On her ninth day in the job, AMP chief executive Alexis George is looking to focus on restoring faith in the AMP brand but will be prioritising the demerger with AMP Capital first and expects 2022 to be the year of net inflows.
Addressing a media briefing on Thursday, George said as the critical file reviews of AMPs customer remediation program had been completed, payments to customers would accelerate during the third quarter and would largely be completed by the end of the year.
“Another key focus for me will be continuing the work on rebuilding confidence and trust in our brand, and in the culture of the organisation so all of our stakeholders, people, customers, shareholders will be proud to be associated with this iconic brand,” she said.
“There's been a lot of important work done to reinvigorate this culture like improving our systems and reporting and putting in place a clearer performance framework.
“I want to shape and be part of a purpose led culture that's dynamic, inclusive, accountable and customer centric. I know it's a work in progress and it's something that I certainly intend to lead from the front.”
George said continuing the de-merger with AMP capital was another “must-do” priority and that clarity needed to be given to clients, customers, and employees.
On its outflows within its wealth management business, AMP chief financial officer, James Georgeson, said it mainly came from the retail and corporate superannuation businesses.
“It's really the competitiveness of those products which has been driving the outflows,” Georgeson said.
“Overall, it's mainly in our retail super business which is the higher margin and higher priced businesses, which is why we take on tackling the big price reductions in the third quarter.
“We would be hoping for 2022 to be a year of net inflow. I think Francesco [De Ferrari; previous CEO] and I've always said over the last couple of years is that it was going to take a couple of years for the brand and sentiment teams and the transformation strategy, and that we always sort of targeted 2022 to get back to a neutral position.”