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1H 24 - AMP Limited - Chair's message to shareholders
8 August 2024
Dear shareholder,
Today we announced AMP’s results for the six months to 30 June 2024. I’d like to share a few highlights with you:
- Underlying net profit after tax (NPAT) is up 5.4% on the same period last year, to $118 million, as we delivered on strategic initiatives to strengthen the position and performance of our operating businesses - AMP Bank, Platforms, Superannuation & Investments, Advice and New Zealand.
- Controllable costs reduced by 6.4% to $339 million, underlining our cost discipline. We expect this will drive further benefit in 2H 24 and beyond.
- AMP has returned $963 million of capital out of our committed $1.1 billion capital return related to the sale of AMP Capital.
- Statutory NPAT was $103 million, with 1H 23 statutory NPAT of $261 million reflecting the gain on sale of AMP Capital and SuperConcepts.
- Earnings per share (underlying) increased by 15.8% to 4.4 cents per share.
Dividend
I’m pleased to announce that the board declared a FY 24 interim dividend of 2.0 cents per share, 20 per cent franked, to be paid to shareholders on 27 September 2024.
Strategic partnership for AMP Advice
We also announced today a new strategic partnership and ownership structure with Entireti and AZ NGA to create a sustainable business model for AMP Advice. As we have previously flagged, we have been considering various strategic options for AMP Advice, and this transaction leverages Entireti’s scale and proven business model. The divestment of AMP’s advice practice equity portfolio to AZ NGA realises the value in those minority stakes. This is an important step forward for AMP Advice.
Looking forward
For the second half of 2024, we remain committed to delivering on our capital return commitment, maintaining disciplined cost management and right-sizing our corporate costs. We have a strategy in place to address differing dynamics across our businesses, including progressing with our digital small business bank which will launch in Q1 25.
You can read about the performance of the business during the period, and our priorities for 2H 24, here.
Thank you for your ongoing support as a fellow shareholder of AMP.
Mike Hirst
Chair
AMP Limited
To read more about our 2024 half year results, click here
