AMP Limited (AMLTF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to AMP full year results. I'd welcome you also on this Valentine's Day which is our second Valentine's Day to deliver the results. Before I commence today can I firstly recognise the traditional custodians of the land on which we're holding this meeting which for us is the Gadigal people of the Eora Nation and I'd like to pay my respects to the elders past and present. I also, of course, have with me today Blair Vernon, who is the CFO of the organisation. Right, so what are we going to talk through today? Firstly, I just want to give you a brief overview of the results. Then Blair will do a deep dive into all of the results, including a focus on costs and capital. And then we're going to go further into the Be You results, together with the achievements through 24 and what we're planning to focus on in 25. And of course, we're going to finish with some guidance and allow time for Q&A. If I just look at the overall result, I believe we continue to deliver on financial performance, but also business performance. Underlying profits up over 15% to $236 million. And correspondingly, our earnings per share up 25%, through performance, but also the share buyback. We're delivering on the controllable cost promises despite the sticky inflation, which has been absorbed, and we're going to continue to do that through 2025. Our AUM has increased nearly 11%, albeit a good market, but the flows are improving and increasing in all of our wealth businesses. On top of that, we've executed on an advice transaction that we believe will deliver benefits for all our stakeholders including the advisors that have moved to entirety. With completion of our share by a back of $1.1 billion, we continue our capital program with the announcement of a final divid...