AMP withdraws FY20 outlook


AMP Limited has withdrawn its FY 20 outlook published last month regarding its business units, controllable costs, and other areas due to the impact of COVID-19. 

In an announcement to the Australian Securities Exchange (ASX), AMP said COVID-19 presented an uncertain environment and resultant challenges in providing accurate forecasts for this year. 

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It noted the group capital position and liquidity remained strong and was committed to executing its three-year transformation strategy which included creating a simpler, leaner business. 

AMP also confirmed: 

  • The sale of AMP Life remained on track for completion by 30 June, 2020; 
  • AMP’s divestment process for New Zealand wealth management continued, with a further update to be provided at or before 1H 20 results; and 
  • The client remediation program remained on course to be 80% complete by the end of FY20 and fully complete in 2021. 

AMP chief executive, Francesco De Ferrari, said: “Whilst the situation is rapidly evolving, out immediate priorities are to support the public health efforts, help our clients make the right choices, and ensure out people are safe and working in healthy environments. 

“Protocols and contingency plans are also in place to ensure out operations and client services can continue throughout the pandemic. 

“Our group balance sheet and liquidity remain strong and we are confident in our ability to support clients in this time of need.” 

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