AMP 0.54% $1.86 amp limited

an email from andrew mohl

  1. 2,944 Posts.
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    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

    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

    For more information on current issues at AMP, please click on
    the link below:

    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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