Superannuation and retirement incomes have been revealed as sitting front and centre of AMP Limited’s strategy, following its announcement today of a much-improved full-year profit of $848 million.
Outlining its strategy and prospects, the big financial group said a key priority would be growing in the $3.3 trillion Australian wealth management market, where AMP holds the number one market share position in superannuation, advice and self-managed superannuation funds (SMSF) and the number two position with respect to retirement incomes.
The company said it was targeting additional revenue equivalent to two per cent of assets under management (AUM) fees from its advice and SMSF businesses.
The company said it was also looking to expand internationally, primarily through AMP Capital in high growth regions where its expertise and capabilities are in demand.
The Super Members Council (SMC) has called for a removal of the “outdated” 30-hour threshold for workers under 18 to guarantee all young Australian workers receive a super start to work.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024.
The $90 billion fund delivered double-digit returns in its flagship Growth option last year and remains optimistic for 2025.
A strategic overweight to US and global equities along with an increased exposure to private debt and diversified credit has seen AMP deliver a return of more than 15 per cent for its three largest Lifestage cohorts in 2024.