AMP records 11% fall in FY profit, meets dividend guidance
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The news: Wealth manager AMP reported an 11.3% decline in full-year statutory profit to $133 million, short of average forecasts of $192 million, as the company dealt with costs linked to the settlement of two legacy class actions.
On an underlying basis, profit rose 20.8% to $285 million, matching market estimates.
The company declared a final dividend of 2 cents per share, taking total FY25 dividends to 4 cents per share and in line with guidance.
AMP's total assets under management rose 9% year on year to $161.7 billion, driven by positive cashflow momentum and positive market movements.
The context: Outgoing AMP chief executive Alexis George said she sees "considerable tailwinds" in the wealth and retirement sector, and the company is well positioned to drive organic growth while participating in inorganic opportunities "when they arise" and "only where there is a compelling case to build our scale or accelerate development of our capabilities."
What they said: "2025 was an important year for AMP with resolution of legacy items and stabilisation of the portfolio," said George.
"This enabled renewed focus on winning in the segments we play, growing the wealth business, and building on the vision to be the place that customers come to plan for a dignified retirement."
The source: ASX
