How it started
1848 to 1998
On 31 August 1848, a group of businessmen, including Thomas Holt Jnr, Thomas Sutcliffe Mort, and William Perry, met to form an organisation to provide life assurance to Australians, leading to the establishment of the Australian Mutual Provident Society (AMP). Life expectancy at the time was low, and risks like disease and accidents were common. As a mutual society, AMP raised no initial capital and had no shareholders, relying on its members. The society's goal was to provide financial security for families through life insurance and annuities. AMP's rules were registered on 28 December 1848 under the Friendly Societies Act of New South Wales.
David Jones was a foundation director in 1848.
The Australian Mutual Provident Society was formed in 1849 as a non-profit, life-insurance company, and mutual society. George King was chairman for fifteen years from the 1850s. Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.
AMP began operations on 1 January 1849 at 470 George Street, Sydney, in a small upstairs office. Due to uncertain business, the office was open just 1-2 hours daily. The first policy was issued on 25 February 1849 to AMP's secretary, William Perry, marking the first policy from an Australian insurance company.
AMP expanded by recruiting local agents across New South Wales, Queensland, and Victoria. Initially, most policies were sold to AMP's own members, with the first external policies issued in March 1849. The company faced challenges educating the public on insurance and annuities, but by April 1851, AMP reached 100 policies.
From Wikipedia’s article on AMP Limited, shared under CC BY-SA 4.0.2