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2015 Annual Report

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2015 Annual Report 2015 annual report For everyone, every goal, every step – we’re here to help. To help you own a better tomorrow. AMP Limited ABN 49 079 354 519 Contents 1 Chairman’s foreword 2 Five-year financial summary 3 2015 results at a glance 4 About AMP 5 Our strategy 6 Our business 8 Creating better tomorrows 10 Our board 12 Our management team 14 Corporate governance at AMP 17 Directors’ report 24 Remuneration report 45 Analysis of shareholder profit 46 Financial report 47 Income statement 48 Statement of comprehensive income 49 Statement of financial position 50 Statement of changes in equity 52 Statement of cash flows 53 Notes to the financial statements 133 Directors’ declaration 134 Independent auditor’s report 135 Securityholder information IBC Glossary Unless otherwise specified, all amounts are in Australian dollars. Information in this report is current as at 18 February 2016. Chairman’s foreword Our year In 2015, we have witnessed the strength and resilience of AMP, as our company maintained its growth momentum in the face of challenging markets in the second half of the year. Our superannuation, investments, advice financial performance of our joint regulatory requirements. This means and banking businesses delivered strong ventures has exceeded our expectations. we will remain well capitalised when results, and we are seeing encouraging We remain focused on the recovery of we redeem $600 million of AXA Notes growth from our international expansion our insurance business. While this is in March 2016. through AMP Capital. Our strategy taking longer than expected, we believe to become a more customer-centred our new claims process, targeted retention Board organisation is showing early signs of campaigns and a new insurance offer will We have announced the appointment success and we are making positive provide a better outcome for customers of two new directors to our board. Retail progress on our program to reduce costs. and shareholders over the long term. expert Holly Kramer joined in October The industry in which we operate is 2015 and Vanessa Wallace, who has being tested like never before. Customers Dividend and capital position extensive financial services experience not only want quality products that offer We are pleased to have delivered a total across Asia, joins in March 2016. Holly value for money but they want and expect 2015 dividend of 28 cents per share for and Vanessa bring extensive skills and exceptional customer service. And we shareholders, with $828 million having experience that will prove invaluable to believe they deserve nothing less. That’s been returned to shareholders in the our business as we pursue our strategy. why we’re putting our customers at the form of dividends and dividend On behalf of the board I would like to heart of everything we do. reinvestment plan (DRP) shares for the thank John Palmer and Brian Clark who Over the past two years we have laid the year. We have extended our dividend will retire as directors of AMP at the end foundations for a truly customer-centred payout ratio to 70 to 90% of underlying of the annual general meeting. Both John organisation, one we believe will also profit as a reflection of our confidence in and Brian have served on the board for deliver long-term value for shareholders. the financial strength of the group, and almost nine years and their knowledge We’ve listened to our customers – and our total dividend represents a payout and sound judgement have proved as a result of what we’ve heard, we’ve of 74% of our 2015 underlying profit. invaluable during that time. We greatly transformed our digital capabilities The increase in our taxable income has appreciate the contribution they have and designed new and better ways again enabled us to raise the franking made and the particularly high standards for customers to interact with us. rate, with the final 2015 dividend of they have set. We’ve also continued to expand our 14 cents per share to be franked at 90%. presence offshore, partnering with leading We will continue to purchase DRP shares companies around the world including on market so as to not dilute the value China Life and Mitsubishi UFJ Trust and of current shareholdings. Banking Corporation in Japan. Our alliance We have maintained a strong capital with China Life has gone from strength position and as at 31 December 2015 held Simon McKeon AO to strength and I’m pleased to say the $2.5 billion in capital above minimum Chairman AMP 2015 annual report 1 Our results in summary Our financial performance Five-year financial summary Restated Restated 2015 2014 2013 2012 2011 Year ended 31 December $m $m $m $m $m Consolidated Income statement Net premium, fee and other revenue 5,493 5,343 5,136 5,166 4,217 Investment gains (losses) 8,529 12,244 14,963 12,258 1,548 Profit (loss) before income tax from continuing operations 1,993 1,814 1,498 1,387 743 Income tax (expense) credit (280) (843) (782) (688) 4 Non-controlling interests (741) (87) (44) (10) 12 Profit after tax attributable to shareholders of AMP Limited 972 884 672 689 759 Consolidated Statement of financial position Cash and cash equivalents 3,955 3,581 2,938 4,388 4,816 Investment assets 128,074 123,292 121,781 107,721 98,221 Intangibles 3,983 4,042 4,136 4,502 4,677 Assets of disposal groups – 100 42 187 – Other assets 3,696 3,840 4,327 4,566 4,999 Total assets 139,708 134,855 133,224 121,364 112,713 Borrowings and subordinated debt 17,452 16,502 16,243 13,473 13,322 Life insurance contract liabilities 23,871 24,403 24,934 25,055 24,399 Investment contract liabilities 69,848 66,980 66,049 58,385 52,940 Liabilities of disposal groups – 69 8 74 – Other liabilities 19,642 18,516 17,790 16,734 15,066 Total liabilities 130,813 126,470 125,024 113,721 105,727 Net assets 8,895 8,385 8,200 7,643 6,986 Contributed equity 9,566 9,508 9,602 9,333 9,074 Reserves (1,866) (1,888) (1,973) (2,157) (2,540) Retained earnings 819 566 461 332 364 Total equity attributable to shareholders of AMP Limited 8,519 8,186 8,090 7,508 6,898 Non-controlling interests 376 199 110 135 88 Total equity 8,895 8,385 8,200 7,643 6,986 Restated Restated Year ended 31 December 2015 2014 2013 2012 2011 Other financial data Basic earnings per ordinary share ($ps) $0.33 $0.30 $0.23 $0.24 $0.29 Diluted earnings per ordinary share ($ps) $0.33 $0.30 $0.23 $0.24 $0.29 Dividends per ordinary share ($ps) $0.28 $0.26 $0.23 $0.25 $0.29 Number of ordinary shares (m) 2,958 2,958 2,958 2,930 2,855 Assets under management ($b) 226 214 197 173 159 2 AMP 2015 annual report 2015 results at a glance Dividends Profit attributable to shareholders Underlying profit cents per share $ million $ million Final dividend 1,200 1,200 Interim dividend 29 30 28 1,000 1,000 26 25 23 14 14 750 750 $1,120m $1,045m $972m 13.5 20 $950m 12.5 $907m $884m 11.5 $849m 500 500 $759m $689m $672m 15 10 14 250 250 12.5 12.5 11.5 0 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 28cents per share $972m $1,120m up 8% up 10% up 7% Total dividend for 2015 Profit attributable to shareholders Underlying profit The final dividend of 14 cents per share Underlying profit is AMP’s preferred measure of profitability as it best reflects the is to be paid on 8 April 2016 and will be underlying performance of AMP. It is the earnings base on which the board determines 90% franked. the dividend payment. $828m returned to shareholders in The main difference between the two numbers comes from movements in investment the form of dividends and dividend markets and one off costs. A reconciliation of profit attributable to shareholders and reinvestment plan shares for 2015. underlying profit can be found on pages 18 and 66. $3,784m $4,434m $226b up 5% up 19% up 6% Net cashflows on AMP platforms AMP Capital external net cashflows Assets under management Customers are continuing to AMP Capital has seen an increase We now manage more money for invest across our range of in investments from both domestic our customers around the world. investment platforms. and international clients. 43.8% $2,542m 13.2 % improved by up 28% improved by 1 percentage point 0.5 percentage points Regulatory capital funds held above Cost to income ratio the minimum regulatory requirement Underlying return on equity We have become a more efficient AMP holds capital above the minimum Our increase in underlying profit business – increasing our revenue requirements to protect customers, means we improved the return on the while maintaining tight cost controls. creditors and shareholders against money invested by our shareholders. unexpected losses. This is an indication of the strength of our business. AMP 2015 annual report 3 Our business, vision and strategy About AMP AMP was founded on a simple yet bold idea – that every individual should have the power and ability to control his or her life. For more than 165 years we’ve dedicated ourselves to making this possible by helping our customers take control of their finances, be debt free, plan for and manage their retirement, and be financially secure in case of misfortune.
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