8 August 2019
We have announced a new strategy that will reset AMP for the future, and help us better serve you, our customers.
When I took on the role of CEO last year I did so because I saw the significant need among Australians for advice: on how to balance a family budget and save enough; on how to buy a home when that seems out of reach for so many; and on how to navigate our complex tax and super systems to prepare for retirement, even more so when interest rates are so low.
In recent times some of our competitors have turned away from financial advice, and so I believe the need is even greater for a company that can provide affordable advice for all.
Over the next three years, we plan to invest more than one billion dollars to take a leadership role in fulfilling that mission.
Part of the investment we are making will come from a capital raising that we've announced today.
We have also announced our financial results for the first half of the year, including a solid underlying business performance.
As we set out our plans to reinvent our business, we have also taken a large asset write-down.
I want to assure you that this write-down does not impact our financial strength, or you or your products.
During our 170 years, we have been successful when we have listened to customers, and acted on it.
I would like to thank the thousands of you who have written to me over the past months about where you believe AMP needs to change but also about your belief in the future of our company.
Thank you for your support. I am excited about the future that we can create together.
Francesco De Ferrari
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