Latest news with #AlexisGeorge
Perth Now
2 days ago
- Business
- Perth Now
Leaner AMP hones retirement offering as Australia greys
AMP has finished slimming down and now looks to start growing, sensing great opportunity in helping Australia's ageing population to navigate retirement. A hybrid retirement solution combining annuities with account-based pensions is among products showcased by the financial services company at an investor presentation on Monday. AMP has sold off its infrastructure equity and real estate businesses over the past few years and now plans to "think like a challenger brand" and lead the way in retirement planning, CEO Alexis George said. "Why do I think this is the right place for us to position? Well, I think the data speaks for itself," she said. An estimated one-third of Australia's population will be retirees by the year 2061, up from one-quarter a few years ago. Over the next six years, $750 billion in assets will move into the retirement phase. "This is a huge opportunity for us to really grow," Ms George said. Half of all Australians worry they won't have enough money to retire and 75 per cent worry about running out of money, yet most end up dying with the bulk of their wealth left unspent. "That means they're giving their dependents the retirement they could have had, and surely they want to change that," she said. AMP's director of retirement Ben Hillier said the company in May introduced a "lifetime super" offering that combines the market-based investment benefit of account-based pensions with the lifetime income security of traditional annuities. It is designed to be available without a financial adviser and pools assets to overcome "longevity risk", the danger a retiree will outlive their assets. Retirees who die earlier than average surrender some of their asset value into the pool. The company in 2024 launched AMP Citro, a rewards platform and app for older Australians. AMP achieved the first quarter of positive net cashflows for its superannuation and investment business since the company's reputation took a battering at the financial services royal commission eight years ago, taking in $33 million for the June quarter compared to a $99 million outflow a year ago.
Perth Now
2 days ago
- Business
- Perth Now
Australian shares retreat from record levels
The local bourse has been unable to push further into record territory, with most sectors losing ground at the start of a busy week for markets. Near noon on Monday, the benchmark S&P/ASX200 index had given up three-quarters of Friday's gains, dropping 86.1 points, or 0.98 per cent, to 8,671.1, while the broader All Ordinaries was down 82.4 points, or 0.94 per cent, to 8,921.8. Investors' attention would be fully captured by stocks this week as US company reporting season hit full stride and a number of important Australian companies addressed shareholders, Moomoo market strategist Michael McCarthy said. It might be a hectic week for markets, he added, with a number of US Federal Reserve board members speaking publicly, the release of New Zealand inflation data as well as a gauge of Australian and US business activity known as the purchasing manager index. At midday, nine of the ASX's 11 sectors were in the red, with energy and materials up marginally. The financial sector was the biggest loser, dropping 1.8 per cent. ANZ had fallen 2.3 per cent, Westpac was down 3.1 per cent, CBA had retreated 2.0 per cent and NAB had fallen 2.2 per cent. But AMP was up 8.8 per cent to a five-month high of $1.67 after the financial services company said it had recorded its first quarter of positive cashflows into its superannuation business since the second quarter of 2017, when it was scrutinised by the financial services royal commission. "This reflects our continued efforts to build a compelling member proposition which is delivering outstanding investment returns, service and education," said CEO Alexis George. In the heavyweight mining sector, Rio Tinto was up 1.5 per cent, Fortescue had added 1.2 per cent and BHP had edged 0.1 per cent higher. South32 was up 3.6 per cent following its quarterly operating report. The Australian dollar was buying 65.04 US cents, from 65.02 US cents at 5pm on Friday.
