AMP Limited (formerly Australian Mutual Provident Society) is an Australian financial services company that operates in Australia and New Zealand. It offers superannuation and investment products, financial advice and banking services through AMP Banking, including home loans and savings accounts. AMP is headquartered in Sydney, Australia.
AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand due to all policy holders receiving shares in the new company when the society demutualised.
History
1848 to 1998
On 31 August 1848, a group of businessmen, including Thomas Holt Jnr, Thomas Sutcliffe Mort, and William Perry, met to form an organisation to provide life assurance to Australians, leading to the establishment of the Australian Mutual Provident Society (AMP). Life expectancy at the time was low, and risks like disease and accidents were common. As a mutual society, AMP raised no initial capital and had no shareholders, relying on its members. The society's goal was to provide financial security for families through life insurance and annuities. AMP's rules were registered on 28 December 1848 under the Friendly Societies Act of New South Wales.[3]