assessing
the recoverability of current tax.
Our audit procedures included the following:
—
We involved our tax specialists to assess the
application of tax laws and relevant regulations
in the determination of the Group’s tax balances,
including the Group’s assessment of the impact
of entities leaving and joining the tax consolidated
group on the determination of tax balances.
—
We examined the Group’s deferred tax asset
recoverability assessment and evaluated the
reasonableness of key assumptions, including:
•
assessing the Group’s growth and other key
assumptions and reviewing tax adjustments
made to the Group’s profit forecasts to
determine future taxable income; and
•
reviewing and assessing the Group’s analysis
to determine the period over which deferred
tax assets attributable to tax losses are forecast
to be utilised.
—
We evaluated management’s assessment of
the recoverability of current tax assets including
the underlying tax principles applied and
management forecasts.
—
We also assessed the adequacy and
appropriateness of the disclosures included
in the notes to the financial statements.
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Additional information
AMP 2025 Annual report
Information Technology (IT) systems and controls over financial reporting
Why significant
How our audit addressed the key audit matter
—
A significant part of the Group’s operations and
financial reporting processes are primarily reliant
on IT systems for the processing and recording of a
high volume of transactions.
—
The group-wide IT environment is complex in
terms of the scale and nature of IT systems relied
upon. IT General Controls (ITGCs) support the
continuous operation of the automated and other
IT dependent controls within the business processes
related to financial reporting. Effective ITGCs are
required to ensure that IT applications process
business data as expected and that changes are
made in an appropriate manner.
—
A fundamental component of these IT systems
and controls is ensuring that risks relating
to inappropriate user access management,
unauthorised program changes and IT operating
protocols are addressed.
We identified User Access Management including IT
privileged access controls for applications that are
critical to financial reporting is of a heightened
inherent risk and therefore this is considered to be
a key audit matter.
—
We focused our audit procedures on those IT
systems and controls that are significant to the
Group’s financial reporting process.
—
We involved our IT specialists to assist with
assessing and evaluating the significant IT systems
and controls.
—
We assessed the design and tested the operating
effectiveness of the Group’s IT controls, including
those related to user access management, change
and operating management and data integrity.
—
Where we identified design and/or operating
deficiencies in the IT control environment, our audit
procedures included the following:
•
assessed the integrity and reliability of the systems
and data related to financial reporting; and
•
where automated procedures were supported
by systems with identified deficiencies, we
either 1) assessed compensating or mitigating
controls that were not reliant on the IT control
environment, 2) performed direct testing of
IT application controls and/or IT dependent
manual controls, or 3) varied the nature, timing
and extent of substantive procedures performed.
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the information included in
the Company’s 2025 annual report, but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form
of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial report or our knowledge obtained
in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
—
The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001; and
—
The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and
for such internal control as the directors determine is necessary to enable the preparation of:
—
The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free
from material misstatement, whether due to fraud or error; and
—
The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud
or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
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Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian
Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
—
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
—
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control.
—
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the directors.
—
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
—
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether
the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
—
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are
responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit.
We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most significance in the audit of
the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
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AMP 2025 Annual report
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 40 to 69 of the directors’ report for the year ended
31 December 2025.
In our opinion, the Remuneration Report of AMP Limited for the year ended 31 December 2025, complies with section
300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
Ernst & Young
Anita Kariappa
Partner
Sydney
12 February 2026
A member firm of Ernst & Young Global Limited
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Independent auditor’s report
to the members of AMP Limited
164
Substantial holders as at 14 January 2026
The names of substantial holders in AMP Limited, and the number of ordinary shares which each substantial holder and the
substantial holder’s associates have a relevant interest in, as disclosed in substantial holding notices received by AMP Limited
before 14 January 2026, are set out below.
For details of the related bodies corporate of the substantial holders who also hold relevant interests in AMP Limited ordinary
shares, refer to the substantial holding notices lodged with ASX, under the company code AMP.
Shareholder
Number of
ordinary shares
Voting power %
Vanguard Group 1
160,615,303
6.02%
State Street Corporation 2
180,389,009
7.13%
Pinnacle Investment Management Group Limited 3
181,004,455
7.15%
1 Substantial holding as at 23/05/2024, as per notice lodged with ASX on 27 May 2024.
2 Substantial holding as at 02/04/2025, as per notice lodged with ASX on 4 April 2025.
3 Substantial holding as at 13/08/2025, as per notice lodged with ASX on 18 August 2025.
Distribution of AMP Limited shareholdings as at 14 January 2026
Range
Number of holders
Shares held
% of issued capital
1–1,000
219,862
129,251,462
5.11
1,001–5,000
156,660
312,401,094
12.34
5,001–10,000
14,513
102,406,033
4.04
10,001–100,000
10,174
234,231,340
9.25
100,001 over
445
1,753,449,910
69.26
TOTAL
401,654
2,531,739,839
100.00
As at 14 January 2026, the total number of shareholders holding less than a marketable parcel of 276 shares is 26,751.
Twenty largest AMP Limited shareholdings as at 14 January 2026
Rank Name
Units
% Units
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
638,829,565
25.23
2
CITICORP NOMINEES PTY LIMITED
410,330,526
16.21
3
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
353,746,099
13.97
4
BNP PARIBAS NOMS PTY LTD
93,868,033
3.71
5
BNP PARIBAS NOMINEES PTY LTD
22,946,845
0.91
6
BNP PARIBAS NOMINEES PTY LTD
17,584,837
0.69
7
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
12,258,143
0.48
8
UBS NOMINEES PTY LTD
11,797,091
0.47
9
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2
11,493,351
0.45
10
CITICORP NOMINEES PTY LIMITED <143212 NMMT LTD A/C>
6,527,860
0.26
11
CITICORP NOMINEES PTY LIMITED
6,150,611
0.24
12
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA
5,676,692
0.22
13
MESTJO PTY LTD
5,590,522
0.22
14
HEM CORPORATION NO2 PTY LTD
5,500,000
0.22
15
NETWEALTH INVESTMENTS LIMITED
5,461,899
0.22
16
BNP PARIBAS NOMS (NZ) LTD
4,802,907
0.19
17
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
4,328,224
0.17
18
WARBONT NOMINEES PTY LTD
4,233,888
0.17
19
NETWEALTH INVESTMENTS LIMITED
3,974,127
0.16
20
JOHN E GILL TRADING PTY LTD
2,995,338
0.12
Total
1,628,096,558
64.31
Total remaining holders balance
903,643,281
35.69
Securityholder information
165
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AMP Limited shares voting rights
The voting rights attached to AMP Limited ordinary shares are that each registered holder of shares present in person
(or by proxy, attorney or representative) at a meeting of shareholders has one vote on a vote taken by a show of hands,
and one vote for each fully paid share held on a vote taken by a poll.
On-market acquisitions for employee incentive schemes during the financial year
ended 31 December 2025
Rights granted under the Equity Incentive Plan during 2025:
—
4,256,021 Share Rights, of which the number of holders was 61.
—
4,182,822 Performance Rights, of which the number of holders was 8.
—
No Options were awarded in 2025.
Number of share rights on issue as at 31 December 2025
Size of holding
Number of holders
Number of
share rights
1–1,000
–
–
1,001–5,000
–
–
5,001–10,000
–
–
10,001–100,000
39
1,833,251
100,001 and over
48
11,394,472
Total
87
13,227,723
Number of performance rights on issue as at 31 December 2025
Size of holding
Number of holders
Number of
Performance
rights
1–1,000
–
–
1,001–5,000
–
–
5,001–10,000
–
–
10,001–100,000
–
–
100,001 and over
12
21,513,745
Total
12
21,513,745
On-market acquisitions for employee incentive schemes during the financial year
ended 31 December 2025
8,941,516 AMP Limited ordinary shares were purchased on-market to satisfy entitlements under AMP’s employee incentive
schemes at an average price per share of $1.31711436857.
Stock exchange listings
AMP Limited’s ordinary shares are quoted on the Australian Securities Exchange. AMP de-listed from the New Zealand Stock
Exchange on 7 February 2022.
On 16 December 2025, all AMP Capital Notes 2 (ASX:AMPPB) issued on 23 December 2019, were redeemed by AMP in
accordance with the terms of the Capital Notes 2.
Restricted securities
There are no restricted securities on issue.
Securityholder information
166
AUM based revenue
Includes revenue derived from AUM or AUM‑linked sources (e.g. account and
administration fees). For the Australian and New Zealand Wealth Management businesses
this includes administration and investment revenue on superannuation, retirement and
investment products.
Business finance loans
Business loans provided to financial advisers and mortgage brokers, which are secured by a
General Security Agreement over the business assets, including the client servicing rights, or
other assets. Commercial lending credit policy, process and rates apply to these loans.
Carbon credit
An emissions unit that is issued by a carbon crediting program and represents an emission
reduction or removal of greenhouse gases. Carbon credits are uniquely serialised, issued,
tracked and cancelled by means of an electronic registry.
Climate‑related risks
and opportunities
Climate‑related risks refer to the potential negative effects of climate change on AMP. These
risks are categorised as climate‑related physical risks and climate‑related transition risks.
Climate‑related opportunities refer to the potential positive effects arising from climate
change for AMP. Efforts to mitigate and adapt to climate change can produce climate-related
opportunities for AMP.
CO2‑e
Carbon dioxide equivalent is the universal unit of measurement to indicate the global warming
potential of each greenhouse gas, expressed in terms of the global warming potential of one
unit of carbon dioxide. This unit is used to evaluate releasing (or avoiding releasing) different
greenhouse gases against a common basis.
Common Equity
Tier 1 capital
Comprises the highest quality components of capital that fully satisfy all of the following
essential characteristics:
a) provide a permanent and unrestricted commitment of funds
b) are freely available to absorb losses
c) do not impose any unavoidable servicing charge against earnings, and
d) rank behind the claims of depositors, policyholders and other creditors in the event
of winding up.
Contingent liabilities
A situation existing at reporting date, where past events have led to a possible obligation, the
outcome of which depends on uncertain future events, or an obligation where the outcome
is not sufficiently probable or reliably measurable to warrant recognising the liability at this
reporting date.
Controllable costs
Include operational and project costs and exclude variable costs, provision for bad and
doubtful debts and interest on corporate debt.
Corporate debt
Borrowings used to fund shareholder activities of the AMP group, including the impact of any
cross‑currency swaps entered into.
Cost to income ratio
Calculated as controllable costs divided by gross profit. Gross profit is calculated as total
revenue less total variable costs (pre‑tax).
Decarbonisation
The process of reducing the emissions of carbon dioxide and other greenhouse gas emissions
into the atmosphere.
Defined benefit plan
A scheme that provides a retirement benefit, usually based on salary and/or a predetermined
formula for calculating that benefit. Unlike an accumulation scheme, the retirement benefit and
method of calculation is known to the member at all times.
Earnings per share (EPS)
(statutory)
Earnings per share calculated as NPAT (statutory) of AMP Limited divided by the statutory
weighted average number of ordinary shares.
Glossary
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Earnings per share (EPS)
(underlying)
Calculated as NPAT (underlying) divided by the basic weighted average number
of ordinary shares.
Franking rate
The amount of tax AMP has already paid on a dividend payment. This can be used as a tax
credit by Australian resident shareholders. The franking rate is determined by AMP’s taxable
income. AMP’s policy is to always frank dividends at the highest possible rate.
Greenhouse gas (GHG)
The seven greenhouse gases listed in the Kyoto Protocol—carbon dioxide (CO2);
methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3);
perfluorocarbons (PFCs) and sulphur hexafluoride (SF6).
Greenhouse Gas Protocol
Comprehensive global standardised frameworks to measure and manage GHG emissions from
private and public sector operations, value chains and mitigation actions.
Incentive pool
The fund allocated for the payment of short-term incentive (STI) rewards. The size of
this pool is determined annually based on AMP’s performance relative to both financial
and non‑financial measures.
Intangibles
Represents acquired goodwill, distribution networks such as customer lists, capitalised costs,
and other assets.
Investment income
The income on shareholder assets invested in income producing investment assets (as opposed
to income producing operating assets) attributed to the BUs (including Group). The return on
AMP Bank income producing investment assets is included in AMP Bank NPAT.
Shareholder funds invested in income producing assets may be higher or lower than BU capital
due to the working capital requirements of the business unit.
Key management
personnel (KMP)
The Chief Executive Officer (CEO), nominated direct reports of the CEO and the non‑executive
directors, who have authority and responsibility for planning, directing and controlling the
activities of AMP.
Location‑based
Scope 2 emissions that reflect the average emissions intensity of grids on which energy
consumption occurs (using mostly grid‑average emission factor data).
Long‑term incentive (LTI)
Provided to executives as recognition for contributing to AMP’s achievement of specific
long‑term performance objectives. These incentives are granted as performance rights to
motivate executives to create long-term value for shareholders. Each right entitles the holder
to receive one AMP Limited share, subject to meeting specified vesting conditions.
Market‑based
Scope 2 emissions that reflect greenhouse gas emissions from purchased electricity after
applying the emission factors associated with the contractual instruments AMP purchases,
such as renewable energy certificates.
Net interest margin (NIM)
(AMP Bank)
Net interest income over average interest earning assets. For the purpose of NIM calculation,
average interest earning assets balance includes the value of mortgage offset account.
Net Profit After Tax (NPAT)
Also referred to as NPAT (underlying), represents shareholder attributable net profit or loss
after tax excluding non‑recurring revenue and expenses.
Net Profit After Tax (NPAT)
(statutory)
Reflects the net profits (or losses) distributable to AMP Limited shareholders in a given period.
Net zero
Net zero emissions are achieved when emissions of greenhouse gases to the atmosphere are
balanced by removals over a specified period.
Non‑executive
directors (NEDs)
Board directors who are not employees of AMP (they are independent).
Glossary
168
Paris Agreement
A legally binding international treaty on climate change. The agreement aims to strengthen
global response to the threat of climate change by: holding the increase in global average
temperature to well below 2°C above pre‑industrial levels; and pursuing efforts to limit
temperature increase to 1.5°C.
Performance rights
A performance right is a type of equity‑based incentive that gives an employee the
conditional right to receive one fully paid ordinary share in the company at a future date,
once specific performance conditions are met. Performance rights are usually limited to
executive remuneration and form a part of the long term incentive plan.
Return on equity (RoE)
(statutory)
NPAT (statutory) of AMP Limited divided by the average of AMP shareholder equity
for the period.
Return on equity (RoE)
(underlying)
NPAT (underlying) of AMP Limited divided by the average of AMP shareholder equity
for the period.
Scope 1
Direct greenhouse gas emissions that occur from sources that are owned or
controlled by AMP.
Scope 2
Indirect greenhouse gas emissions that arise from electricity purchased or acquired by AMP
for its operations.
Scope 3
Indirect greenhouse gas emissions (not included in Scope 2 greenhouse gas emissions) that
occur in the value chain of AMP, including both upstream and downstream emissions.
Share right
A share right is a form of equity-based inventive that gives an employee the conditional
right to receive one fully paid ordinary share in the company at a future date, , once service
conditions are met.
Short‑term incentive (STI)
A form of variable remuneration, determined by AMP’s performance against a scorecard
comprising financial and non-financial targets. Individual STI outcomes are evaluated
with reference to the scorecard results, risk considerations, AMP’s overall performance,
shareholder experience as well as individual performance and behaviours. For certain
executives, a portion of the STI is delivered in cash, while the remainder is deferred into
share rights and restricted for a specified time, further aligning executive interests with
those of shareholders.
Total shareholder
return (TSR)
A measure of the value returned to shareholders over a period of time. It takes into account
the changes in market value of AMP shares, plus the value of any dividends paid and capital
returns on the shares.
Variable costs
Include costs that vary directly with the level of related business (e.g. investment management
fees and banking commissions and securitisation costs).
Vesting
The process by which the holder of a right or restricted share gains certain entitlements. For a
Right, the holder receives a Share (or an equivalent cash payment) once the vesting conditions
are met. For a Restricted Share, all restrictions on selling or otherwise dealing with the share
are lifted after all applicable Vesting Conditions for that Incentive Security have been satisfied.
Glossary
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Registered office of
AMP Limited
Level 29
50 Bridge Street
Sydney NSW 2000
Australia
W: amp.com.au
AMP Investor Relations
Level 28, 50 Bridge Street
Sydney NSW 2000
Australia
T: 1800 245 500 (Aus)
T: 0800 440 195 (NZ)
T: +612 8364 6053 (other countries)
E: shares@amp.com.au
W: amp.com.au/shares
AMP products and policies
AMP Super Fund
T: 131 267
E: ampsuper@amp.com.au
AMP Bank
T: 13 30 30
E: info@ampbanking.com.au
AMP Bank GO
T: +612 5135 1930
E: help@ampbank.com.au
North
T: 1800 667 841
E: North@amp.com.au
New Zealand
T: 0800 267 005
E: investments@amp.co.nz
International
T: +612 8048 8162
Australia
AMP share registry
Reply Paid 2980
Melbourne VIC 3001
T: 1300 654 442
Other countries
AMP share registry
GPO Box 2980
Melbourne VIC 3001
Australia
T: +613 9415 4051
AMP share registry
Contact us
E: ampservices@computershare.com.au
AMP is incorporated and domiciled in Australia
Corporate directory
170
amp.com.au
@AMP_AU or @ampfoundation
facebook.com/AMPaustralia
linkedin.com/company/amp
AMP Limited ABN 49 079 354 519