AMP LIMITED — Interim / Quarterly Report 2021

Apr 21, 2021

ASX RELEASE | 22 April 2021

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AMP Limited provides Q1 21 AUM and cashflows update

• Australian wealth management (AWM) assets under management (AUM) increased A$1.6 billion to A$125.7 billion during Q1 21, reflecting improved investment markets.

• AWM net cash outflows of A$1.5 billion in Q1 21 (Q1 20: A$1.7 billion), includes A$448 million in regular pension payments to clients.

• AMP Bank total loan book increased by A$0.2 billion to A$20.8 billion, driven by growth in owneroccupied loans in a highly competitive market.

• AMP Capital AUM reduced 1.7 per cent to A$186.5 billion (Q4 20: A$189.8 billion), primarily reflecting net cash outflows during the quarter from public markets, sale of the Global Companies capability and share of listed NZ REIT Precinct Properties New Zealand Limited.

• AMP Capital external net cash outflows of A$1.3 billion in Q1 21, driven primarily by fixed income outflows as well as planned divestments of assets in infrastructure equity closed-end funds. The divestments, reflected in cash outflows, delivered strong performance outcomes for clients.

AMP Chief Executive Francesco De Ferrari said:

“Business performance remained resilient during the first quarter as we continued to make progress on delivery of our transformation strategy to become a simpler, client-led business.

“In Australian wealth management our cashflows are showing underlying signs of improvement, with a reduction in outflows from corporate super mandates and a reduced impact from Protecting Your Super legislation. The increase to our assets under management in our wealth management business reflects continued improvement in investment markets in Q1. We supported clients through the period with A$448 million in pension payments, which are reflected in cash outflows.

“We saw an encouraging performance in AMP Bank, performing solidly in a highly competitive market with sustained loan book growth. It’s also pleasing to see clients impacted by COVID-19 are getting back on their feet with all home loan pauses now lifted.

“We continue to improve the capabilities of North to support both AMP aligned and external financial advisers in servicing their clients and to ensure it continues to be a leading platform.

“Our teams in AMP Capital have remained focused on delivering for clients, with continued deployment of capital in our infrastructure funds.

“We are accelerating change within AMP, having made strong progress on addressing our legacy issues, including our client remediation program, which is close to 90 per cent complete. We remain focused on delivering critical priorities to progress our transformation over the next quarter and continue positioning the business for future growth.”

CORPORATE AFFAIRS T 02 9257 6127 E media@amp.com.au W AMP.com.au/media AMP_AU

AMP LIMITED 33 Alfred Street, Sydney NSW 2000 Australia ABN 49 079 354 519

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Business unit results

AMP Australia

Australian wealth management

• AUM increased by A$1.6 billion to A$125.7 billion during Q1 21, reflecting stronger investment markets.

• AUM on the North platform increased A$1.7 billion to A$53.4 billion during Q1 21.

• AWM net cash outflows of A$1.5 billion in Q1 21, includes:

• Cash inflows of A$5.2 billion, primarily driven by A$3.6 billion cash inflows on the North platform. North cash inflows were down on the previous year (Q1 20: A$4.0 billion) due to reduced adviser activity during the period.

• Cash outflows of A$6.7 billion (Q1 20: A$7.6 billion), includes A$448 million in regular pension payments to clients in retirement and the exit of a corporate super mandate.

AMP Bank

• AMP Bank’s total loan book grew by A$0.2 billion to A$20.8 billion in Q1 21 driven by competitive owner-occupied pricing in a highly competitive market.

• Total deposits decreased by A$0.1 billion to A$16.0 billion in Q1 21, in line with AMP Bank’s strategy to optimise its funding mix.

• Home loan repayment pause program, available to support clients during COVID-19, has completed.

AMP Capital

• AUM declined 1.7 per cent to A$186.5 billion from A$189.8 billion in Q1 21, primarily reflecting net cash outflows for the period of A$2.9 billion.

• AMP Capital external net cash outflows of A$1.3 billion, driven primarily by fixed income outflows as well as planned divestment of assets in infrastructure equity closed-end funds. The divestments, reflected in cash outflows, delivered strong performance outcomes for clients.

• External net cash outflows were partially offset by continued inflows in infrastructure debt capability as investments were made. Real asset investment activity continues with committed capital of A$4.0 billion available for deployment as at 31 March 2021.

• China Life AMP Asset Management (CLAMP) joint venture continued to perform, generating A$646 million in cash inflows.

• AMP Capital AUM reduced by A$3.3 billion with A$2.4 billion attributable to internalisation of the management of listed NZ REIT Precinct Properties New Zealand Limited and sale of the Global Companies capability.

New Zealand wealth management

• New Zealand wealth management total AUM decreased to A$12.2 billion (Q4 20: A$12.4 billion), in part due to the exit of a large corporate superannuation client.

• New Zealand wealth management net cash outflows of A$102 million (Q1 20: A$56 million net outflow), driven by increased competitor activity, exit of a corporate superannuation client, and the ongoing impacts from COVID-19.

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Media enquiries

Investor enquiries

Jason Bounassif Phone: +61 2 9257 9684

Mark Roberts Jason Bounassif Mobile: +61 466 328 581 Phone: +61 2 9257 9684 Katherine Perry Michael Vercoe Mobile: +61 411 247 629 Phone: +61 2 9257 4244

Authorised for release by the Market Disclosure Committee.

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Q1 21 cashflows

Australian wealth management

	Cash i	nflows	Cash o	utflows	Net cas	hflows
Cashflows by product (A$m)	Q1 21	Q1 201	Q1 21	Q1 201	Q1 21	Q1 201
North2	3,630	4,010	(3,021)	(2,988)	609	1,022
Summit, Generations andiAccess3	73	100	(484)	(585)	(411)	(485)
Other retail investment and platforms4	2	13	(60)	(49)	(58)	(36)
External platforms5	68	62	(321)	(294)	(253)	(232)
Total Platforms	3,773	4,185	(3,886)	(3,916)	(113)	269
AMP Flexible Super6	237	304	(832)	(893)	(595)	(589)
Flexible Lifetime Super (superannuation and pension)7	348	388	(722)	(966)	(374)	(578)
**Total retailsuperannuation **	585	692	(1,554)	(1,859)	(969)	(1,167)
SignatureSuper and AMP Flexible Super-Employer	590	715	(793)	(1,266)	(203)	(551)
Other corporate superannuation8	233	311	(444)	(589)	(211)	(278)
**Total corporate superannuation **	823	1,026	(1,237)	(1,855)	(414)	(829)
Total Super	1,408	1,718	(2,791)	(3,714)	(1,383)	(1,996)
Total Australian wealth management	5,181	5,903	(6,677)	(7,630)	(1,496)	(1,727)
Cash inflow composition (A$m)	Q1 21	Q1 201
Member contributions	868	751
Employer contributions	865	957
Total contributions	1,733	1,708
Transfers, rollovers in and other9	3,448	4,195
Total Australian wealth management	5,181	5,903

1 Q1 20 inflows and outflows have been restated to reflect the treatment of insurance premiums to AMP Life, no impact to total cashflow. Other retail investment and platforms and external platforms restated to reflect impact of no longer reporting certain products following changes to grandfathered legislation.

2 North is an award-winning fully functioning wrap platform which includes guaranteed and non-guaranteed options. Includes North and MyNorth platforms.

3 Summit and Generations are owned and developed platforms. iAccess is ipac’s badge on Summit.

4 Other retail investment and platforms includes AMP Personalised Portfolio.

5 External platforms comprise AMP administered, Asgard manufactured platform products.

6 AMP Flexible Super is a flexible all in one superannuation and retirement account for individual retail business.

7 Flexible Lifetime Super (superannuation and pension) was closed to new business from 1 July 2010. A small component of corporate superannuation schemes are included.

8 Other corporate superannuation comprises CustomSuper, SuperLeader and Business Super. Business Super was closed in May 2020 with members migrated to CustomSuper or AMP Flexible Super.

9 Transfers, rollovers in and other includes the transfer of accumulated member balances into AMP from both internal (e.g. retail superannuation to allocated pension/annuities) and external products.

	Q4 20		Q1 21 Net	cashflows				Q1 21
AUM (A$m)	AUM	Super- annuation	Investment	Pension	Pension payments	Total net cashflows	Other movements1	AUM
North	51,633	206	272	421	(290)	609	1,123	53,365
Summit, Generations and iAccess	7,043	(147)	(65)	(162)	(37)	(411)	253	6,885
Other retail investment and platforms	719	-	(58)	-	-	(58)	26	687
External platforms	3,775	(40)	(147)	(51)	(15)	(253)	86	3,608
Total Platforms	63,170	19	2	208	(342)	(113)	1,488	64,545
AMP Flexible Super2	12,952	(253)	-	(268)	(74)	(595)	358	12,715
Flexible Lifetime Super (superannuation and pension)3	19,877	(275)	-	(74)	(25)	(374)	595	20,098
Total retail superannuation	32,829	(528)	-	(342)	(99)	(969)	953	32,813
SignatureSuper and AMP Flexible Super - Employer4	17,846	(197)	-	1	(7)	(203)	418	18,061
Other corporate superannuation5	10,276	(211)	-	-	-	(211)	235	10,300
Total corporate superannuation	28,122	(408)	-	1	(7)	(414)	653	28,361
Total Super	60,951	(936)	-	(341)	(106)	(1,383)	1,606	61,174
Total Australian wealth management6	124,121	(917)	2	(133)	(448)	(1,496)	3,094	125,719
Assets under administration - SuperConcepts7	17,361	-	-	-	-	-	47	17,408
Total AUM and administration	141,482	(917)	2	(133)	(448)	(1,496)	3,141	143,127

1 Other movements include fees, investment returns, distributions, taxes and foreign exchange movements.

2 AMP Flexible Super includes A$0.9b in MySuper (Q4 20 A$0.9b).

3 Flexible Lifetime Super (superannuation and pension) includes A$5.5b in MySuper (Q4 20 A$5.3b).

4 SignatureSuper and AMP Flexible Super – Employer includes A$9.8b in MySuper (Q4 20 A$9.6b).

5 Other corporate superannuation includes A$5.4b in MySuper (Q4 20 A$5.3b).

6 At Q1 21, 78% of AUM is ultimately externally managed, while 22% is internally managed.

7 SuperConcepts assets under administration includes AMP SMSF, Multiport, Cavendish, SuperIQ, Moore Stephens Annual, JustSuper, Ascend and SuperConcepts platforms, but does not include Multiport Annual, SuperConcepts Accountants Outsource, SMSF Managers and MORE Superannuation.

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AUM (A$m)	Q4 20	Q1 21
AUM by product	AUM	AUM
Superannuation	76,331	77,451
Pension	33,904	34,034
Investment	13,886	14,234
Total	124,121	125,719
AUM by asset class
Cash and fixed interest	30%	29%
Australian equities	30%	30%
International equities	29%	30%
Property	6%	6%
Other	5%	5%
Total	100%	100%
	Q4 20	Q1 21
AUM (A$b)	AUM	AUM
Closing AUM	124.1	125.7
Average AUM	123.0	124.3

AMP Capital

	Q4 20	Q	1 21 Net cashflow	s		Q1 21
AUM (A$m)	AUM	Cash inflows	Cash outflows	Total net cashflows	Other movements1	AUM2
Australian equities	28,569	451	(1,195)	(744)	1,098	28,923
International equities	41,655	1,506	(1,801)	(295)	1,273	42,633
Fixed interest	61,044	2,307	(3,813)	(1,506)	(1,206)	58,332
Infrastructure	25,872	481	(398)	83	(236)	25,719
Infra debt	7,005	363	(127)	236	(78)	7,163
Infra equity	18,867	118	(271)	(153)	(158)	18,556
Real estate	28,637	1,050	(1,377)	(327)	(1,234)	27,076
Alternative assets and direct investment	3,986	10	(155)	(145)	(30)	3,811
Total AMP Capital (closing)	189,763	5,805	(8,739)	(2,934)	(335)	186,494
Total AMP Capital (average)	190,116	-	-	-	-	188,969
External	103,051	4,301	(5,618)	(1,317)	(2,923)	98,811
Internal	86,712	1,504	(3,121)	(1,617)	2,588	87,683

1 Other movements include fees, investment returns, distributions, taxes, and foreign exchange movements. Includes FUM no longer consolidated upon sale of a business or fund.

2 AUM is invested capital. Committed real asset capital is excluded from AUM.

AMP Bank

	Q4 20		Q1 21
Deposits and loans (A$m)	End balance	Movement1	End balance
Customer deposits	9,391	86	9,477
At call deposits	6,940	167	7,107
Term deposits	2,451	(81)	2,370
Platforms2	4,203	(248)	3,955
Super3	2,407	(115)	2,292
Other4	109	149	258
Total deposits	16,110	(128)	15,982
Total loans	20,579	175	20,754
Deposit to loan ratio	78%	(1%)	77%

1 Represents movements in AMP Bank’s deposits, loan books and deposit to loan ratio.

2 At 31 Mar 2021, Platforms include North (A$3.3b) and platform deposits (A$0.7b).

• 3 At 31 Mar 2021, Super deposits include AMP Supercash (A$1.9b) and Super TDs (A$0.4b).

• 4 Other deposits include internal deposits, wholesale deposits and other deposits.

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New Zealand wealth management

Cashflows by product (A$m)	Cash i	nflows	Cash o	utflows	Net cas	hflows
	Q1 21	Q1 20	Q1 21	Q1 20	Q1 21	Q1 20
KiwiSaver	147	163	(141)	(126)	6	37
Other1	89	108	(197)	(201)	(108)	(93)
Total New Zealand wealth management	236	271	(338)	(327)	(102)	(56)
AUM (A$m)	Q4 20	Q	1 21 Net cashflo	ws		Q1 21
	AUM	Super- annuation	Investment	Total net cashflows	Other movements2	AUM
KiwiSaver	6,002	6	-	6	(59)	5,949
Other1	6,396	(73)	(35)	(108)	(50)	6,238
Total New Zealand wealth management	12,398	(67)	(35)	(102)	(109)	12,187

1 Other includes superannuation, retail investment platform and legacy products.

2 Other movements include fees, investment returns, distributions, taxes, as well as foreign currency movements on New Zealand AUM.

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