Dear "Jamber",
Many things have been said about AMP recently, so many of you
will want to know what's really going on.
Here are some key facts about AMP. I hope they will help you
understand better why you can rely on AMP now and in the future.
AMP is financially strong
-------------------------
We have sound operating businesses and low debt levels.
We have over A$13 billion of total shareholder capital, which
makes us a very large company. We remain in the top 15 companies
in Australia.
Our operating businesses did, in fact, make a profit of
$495 million in 2002, despite incredibly tough markets.
The loss we reported was due to A$1,571 million in writedowns and
restructuring costs.
Not many businesses can take a writedown of that size. Still
fewer can then afford to pay out $500 million in dividends to
one million shareholders for 2002.
International agencies recognise AMP's financial strength.
Standard & Poor's, one of the most influential credit rating
agencies in the world, rates the AMP Group as A-, meaning that
it 'has a strong capacity to meet its financial commitments'.
We've managed through tough times before
----------------------------------------
We've been in business for over 150 years and we intend to stay
in business for another 150. This is not the first time markets
have slumped. We know how to manage through tough times, and
we're proven managers of our customers' money.
AMP's share price does not affect customer products
---------------------------------------------------
AMP's shareholders are owners of this business and, by buying
shares, they provide money to run the company.
My view is that markets are driven by fear and greed. Right now,
I believe fear is dominating and our share price has suffered
along with many others.
But, I have bought shares recently and so has the Chairman,
Peter Willcox. We believe in the company and in its ability to
achieve a strong turnaround.
Customer money is entirely different. That's the money in our
products such as superannuation, managed funds, risk insurance,
capital-guaranteed investments, saving accounts and home loans.
It is well managed and closely supervised. Customer returns
reflect the performance of those assets and general market
conditions.
The only connection between customer money and the AMP share
price is that some AMP superannuation and managed funds will
hold AMP shares, but these would account for a very small
percentage of the total fund.
We're moving forward, retaining the best from the past
------------------------------------------------------
We aim to preserve the best parts of our heritage - our prudence,
restraint and customer care - while offering the products and
services our customers want.
In my vision, customers will seek out AMP because it is superior.
Our products will offer choice, flexibility and value. And, to
help make those often difficult choices, we will ensure that
advice delivered by financial planners is always objective and
professional.
For more information on current issues at AMP, please click on
the link below:
http://203.55.155.26/Click?q=99-4m_yQAd_jIeC5HU2HNw_87iR
I appreciate your continued support of AMP. As someone with an
interest in the company, I'm sure you've had questions from
colleagues, friends and family members. If you'd like to use
this information in your response, please feel free to do so.
Yours sincerely,
Andrew Mohl
Chief Executive officer, AMP
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Last trade - 16.10pm 29/03/2024 (20 minute delay) ? |
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