In his address to shareholders at the AMP annual general meeting on Thursday, Mr Wilkins acknowledged the damning claims to arise from the royal commission’s investigation into AMP’s financial advice business.
“The past few weeks have been exceptionally difficult for AMP and for you, our shareholders, for our customers, our advisers and our employees. It is only right that I begin by reiterating and reaffirming our unreserved apology. We are truly sorry,” he said.
“Our focus now turns to the process of resetting and rebuilding AMP and working to restore the trust and confidence of all our stakeholders. Importantly, we have a solid foundation on which to build.”
Mr Wilkins cited the company’s 2017 performance as evidence of this, noting the strength of the company’s insurance arm in the process.
“In 2017 we delivered improved financial results and this gives us a good platform for change,” he said.
“At the group level, our underlying profit was $1.04 billion, driven by strong performances across our growth businesses as well as the stabilisation of our insurance business.”
Mr Wilkins went on to say that “significant change” was on the cards for the company in response to the commission’s findings, adding that “the AMP of the future will be very different from the AMP of today”.
“AMP can – and will – do everything necessary to win back our company’s respect and trust, and to deliver for you, our shareholders, and all our stakeholders,” he said.
Easy to stablise when you are party to the FSC lies about churning, which results in a reduction in the commission paid to advisers, which you keep and in turn increase insurance rates for the policy holders.
What exactly does ‘” stabilisation” mean Michael. Is this the same AMP who increased level premiums on a book of ex NML business by 30% last year. Is this the same AMP who sold off books of legacy business to a reinsurer and in practice is no longer the insurer even though the punter still calls AMP. I suggest stabilisation actually means AMP is out of the insurance business