Vernon outlines his plans for AMP
Newly minted AMP chief executive Blair Vernon has, in his first speech in this role laid out his three priorities for the business.
Monday, April 13th 2026, 5:44AM
Vernon, who has led AMP New Zealand in the past, took over from Alexis George recently as CEO.
At last week’s annual meeting Vernon said the firm’s three priorities will be:
- Accelerating growth in AMP’s wealth business
- Maximising the benefits of AI
- A sharp focus on capital allocation and organisational efficiency.
“Despite a challenging economic environment in New Zealand, our business there grew underlying net profit after tax by 5.4%, with continued revenue diversification and a growing focus on the retirement segment.”
He says that across AMP’s Australian and New Zealand wealth businesses, the company “will be driving organic growth.”
“And practically, that means a real focus for all of us on customer experience, customer retention, and acquisition. Personally, I'm looking forward to getting out there and helping our teams win more.”
Vernon believes there is significant strategic opportunity in retirement across Australia and New Zealand.
“We're also first to bring lifetime income solutions to all our eligible super members, not just those with an adviser. Now it's about translating this proposition for members into retention and stronger customer acquisition, as we work towards sustainable positive cash flows.
"In our New Zealand business with 600,000 New Zealanders reaching retirement age in the next 10 years, we see significant opportunity to connect with these clients and make a genuine difference to their retirement outcomes.”
Vernon paid tribute to his predecessor saying that she has “overseen major transformation, simplification and repositioning of AMP. She led the restoration of the company's brand and reputation and has left AMP inordinately better positioned than when she joined.”
“This is a strong foundation for us to build from.”
"The opportunity from here is clear to me. With the hard work of portfolio simplification and clean-up behind us, we have a strong foundation to drive sustained growth."
Maximising the benefits of AI
Vernon says AMP must embrace the opportunity of AI and maximise its benefits.
"AI has been part of our business for nearly three years, and the pace of change is accelerating almost daily.
Our approach to AI recognises the opportunity while acknowledging the risks we must continually work to manage. Firstly, the opportunity to enhance productivity and harness cost efficiency. Most of our people are using AI regularly, with 84% using our core AI tools on a weekly basis."
"We're also deploying AI to great effect in our contact centres, with an average of 95% of calls being transcribed and 90% of calls quality checked, improving service experiences and outcomes for our customers. We also see an opportunity for efficiencies through automation across many of our corporate functions, and that will enable us to reinvest in growth and improved customer experiences."
"We will continue to identify how we mitigate and minimise AI risks. That includes responding to how AI may disrupt the wealth sector and the tight regulatory frameworks that help to mitigate that risk for AMP. How we protect and support our customers and members in an AI-enabled world."
With regards to his third priority, Vernon, a former CFO, says it is about "a sharpened focus on capital allocation and organisational efficiency. We will run the business with a disciplined approach to capital allocation and a clear focus on organisational efficiency."
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