Shareholders in AMP Ltd (ASX: AMP) don’t have too long to wait to get some visibility over the company’s full-year results, with the company set to report to shareholders on February 12.
The company said in a statement to the ASX this week that it will report its results next month, followed by its annual general meeting on April 10.
The company’s half-year results will be announced on August 6.
Impact of legal settlements in focus
Something to watch out for in the full-year results will be the one-off impacts of a $29 million legal settlement, which AMP agreed to in December, and another settled for $75 million earlier in the year.
The first settlement was related to a class action brought against the company in 2020 regarding “commissions for advice and insurance advice” in the company’s own words.
The lawsuit related to the payment of commissions for the period from July 2014 to February 2021, with claims brought against AMP and some of its subsidiaries, which were previously part of the AMP advice network.
AMP Chief Executive Officer Alexis George said last month, “I’m pleased that we have resolved another legacy legal matter as we focus on the future and on delivering for our customers and members”.
The company also, earlier in the second half of the year, settled another class action in the superannuation area for $120 million, with AMP to contribute $75 million and the balance to be met by insurance.
Continuing to innovate
In the company’s most recent business update in October, AMP said its assets under management had grown 3% to $159.5 billion.
Ms George said at the time the company was continuing to innovate in areas which financial advisers value, “such as managed portfolios, where assets under management is now $23.8 billion”.
She went on to say:
In our super business, net cash flows for the quarter improved almost 28% on the same period last year, bringing us closer to achieving a sustainable positive net cash flow position. We are continuing to drive member retention by providing exclusive access for AMP members to our intuitive digital advice journeys and our innovative retirement solution, AMP Lifetime Super. In August we enhanced our proposition further when AMP Super became the first major super fund to offer cashback rewards that can boost members’ super balances â leveraging Citro’s established rewards platform.
AMP was valued at $4.58 billion at the close of trade on Wednesday.
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