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AMP LIMITED — Interim / Quarterly Report 2011
Aug 17, 2011
64379_rns_2011-08-17_17e82f78-4b55-411a-998e-37c30d69248b.pdf
Interim / Quarterly Report
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18 August 2011
Manager Manager Company Announcements Office Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000
Market Information Services Section New Zealand Stock Exchange Level 2, NZX Centre, 11 Cable Street Wellington New Zealand
Announcement No: 42/2011
AMP Limited (ASX/NZX: AMP) (also for release to AMP Group Finance Services Limited (ASX: AQNHA & NZX: AQN010))
Part One: Appendix 4D Part Two: AMP delivers A$455 million underlying profit for first half of 2011 AMP 2011 interim dividend information AMP Financial Summary 1H11 Part Three: AMP Financial Services Cashflows Q1 and Q2 2011 Part Four: Investor Presentation Part Five: Investor Report Part Six: Directors’ Report & Financial Report
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AMP Limited ABN 49 079 354 519
ASX Appendix 4D for the Half Year Ended 30 June 2011
The information contained in this document should be read in conjunction with the AMP Limited Directors' Report and Financial Report for the half year ended 30 June 2011 and the AMP Limited Annual Report for the year ended 31 December 2010 and any public announcements made by AMP Limited and its controlled entities during the year in accordance with the continuous disclosure obligations arising under the Corporations Act 2001 and the ASX Listing Rules.
RESULTS FOR ANNOUNCEMENT TO THE MARKET
| 2011 2010 |
% |
|---|---|
| movement | |
| Financial results $m $m |
|
| Revenue from ordinary activities(1) 3,925 900 Profit from ordinary activities after tax attributable to members(2) 349 425 Net profit for the period attributable to members(2) 349 425 358 395 Netprofit before accountingmismatches(2) |
336% -18% -18% -9% |
Notes
(1) Revenue from ordinary activities includes amounts attributable to shareholders, policyholders and external unitholders. The amount is the aggregate of premium and related revenue of $798m (2010: $530m), fee revenue of $893m (2010: $702m), other revenue of $147m (2010: $146m) and net investment gains of $2,087m (2010: $478m loss) as detailed in Note 3 and 4 of the Financial Report.
(2) As explained further in Note 1(c) of the AMP Limited half year Financial report, accounting mismatches arise because the recognition and measurement rules for certain policyholder assets differ from the recognition and measurement rules for the actual liability to policyholders in respect of the same assets. These mismatches result in policyholder asset movements impacting Profit and increased volatility of the reported profit.
| Franked | ||
|---|---|---|
| Amount per | amount per | |
| security | security | |
| Dividends | (cents) | (cents) |
| Interim dividend (franked to 30% at a tax rate of 30%) | ||
| - Interim dividend | 15.00 | 4.50 |
| The record date to determine entitlements to the interim dividend | 9-Sep-2011 | |
| The date the interim dividend is payable | 14-Oct-2011 |
AMP Limited offers a Dividend Reinvestment Plan under which shareholders who have a registered address in, and are residents of, Australia and New Zealand are invited to reinvest part of any dividends receivable in additional shares. The price of the shares issued under the plan is the weighted average price of the AMP shares over a designated period with a 1.5% discount as defined in the plan rules rounded down to the nearest one cent.
| 30 June | |||
|---|---|---|---|
| 2011 | 2010 | ||
| Net tangible assets per ordinary share | A$ | A$ | |
| Net tangible assets per ordinary share | 0.97 | 0.90 |
AMP LIMITED
For the half year ended 30 June 2011
ASX Appendix 4D
COMMENTARY
AMP is the leading independent wealth management company in Australia and New Zealand, with an evolving banking business in Australia and selective investment management activities in Asia. It provides financial advice, products and services to help people and organisations build financial security.
In March 2011, AMP merged with the Australian and New Zealand operations of AXA Asia Pacific Holdings Limited (AXA). AXA’s earnings since the merger have been reported separately in AMP’s 1H 11 financial results and will be incorporated into AMP’s existing reporting structure for its FY 11 results.
The combined AMP-AXA group has over four million customers in Australia and New Zealand, more than 6,000 employees and 4,000 aligned planners, around 965,000 shareholders and $159 billion of assets under management. It also holds number one rankings in key segments of the Australian and New Zealand wealth management markets.
AMP Financial Services
AMP Financial Services provides customers in Australia and New Zealand with financial advice, superannuation, retirement income and other investment products, superannuation services for businesses, income protection, disability, life insurance, selected banking products and distribution of general insurance products. These products and services are primarily provided through a network of around 2,150 aligned and employed financial advisers and planners in Australia and New Zealand, as well as through extensive relationships with independent financial advisers.
AMP Bank offers a range of products, and is focused on broadening the group’s customer base. At 30 June 2011, AMP Bank had over 110,000 customer accounts with a mortgage portfolio of $11.0 billion and a deposit book of $5.6 billion.
AMP Capital Investors
AMP Capital Investors is a specialist investment manager, managing around $98 billion in assets for investors. Through a team of 260 investment professionals and a carefully selected network of investment partners, AMP Capital Investors invests in equities, debt securities, property, infrastructure, private equity and multi-manager funds. AMP Capital Investors also provides commercial, industrial and retail property management services. AMP Capital Investors has offices in Australia, New Zealand, Bahrain, Beijing, London, Mumbai, New York, Singapore and Tokyo.
AXA
AXA Australia and New Zealand provides customers in Australia and New Zealand with financial advice, platform administration, superannuation, and life, disability and income protection insurance products. These products are primarily distributed through around 1,850 aligned and employed financial advisers and planners in Australia and New Zealand, as well as through extensive relationships with independent financial advisers.
AMP operates in one of the largest and fastest growing wealth management markets in the world. The company is financially strong, with a disciplined, prudent approach to capital management. This business model is characterised by a large customer base, scale in key market segments, the largest financial adviser network in Australia and New Zealand, market leading products and platforms, a leading investment management house and a trusted brand.
AMP's statutory profit attributable to shareholders of AMP Limited for the half year ended 30 June 2011 was $349 million, compared to $425 million for the previous corresponding period.
Basic earnings per share for the half year ended 30 June 2011 on a statutory basis was 14.4 cents per share (1H10 20.9 cents per share).
Underlying profit is AMP’s preferred measure of profitability as it smooths investment market volatility stemming from shareholder assets invested in investment markets and aims to reflect the trends in the underlying business performance of AMP. Directors use underlying profit to determine dividends. AMP’s underlying profit of $455 million for the half year ended 30 June 2011 includes an underlying profit of $61 million from the AXA merger for the period 31 March to 30 June 2011. AMP’s underlying profit for the half year ended 30 June 2010 was $383 million . On an underlying basis, earnings were 18.5 cents per share (1H10 18.6 cents per share).
1
AMP LIMITED
ASX Appendix 4D
For the half year ended 30 June 2011
AMP’s performance against key performance measures was as follows:
-
Underlying profit $455 million, including a 31 March to 30 June 2011 contribution of $61 million from AXA. On a like for like basis, underlying profit was up 3% from $383 million in 1H10.
-
oGrowth measures: -
AFS net cashflows of $457 million, down from $584 million in 1H 10; AMPCI external net cashflows of $247 million, down from $1,855 million in 1H 10; AXA net cash outflows of $964 million in 1H11, increased from cash outflows of $498 million in 1H10
-
AFS value of risk new business up $7 million in 1H11 to $52 million; AXA value of risk new business is $37million in 1H11.
-
69 per cent of AMPCI's funds met or exceeded benchmark over the 12 months to 30 June 2011, up from 64 per cent for the12 months to 30 June 2011.
-
Underlying return on equity was 18.1 per cent reflecting the merger with AXA and higher capital maintained until regulatory capital standards are finalised.
Total AMP assets under management were $159 billion at 30 June 2011, an increase of 43% from $111 billion at 31 December 2010. The assets under management at 30 June 2011 include $44 billion in relation to AXA.
Differences between underlying profit and statutory profit
The 30 June 2011 underlying profit of $455 million excludes the impact (net of any tax effect) of merger and acquisition transaction costs of $34 million, AXA integration costs of $36 million, amortisation of AXA acquired intangible assets of $22 million and other one-off costs of $17 million. Accounting mismatch losses of $9 million and annuity fair value adjustments gains of $16 million are also excluded from underlying profit as well as a $4 million loss on market adjustments to investment income and risk products. Reconciliation between underlying profit and statutory profit is provided in Note 2 of the Financial Report.
Capital management
Total AMP statutory equity attributable to shareholders increased to $6,766 million at 30 June 2011 from $2,938 million at 31 December 2010. This was a result of share capital of $3,803 million issued for the acquisition of AXA Asia Pacific Holdings Limited and additional share capital issued under the Dividend Reinvestment Plan, profits to 30 June 2011 and other movements in reserves and contributed equity, partially offset by dividends paid up to 30 June 2011.
AMP remains strongly capitalised, with $2,174 million in regulatory capital resources above minimum regulatory requirements (MRR) at 30 June 2011 ($1,482 million at 31 December 2010). This is 2.1 times MRR (2.4 times at 31 December 2010). The MRR coverage ratio varies throughout the year due to a range of factors, including investment market movements, dividend payments and statutory profits.
AMP continues to take a prudent approach to capital management and has a bias towards holding more capital rather than less in light of continuing market volatility and until future regulatory capital standards (including APRA conglomerates proposals, APRA’s life insurance capital review, Australian implementation of Basel III and RBNZ’s review of NZ life insurance solvency) are finalised.
AMP has declared an interim dividend of 15 cents per share, franked to 30%. This takes AMP’s dividend payout ratio to 81% of underlying profit for the half year ended 30 June 2011. AMP’s dividend policy is to pay out 75 – 85% of underlying profit and franked to the maximum extent possible. As previously forecast, following the merger between AMP and AXA APH’s Australian and New Zealand operations the franking capacity of the merged group will, for the near term, be less than AMP’s recent franking level, reflecting lower franking generation from AXA APH’s operations.
AMP offers a dividend reinvestment plan (DRP) for shareholders. AMP will offer a discount of 1.5 per cent to DRP participants. The DRP will not be underwritten and new shares will be issued.
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AMP LIMITED
ASX Appendix 4D
For the half year ended 30 June 2011
DETAILS OF MOVEMENTS IN CONTROLLED ENTITIES
Changes in controlled entities comprise entities acquired and disposed through (a) the AXA Asia Pacific Holdings group transaction on 30 March 2011; (b) activities in respect of investment assets held by life insurance statutory funds; (c) purchase, sale, formation, and deregistration of minor operating controlled entities.
Profit of the AMP group for the half year ended 30 June 2011 include profits of AXA Asia Pacific Holdings group of $23m for the period from 30 March 2011 to 30 June 2011 after amortisation of acquired intangible assets. There has been no material contribution to the profit of AMP group from the other entities acquired and disposed of during the half year.
| Changes in controlled entities during the half year ended 30 June 2010 | Date control | |
|---|---|---|
| Name of entity | gained over entity |
lost over entity |
| AFS International Share Fund | 30-Mar-11 | - |
| AMP Capital Sustainable Future Australian Share Fund | 31-Mar-11 | - |
| AMP Life Cash Management Trust | 1-Apr-11 | - |
| Progress 2011 - 1 Trust | 16-May-11 | - |
| Inversiones Mineras Los Andes Limitada | - | 2-Jan-11 |
| AMP Investments Chile Limitada | - | 4-May-11 |
| AMP Private Capital Trust No.4 | - | 29-Mar-11 |
| AMP Capital Australian Small Companies Fund | 30-Mar-11 | - |
| Future Directions Enhanced Index International Share Fund | - | 1-Apr-11 |
| Future Directions Transition Fund 2 | 2-Apr-11 | - |
| Student Housing Accomodation Growth Trust 2 | - | 2-Apr-11 |
| AXA APH Executive Plan (Australia) Pty Ltd | 30-Mar-11 | - |
| AXA APH GESP Deferred (Australia) Pty Ltd | 30-Mar-11 | - |
| AXA APH GESP Exempt (Australia) Pty Ltd | 30-Mar-11 | - |
| AXA Asia Pacific Finance Limited | 30-Mar-11 | - |
| AXA Asia Pacific Holdings Limited | 30-Mar-11 | - |
| AXA New Zealand Finance Pty Ltd | 30-Mar-11 | - |
| ACN 100 509 993 Pty Ltd | 30-Mar-11 | - |
| National Mutual Funds Management (Global) Limited | 30-Mar-11 | - |
| AXA Financial Planning Limited | 30-Mar-11 | - |
| Charter Financial Planning Limited | 30-Mar-11 | - |
| NMMT Limited | 30-Mar-11 | - |
| AXA Funds Management Pty Ltd | 30-Mar-11 | - |
| National Mutual Funds Management Limited | 30-Mar-11 | - |
| SMSF Advice Pty Ltd | 30-Mar-11 | - |
| Multiport Pty Ltd | 30-Mar-11 | - |
| Adviser Resourcing Pty Ltd | 30-Mar-11 | - |
| Accountants Resourcing (Australia) Pty Ltd | 30-Mar-11 | - |
| AR Group Pty Ltd | 30-Mar-11 | - |
| Resourcing Services SDN BHD | 30-Mar-11 | - |
| SG (Aust) Holdings Pty Ltd | 30-Mar-11 | - |
| AXA New Zealand Limited | 30-Mar-11 | - |
| Spicers Portfolio Management Limited | 30-Mar-11 | - |
| Client Reserve Limited | 30-Mar-11 | - |
| Sterling Portfolio Management Limited | 30-Mar-11 | - |
| Mortgage Backed Bonds Limited | 30-Mar-11 | - |
| AXA Wealth Management Limited | 30-Mar-11 | - |
| Assure Nominees Limited | 30-Mar-11 | - |
| Client Portfolio Administration Limited | 30-Mar-11 | 30-Apr-11 |
| Assure New Zealand Limited | 30-Mar-11 | 30-Apr-11 |
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AMP LIMITED
ASX Appendix 4D
For the half year ended 30 June 2011
| Changes in controlled entities during the half year ended 30 June 2010 | Date control | |
|---|---|---|
| Name of entity | gained over entity |
lost over entity |
| Assure Funds Management Limited | 30-Mar-11 | 30-Apr-11 |
| National Mutual Funds Management NZ Limited | 30-Mar-11 | 30-Apr-11 |
| National Mutual Assets Management (New Zealand) Limited | 30-Mar-11 | 30-Apr-11 |
| National Mutual Corporate Superannuation Services Limited | 30-Mar-11 | 30-Apr-11 |
| GWM Spicers Limited | 30-Mar-11 | - |
| AdviceFirst Limited | 30-Mar-11 | - |
| KiwiPlus Limited | 30-Mar-11 | - |
| ipac Securities Limited | 30-Mar-11 | - |
| ipac Group Services Pty Limited | 30-Mar-11 | - |
| ipac Asset Management Limited | 30-Mar-11 | - |
| ipac Portfolio Management Limited | 30-Mar-11 | - |
| Monitor Money Corporation Pty Ltd | 30-Mar-11 | - |
| PPS Lifestyle Solutions Pty Ltd | 30-Mar-11 | - |
| Clientcare Financial Planning Pty Ltd | 30-Mar-11 | - |
| Parkside Investorplus Solutions Pty Ltd | 30-Mar-11 | - |
| TM Securities Pty Ltd | 30-Mar-11 | - |
| TM Fallback Options Pty Ltd | 30-Mar-11 | - |
| Tynan Mackenzie Pty Ltd | 30-Mar-11 | - |
| Sterrey Financial Planning Pty Ltd | 30-Mar-11 | - |
| Tynan Mackenzie Holdings Pty Ltd | 30-Mar-11 | - |
| Lidomain Pty Ltd | 30-Mar-11 | - |
| Walker Lawrence & Associates Pty Ltd | 30-Mar-11 | - |
| Strategic Planning Partners Pty Ltd | 30-Mar-11 | - |
| BMRI Financial Services Pty Ltd | 30-Mar-11 | - |
| Private Wealth Managers Pty Ltd | 30-Mar-11 | - |
| LifeFX Pty Ltd | 30-Mar-11 | - |
| Suwarraow Pty Ltd | 30-Mar-11 | - |
| Strategic Wealth Solutions Pty Ltd | 30-Mar-11 | - |
| Lindwall Group Pty Ltd | 30-Mar-11 | - |
| Pajoda Investments Pty Ltd | 30-Mar-11 | - |
| John Coombes & Company Pty Ltd | 30-Mar-11 | - |
| ipac Financial Care Pty Ltd | 30-Mar-11 | - |
| TFS Financial Planning Pty Ltd | 30-Mar-11 | - |
| ipac Taxation Services Pty Ltd | 30-Mar-11 | - |
| Genesys Group Holdings Pty Ltd | 30-Mar-11 | - |
| Northstar Lending Pty Ltd | 30-Mar-11 | - |
| Garrisons (Rosny) Pty Ltd | 30-Mar-11 | - |
| Carter Bax Pty Ltd | 30-Mar-11 | - |
| Wilsanik Pty Ltd | 30-Mar-11 | - |
| Hindmarsh Square Financial Services Pty Ltd | 30-Mar-11 | - |
| Solar Risk Pty Ltd | 30-Mar-11 | - |
| Genesys Wealth Advisers (WA) Pty Ltd | 30-Mar-11 | - |
| Genesys Holdings Limited | 30-Mar-11 | - |
| Synergy Capital Management Pty Ltd | 30-Mar-11 | - |
| Genesys Group Pty Ltd | 30-Mar-11 | - |
| Genesys Wealth Advisers Ltd | 30-Mar-11 | - |
| First Quest Capital Pty Ltd | 30-Mar-11 | - |
| Associated Planners Strategic Finance Pty Ltd | 30-Mar-11 | - |
| Quadrant Securities PtyLtd | 30-Mar-11 | - |
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AMP LIMITED
ASX Appendix 4D
For the half year ended 30 June 2011
| Changes in controlled entities during the half year ended 30 June 2010 | Date control | |
|---|---|---|
| Name of entity | gained over entity |
lost over entity |
| Associated Planners Financial Services Pty Ltd | 30-Mar-11 | - |
| Financial Composure Pty Ltd | 30-Mar-11 | - |
| Hindmarsh Square Wealth Advisers Pty Ltd | 30-Mar-11 | - |
| Foundation Wealth Advisers Pty Ltd | 30-Mar-11 | - |
| The National Mutual Life Association of Australasia Limited | 30-Mar-11 | - |
| National Mutual Life Nominees Limited | 30-Mar-11 | - |
| AXA New Zealand HJV Limited | 30-Mar-11 | - |
| Quantum Financial Solutions Limited | 30-Mar-11 | - |
| SG Holdings Limited | 30-Mar-11 | - |
| AXA Hong Kong Finance Limited | 30-Mar-11 | - |
| Didus Pty Limited | 30-Mar-11 | - |
| Enemelay Investments Pty Ltd | 30-Mar-11 | - |
| AXA Australia Staff Superannuation Pty Ltd | 30-Mar-11 | - |
| NM Computer Services Pty Ltd | 30-Mar-11 | - |
| NM Rural Enterprises Pty Ltd | 30-Mar-11 | - |
| NM Superannuation Pty Ltd | 30-Mar-11 | - |
| Silverton Securities Pty Ltd | 30-Mar-11 | - |
| Stephenson & Watt Pty Ltd | 30-Mar-11 | - |
| AXA New Zealand Nominees Limited | 30-Mar-11 | - |
| National Mutual CPS Management Limited | 30-Mar-11 | - |
| National Mutual Leasing NZ Limited | 30-Mar-11 | - |
| National Mutual Superannuation Master Trustee Limited | 30-Mar-11 | - |
| Global Credit Fund | 30-Mar-11 | - |
| Wholesale Australian Diversified Property Security Fund | 30-Mar-11 | - |
| Wholesale Credit Fund | 30-Mar-11 | - |
| AXA Wholesale Global Property Securities Fund (Hedged) | 30-Mar-11 | - |
| AXA Wholesale Global Property Securities Fund | 30-Mar-11 | - |
| Wholesale Global Equity - Growth Fund (Hedged) | 30-Mar-11 | - |
| Wholesale Global Equity - Value Fund (Hedged) | 30-Mar-11 | - |
| Wholesale Australian Equity Industrials Fund | 30-Mar-11 | - |
| Australian Government Fixed Interest Fund | 30-Mar-11 | - |
| Wholesale Core Australian Equity Growth Fund | 30-Mar-11 | - |
| Wholesale Core Australian Equity Value Fund | 30-Mar-11 | - |
| Wholesale Australian Equity Style Blend Fund | 30-Mar-11 | - |
| Wholesale Global Equity - Index Fund (Hedged) | 30-Mar-11 | - |
| Wholesale Global Equity - Index Fund (Unhedged) | 30-Mar-11 | - |
| Wholesale Global Equity - Growth Fund | 30-Mar-11 | - |
| Wholesale Global Diversified Yield Fund | 30-Mar-11 | - |
| Emerging Market Fund | 30-Mar-11 | - |
| Core Plus Fund | 30-Mar-11 | - |
| Global Government Fixed Interest Fund | 30-Mar-11 | - |
| Short Term Credit Fund | 30-Mar-11 | - |
| Commercial Loan Pool No. 1 | 30-Mar-11 | - |
| AXA Australian Equities Franked Value Fund | 30-Mar-11 | - |
| NMFM Superannuation Fund | 30-Mar-11 | - |
| NMFM Managed Stable Fund | 30-Mar-11 | - |
| Assure Australasian Equities | 30-Mar-11 | - |
5
AMP LIMITED
ASX Appendix 4D
For the half year ended 30 June 2011
| Changes in controlled entities during the half year ended 30 June 2010 | Date control | |
|---|---|---|
| Name of entity | gained over entity |
lost over entity |
| Multi-Manager Portfolio | - | |
| - Secure | 30-Mar-11 | - |
| - Secure Growth | 30-Mar-11 | - |
| - Balanced | 30-Mar-11 | - |
| - Growth | 30-Mar-11 | - |
| - High Growth | 30-Mar-11 | - |
| - Australian Shares | 30-Mar-11 | - |
| - International Shares | 30-Mar-11 | - |
| - International Shares Hedged | 30-Mar-11 | - |
| - Australian Property | 30-Mar-11 | - |
| Diversified Strategies | - | |
| - Diversified Strategy No. 2 | 30-Mar-11 | - |
| - Diversified Strategy No. 6 | 30-Mar-11 | - |
| AXA (Guangzhou) Software Development and Services Company Limited | 30-Mar-11 | 1-Apr-11 |
| PT.AXA Life Indonesia | 30-Mar-11 | 31-Mar-11 |
| National Mutual International Pty Limited | 30-Mar-11 | 1-Apr-11 |
| ipac Portfolio Management (Dublin) Ltd | 30-Mar-11 | 1-Apr-11 |
| AXA Financial Services (Singapore) Pte Ltd | 30-Mar-11 | 31-Mar-11 |
| AXA Life Insurance Singapore Pte Ltd | 30-Mar-11 | 31-Mar-11 |
| AXA Wealth Management Singapore Pte Ltd | 30-Mar-11 | 31-Mar-11 |
| Detura Limited | 30-Mar-11 | 31-Mar-11 |
| PT.AXA Services Indonesia | 30-Mar-11 | 1-Apr-11 |
| ipac Financial Planning Taiwan Ltd | 30-Mar-11 | 1-Apr-11 |
| AXA China Region Limited | 30-Mar-11 | 31-Mar-11 |
| AXA China Region Insurance Company (Bermuda) Limited | 30-Mar-11 | 31-Mar-11 |
| AXA China Region (Bermuda) Limited | 30-Mar-11 | 31-Mar-11 |
| AXA China Region Insurance Company Limited | 30-Mar-11 | 31-Mar-11 |
| ipac Financial Planning Hong Kong Limited | 30-Mar-11 | 31-Mar-11 |
| AXA Partners Limited | 30-Mar-11 | 31-Mar-11 |
| AXA China Region Investment Services Limited | 30-Mar-11 | 31-Mar-11 |
| AXA China Region Trustee Limited | 30-Mar-11 | 31-Mar-11 |
| AXA Financial Services Holdings Limited | 30-Mar-11 | 31-Mar-11 |
| Network Financial Services Limited | 30-Mar-11 | 31-Mar-11 |
| AXA (Hong Kong) Life Insurance Insurance Company Limited | 30-Mar-11 | 31-Mar-11 |
| AXA Financial Services Trustee Limited | 30-Mar-11 | 31-Mar-11 |
| AXA Wealth management (HK) Limited | 30-Mar-11 | 31-Mar-11 |
| Swiss Privilege Limited | 30-Mar-11 | 31-Mar-11 |
| Datrix Limited | 30-Mar-11 | 31-Mar-11 |
| Integrity Partnership Limited | 30-Mar-11 | 31-Mar-11 |
| Integrity Financial Advice Network Holdings Limited | 30-Mar-11 | 31-Mar-11 |
| Integrity Financial Advice Network Company Limited | 30-Mar-11 | 31-Mar-11 |
| Integrity Independent Risk & Financial Solutions Holdings Limited | 30-Mar-11 | 31-Mar-11 |
| Integrity Independent Risk & Financial Solutions Company Limited | 30-Mar-11 | 31-Mar-11 |
| AXA India Holdings Limited | 30-Mar-11 | 1-Apr-11 |
| Wealth Management Maritius Holdings Limited | 30-Mar-11 | 1-Apr-11 |
| PT.Kotak Biru Konsultama | 30-Mar-11 | 1-Apr-11 |
| PT.Indonesia Emas Parkasa | 30-Mar-11 | 1-Apr-11 |
| PT.Kotak Biru Investama | 30-Mar-11 | 1-Apr-11 |
| PT.AXA Financial Indonesia | 30-Mar-11 | 1-Apr-11 |
| PT.AXA Asset Management Indonesia | 30-Mar-11 | 1-Apr-11 |
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AMP LIMITED
ASX Appendix 4D
For the half year ended 30 June 2011
DETAILS OF INVESTMENTS IN ASSOCIATED ENTITIES AND JOINT VENTURE ENTITIES
The majority of investment assets held by AMP are in the Australian life insurance statutory funds and measured at fair value through profit or loss. At any one time, the life insurance statutory funds hold investments in various vehicles, including associated entities, on behalf of policyholder. These investments are not part of the core wealth management business of AMP and did not have a material impact on the financial performance of the company. Investments in other associated entities which are accounted for using the equity method comprise a numberof minor operating entities.
| method comprise a numberof minor operating entities. | |||
|---|---|---|---|
| Significant associates and joint ventures of the Group as at 30 June 2011 | Ownership | Interest | |
| 30 Jun | 31 | Dec | |
| 2011 | 2010 | ||
| % | % | ||
| AMPCI Macquarie Infrastructure Fund Management No 1 & No. 2 (stapled) | 50 | 50 | |
| AMP Capital Brookfield Limited | 50 | 50 | |
| AMP Haumi Management Limited | 50 | 50 | |
| AIMS AMP Capital Industrial REIT | 14 | 16 | |
| AIMS AMP Capital Property Management Pte Ltd | 50 | 50 | |
| Super CEO Pty Limited | 50 | 50 | |
| IMB Financial Planning Limited | 50 | - | |
| Exford Pty Ltd | 50 | - | |
| King Financial Services Pty Ltd | 35 | - | |
| PPS Financial Planning Pty Ltd | 40 | - | |
| PPS UT Acquisitions Pty Ltd | 40 | - | |
| PSK Financial Services Group Pty Ltd | 24 | - | |
| Geobay Nominees Pty Ltd | 40 | - | |
| Pension Transfers Direct Pty Ltd | 25 | - | |
| The Value of Advice Pty Ltd | 40 | - | |
| DVG Pty Ltd | 50 | - | |
| Australian Financial Risk Management Pty Ltd | 40 | - | |
| Trenthills Financial Services Pty Ltd | 45 | - | |
| Domane Financial Advisers Pty Ltd | 49 | - | |
| Planwell Geelong Pty Ltd | 38 | - | |
| Planwell Shepparton Pty Ltd | 49 | - | |
| Flack Advisory Services Group Pty Ltd | 50 | - | |
| Diversified Commercial Mortgage Backed Securities Pty Ltd | 43 | 43 | |
| Gove Aluminium Finance | 30 | 30 | |
| AIF Strategic Equity | 32 | 32 | |
| AIF Equity Units | 46 | 46 | |
| AMP Capital China Growth Fund | 37 | 37 | |
| AMP Equity Trust | 41 | 41 | |
| AMP Property Portfolio | 38 | 38 | |
| AMP Shopping Centre Fund | 46 | 46 | |
| AMP Small Companies Trust (Class C) | 46 | 46 | |
| AMP World Index Fund | 46 | 46 | |
| Darling Park Property Trust | 50 | 50 | |
| Global Property Securities Fund | 23 | 23 | |
| Infrastructure Equity Fund | 28 | 28 | |
| Marrickville Metro Trust | 50 | 50 | |
| Property Income Fund (previously Property Income Fund Class A) | 38 | 38 | |
| Responsible Investments Leader Balanced Fund | 28 | 28 | |
| Strategic Infrastructure Trust Europe 1 | 27 | 27 | |
| Strategic Infrastructure Trust Europe 2 | 27 | 27 | |
| Sustainable Futures Australia Share Fund | 45 | 45 | |
| Value Plus Australia Share Fund | 23 | 23 |
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