AMP Limited (ASX: $AMP) announces half-year results and strategic partnership

AMP Limited (ASX: $AMP) has released its half-year results for the period ending 30 June 2024. The company reported a profit attributable to shareholders of $103 million, a decrease from $261 million in the prior corresponding period. The results were driven by improved earnings in Platforms and Superannuation & Investments, offset by lower earnings in AMP Bank. Additionally, AMP announced a strategic partnership and ownership structure with Entireti Limited and AZ Next Generation Advisory Limited for its Advice business. The transaction is expected to be completed by the end of 2024.

Executive commentary on strategic partnership and financial performance

Alexis George, Chief Executive Officer and Managing Director of AMP Limited, commented, 'We are pleased to announce the strategic partnership with Entireti Limited and AZ Next Generation Advisory Limited, which will reshape our Advice business and support our strategic priorities for the future. The half-year results reflect our continued focus on driving business line profitability and positive customer experience, efficient capital, cost and balance sheet management, and creating new revenue sources.'

Summary of AMP's half-year results and future outlook

AMP Limited (ASX: $AMP) reported a profit attributable to shareholders of $103 million for the half year ended 30 June 2024, reflecting improved earnings in Platforms and Superannuation & Investments, offset by lower earnings in AMP Bank. The company announced a strategic partnership and ownership structure with Entireti Limited and AZ Next Generation Advisory Limited for its Advice business, expected to be completed by the end of 2024. AMP's strategic priorities for the future include addressing corporate costs, delivering on the capital management program, and launching a digital small business bank in Q1 2025. The company aims to maintain performance in New Zealand and continue driving member retention and acquisition in Superannuation & Investments. Additionally, AMP confirmed the conclusion of a court enforceable undertaking with APRA. The directors are not aware of any other matters that have significantly affected, or may significantly affect, the company's operations, results, or state of affairs in future periods.