AMP has announced that it has received $44 million from insurers to date. These funds relate to recovery under its insurance policy for compensation and associated costs linked to remediation programs. The company has been working through a series of remediation efforts to address past issues and compensate affected customers. AMP is a wealth management company that provides financial advice, superannuation, and investment solutions. The firm aims to help its customers achieve their financial goals through personalised services.
The recoveries are part of an ongoing process, with AMP continuing discussions with a number of insurers. These discussions are specifically related to the costs associated with legal proceedings. The company is seeking to recover these costs under its insurance policies, and the process involves navigating complex legal and financial considerations. Securing these insurance recoveries is important for AMP as it manages the financial implications of its remediation programs.
The announcement provides an update on AMP’s efforts to manage the financial impacts of past misconduct and remediation activities. The company’s focus remains on resolving outstanding issues and ensuring fair outcomes for its customers. Further updates will likely be provided as discussions with insurers progress and the total amount recovered becomes clearer.
