Over the course of our 170-year history, our business has evolved and it will continue to do so into the future.
AMP is a wealth management company with a growing retail banking business and an expanding international investment management business. We provide retail clients with financial advice and superannuation, retirement income, banking, investment products and life insurance. AMP also provides corporate superannuation products and services for workplace super and self-managed superannuation funds (SMSFs).
We help our clients to save for, and live well in, retirement. We do this through our retail and workplace superannuation products, and self-managed superannuation funds services, as well as retirement income solutions and investments for individuals. Our superannuation business paid out $2.6 billion in retirement payments (including mature payments) in Australia in 2019.
As part of our three-year strategy, we are committed to reinventing wealth management in Australia. Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation to better deliver whole-of-wealth services to clients.
AMP Bank provides clients with residential and investment property home loans, deposit and transaction accounts and SMSF products. We also provide loans to AMP-aligned financial adviser practices. We empower our clients to access AMP Bank products via a variety of channels including digital and online, phone, and through AMP financial advisers and home loan brokers.
In 2019, we helped around 110,000 Australians with their banking needs, including providing over 5,600 new home loans.
AMP Capital is a global investment manager, which services institutional and direct clients, including AMP. The business continues to grow its global presence through differentiated capabilities in real assets (real estate and infrastructure) and public markets, investing more than $203 billion for clients across the world. In real assets, we manage real estate and infrastructure assets including shopping centres, airports and trains on behalf of funds and clients; while in public markets, we manage investments in equities, fixed income, multi-asset and diversified capabilities on behalf of clients around the world.
In 2019, AMP Capital had 358 direct international institutional clients and our ongoing relationships with global partners such as China Life provide a strong opportunity towards meeting our growth ambitions overseas and in new markets.
In New Zealand we provide clients with financial products and services, directly and through a large network of financial advisers. This is a strong business, that is now largely localised and running as a standalone business. We’re in discussions with a number of interested parties and will provide an update at or before half-year results in August 2020.
In 2019, AMP maintained its position as New Zealand’s leading non-bank retirement solutions provider with approximately 9% of the total KiwiSaver market and approximately 225,000 clients.
In August 2019, AMP announced a revised agreement to divest its Australian and New Zealand wealth protection and mature businesses to Resolution Life. This is a major step in reshaping AMP as a simpler, more focused group. The revised transaction is expected to complete by 30 June 2020.
We support our clients and their families during tough times with life insurance, income protection and disability insurance solutions. AMP provides policies that are held by individuals or are a part of their superannuation funds.
In 2019, we paid $1.1 billion in Australian insurance claims and NZ$54.6 million in New Zealand insurance claims when people needed us most.
Through our mature business, we manage closed insurance and superannuation products that are no longer being sold. This business is managed for yield and capital efficiency.