AMP LIMITED — Earnings Release 2013

Jun 23, 2013

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24 June 2013

Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000

Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street PO Box 2959 Wellington, New Zealand

Announcement No: 23/2013 AMP Limited (ASX/NZX: AMP) (also for release to AMP Group Finance Services Limited (ASX: AQNHA & NZX: AQN010)

AMP 1H 13 earnings update

Please refer to the attached documents.

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Public Affairs T 02 9257 6127 E media@amp.com.au W AMP.com.au/media AMP_AU

AMP Limited Level 24, 33 Alfred Street, Sydney NSW 2000 Australia ABN 49 079 354 519

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24 June 2013

Public Affairs Tel: 02 9257 6127 Email: media@amp.com.au Website: AMP.com.au/media AMP_AU

AMP 1H 13 earnings update

AMP Limited has today provided an unaudited earnings update for 1H 13 following poor claims and lapse experience in its Australian wealth protection business in the second quarter, particularly in May.

Underlying profit for 1H 13 is expected to be within the range of A$415 million to A$435 million.

Other line items contributing to net profit attributable to shareholders are consistent with market expectations for 1H 13. Market adjustments and accounting mismatches cannot be reliably forecast until investment markets close on 30 June 2013.

Experience losses for Australian wealth protection were A$32 million for the five months to 31 May 2013, comprising A$26 million in insurance claims, A$8 million in lapses, and offset by A$2 million of other positive experience. Of the claims experience losses, around 50 per cent were income protection.

This reflects the ongoing volatile nature of experience across AMP’s insurance portfolio, which has in-force premiums of more than A$1.7 billion. The industry is experiencing increased pressure on insurance claims and policy lapses.

AMP anticipates some strengthening of best estimate assumptions for income protection claims at the half year, although the financial effects should be largely offset by future premium rate increases.

AMP continues to implement actions announced at FY 12 financial results aimed at improving its claims experience over time. This includes new claims management policies, earlier intervention strategies and enhanced support to help customers return to work more quickly.

Overall, the rest of AMP’s business is performing in line with market expectations. Stronger operating results in AMP’s bank, mature and New Zealand businesses in the five months to 31 May, has offset a lower result in wealth management relative to market expectations.

AMP Limited 33 Alfred Street Sydney NSW Australia ABN 84 079 300 379 AFSL 233671

AMP 1H 13 earnings update/ 2

The table below shows mid-point estimates for 1H 13 for certain line items contributing to underlying profit, within the range of A$415 million to A$435 million. Actual results may vary from these midpoint estimates.

1H13 Mid-point estimate 2H12 Actual 1H12 Actual	1H13 Mid-point estimate 2H12 Actual 1H12 Actual	1H13 Mid-point estimate 2H12 Actual 1H12 Actual	1H13 Mid-point estimate 2H12 Actual 1H12 Actual
	1H13	2H12	1H12
	Mid-point estimate	Actual	Actual
Australian Wealth Protection Other BU operating margins 54 371 56 363 134 323
BU operating margins Group office costs	425	419	457
	(30)	(30)	(31)
Total operating earnings	395	389	426
Underlying investment income Interest income on corporate debt	68	113	113
	(38)	(38)	(48)
Underlying profit	425	464	491

N.B. Underlying profit is AMP’s preferred measure of profit as it removes some of the impact of investment market volatility and reflects the underlying business performance of AMP.

As flagged at the FY 12 result and consistent with the substantial fall in interest rates over 2012, the lower amount for underlying investment income reflects assumed after tax returns of 3 per cent for shareholder investments and 1.8 per cent for deferred acquisition costs.

All amounts reported above for 1H 13 are unaudited. They are subject to completion of the 30 June 2013 half year accounts, including actuarial and auditor review.

Media enquiries Investor enquiries Jane Anderson Howard Marks Phone: +61 2 9257 9870 Phone: +61 2 9257 7109 Mobile: +61 402 967 791 Mobile: +61 402 438 019

Stephen Daly Phone: +61 2 9257 5207 Mobile: +61 432 755 637