AMP Limited (AMP) 2024年年度報告「ASX」.pdf

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1、 ASX Release 14 February 2025 AMP Appendix 4E&Annual report In accordance with ASX Listing Rules,AMP Limited attaches for the full year ended 31 December 2024 its:Appendix 4E;and Annual report.Media enquiries Investor enquiries Brett Zarb Mobile:+61 417 256 563 Adrian Howard Mobile:+61 413 184 488 R

2、ichard Nelson Mobile:+61 455 088 099 Jo Starr Mobile:+61 416 835 301 Authorised for release by the AMP Limited Board.Appendix 4EPreliminary Final Report for the year ended 31 December 2024 as required by ASX listing rule 4.3AResults for announcement to the market 1For the year ended 31 December 2024

3、$mRevenue from ordinary activities 2 32,869up 5%Profit from ordinary activities after tax attributable to shareholders150down 43%Net profit for the year attributable to shareholders150down 43%Dividends Final dividend franked at 20%(cents per share)1.0 Interim dividend franked at 20%(cents per share)

4、2.0Record date for determining entitlements to the final dividend 3 March 20251 Current reporting period is 1 January 2024 to 31 December 2024.Prior corresponding period is 1 January 2023 to 31 December 2023.2 Information has been presented on a continuing operations basis.3 Revenue from ordinary ac

5、tivities includes fee revenue of$856m,interest income using the effective interest method of$1,660m,other interest income of$185m,share of profit from associates of$84m,movement in guarantee liabilities of$7m and other income of$77m.31 Dec 2024 31 Dec 2023Net tangible assets per ordinary share$Net t

6、angible assets per ordinary share1.311.31Additional information supporting the Appendix 4E disclosure requirements can be found in the accompanying 2024 Annual Report.This document should be read in conjunction with the AMP Limited Annual Report for the year ended 31 December 2024 and any public ann

7、ouncements made by AMP Limited and its controlled entities during the year in accordance with the continuous disclosure obligations arising under the Corporations Act 2001 and ASX Listing Rules.The information in this report is based on the consolidated financial statements of AMP Limited which have

8、 been audited by Ernst&Young.A copy of their audit report is included in the attached Annual Report for the year ended 31 December 2024.Changes in controlled entities during the year ended 31 December 2024Name of the entitygained controllost controlACN 154 462 334 Pty Limited18-Dec-24AMP Financial P

9、lanning Pty Limited29-Nov-24AMP Group Services Pty Limited21-Aug-24AMP Nominees(NZ)Limited05-Feb-24AMP Planner Register Company Pty Limited29-Nov-24AMPCI(SG)Pte.Limited17-Jul-24Associated Planners Financial Services Pty Limited29-Nov-24Charter Financial Planning Limited29-Nov-24Forsythes Financial S

10、ervices Pty Ltd12-Feb-24Genesys Group Holdings Pty Limited22-May-24Hillross Financial Services Limited29-Nov-24ipac Group Services Pty Ltd25-Dec-24Jigsaw Support Services Pty Limited29-Nov-24King Financial Services Pty Ltd22-May-24Pajoda Investments Pty Ltd15-Feb-24PPS Financial Planning Pty Ltd 10-

11、Jan-24PPS Lifestyle Solutions Pty Ltd 15-Feb-24Prosperitus Pty Ltd12-Feb-24Quadrant Securities Pty Ltd09-Jun-24SMSF Advice Pty Limited23-Sep-24Strategic Planning Partners Pty Ltd12-Feb-24T.I.M.E.Partners Pty Limited24-Jul-24TFS Financial Planning Pty Ltd15-Feb-24Total Super Solutions Pty.Ltd.15-Feb-

12、24AMP LIMITED Appendix 4EAnnual report 2024Helping people create their tomorrowReporting suiteSustainability Report 2024Modern Slavery Statement 2024Corporate Governance Statement 2024ESG Data Pack 2024About this reportWe take our reporting obligations seriously,and we provide concise and up-to-date

13、 information about AMP at .au/shares.AMPs 2024 Annual report sits alongside a suite of materials that seek to provide a fulsome update on our operations and approach to important matters such as governance and sustainability.Acknowledgement of CountryAMP acknowledges all First Nations Peoples across

14、 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 countrys rich culture and heritage.Our hope for the future is to unite as

15、 one people,to listen and learn from each other with respect and walk the path to reconciliation together.Contents01 Introduction02 2024 highlights04 Chairs message06 CEO message08 How we create value10 Our strategy12 Sustainability overview14 Group financial performance16 Business review20 Material

16、 risks24 Our approach to governance26 Board of directors30 Group executive committee34 Directors report40 Remuneration report73 Financial report149 Additional informationThe Directors report,Financial report and the Independent Auditors report are dated and current as at 14 February 2025.Unless othe

17、rwise specified,all amounts are in Australian dollars.AMP Limited ABN 49 079 354 519.Authorised for release by the AMP Limited Board.In 2024 we celebrated AMPs 175-year heritage of supporting customers to live financially well,and to meet their needs today and into the future.Our strategy enables us

18、 to deliver on our purpose:Helping people create their tomorrow1OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual report2024 highlights$236mUnderlying NPAT,up 15.1%9.0cpsUnderlying EPS up 25%$648mControllable costs,down 6.1%Building leadership position in r

19、etirement Advice transaction completedEmployee launch of new digital bank for small business and personal customers$2.7bnpension payments for Australian customers in retirement 3,100+members supported with intra-fund advice on their superannuation 728,000+customers helped through calls about their s

20、uperannuation,banking or investment needsFinancial performanceBusiness progressOur customers2$1.1bncapital return delivered since August 2022420,912Total shareholdersOur shareholders40:40:20 gender diversity targets met across board,executive and middle management Enterprise-wide Inclusion and Diver

21、sity Census conducted to better understand the diversity profile of our workforce74Employee satisfaction(eSat score)People and partners32%reduction in scope 1 and 2 emissions from 2023 12 yearsCarbon neutral position maintained across our operations$13.4mcommitted by AMP Foundation across 13 impact

22、investmentsCommunities and environment1.0 per share20%franked,bringing FY 24 full year dividend to 3.0 cpsFY 24 final dividend declared of3OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual report“Our goal remains to help Australians maximise retirement outc

23、omes through a combination of guidance and innovative products that deliver sustainable income streams,offering peace of mind and financial security throughout retirement.”Our rich history connects to our present-day purpose of helping people create their tomorrow.This milestone year was an importan

24、t acknowledgement of our heritage and a springboard for AMPs future.Underlying net profit of$236m for the year was up 15.1%on FY 23,with statutory net profit of$150m.We repositioned the business for the future with the completion of the transaction for our AMP Advice business.The partnership we crea

25、ted has transformed the advice industry landscape in Australia,providing a large-scale services and licensee business for advisers.There was a smooth transition to this new model in December 2024.In our wealth Platforms business,our innovative retirement products available on North,continue to attra

26、ct attention in the industry and interest from advisers.Were proud of the returns weve delivered for members in our Superannuation&Investments business,which were top quartile in 2024 and we continue to see improvements in flows.Our new digital bank for small business and personal banking launched t

27、o the public in February 2025,and our New Zealand business continues to deliver steady returns despite the challenging local economic environment.Capital management In October 2024 we completed our capital management program following the sale of AMP Capital,returning$1.1 billion to shareholders sin

28、ce August 2022 through dividends and on-market share buybacks.We have announced a FY 24 final dividend of 1.0 cent per share,20%franked,reflecting the progress made during the year.The Board carefully considers capital as one of its core responsibilities.Our objective is to strike a balance between

29、short term returns to shareholders and investment in strategic initiatives that will drive sustainable growth in shareholder value over the medium to long term.Chairs messageIn 2024,we celebrated 175 years of AMP serving the community 4Governance As you are aware the Board has committed to ensuring

30、we have skills around the table that are relevant to the business AMP is today and will be in the future.At the beginning of 2024 we welcomed Kathleen Bailey-Lord and Anna Leibel to the Board,bringing fresh perspectives and complementary expertise to the Board.Their appointments support our commitme

31、nt to maintaining a diverse and skilled board that is well placed to perform its important governance role and oversight of the management team in delivering for shareholders.This is an ongoing task that is top of mind for the Board.We are focused on implementing fair remuneration structures and pra

32、ctices that align with shareholder interests and that are appropriate for a business of our size.Our approach is covered in our Remuneration report.Supporting Australians to be financially confident in retirementAustralia has much to be proud of in our superannuation system.We have a robust,member-f

33、ocused system that empowers Australians to shape their financial futures,with the objective of super now enshrined in law.AMP has a key role to play in helping people to retire with confidence.While the system is strong,many people struggle to navigate the decumulation phase,with research showing th

34、at despite the assets of retirees increasing,many still fear they will outlive their savings.This impacts the financial confidence of retirees,causing many to underspend and unnecessarily compromise their quality of life.Superannuation funds have an important role to play in helping educate members

35、about the system and how it interacts with the Age Pension.This includes providing access to more affordable and accessible financial advice,particularly in the critical years leading up to retirement.This year we have launched a new digital advice solution for our members,which will play an importa

36、nt role in addressing this knowledge gap.Our goal remains to help Australians maximise retirement outcomes through a combination of education,guidance,and innovative products that deliver sustainable income streams,offering peace of mind and financial security throughout retirement.Ensuring a compet

37、itive banking sectorLike superannuation,Australias banking sector plays a vital role in the lives of consumers,businesses,and the economy as a whole.While the system has generally served Australia well,the sector remains highly concentrated at the top end.Current regulatory and policy settings reinf

38、orce the dynamics that favour the large banking institutions,and this has led to an uneven playing field that reduces the ability for serious,innovative competition to emerge.Such innovation is necessary to drive the best value and service for customers.Recognising this,the Government has asked the

39、Council of Financial Regulators and the ACCC to inquire into the role and state of the small and medium-sized banking sectors in providing competition,and critically,current and potential barriers to competition.This is a very important task that carries with it the opportunity to foster greater com

40、petition.Innovation nearly always happens at the edge of the economy.At that edge,funding is often hard to access as over-regulation,lack of competition and the allocation of capital in the hands of a few dominant players,all combine to reduce opportunity for individuals and small(often new)business

41、es.Addressing the uneven playing field would result in more consumer choice and increased innovation,with customers the biggest winners.We have seen the Productivity Commission and multiple inquiries over recent years repeatedly highlight the need for a more level playing field in the sector.It is t

42、herefore critical that industry,regulators and Government work together in 2025 to review settings to ensure the smaller bank sector is able to provide a viable alternative to the largest institutions.The cost of regulation for smaller banks leads to an outsized unit cost of serving customers and th

43、is needs to be addressed if we want them to provide genuine competition.The cost of regulation could be reduced for smaller players by setting prudential regulation requirements in proportion to the size and complexity of the bank.If this were addressed,it would improve the ability of smaller banks

44、to compete on a more even playing field,while safeguarding critical market characteristics such as safety and stability.Looking forwardWith AMP repositioned for the future,we have momentum in our wealth businesses,and a strategic focus on supporting Australians in retirement.Our new digital bank has

45、 also been launched,with a focus on enabling small businesses to thrive.I would like to take this opportunity to thank our Directors,Executive Committee,and all our people for their hard work during 2024.Finally,thank you to our shareholders for your continued support.Mike HirstChair,AMP LimitedFar

46、left:AMP Sydney Cove Building,Circular Quay,New South Wales,1962.Credit:Nic Welbourne.Left:Jubilee year certificate,1899.5OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportCEO messageWe are supporting our customers around the two biggest assets most A

47、ustralians will ever own their home and their retirement savings.Positioned for growth as a simpler AMPWhat are you proud of when you look back at 2024?In 2024 we celebrated 175 years of AMP,and Im proud that we could honour that heritage by continuing to deliver on our promises to our stakeholders.

48、As a celebration I had the opportunity to walk through our archives which are now housed in the Menzies library at ANU.This was both an emotional and motivating experience as we respect the heritage of the organisation but acknowledge that the future AMP we are building will be very different.During

49、 the year we have delivered on the commitments we made including returning$1.1 billion to shareholders,driving efficiency and meeting our cost targets,delivering growth in our wealth businesses and managing the performance of AMP Bank in a very difficult environment.Importantly,we continued to simpl

50、ify AMP with the sale of our Advice business.The transaction with advice services provider Entireti and AZ NGA is an important partnership and we are excited by the opportunity this collaboration presents for both our businesses.We have demonstrated positive momentum in flows in our Platforms and Su

51、perannuation&Investments businesses,have launched our new digital bank for small business and personal banking and are well positioned for a positive year ahead.How did AMPs businesses perform?AMPs underlying net profit after tax for the year was$236m,an increase of 15.1%from FY 23.The Board has dec

52、lared a FY 24 final dividend of 1.0 cent per share,bringing the FY 24 full year dividend to 3.0 cents per share,20%franked.We have maintained a disciplined focus on controllable costs,which have reduced by 6.1%to$648m,with clear cost targets going into 2025.Importantly,we have momentum in our wealth

53、 businesses and we are positioning AMP as a pre-eminent specialist in solutions for Australians wanting confidence in their retirement.The performance of our Platforms business has been supported by continued momentum in net cash flows,positive market conditions and cost discipline.We have strengthe

54、ned our position in the retirement space,particularly through our multi-award winning MyNorth Lifetime account.We remain focused on continuing the development of innovative solutions for advisers to support Australians to retire with financial confidence.In Superannuation&Investments,we are pleased

55、to see continued improvement in net cash flows,with increased retention supported by strong investment returns,a compelling insurance offering and competitive fees for members.6In AMP Bank,we have managed the loan book carefully,as the highly competitive environment and difficult economic climate me

56、ant there was a necessity to prioritise margin.The launch of our new digital bank for small business and personal banking was delivered on time and on budget with initial customer reactions being positive.This innovation will help to diversify our revenue and funding mix in the medium and longer ter

57、m.Our New Zealand business has delivered a steady performance,and we have continued to diversify revenue sources,despite a challenging economic environment in that market.Tight management of costs continues.In our partnerships,contribution from China Life was up 20.5%,and our partnership with PCCP b

58、enefited from the normalisation of property valuations in the US.How are you supporting customers in the current environment?The cost of living pressures in Australia and New Zealand have been challenging for our customers and for our people,meaning our focus on financial wellness is more important

59、than ever.We have responded with initiatives to support customers who find themselves in financial hardship,and to refer them for dedicated support where and when it is needed.This included supporting 191 of our most vulnerable customers through our partnership with Good Shepherd,and delivering spec

60、ialised training for 116 customer facing staff concerning how to best assist vulnerable and distressed customers.Through this current challenging environment for customers and members we are continuing to support them to grow their longer-term wealth.In our Superannuation and Platforms businesses,th

61、e returns we are delivering are helping customers and members to achieve their financial goals.We are also supporting Australians in navigating the complex retirement system,particularly the transition to retirement and the drawdown phase.We know that many retirees preserve their super balances rath

62、er than spending them,with a fear of running out meaning that they compromise their quality of life especially during the active early years of retirement.To address this,we will continue to advocate for more affordable,accessible advice,to enhance retirement outcomes,as well as developing our own i

63、nnovative solutions to help retirees unlock the benefits from these retirement savings.In AMP Bank,we know that small businesses are the cornerstone of the Australian economy,and our new digital bank is focused on delivering tailored features and functionality to support their growth and success.We

64、have also updated the home loan application requirements for self-employed customers,simplifying the borrowing experience for business owners and helping them to unlock borrowing options.How is AMP leveraging the opportunities with AI and other emerging technologies?We see great opportunities in AI.

65、Our priority has been to establish an AI centre of excellence and to develop robust governance processes around our adoption of AI.97%of our people have completed training in AI literacy and responsible AI.With that framework in place we are deploying AI to make it easier for our people to help our

66、customers and members.We have launched an AI assistant across our Superannuation contact centre that features chat,call transcription and summarisation,quality monitoring and customer sentiment analysis,and will be rolling this out to other contact centres in 2025.We will also deliver an AI assistan

67、t to advisers using our North platform,to support them with their client annual reviews.These are exciting developments,but we are aware of the responsibilities that arise with the use of AI and have implemented strong governance and monitoring mechanisms to ensure equity and fairness for our people

68、 and customers.What are your priorities for 2025?I am proud of the progress we have made over the past year to simplify the business and to drive growth.In 2025,we have the opportunity to build on that momentum,and we are well positioned to do so.Our North platform continues to grow,and we will furt

69、her develop features that advisers truly value,as well as innovative solutions that support their clients in retirement.In Superannuation&Investments,we have recently launched digital advice for members,and we will be delivering a lifetime income solution,both of which will help more Australians wit

70、h a financially secure retirement.We have just launched our new small business and personal bank,which is an important strategic initiative.Im proud that weve made this come to life in just over a year,and it has brought a new energy and new agile ways of working to AMP.Finally,we remain focused on

71、delivering on our commitments of disciplined cost management and driving operational and capital efficiency.Im proud of how we are supporting our customers with valuable solutions around the two biggest assets most Australians will ever own their home and their retirement savings.Thank you for your

72、ongoing support as we position AMP for growth and strive to deliver on our purpose,helping people create their tomorrow.Alexis GeorgeAMP Chief Executive Officer“I am proud of the progress we have made to stabilise and simplify the business.In 2025 we have the opportunity to drive growth,and we are w

73、ell positioned to do so.”7OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportCommunities and environmentWe are committed toOur enablersOur business areas Respect riskEmbed appropriate governance structures to maintain robust risk cultureBrand,reputatio

74、n and ESGDriving consistent delivery of positive outcomes for our stakeholders:shareholders,customers,people and communitiesDigital and dataLeveraging digital and data to better understand and serve our customersPurpose and cultureHelping people create their tomorrow,and living the AMP values every

75、dayHow we create valuePlatformsAMPs flagship North platform.Includes super,retirement and investment solutions AMP BankProviding home loans,deposit and transaction accounts New Zealand Wealth ManagementOffering super,retirement,advice and general insurance Strategy AMPs strategy provides a framework

76、 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 8People and partnersCustomershelping people create their tomorrowWe are committed toThe v

77、alue we createCustomers$2.7bnpension payments for Australian customers in retirement 15.0%1 year annual return for MySuper 1970s,our largest default super cohort by AUMOur communities$1.5mcontributed to charities by AMP employees and advisers,including matched funding from the AMP Foundation Our peo

78、ple74Employee satisfaction(eSat score)40:40:20 gender diversity targets met across board,executive and middle management and the organisation overall Shareholders420,912Total shareholders$1.1bncapital return delivered since August 2022Super&InvestmentsA super and pension solution across individual a

79、nd corporate superPartnershipsIncluding CLAMP and CLPC in China,PCCP in the US,and Mutual Advice Partners 9OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportAMP is positioned to become a preeminent retirement specialist,giving Australians financial co

80、nfidence in retirement.Our purposeOur strategyHelping people create their tomorrow10Driving flows in Platforms Growing new advisers using North and building its Managed Portfolios offer.Executing on strategic initiatives in Superannuation&InvestmentsLaunch of new retirement solution and digital advi

81、ce to drive direct acquisition and member retention.Scaling the new digital bankNew digital bank launched,with the focus on marketing initiatives and enhancing features for customers.New digital bank designed to improve AMP Bank margins with an expanded funding base.Leveraging AI opportunitiesTo ach

82、ieve efficiencies for our people and improve experiences for our customers.Delivering on cost control Focused on maintaining cost control and ongoing business simplification.Successfully absorbing inflation effects.Driving partnershipsContinue to drive value from joint ventures and international ope

83、rations.AMPs strategy is centred around the following priorities:11OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual report2024 highlightsSustainability overviewFor 175 years,AMP has had a long tradition of serving the communities we operate in.Our purpose

84、helping people create their tomorrow guides our actions and decision making at AMP.For all of our stakeholders,it is about delivering value and reporting meaningfully on our progress.CustomersFor our customers,delivering on our purpose means giving them the confidence to take control of their financ

85、es.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.7.9/10Increased customer satisfaction score 4,800+members supported to access$62.5m of superannuation on compassionate or hardship grounds10thyear of financia

86、l wellness research,with insights on pressures faced by Australians and on productivity3,100+members supported with intra-fund advice about their superannuation490,000+customers supported with their superannuation and banking needs through MyAMP online services Established AMPs AI Centre of Excellen

87、ce underpinned by a commitment to responsible and ethical AI12AMPs commitment to communities means addressing the broader impacts of our value chain through our investments and managing climate-related risks and opportunities.Its about doing the right thing and investing in our communities.Communiti

88、es and environmentAMPs 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.People and partners2024 highlights2024 highlights32%reduction in scope one and two emissions s

89、ince 202375responsible investment options that have been certified by the Responsible Investment Association of Australia and Aoteroa New Zealand are available to clients on MyNorth1,450+engagements carried out by our Superannuation and Investments external fund managers on a range of ESG issues Int

90、roduced an upgraded risk system to enhance risk practices,improve risk intelligence,simplify processes,and facilitate CPS230 complianceLaunched two new leadership development programs for aspiring and middle level leadersEnterprise-wide Inclusion and Diversity census conducted to better understand d

91、iversity profile of our workforce13OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportBusiness reviewGroup financial performanceProfit and loss(A$m)FY 242H 241H 241FY 231%FYRevenueAUM based revenue774 394 380 751 3.1 Net interest income322 159 163 373(

92、13.7)Partnerships 279 42 37 58 36.2 Other revenue 377 36 41 84(8.3)Total revenue1,252 631 621 1,266(1.1)Variable costs Investment management expense(125)(63)(62)(143)12.6 Marketing and distribution(30)(16)(14)(27)(11.1)Brokerage and commissions(80)(40)(40)(82)2.4 Loan impairment expense5 6(1)(7)n/a

93、Other variable costs 4(64)(33)(31)(59)(8.5)Total variable costs(294)(146)(148)(318)7.5 Gross profit958 485 473 948 1.1 Controllable costs Employee costs(272)(149)(123)(294)7.5 Technology(169)(85)(84)(160)(5.6)Regulatory,insurance and professional services(55)(29)(26)(76)27.6 Project costs(74)(38)(36

94、)(72)(2.8)Property costs(56)(23)(33)(62)9.7 Other operating expenses 5(22)(7)(15)(26)15.4 Total controllable costs(648)(331)(317)(690)6.1 EBIT 310 154 156 258 20.2 Interest expense 6(53)(26)(27)(61)13.1 Investment income 762 27 35 83(25.3)Tax expense(83)(39)(44)(75)(10.7)NPAT(underlying)236 116 120

95、205 15.1 Platforms107 53 54 90 18.9 Superannuation&Investments67 33 34 53 26.4 AMP Bank72 37 35 93(22.6)New Zealand Wealth Management37 20 17 34 8.8 Group 8(47)(27)(20)(65)27.7 NPAT(underlying)by business unit236 116 120 205 15.1 Items reported below NPAT(87)(72)(15)62 n/aDiscontinued operations 91

96、3(2)(2)n/aNPAT(statutory)150 47 103 265(43.4)1 Prior periods have been restated to remove Advice discontinued operations,unless otherwise stated.2 Includes profit contributions from CLPC,CLAMP,PCCP and sponsor investments.3 Includes Advice retained interest,North Guarantee and NZWM other revenues.4

97、Includes payment of commissions,employed planner expenses and other variable selling costs.5 Includes travel,marketing,printing,administration and other related costs.6 Includes interest expense on corporate debt.7 Includes investment income from Group cash.8 Includes Partnerships,Group costs not re

98、covered from Business Units,investment income and interest expense on corporate debt.9 Includes sold businesses of Advice,AMP Capital and SuperConcepts and revenues in relation to external mandates now discontinued.14FY 242H 241H 241FY 231EarningsEPS underlying(cps)29.0 4.5 4.4 7.2 EPS statutory(cps

99、)5.7 1.8 3.8 9.3 RoE underlying6.4%6.5%6.5%5.2%RoE statutory4.1%2.6%5.6%6.7%Dividend Dividend per share(cps)3.01.0 2.0 4.5 Franking rate 320%20%20%20%Ordinary shares on issue(m)2,42,532 2,532 2,597 2,741 Weighted average number of shares on issue(m)basic 22,627 2,559 2,697 2,862 fully diluted 22,672

100、 2,603 2,738 2,904 statutory2,625 2,557 2,695 2,860 Share price for the period closing($)low 0.93 1.08 0.93 0.84 high 1.66 1.66 1.19 1.37 Market capitalisation end period($m)4,000 4,000 2,844 2,549 Capital and corporate debtAMP shareholder equity($m)3,535 3,535 3,618 3,794 Corporate debt($m)750 750

101、550 741 Corporate gearing12%12%7%11%Interest cover underlying(times)56.46.45.55.0Interest cover statutory(times)4.44.43.46.4MarginsPlatforms AUM based revenue to average AUM(bps)45 43 46 47 Superannuation&Investments AUM based revenue to average AUM(bps)63 63 64 64 AMP Bank net interest margin 1.26%

102、1.24%1.28%1.42%New Zealand Wealth Management AUM based revenue to average AUM(bps)80 80 81 82 VolumesPlatforms net cashflows($m)62,756 1,596 1,160 1,401 Superannuation&Investments net cashflows($m)6(1,030)(560)(470)(6,424)AMP Bank total loans($m)23,274 23,274 22,910 24,441 Platforms AUM($m)79,788 79

103、,788 74,669 71,060 Superannuation&Investments AUM($m)56,846 56,846 53,998 51,865 New Zealand Wealth Management AUM($m)11,792 11,792 11,151 10,853 Total AUM($b)7148.4 148.4 139.8 133.8 Controllable costs(pre-tax)and cost ratiosControllable costs excluding discontinued operations($m)648 331 317 690 Co

104、st to income ratio excluding discontinued operations63.8%65.4%62.3%66.5%Staff numbersTotal staff numbers 2,366 2,366 2,400 2,454 Exchange ratesAUD/NZD closing1.10511.10511.09601.0777AUD/NZD average1.08991.09671.08381.08021 Prior periods have been restated to remove Advice discontinued operations,unl

105、ess otherwise stated.2 Number of shares has not been adjusted to remove treasury shares.3 Franking rate is the franking applicable to the dividend for that year.4 209,341,065 shares were repurchased and subsequently cancelled in FY 24 as part of the announced on-market share buyback.5 Prior periods

106、have not been restated.6 Net cashflows exclude pension payments.7 Excludes$1.8b of AUM related to external mandates now discontinued.15OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportFY 24 performanceUnderlying NPAT increased 18.9%to$107 million(FY

107、23:$90 million),driven by strong market conditions,positive net cashflow momentum and cost discipline.Controllable costs reduced by 2.3%to$169 million(FY 23:$173 million).Margin compression to 45bps(FY 23:47bps)was driven by AUM mix changes,with higher margin managed funds reducing as a proportion o

108、f total AUM,which was partly offset by growth in Managed Portfolios.Net cashflows(excluding pension payments)were$2.8 billion,up 96.7%(FY 23:$1.4 billion),driven by higher inflows benefitting from continued growth in Managed Portfolios,which reached$19.1 billion.During FY 24,North signed 99 new dist

109、ribution agreements with AFSLs,and activated 140 net new advisers with FUA$1 million(net figure excludes advisers exiting the industry).AMPs innovative retirement solutions continue to drive new adviser interest in North.Business review$107mUnderlying NPAT(FY 23:$90m)PlatformsStrategic progress in 2

110、024Uplifted service and digital experience for advisers Account management and cashflow management capabilities rated#1 by SuitabilityHub Servicing improvements e.g.Straight Through Processing withdrawals increased 38%to 75%Invested in sales team tools and capability,launched a new CRMDelivered cont

111、inued managed portfolios growth Largest annual growth in managed portfolios to Sept 2024 1,with a 9%increase in advisers using managed portfolios on North Added 19 new practice portfolio series in FY 24Established leader in retirement MyNorth Lifetime now used by 85 licensees 73%of clients in MyNort

112、h Lifetime are new to North Driving client outcomes:50%increase in average retirement income for MyNorth Lifetime clients1 MP growth share via platforms NMG Managed Funds Report(Dec 2024).16$67mUnderlying NPAT(FY 23:$53m)FY 24 performanceUnderlying NPAT increased 26.4%to$67 million(FY 23:$53 million

113、),with revenue margin at 63bps(FY 23:64bps).Disciplined cost management resulted in controllable costs of$170 million(FY 23:$174 million),and variable costs reduced 9.2%reflecting lower investment management expenses as a result of simplification activity.Net cash outflows(excluding pension payments

114、)of$1.0 billion improved from net cash outflows of$6.4 billion in FY 23(result had reflected a mandate loss in 2H 23),as a result of resilient inflows and a focus on retention.Superannuation&InvestmentsStrategic progress in 2024Delivering strong and consistent returns Delivered investment returns 15

115、%for 2024 for MySuper 1990s,1980s&1970s members,where majority of MySuper members are invested Top quartile ranking for 12 month returns across almost all diversified options in AMP Super 1Uplifted member experience Transitioned insurance for 230,000 members to TAL,delivering on average 27%reduction

116、 in premiums Improvements to digital experiences:launch of digital insurance services;uplifts to AMP website and MyAMPImproved reputation and retention AMP reputation score restored to historic levels at 63.9 2,supporting retention and new member consideration Launched above-the-line Marketing campa

117、ign highlighting differentiated proposition High brand awareness at 88%with consumer consideration for both super&retirement improving 31 Chant West,Super Fund Performance Survey,December 2024.All AMPs Future Directions diversified options in the survey are either top quartile or 1 position away fro

118、m top quartile.2 Reptrak as at December 2024.3 Fifth Dimension Research.17OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportBusiness reviewFY 24 performanceUnderlying NPAT of$72 million(FY 23:$93 million)reflects subdued volume growth as a result of p

119、rioritising margins.Net Interest Margin(NIM)for the year was 1.26%(FY 23:1.42%),with NIM compression moderating over the second half of the year.Growth in the residential mortgage book returned in 2H 24,driven by selective price changes and a focus on the self-employed segment.Credit quality remaine

120、d strong,with 90+days mortgage arrears at 0.76%.Controllable costs reduced 11.3%through disciplined cost out initiatives and reduced project spend which was implemented to offset the declining margin.The public launch of the small business and consumer digital bank in February 2025 was delivered on

121、time and on budget.This launch will be supported by marketing focused on digital channels,including social media.The new digital bank secured 11,600 early sign ups ahead of release.$72m Underlying NPAT(FY 23:$93m)AMP BankStrategic progress in 2024Select enhancements to existing Bank proposition New

122、loan origination solution for brokers:fast-track time to approval,improved verification processes and fraud detection Faster mortgage settlement process that improves customer communication Ongoing enhancements to anti scam&fraud protection measuresOngoing management of volumes/margins Focused on hi

123、gher margin customer segments including investor loans Reduced reliance on price to attract new business.Simplified documentation requirements for business owners Active management of pricing on existing deposit offeringsDisciplined cost management Controllable costs reduced 11.3%to$118m Expanded of

124、fshore partnership,uplifting capacity and efficiency Simplified operating model and implemented agile change delivery model18FY 24 performanceUnderlying NPAT was$37 million(FY 23:$34 million).AUM-based revenue increased slightly to$91 million(FY 23:$88 million),and diversification of revenue continu

125、ed with 35%of revenue coming from non-AUM business lines.Controllable costs reduced to$34 million(FY 23:$36 million),despite ongoing inflation in this market.Net cashflows grew 17.2%,with improved retention in corporate superannuation despite a highly competitive market and challenging economic envi

126、ronment.FY 24 performanceGroup earnings improved with NPAT(underlying)loss of$47 million in FY 24,reduced from$65 million loss in FY 23.This was predominantly driven by an improvement in Other Partnership earnings,which increased 68.4%as US real estate valuations within the PCCP sponsor investment i

127、mproved following a challenging FY 23.The contribution from China partnerships of$47 million(FY 23:$39 million)reflects China Life Pension Company earnings normalising following regulatory changes impacting the 2H 23 result.Cost out initiatives reduced Group controllable costs by 9.8%,which included

128、 absorbing inflationary pressures and previously announced stranded costs.The reduction in investment income(down 46.9%)reflects lower capital levels given the capital returned to shareholders as part of Tranche 3 of the capital management program.$37mUnderlying NPAT(FY 23:$34m)$47m lossUnderlying N

129、PAT(FY 23:$65m loss)New Zealand Wealth ManagementGroupStrategic progress in 2024Improved investment performance Change in investment strategy and delivery driving above-market average returns for 1-3 yearsDiversification of revenue and launch of new products to address retiree outflows Increased coa

130、ching capability through enable.me to diversify revenue and create an integrated and differentiated offer in the market Launched term deposit product to widen offer for those approaching and in retirementGrowth in KiwiSaver inflows Up 3.9%to NZ$726m;personalised retention activity launched to reduce

131、 outflowsNew brand campaign Maintaining brand awareness and brand consideration.Customer satisfaction remains high at 8.719OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportManaging our key risksMaterial risksEnterprise Risk Management frameworkEffect

132、ive risk management is fundamental to understanding and responding to changes in AMPs operating environment,enabling us to achieve our purpose and strategic objectives.Risk management is a responsibility of all AMP employees and is reflected in AMPs values put customers first,own it,be brave,do the

133、right thing,and play as one team.AMPs 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 compo

134、nents:Strategy and business plans covering the whole of AMP Risk management strategy Risk appetite statement Supporting policies and practices Risk culture and performance management By establishing the principles,requirements,roles,and responsibilities for management of risk across AMP,the framewor

135、k ensures all employees have clarity on how risks are to be managed to fulfil the obligations to key stakeholders,including customers,shareholders and regulators.AMP continues to focus on maintaining an appropriate risk culture,aligned to AMPs purpose and values.Risk culture is measured biannually,w

136、ith results provided to the board,and focus areas identified with clear action plans.The risk appetite statement articulates the level of risk the board is willing to accept to ensure the effective delivery of AMPs strategic objectives.There is clear alignment between AMPs corporate strategy and the

137、 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.AMPs approach to achieving its strategic objectives is to take measured risks within our risk appetite.AMP has a clear strategic plan

138、to drive our business forward and an Enterprise Risk Management framework to identify,measure,control,and report risks.20Key business challengesAMP is focused on delivering on its strategy,and in doing so remains conscious of various challenges affecting the financial services industry.These include

139、,but are not limited to,the following(listed in alphabetical order):Business,employee and business partner conductThe 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 effo

140、rt 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

141、 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 cu

142、lture 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 dependents of any of these people can util

143、ise AMPs whistleblowing program to report conduct or unethical behaviours.Climate changeAMP,its customers and its external suppliers may be adversely affected by physical and transition risks associated with climate change.These effects may directly impact AMP and its customers through a range of ph

144、ysical,financial and legal risks 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 ge

145、ographic locations and industry sectors adversely affected by these changes.AMPs approach to managing climate-related risks and opportunities is detailed in AMPs annual Sustainability report.This includes quantitative and qualitative methods to manage climate-related risks of our investment practice

146、s and measuring the scope 1,2 and 3 emissions associated with operational,lending and investment activities.AMP has been carbon neutral across its operations since 2013 to address the direct impacts of our business activities.21OverviewDirectors reportBusiness reviewFinancial reportAdditional inform

147、ationAMP 2024 Annual reportMaterial RisksCompetitor and customer environmentThe financial services industry,as well as the community in Australia and New Zealand more broadly,have faced various challenges throughout 2024,including natural disasters,economic uncertainty,and high interest rates.Throug

148、hout the year AMP supported customers in a number of ways,including providing protection for bank customer and superannuation members at risk of financial abuse and experiencing vulnerability.Customer expectations are evolving which is intensifying competition within banking and wealth management.Fu

149、rthermore,as economic uncertainty prevails,it is affecting the performance of assets under management across the industry.AMP continues to adapt its capabilities and operating model to remain competitive and relevant to customers.In 2024,AMP continued to deliver on its strategy to reposition AMP as

150、a simpler,purpose-led,customer-focused business in its core markets of banking and wealth management.Notable developments included creating a partnership and ownership structure with Entireti Limited and AZ Next Generation Advisory Limited for the AMP Advice business and the employee launch of a new

151、 digital bank designed for small business.Cyber security threats,fraud and scam threatsCyber risks,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 prompt

152、ly.We also monitor potential fraud and scams and 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 risk

153、s.Continuous improvement is a cornerstone of AMPs 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 high

154、est level of security for our clients and stakeholders.AMPs 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 educ

155、ation 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 2024,AMP updated its Fraud Policy and continued to enhance and implement its anti-s

156、cam strategy.AMP Bank,aligned to the Australian Bankers Association Scam-Safe Accord,has committed to a range of anti-scam measures to help protect our customers and the broader community from scammers.Operational risk environmentOperational risk exposures for AMP relate to losses resulting from ina

157、dequate or failed internal processes,people and systems or from external events.These include,but are not limited to,information technology,human resources,internal and external fraud and scams,money laundering and counter-terrorism financing,bribery,and corruption.This environment will be further s

158、tressed 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,and governance.We continue simplifying superannuation products and investment options,and our c

159、orporate 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.22Organisational changeChanges were made throughout the

160、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

161、 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 fai

162、lure to execute appropriately on the implementation of these changes can increase the risks of disruption to AMPs business operations.Regulatory environmentAMP operates in Australia and New Zealand,with their own legislative and regulatory requirements.AMP continues to anticipate upcoming changes to

163、 these requirements.AMP continues to respond and adjust its business processes for any changes.However,failure to adequately anticipate and respond to future regulatory changes could have a material adverse impact on the performance of its businesses and achieving its strategic objectives.AMP is com

164、mitted to continually strengthening its risk management practices,its control environment and enhancing its compliance systems across its businesses.AMPs internal policies,frameworks and procedures seek to ensure any changes in our regulatory obligations are complied with.Compliance,legal and regula

165、tory risk that results in breaches is reported to AMP management committees and regulators.This is managed in accordance with internal policies.Regulatory consultations and interactions are reported and monitored as part of AMPs internal risk and compliance reporting process.AMP actively participate

166、s in these interactions and cooperates with all regulators to resolve such matters.On Friday 2nd of August 2024,the Australian Prudential Regulation Authority(APRA)removed additional licence conditions imposed on N.M.Superannuation Proprietary Limited(N.M.Super)in response to governance and risk man

167、agement concerns.APRA also considered that the requirements of the Court Enforceable Undertaking entered into by N.M.Super had been met.More information about our approach to these challenges can be found on our website at:.au/about-amp/what-we-do/corporate-sustainability.Significant changes to the

168、state of affairsApart from as elsewhere disclosed in this report,there were no other significant changes in the state of affairs during the year.23OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportOur approach to governanceChair succession&board renew

169、alMike Hirst was appointed as Chair of AMP,effective April 2024,following the retirement of Debra Hazelton,who had served as Chair of AMP since August 2020.Kathleen Bailey-Lord and Anna Leibel commenced their appointments as AMP non-executive directors in January 2024.Changes to board committee Chai

170、rs include the appointment of Andrew Best as Chair of the Risk and Compliance committee,effective May 2024 and Kathleen Bailey-Lord as Chair of the Remuneration committee,effective November 2024.Sustainability and ESG performanceIn 2024,AMP Limited was included in the Dow Jones Sustainability Index(

171、DJSI)Australia for the third year in a row.The index tracks the performance of the top 30%of the 200 listed Australian companies in the S&P/ASX 200 that lead the field in terms of sustainabilityStrategyThe board oversaw managements strategy implementation,which in 2024 included the sale of AMPs Advi

172、ce business;the delivery of AMPs new digital bank for small business and personal banking;driving momentum in our wealth businesses to position AMP as a retirement specialist;and the completion of the$1.1 billion capital return to shareholders.Inclusion and DiversityAMP is committed to creating an e

173、nvironment which empowers people to be their authentic selves and is reflective of AMPs customers and community.In 2024 AMP achieved gender balance targets of 40:40:20 across the board,executive management,middle management and the organisation overall,with head of level achieving 39.6%female repres

174、entation.In addition,AMP delivered against key actions outlined in the 2024 inclusion and diversity strategy including enhanced training to drive awareness,and published company gender pay gap and performance against key gender equity indicators.Culture,conductðical behaviourIn building a high-pe

175、rformance culture anchored to AMPs purpose and values,AMP took steps in 2024 to further embed existing performance and recognition programs,driving greater accountability and shared celebration of purpose and values in action.People policies were also refreshed to further reinforce the expected beha

176、viours in line with AMPs values and code of conduct.This included consequence management and workplace respect,and the enhancement of the sexual harassment policy through the introduction of a standalone policy.Risk cultureAMP continues to focus on maintaining an appropriate risk culture,where Respe

177、ct Risk is everyones business.It is the accountability of the board to enable this through approval and oversight of the risk management framework,risk appetite statement and risk management strategy;setting a strong tone from the top,role-modelling robust risk management and establishing the right

178、expectations;and monitoring the effectiveness and implementation of the risk culture framework.To read more about AMPs approach to corporate governance,please see the 2024 Corporate governance statementThe board of AMP believes high standards of corporate governance are essential to achieving AMPs p

179、urpose of helping people create their tomorrow,and creating value and sustainable outcomes for AMPs shareholders,customers and the communities in which AMP operates.As the board oversees AMPs progress against its strategy,the boards commitment to governance was demonstrated in a number of key areas

180、in 2024:Governance24AMPs governance framework provides clear separation of the boards oversight functions from the executive responsibilities and accountability of the CEO and AMPs leadership team,the executive committee.This framework is supported by AMPs constitution,internal policies,charters,sta

181、ndards and procedures which facilitate this separation of responsibilities.An overview of AMPs corporate governance framework is depicted below.Managing Director and CEOResponsible for the day-to-day management of the AMP group and the implementation of our strategic objectives AMP Limited Board of

182、Directors(Including Chief Executive Officer)Oversees management of AMP for shareholders and approves the strategic planAMP Limited ShareholdersAMP Limited Board CommitteesAudit CommitteeOversees financial reporting and internal and external audit functionsNomination CommitteeOversees board and commi

183、ttee membership and succession planningRemuneration CommitteeOversees key remuneration and people policies and practicesRisk and Compliance CommitteeOversees current and future risk managementAMP Limited Executive CommitteeResponsible,with the CEO,for executing AMPs strategic objectives and managing

184、 and conducting the AMP groups operationsAMP Limited EmployeesCompany SecretaryResponsible for the proper functioning of the boardDelegated AuthorityDelegated AuthorityAccountable to BoardAccountable to ShareholdersAccountable to BoardAMP Limited Constitution,Charters,Policies and StandardsAMPs purp

185、ose and values25OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportMike 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 Chai

186、r 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.ExperienceMike has more than 40 years of experience in board and sen

187、ior 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 Limite

188、d,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 Governments N

189、ational COVID-19 Commission Advisory Board,a member of the Federal Governments 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,B

190、utn 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 Jul

191、y 2018)Mike HirstBCom,SFFin,MAICDIndependent ChairAlexis was appointed Chief Executive Officer(CEO)of AMP Limited in August 2021.She is responsible for leading the AMP business.Alexis was appointed to the AMP Limited Board and AMP Bank Board in August 2021.In addition,Alexis was appointed to the AMP

192、 Foundation Board in March 2022,and as Chair in June 2024.ExperienceAlexis 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-wid

193、e strategic initiatives in addition to having responsibility for its shared service centres and banking services.As the Group Executive Wealth Australia,Alexis led ANZs$4 billion wealth divestment program,including the separation and sale of its life insurance and superannuation businesses to Zurich

194、 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

195、 companies NoneGovernment 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 Septem

196、ber 2024)Board of directorsAlexis GeorgeBCom,FCA,GAICDChief Executive Officer26Andrew 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 Comm

197、ittees.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.ExperienceAndrew is a senior financial services executive with over 30 years international and domestic experience across banking and financial market

198、s 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

199、 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

200、 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 NoneGovernment and community involvement Member,National Heart Foundation Advisory Board(appointed April 2020)Andrew BestBLaws,

201、BSc,MAICDIndependent,Non-executive directorKathleen 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 t

202、he AMP Bank Board.ExperienceKathleen 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

203、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 direc

204、tor 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 Insti

205、tute 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 Vincents Health Australia Limited(appointed April 2023)Ind

206、ependent External Advisor,Bain&Company Advisory Council(appointed January 2025)Kathleen Bailey-LordBA(Hons),FAICDIndependent,Non-executive director27OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportBoard of directorsAnna was appointed to the AMP Limi

207、ted 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.ExperienceAnnas experience spans private and pub

208、lic 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(20192021)and Chief Information Officer(2

209、0172019)at UniSuper and has also held senior executive roles with PwC and Telstra.Directorships of other ASX listed companies NoneDirectorships of other companies Non-executive director,Secure Electronic Registries Victoria(SERV)(appointed September 2021)Government and community involvement Member,C

210、hief Executive Women Australia(appointed November 2024)Anna LeibelLLM(EntGov),GDipITLdshp,GAICD,GCB.D(ESG)Independent,Non-executive directorRahoul 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

211、.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 Compli

212、ance Committee.ExperienceRahoul has over 40 years experience in professional services,advising complex multinational organisations in Australia and overseas.Rahoul is a member of the Audit and Risk Committee of Minter Ellisons Partnership Board.Between 2018 and 2021,he was Partner and National Leade

213、r of Minter Ellisons 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

214、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 NoneGovernment and community involvemen

215、t Member,Reserve Bank of Australia,Audit Committee(appointed February 2018)Member,Loreto Kirribilli,Finance and Risk Committee(appointed February 2024)Rahoul ChowdryBCom,FCAIndependent,Non-executive director28Andrea was appointed to the AMP Limited Board as a Non-executive director in February 2019

216、and is a member of the Audit,Nomination and Risk and Compliance Committees.At the same time as joining the AMP Limited Board,Andrea was appointed to the AMP Bank Board and is a member of its Audit and Risk and Compliance Committees.In addition,Andrea was also appointed to the AMP Foundation Board in

217、 March 2022.ExperienceAndrea has over 30 years experience in Board and executive leadership roles in financial services,retirement and superannuation,professional advisory,clean energy,investments and education.Andrea was the co-founder,managing director and CEO of the SMSF Association from 2003 to

218、2017.Prior to this,Andrea was a financial adviser and Principal of her own tax consulting and advisory business.Andreas previous Government Advisory Committee appointments include the Federal Governments Innovation Investment Partnership,Industry Working Group,Stronger Super Peak Consultative Group,

219、Superannuation Advisory Group and the Future of Financial Advice.Directorships of other ASX listed companies Non-executive director,Argo Global Listed Infrastructure(April 2015 June 2022)Directorships of other companies Non-executive director,Infrabuild Ltd(December 2022 November 2024)Government and

220、 community involvement Non-executive director,Clean Energy Finance Corporation(appointed February 2018)Deputy Chair,Woomera Prohibited Area Advisory Board(appointed July 2019)Member,Global Competent Boards(appointed November 2021)APAC Co-Chair,Harvard Business School,Women Executives on Boards(appoi

221、nted 2024)Member,Chief Executive Women Australia(appointed January 2017)Andrea SlatteryBAcc,MCom,FCPA,FCA,FSSA,FAICD,GCB.D(ESG&S)Independent,Non-executive directorMichael was appointed to the AMP Limited Board as a Non-executive director in March 2020.He is a member of the Audit,Nomination and Remun

222、eration 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.ExperienceMichael has over 35 years of professi

223、onal 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

224、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 SammellsBBus,FCPA,GAICDIndependent,Non-e

225、xecutive director29OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportGroup Executive CommitteeAlexis was appointed Chief Executive Officer(CEO)of AMP Limited in August 2021.She is responsible for leading the AMP business.Alexis was appointed to the AM

226、P 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.ExperienceAlexis has more than 30 years experience in the financial services industry in Australia and overseas.She spent seven years at ANZ,includin

227、g 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 ANZs$4 billion wealth divestment program,in

228、cluding 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

229、,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

230、 is a member of the Financial Services Council Board and the Australian Bankers Association Council.Alexis GeorgeBCom,FCA,GAICDChief Executive OfficerDavid joined AMP in September 2004 and was appointed Group General Counsel in May 2018.David has group-wide responsibility for AMPs legal and governan

231、ce functions.ExperienceDavid 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.Prior to his appointment as Group General Counsel,David was the Group

232、 Company Secretary and General Counsel,Governance at AMP,which included acting as Company Secretary for AMP Limited.David holds a Bachelor of Commerce and Bachelor of Laws from the University of WA and a Master of Laws from the University of Sydney.He is a Fellow of the Governance Institute of Austr

233、alia.David CullenBCom,LLB,LLMGroup General CounselBlair joined AMP in 2009 and took up the role of Chief Financial Officer in July 2023.ExperienceBlair was previously CEO/Managing Director of New Zealand Wealth Management from January 2017,and prior to this served as AMPs Director Retail Financial S

234、ervices;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 AMPs we

235、alth management and banking divisions with a focus on strengthening client-led outcomes.Blair VernonBBSChief Financial Officer 30Melinda was appointed Group Executive Superannuation and Investments in January 2024,joining from KPMG where she led the Actuarial and Data Analytics team.She leads the Su

236、perannuation(AMP Super)business which serves personal and corporate super members.She also leads AMP Investments and AMP New Zealand.ExperienceMelinda has deep expertise in superannuation with more than 30 years in the industry.She also has experience in wealth management,life insurance,general insu

237、rance and not for profit organisations,including as CEO of the Actuaries Institute and Policy Director at ASFA.Having spent eleven years at BT Financial Group in the 19902000s,Melinda rejoined as Managing Director,Superannuation in 2014 and until 2022 led the transformation and simplification of BTs

238、 complex heritage superannuation business to a modern digital enterprise.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.She has been an active

239、member of industry bodies ASFA and the FSC over many years,including serving on ASFAs board and the FSC superannuation board committee.Melinda Howes BEc,FIAA,GAICDGroup Executive,Superannuation and InvestmentsEdwina was appointed Group Executive Platforms in July 2023.The Platforms business provides

240、 superannuation,retirement and investment solutions to advisers and their clients.ExperienceEdwina 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,Edw

241、ina was appointed Director,Platforms at AMP,with end-to-end accountability for AMPs Wealth Superannuation Fund,Wrap Platforms and SuperConcepts SMSF business(which was sold on 30 June 2023).Previously,Edwina led AMP Capitals Global Product function,responsible for its Managed Investment Schemes,offs

242、hore 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 a

243、nd began her career as a lawyer with DLA Piper(then Phillips Fox).Edwina holds a Bachelor of Laws(QUT)and a Graduate Diploma in Applied Finance&Investment(FINSIA).She is a Director of ASFA.Edwina Maloney LLB,GradDip Applied Finance&Investment(FINSIA)Group Executive,Platforms31OverviewDirectors repor

244、tBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportGroup Executive CommitteeRebecca 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,rec

245、ruitment,diversity and inclusion,cultural transformation and employee development.Rebecca is also accountable for corporate communications and sustainability,the AMP Foundation and Customer Dispute Resolution.Rebecca joined AMP in April 2020 as Group Director People.ExperienceRebecca has more than 2

246、5 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 Com

247、pany.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 Schools Women on Boards program(2018).She holds a Bachelor of Business degree from the Uni

248、versity of Technology,Sydney,and a change management qualification from the Australian Graduate School of Management at the University of New South Wales,Sydney.Rebecca NashBBus,GAICD,GradCertChief People,Sustainability and Community OfficerKavita was appointed Chief Technology Officer in January 20

249、24,and is responsible for leading the groups technology strategy to ensure a digital first approach aligned to AMPs strategy of a simplified,customer-centric business.ExperienceKavita is an accomplished technology leader with expertise in driving transformational change to deliver strategic and comm

250、ercial 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

251、 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 AN

252、Z,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 S

253、trategy Program(Harvard Business School);Digital Transformation Program(MIT Sloan Executive Education);and Leading SAFe(Scaled Agile Framework).Kavita MistryBSc,MIMSChief Technology Officer32Sean was appointed the Group Executive of AMP Bank in September 2021.He is responsible for the management and

254、 growth of AMP Bank,and for Marketing across the group.ExperienceSean joined AMP in May 2013 and has over 25 years of experience in delivering enhanced business results,predominately in financial services industries.He has deep and broad leadership experience,having performed multiple roles across t

255、he AMP business,including as Director of AMP Contact Centres and Operations Transformation with a focus on transforming the customer experience,and Director of AMP Direct,where he designed the organisational structure and operating model of AMPs direct-to-client advice model.Sean joined the bank as

256、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.Sean is responsible for leading the bank,delivering its future growth strategy,uplifting its dig

257、ital capability and ensuring the ongoing delivery of high-quality products and services to customers.Sean holds a Bachelor of Commerce from University of Wollongong and a Master of Business Administration from University of Queensland.Sean OMalleyMBA,BCom,FIMLGroup Executive,AMP BankNicola joined AM

258、P in August 2019 and was appointed as Chief Risk Officer in May 2022.Nicola has group-wide responsibility for AMPs enterprise risk management function.ExperienceNicola has more than 25 years of experience in financial services.Nicola has extensive experience of regulation,governance,risk,control and

259、 internal audit.Nicola has held various roles in financial services organisations and regulators in Australia and the UK,including ANZ and also Barclays and the FSA in the UK.Prior to her appointment as Chief Risk Officer,Nicola was the Chief Audit Executive.Nicola holds a Bachelor of Arts(Honours)f

260、rom Middlesex University and a Masters in Audit Management and Consultancy from the University of Central England.Nicola Rimmer-HollymanBA(Hons),MSc,CMIIA,QAIPChief Risk Officer33OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportAbout the Directors re

261、portThis directors report provides information on the structure and progress of our business,our 2024 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 2024.In addition to the information conta

262、ined in this section,the following information also forms part of the directors report:Information on directors(pages 2629)Managing key risks(pages 2023)All figures are in Australian dollars($)unless otherwise stated.Operating and financial reviewPrincipal activitiesAMP Group provides banking,supera

263、nnuation 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 in

264、vestment solutions,enabling advisers and their clients to build a personalised investment portfolio on AMPs flagship North platform.North is an award-winning online wrap platform which continues to deliver on its commitment of strengthening and broadening investment choice for clients and providing

265、a contemporary platform for advisers to manage their clients funds.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(SignatureSuper).The open investment menu caters to d

266、ifferent risk profiles with exposure to a range of professional managers in order to meet the needs and goals of customers.AMP Bank offers residential mortgages,business financing,deposits and transactional banking services.The Bank continues to focus on growth through its digital channels,improving

267、 the experience for both customers and intermediaries.AMP Bank helps around 185,000 customers with their banking needs.New Zealand Wealth Management provides clients with a variety of wealth management solutions including KiwiSaver,corporate superannuation,retail investments and general insurance.It

268、 also provides financial advice and coaching under the AdviceFirst and enable.me brands.In addition to these operating business units,AMP also holds several partnerships and other retained interests including:19.99%of China Life Pension Company(CLPC),14.97%of China Life AMP Asset Management Company

269、Ltd(CLAMP),22.95%in US real estate investment manager,PCCP,LLC(PCCP),and 30.00%of Mutual Advice Partners Pty Ltd(a subsidiary of Entireti Limited,details below).Partnership for Advice businessOn 2 December 2024,AMP announced the completion of the Advice transaction creating a new partnership and own

270、ership structure with Entireti Limited(Entireti)and AZ Next Generation Advisory Limited(AZ NGA)for the AMP Advice business,which had previously been announced on 8 August 2024.Entireti acquired AMPs financial advice licensees:Charter Financial Planning Limited,Hillross Financial Services Limited,AMP

271、 Financial Planning Pty Limited,as well as its self-licensed offer of Jigsaw Support Services Pty Limited for$10.2m.AMP retains a minority interest of 30%in a new joint venture entity(Mutual Advice Partners Pty Ltd)holding these four businesses.AZ NGA acquired AMPs equity holdings in 16 financial ad

272、vice practices for$82.5m.The transaction has resulted in an accounting loss of$36m.Directors reportfor the year ended 31 December 202434Review of operations and resultsThe profit attributable to the shareholders of AMP Limited for the full year ended 31 December 2024 was$150m(FY23:$265m).Profit for

273、the group and key performance metrics were as follows:Profit($m)FY24FY23%FYPlatforms107 9018.9 Superannuation&Investments67 53 26.4 AMP Bank7293(22.6)New Zealand Wealth Management37 34 8.8Group(47)(65)27.7 NPAT(underlying)1236 205 15.1 Items reported below NPAT(87)62 n/aDiscontinued operations1(2)n/

274、aNPAT(statutory)150 265(43.4)FY24 NPAT(underlying)of$236m was$31m higher than FY23(FY23:$205m).This reflects improved Platforms earnings(18.9%),improved Superannuation&Investments earnings(26.4%),improved New Zealand Wealth Management earnings(8.8%)and an improvement in Group earnings(27.7%).This wa

275、s partly offset by lower AMP Bank earnings(22.6%)which reflects subdued volume growth as a result of prioritising margins.FY24 NPAT(statutory)profit of$150m(FY23:$265m)includes$36m loss on sale of Advice business,recognition of certain one-off costs,including business simplification costs,litigation

276、 and remediation related costs,permanent tax differences and other one-off related impacts.FY23 was favourably impacted by a$245m net gain on sale of the AMP Capital and SuperConcepts businesses.Key performance metricsFY24FY23EarningsEPS statutory(cps)5.79.3 EPS underlying(cps)9.07.2 RoE statutory4.

277、1%6.7%RoE underlying6.4%5.2%Volumes Platforms AUM($m)79,788 71,060 Superannuation&Investments AUM($m)56,846 51,865 New Zealand Wealth Management AUM($m)11,792 10,853 Total AUM($b)148.4133.8AMP Bank total loans($m)23,274 24,441Controllable costs(pre-tax)and cost ratios1 Controllable costs($m)648 690

278、Cost to income ratio63.8%66.5%1 FY23 has been re-presented to remove Advice discontinued operations.Basic earnings per share on a statutory basis for the period ended 31 December 2024 was 5.7 cents(FY23:9.3 cents).On an underlying basis,earnings per share was 9.0 cents,an increase of 25.0%on FY23,dr

279、iven by improved NPAT(underlying)and the buyback of shares as part of the previously announced capital return program.Underlying return on equity was 6.4%in FY24(FY23:5.2%).Total AUM across Platforms,Superannuation&Investments and New Zealand Wealth Management of$148.4b in FY24 increased by$14.6b(10

280、.9%)from FY23.Group cost-to-income ratio improved to 63.8%in FY24 from 66.5%in FY23.AMPs controllable costs were$648m,$42m lower than FY23.35OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportFY24 Business unit overviewPlatformsNPAT(underlying)of$107m

281、increased by$17m(18.9%)on FY23,predominantly driven by higher AUM reflecting stronger market conditions,improved cashflows and cost discipline.Net cash inflows of$2.8b(FY23:$1.4b)increased by$1.4b on FY23 driven by higher inflows benefiting from continued growth in Managed Portfolios.Higher pension

282、payments(up 24%on FY23)are predominantly due to the increased minimum drawdown rates from July 2023.AUM based revenue to average AUM of 45bps in FY24 was lower by 2bps compared to FY23 driven by AUM mix changes.Average AUM of$75.4b was$7.4b(10.8%)higher than FY23,with continued growth in managed por

283、tfolios where AUM is now$19.1b.Superannuation&InvestmentsNPAT(underlying)of$67m increased by$14m(26.4%)on FY23 driven by higher investment income,lower variable costs and continued cost discipline.Net cash outflows of$1.0b improved from$6.4b in FY23($2.1b excluding the$4.3 billion mandate loss in FY

284、23).This reflects resilient inflows and improved outflows,driven by the renewed focus on the member proposition.AUM based revenue to average AUM of 63bps in FY24 was 1bp lower compared to FY23.AMP Bank NPAT(underlying)of$72m decreased by$21m(22.6%)on FY23 predominantly reflecting subdued volume grow

285、th as a result of prioritising margins,partly offset by lower costs.Correspondingly,net interest income decreased 13.7%and net interest margin was down 16bps to 1.26%.AMP Banks return on capital in FY24 was 6.1%,down from 7.9%in FY23 driven by lower profit.During the period,AMP Bank prioritised marg

286、in over growth,servicing around 185,000 customers and improved mortgage turnaround times to an average number of 8.3 days to approval.AMP Bank continues to maintain a conservative approach to lending:90+day arrears was 0.76%,and 45%of the portfolio is ahead of the mortgage repayments by more than th

287、ree months.New Zealand Wealth ManagementNPAT(underlying)of$37m in FY24 increased by$3m(8.8%)on FY23.Favourable market conditions have driven 3.4%growth in AUM based revenues and eased the impact of lower revenue due to FY23 divestment of legacy products.Other revenue in FY23 included one-off gains t

288、hat are being offset in FY24 with the improvement in the distribution revenues and additional months of financial coaching revenue.Net cashflows of$150m in FY24 were$22m ahead of FY23.GroupGroup earnings improved with NPAT(underlying)losses of$47m,reduced from losses of$65m in FY23.This was predomin

289、antly driven by an improvement in partnerships earnings of$79m which increased$21m on FY23,reflecting a stronger profit contribution from the sponsor investment in PCCP,mostly from normalising of property valuations in the US and higher China partnership earnings due to CLPC earnings normalising fol

290、lowing regulatory changes impacting 2H23.Additionally,the reduction in controllable costs and interest expense also contributed to the improvement in Group earnings.This was partially offset by a reduction in investment income(down 46.9%),reflecting lower capital levels given the capital returned to

291、 shareholders as part of Tranche 3 of the capital management program.Capital,liquidity and dividendCapital and liquidityA 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 b

292、usinesses 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 groups CET1 capital surplus as at 31 December 2024 was$139m(FY23:$300m),with the decrease reflec

293、ting profits made(+$150m),benefits arising from net business activities,offset by on-market share buybacks(-$244m),the FY23 final dividend(-$55m),the FY24 interim dividend(-$51m)and changes in interest rates affecting the cash flow hedge reserves which are deducted from capital.Dividend and capital

294、returnIn August 2022,AMP announced a$1.1billion capital management program to return excess capital to shareholders.On 10 October 2024,AMP Limited announced the completion of its on-market share buyback,concluding the capital return program.The Board has resolved to declare a final dividend of 1.0 c

295、ent per share,20%franked,and to target a dividend payout of 2.0 cents per share per half through 2025,subject to economic conditions and other uses of capital.Directors reportfor the year ended 31 December 202436Strategy and prospectsAMP is positioned to be a preeminent retirement specialist,giving

296、Australians financial confidence in retirement.AMPs strategy is centered around the following priorities:.Driving flows in Platforms:Growing new advisers using North and building its Managed Portfolios offer.Executing on strategic initiatives in Superannuation&Investments:Launch of new retirement so

297、lution and digital advice to drive direct acquisition and member retention.Scaling the new digital bank:New digital bank launched,with the focus now on marketing initiatives and enhancing features for customers.New digital bank designed to improve AMP Bank margins through expanded funding mix.Levera

298、ging AI opportunities:To achieve efficiencies for our people and improve experiences for our customers.Delivering on cost control:Continued focus on maintaining cost control and ongoing business simplification.Successfully absorbing inflation effects.Driving value from partnerships:Continue to drive

299、 value from joint ventures and international operations.The EnvironmentAMP is not subject to particular or significant environmental regulations.You can find out more about AMPs broader approach to sustainability in its 2024 Sustainability report at .au/about-amp/what-we-do/corporate-sustainability.

300、Events occurring after the reporting dateAs 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 groups

301、operations;the results of those operations;or the groups state of affairs in future periods.The AMP Limited Board of DirectorsThe directors of AMP Limited during the year ended 31 December 2024 and up to the date of this report are listed below.Directors were in office for this entire period except

302、where stated otherwise:Current Non-executive Directors:Mike Hirst(appointed Chair 12 April 2024)Kathleen Bailey-Lord Andrew BestRahoul ChowdryAnna Leibel Michael SammellsAndrea SlatteryExecutive Director:Alexis George(Chief Executive Officer and Managing Director)Former Non-executive Director:Debra

303、Hazelton(Chair)(retired 12 April 2024)37OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportAttendance at board and committee meetingsThe AMP Limited Board met 16 times during the year ended 31 December 2024.In addition,the Chair and directors also atte

304、nded 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

305、 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 at

306、tendance of those directors who attended board committee meetings of which they are not a member.Board/committeeAMP Limited Board Meetings 1Audit CommitteeNomination CommitteeRemuneration CommitteeRisk and Compliance CommitteeAdditional Committees 7DirectorsRequired to attendAttendedRequired to atte

307、ndAttendedRequired to attendAttendedRequired to attendAttendedRequired to attendAttendedAttendedMike Hirst 21616446677Debra Hazelton 34411331Kathleen Bailey-Lord 416164466Andrew Best 51614446677Rahoul Chowdry16164444772Anna Leibel16164477Michael Sammells 61616444466Andrea Slattery16164444771Alexis G

308、eorge161621 Where board and committee meetings of AMP Limited and AMP Bank Limited were held concurrently,only one meeting has been recorded.2 Mike Hirst was appointed as Board Chair and Chair of the Nomination Committee and retired as Chair of the Risk and Compliance Committee on 12 April 2024.He r

309、emains a member of the Risk and Compliance Committee.3 Debra Hazelton retired from the Board(and as Board Chair and Chair of the Nomination Committee)on 12 April 2024.4 Kathleen Bailey-Lord was appointed as Chair of the Remuneration Committee on 1 November 2024.5 Andrew Best was appointed as Chair o

310、f the Risk and Compliance Committee on 12 April 2024.6 Michael Sammells retired as Chair of the Remuneration Committee on 1 November 2024,remaining as a member.7 Additional committees were convened during the year on matters including financial results.Company secretary detailsDetails of each compan

311、y secretary of AMP Limited as at the date of this report,including their qualifications and experience,are set out below.David Cullen,Group General CounselBCom,LLB,LLMDavid was appointed as the Company Secretary for AMP Limited on 4 March 2022.David joined AMP in September 2004 and was appointed Gro

312、up General Counsel in May 2018.David has group-wide responsibility for AMPs legal and governance functions.Prior to his appointment as Group General Counsel,David was the Group Company Secretary and General Counsel,Governance at AMP,which included acting as Company Secretary for AMP Limited.Kate Gor

313、don,Head of Corporate GovernanceBA(Juris),LLB,LLMKate was appointed as the Company Secretary for AMP Limited on 4 March 2022 and is also 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

314、 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.Directors reportfor the year ended 31 December 202438Indemnification and insurance of direc

315、tors and officersUnder its constitution,the company indemnifies,to the extent permitted by law,all current and former officers of the company(including the non-executive directors)against any liability(including the costs and expenses of defending actions for an actual or alleged liability)incurred

316、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 2024,the

317、 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 i

318、nsurance 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

319、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

320、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

321、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 dir

322、ectors 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 auditorsTo the extent permitted by law,the Company has agreed to indemnify its auditor,Ernst&

323、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.

324、No payment has been made to indemnify Ernst&Young during or since the financial year ended 31 December 2024.Remuneration disclosuresThe remuneration arrangements for AMP directors and senior executives are outlined in the remuneration report which forms part of the directors report for the year ende

325、d 31 December 2024.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.39OverviewDirectors reportBusiness reviewFinancial reportAdditional informationAMP 2024 Annual reportTo our shareholder

326、sOn behalf of the board,I present AMPs 2024 Remuneration Report,my first as Chair of the Remuneration Committee.It is pleasing to note our results demonstrate that streamlining our business operations is delivering real value.Evidence of the increased momentum of our strategic growth initiatives was

327、 clear in our Platforms business where we delivered strong growth in cash flows in a very competitive market.We remain dedicated to being a trusted and dependable partner for our customers,to ensuring regulatory compliance,and fulfilling community expectations.It is pleasing to see that the substant

328、ial progress made in 2024 is evidenced by our financial performance,improved reputation,and strong customer satisfaction.Remuneration report1 Remuneration at a glance 422 Remuneration strategy and framework 453 Performance and reward outcomes 524 Remuneration governance and risk management 595 Non-e

329、xecutive director fees and shareholding requirements 626 Statutory tables 637 Looking forward to 2025 69In 2024,we maintained our commitment to our customers,enhanced our operational efficiency,and broadened our digital banking services,all while ensuring value for our shareholders.Remuneration repo

330、rt Contents40Overview of 2024Throughout 2024 we concluded our capital return program,distributing the remaining portion of the$1.1 billion to shareholders through on-market share buybacks and the resumption of dividends,finalised in October 2024($750 million of capital was returned in 2022 and 2023,

331、with$350 million returned in 2024).We have made ongoing progress on simplifying the portfolio,repositioning AMPs core businesses in wealth management and retail banking,completing the Advice sale,and resolving some material class action matters.This has allowed us to allocate resources towards futur

332、e focused customer initiatives such as building digital advice for our superannuation customers,which will be launching in 2025.Additionally,AMP successfully developed a new digital bank launched to our employees in December 2024 with a public launch in 2025,delivering it within a year and within bu

333、dget.During these changes,AMPs share price increased by 71%in 2024,indicating increased confidence in our future direction.Key Management PersonnelIn 2024,there were several changes to AMPs leadership.Debra Hazelton retired from the AMP Limited Board,and Mike Hirst succeeded her as the new AMP Limited Chair.In January,Anna Leibel and I joined the AMP Limited Board and the AMP Bank Board as Non-exe