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AMP17367 Reportsec1 Art5b.Indd 2013 annual report AMP 2013 annual report. AMP Limited ABN 49 079 354 519. Unless otherwise specifi ed, all amounts are in Australian dollars. The information in this report is current as at 3 March 2014. Contents 1 Chairman’s foreword 2 Five-year fi nancial summary 3 2013 results at a glance 4 Directors’ report 14 Remuneration report 31 Analysis of shareholder profi t 32 2013 corporate governance statement 40 Financial report 41 Income statement 42 Statement of comprehensive income 43 Statement of fi nancial position 44 Statement of changes in equity 46 Statement of cash fl ows 47 Notes to the fi nancial statements 134 Directors’ declaration 135 Independent auditor’s report 136 Shareholder information IBC Glossary 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 160 years, we’ve dedicated ourselves to making this possible. And while we’ve grown and changed over the decades, one thing has remained the same – our unwavering sense of purpose to help people own tomorrow. Chairman’s foreword Welcome to AMP’s smooth transition to new CEO Craig AXA businesses and his invaluable Meller bedded down, I have decided contribution is greatly appreciated. to retire from the board at the annual 2013 annual report Your board has declared a fi nal general meeting (AGM) in May. I have dividend of 11.5 cents a share, which AMP generated good growth across had the honour of being a director will be 70 per cent franked and will most of its businesses in 2013. However of AMP for more than 10 years, and be paid on 10 April 2014. This is a profi tability was pulled back by poor chairman for more than eight years. fi nal payout ratio of 80 per cent of results in our life insurance business. It has been a privilege to serve the the 2013 underlying profi t, which is shareholders of this company over The board believes that the best at the top of AMP’s target payout that time. response both to these challenges range of between 70 per cent and and to drive stronger growth across In line with our succession planning, 80 per cent of underlying profi t. the organisation is to re-orient AMP to Simon McKeon will become chairman Dividend reinvestment plan (DRP) be a more customer centric and effi cient of the AMP Limited Board when I retire. shares will be bought on market, so business. It will require a deep cultural Simon joined AMP in March 2013 and as not to dilute the value of existing shift and very signifi cant changes to we continue to work closely together shares and there will be no discount the way we do business. to ensure a smooth handover. for DRP shares for this dividend. We are also continuing to invest in We have also appointed a new AMP’s capital position remains strong, areas with strong potential for profi table director with outstanding life insurance with $2.1 billion in regulatory capital growth, including the SMSF business, experience, Trevor Matthews, to the resources held above minimum the adviser network, the North platform, board. Shareholders will have requirements. AMP Bank and expanding AMP Capital an opportunity to vote on his The strength of our capital position, in selected markets offshore. We will appointment at the AGM. along with the success of the merger continue to maintain a sharp cost and Rick Allert has also announced his with AXA, means we have the size and capital focus. intention to retire as a director of AMP, fl exibility to re-orient the organisation On 1 January 2014, we welcomed Craig effective from the end of the AGM. to better meet customer needs, in Meller to the board as he took on the Rick has played an integral role in the a way that creates value for our position of Chief Executive Offi cer (CEO). smooth integration of the AMP and customers and shareholders. Craig Meller has been with AMP since 2001 and is well placed to guide AMP through the next phase of its evolution. On behalf of the board I would like to thank Craig Dunn for his exceptional ‘We have the size and flexibility leadership during his time as CEO. Craig retired from AMP at the end of 2013, to re-orient the organisation to following six years as CEO and 13 years better meet customer needs.’ with the company, during which time he led AMP with distinction through the global fi nancial crisis and extensive regulatory change and delivered one of Australia’s largest and most successful fi nancial services integrations. Peter Mason AM Chairman In accordance with AMP’s board tenure guidelines, and with the AMP 2013 annual report 1 Five-year financial summary Restated Restated 2013 2012 2011 2010 2009 Year ended 31 December $m $m $m $m $m Consolidated Income statement Net premium, fee and other revenue 5,136 5,166 4,217 2,824 2,665 Investment gains (losses) 14,963 12,258 1,548 4,840 8,250 Profi t (loss) before income tax from continuing operations 1,498 1,387 743 881 1,228 Income tax (expense) credit (782) (688) 4 (126) (505) Non-controlling interests (44) (10) 12 20 16 Profi t after tax attributable to shareholders of AMP Limited 672 689 759 775 739 Consolidated Statement of fi nancial position Cash and cash equivalents 2,938 4,388 4,816 3,325 2,409 Investment assets 121,781 107,721 98,221 85,120 84,171 Intangibles 4,136 4,502 4,677 919 946 Assets of disposal groups 42 187 – – – Other assets 4,327 4,566 4,999 2,241 2,304 Total assets 133,224 121,364 112,713 91,605 89,830 Borrowings and subordinated debt 16,243 13,473 13,322 11,136 12,350 Life insurance contract liabilities 24,934 25,055 24,399 17,762 18,380 Investment contract liabilities 66,049 58,385 52,940 48,579 47,239 Liabilities of disposal groups 8 74 – – – Other liabilities 17,790 16,734 15,066 11,130 9,227 Total liabilities 125,024 113,721 105,727 88,607 87,196 Net assets 8,200 7,643 6,986 2,998 2,634 Contributed equity 9,602 9,333 9,074 5,051 4,814 Reserves (1,973) (2,157) (2,540) (2,565) (2,563) Retained earnings 461 332 364 452 320 Total equity attributable to shareholders of AMP Limited 8,090 7,508 6,898 2,938 2,571 Non-controlling interests 110 135 88 60 63 Total equity 8,200 7,643 6,986 2,998 2,634 Restated Restated 2013 2012 2011 2010 2009 Other fi nancial data Basic earnings per ordinary share ($ps) $0.23 $0.24 $0.29 $0.38 $0.37 Diluted earnings per ordinary share ($ps) $0.23 $0.24 $0.29 $0.38 $0.37 Dividends per ordinary share ($ps) $0.23 $0.25 $0.29 $0.30 $0.30 Number of ordinary shares (m) 2,958 2,930 2,855 2,094 2,049 Assets under management ($b) 197 173 159 115 112 2 2013 results at a glance Dividend Profit The fi nal dividend of 11.5 cents per Profi t attributable to shareholders was $672 million for 2013, compared share will be paid on 10 April 2014. with $689 million in 2012, down 2.5 per cent. The fi nal dividend will be 70 per Underlying profi t was $849 million for 2013, compared with $950 million cent franked and brings the total in 2012, down 11 per cent. dividend for 2013 to 23 cents Underlying profi t is AMP’s preferred measure of profi tability as it best refl ects per share. the underlying performance of AMP. It is the earnings base on which the board The payout ratio for the full determines the dividend payment. 2013 dividend is 80 per cent The main difference between the two numbers comes from AXA merger and of the 2013 underlying profi t, business effi ciency program costs. which is at the top of AMP’s target payout range of 70–80 A reconciliation of profi t attributable to shareholders and underlying profi t per cent of underlying profi t. can be found on pages 9 and 62. Dividends Profi t attributable to shareholders Underlying profi t cents per share $ million $ million Final dividend Interim dividend 30 30 29 30 1,000 1,000 950 909 849 25 15 16 14 772 775 760 23 739 688 689 750 672 750 20 12.5 11.5 500 500 15 15 10 14 12.5 250 250 11.5 0 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2012 profi ts have been restated in accordance with changes in accounting standards. AMP 2013 annual report 3 Directors’ report for the year ended 31 December 2013 Your directors present their report on the consolidated entity consisting of AMP Limited and the entities it controlled at the end of or during the year ended 31 December 2013. Directors’ details The directors of AMP Limited during the year ended 31 December 2013 and up to the date of this report are shown below. Directors were in offi ce for this entire period (except where stated otherwise): Peter Mason (Chairman), Craig Meller (Chief Executive Offi cer and Managing Director) (appointed 1 January 2014), Patricia Akopiantz, Richard Allert, Catherine Brenner, Brian Clark, Craig Dunn (retired 31 December 2013), Paul Fegan, Simon McKeon (appointed 27 March 2013), John Palmer, Nora Scheinkestel (retired 9 May 2013), Peter Shergold.
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