Is AMP Limited profitable in 2025?

Yes. AMP reported FY25 underlying NPAT of A$285 million, up 20.8% from A$236 million in FY24, per its results released 2026-02-12. Statutory profit attributable to shareholders was A$133 million for FY25, down from A$150 million the prior year.

Is AMP losing market share to HUB24 and Netwealth?

AMP's platform market share sits around 6-9% of top-10 platforms by FUA and has been declining year-on-year, according to rival HUB24's investor-day analysis dated 2026-02-19, even as AMP's own North platform posted absolute net cashflow growth in early 2026.

Could AI replace AMP's advisers or bankers?

Not directly. AMP holds AFSL and banking licences plus superannuation trustee status that AI tools cannot replicate, per the company's November 2025 AI Transparency Statement. AMP frames AI as a productivity lever inside compliance-bound workflows, not a substitute for its regulated functions.

Who is AMP Limited's biggest competitor?

In wealth platforms, HUB24 and Netwealth Group are actively taking share from AMP's North platform as of 2026-02-19. In banking AMP Bank holds roughly 1% of the Australian mortgage market against the Big Four (CBA, Westpac, NAB, ANZ), per AMP's own 2025-02 CFR submission.

Has AMP had layoffs recently?

AMP's headcount has shrunk for several years amid divestitures. Stockanalysis.com reported 2,275 employees as of 2025-12-31, down 91 (-3.85%) year-on-year, following the completed sale of its financial advice business in December 2024 and earlier exits from AMP Capital and AMP Life.

What is AMP Bank GO and is it growing?

AMP Bank GO is AMP's digital consumer/small-business bank, launched February 2025 with 11,600 pre-launch sign-ups. Deposits grew from A$123m at mid-2025 to A$310m by FY25-end (2025-12-31) and reached A$942m by 2026-03-31, per AMP's own disclosures.

Insurance companies · Australia

AMP Limited

amp.com.au ↗

Australian wealth manager and bank running superannuation, investment platforms, and AMP Bank.

Losing its protection

Assessed 25 July 2026 · Evidence as of 25 July 2026

The structural protection is eroding.

On the recordSince 25 July 2026 · Checkable from 6 August 2026 · Every call on the record Checkpoint: 1H26 results release

The call

AMP still makes money and holds licenses no one can copy, but it keeps losing platform share to HUB24 and Netwealth while it tries to prove the turnaround works.

AMP manages retirement savings and investment accounts for Australian customers and is required by law to hold licenses that new competitors cannot easily obtain. However, faster and simpler platforms like HUB24 and Netwealth are taking customers away from AMP's core business even though the market is still growing overall. The company is also trying to build a simpler online bank called AMP Bank GO, so the real question is whether AMP can speed up and win back customers, or whether it will slowly shrink as a profitable but aging business.

Why

AI pressure: AI-driven robo-advice tools like Otivo. AI-generated financial advice could bypass AMP's advisers and platforms, cutting into fee revenue over time. Could AI do the core job? Unlikely.

Bigger players: HUB24 and Netwealth. Both platforms keep grabbing share of the top-10 platform market even as AMP's absolute flows grow. Could a giant copy it? Probably.

What protects it. AFSL, ADI banking license, and superannuation trustee status that block new entrants from copying the setup.

What would change this call

North platform market share vs HUB24/Netwealth reported in AMP's 1H26 results (due 6 Aug 2026). Shows whether AMP's platform erosion is stabilizing or continuing.
AMP Bank GO total deposits figure in 1H26 or 2Q26 update, versus the A$942m at 1Q26. Shows whether the new deposit product is scaling toward the A$3bn threshold or stalling.
Court ruling on the A$120m super class-action settlement approval, reserved since 7 April 2026. Shows whether legal costs stay contained or increase, affecting capital available for the turnaround.

Key numbers

FY25 underlying NPAT up 20.8% to A$285m (2025-12-31)
North platform net cashflows up 45% to A$1.1bn in 1Q26 (2026-03-31)
AMP Bank GO deposits hit A$942m by 1Q26 (2026-03-31)

Named risks

Platform market share continuing to erode to HUB24 and Netwealth despite absolute flow growth. Severity: high
Pending Federal Court ruling on A$120m super class action settlement could raise costs or delay resolution. Severity: medium
Simultaneous CEO (from 2026-03-30) and CFO (from 2026-07-20) transition creates execution risk. Severity: medium
AMP Bank GO and SMSF loan growth may stall below scale needed for profitable unit economics. Severity: medium
High share price volatility around results (reported ~29.8% single-day drop around FY25 results) signals fragile market confidence. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
HUB24	losing to	AMP platform share estimated 6-9% and declining y/y per HUB24 investor day, 2026-02-19
Netwealth Group	losing to	Cited alongside HUB24 as gaining platform share from AMP through 2026-02-19
AustralianSuper/Hostplus	losing to	Industry super funds dominate consumer super consideration per 2026-01-29 brand-tracking study
CBA, Westpac, NAB, ANZ (Big Four)	contesting	AMP Bank holds only ~1% mortgage share, classed Tier 2 bank per 2025-02 CFR submission

Questions people ask

Is AMP Limited profitable in 2025?: Yes. AMP reported FY25 underlying NPAT of A$285 million, up 20.8% from A$236 million in FY24, per its results released 2026-02-12. Statutory profit attributable to shareholders was A$133 million for FY25, down from A$150 million the prior year.
Is AMP losing market share to HUB24 and Netwealth?: AMP's platform market share sits around 6-9% of top-10 platforms by FUA and has been declining year-on-year, according to rival HUB24's investor-day analysis dated 2026-02-19, even as AMP's own North platform posted absolute net cashflow growth in early 2026.
Could AI replace AMP's advisers or bankers?: Not directly. AMP holds AFSL and banking licences plus superannuation trustee status that AI tools cannot replicate, per the company's November 2025 AI Transparency Statement. AMP frames AI as a productivity lever inside compliance-bound workflows, not a substitute for its regulated functions.
Who is AMP Limited's biggest competitor?: In wealth platforms, HUB24 and Netwealth Group are actively taking share from AMP's North platform as of 2026-02-19. In banking AMP Bank holds roughly 1% of the Australian mortgage market against the Big Four (CBA, Westpac, NAB, ANZ), per AMP's own 2025-02 CFR submission.
Has AMP had layoffs recently?: AMP's headcount has shrunk for several years amid divestitures. Stockanalysis.com reported 2,275 employees as of 2025-12-31, down 91 (-3.85%) year-on-year, following the completed sale of its financial advice business in December 2024 and earlier exits from AMP Capital and AMP Life.
What is AMP Bank GO and is it growing?: AMP Bank GO is AMP's digital consumer/small-business bank, launched February 2025 with 11,600 pre-launch sign-ups. Deposits grew from A$123m at mid-2025 to A$310m by FY25-end (2025-12-31) and reached A$942m by 2026-03-31, per AMP's own disclosures.

Timeline

2026-07-20New CFO Jackie Cleary set to start at AMP
2026-04-16AMP 1Q26 update: North net cashflows up 45% to A$1.1bn, GO deposits A$942m
2026-04-07Federal Court hearing on A$120m AMP super class action settlement, judgment reserved
2026-03-30Blair Vernon becomes AMP CEO, succeeding Alexis George
2026-03-01AMP launches North Interactive Wealth Portal
2026-02-19AMP announces additional A$150 million share buyback
2026-02-12AMP FY25 results: underlying NPAT A$285m, up 20.8%
2025-08-07AMP 1H25 results: underlying NPAT up 9.2% to A$131m
2025-02-14AMP FY24 results; completed A$1.1bn capital return program
2024-12-01AMP completes sale of financial advice (AMP Advice) business

Revision history

25 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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