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For more than 160 years AMP has helped Australians protect themselves, their families and their business against financial loss.
AMP is the leading independent wealth management company in Australia and New Zealand, providing insurance, superannuation, investment products and financial services to more than 4 million customers. Having grown stronger after acquiring AXA’s Australian and New Zealand business in 2011,AMP specialises in a variety of financial products and services, including, but not limited to: Income protection, disability and life insurance, superannuation, retirement income and banking & investment services.
History of AMP Insurance
The Australian Mutual Provident Society (AMP) has a rich Australian History, dating all the way back to 1849. AXA, formerly known as National Mutual Life Association of Australasia, opened 20 years later in 1869.
In 1995 the National Mutual Life Association got listed on the Australian stock exchange (ASX) and went from being owned by members to being owned by shareholders. In 1999 they changed their name to AXA Asia Pacific. In 1998, AMP also got demutualised and listed on the stock exchange.
In 2011 AXA and AMP merged and AMP acquired all AXA’s Australian and New Zealand business, while AXA SA would acquire all of AMP’s Asian business. By 2013, the AXA brand became generally phased out of the Australian and New Zealand market and fully integrated within AMP.
1849The Australian Mutual Provident Society is established.
1869The National Mutual Life Assosciation of
Australasia is established.
1995The National Mutual Life Assosciation is floated on the ASX.
1998AMP is floated on the ASX.
1999National Mutual is rebranded and AXA.
2011AMP and AXA Asia Pacific merges.
2011After merger new AMP Logo is introduced.
With over 4 million customers and $101.6 billion assets, AMP Insurance was ranked number 510 in the Forbes Global 2000 list. The company’s has reinsurance treaty agreements with three of the biggest reinsurers: RGA, Swiss RE and Munich Re.
AMP is listed on the Australian stock exchange (ASX), and on the 18th August 2016 reported a $523 million net profit for the first half of 2016 (to June 2016).
AMP has the largest financial advice network in Australia and New Zealand, with 4,259 aligned and employed financial advisers & planners. In 2015 AMP paid out $944.7 million in claims payments.
Your Questions Answered about AMP
The transfer is not definite yet. Five years ago the National Mutual Life Association of Australia Limited (NMLA) commonly known as AXA became part of the AMP group. They are now proposing to transfer all the Australian and New Zealand life insurance business of the NMLA to AMP to help simplify their financial and administrative processes. If the transfer is approved, it will take effect on 1 January 2017.
If you are an NMLA policy owner, you can rest assured knowing that there will be no changes to your policy terms and conditions, or how it’s administered. The premium you pay and the amount you’re covered for remains the same, it’s only the insurer that’s changed.
As an AMP Life policy owner, your policy terms and conditions will also remain unchanged.
Yes, the AMP Elevate product does offer select occupations income protection cover for underground miners and many of the related positions in the mining industry. Most of the occupations can obtain a 2 year benefit period, with select occupations eligible to age 65 benefit periods if they have a number of years of experience in the eligible occupation. The Occupation rating used for most of the mining related occupations for the Elevate product is C.
If you took out a policy with either AMP or AXA before the merger and feel there are still some questions left unanswered, or you’d like to know more about taking out a new AMP policy, please contact one of our experienced consultants or call us directly on 1300 135 205.
If you are thinking about taking out an insurance policy with AMP or have questions surrounding your existing AIA Australian policy, please feel free to ask one of our experts for advice. Alternatively if you’d like to compare AMP Insurance then try out our free quote tool.