AMP’s 2000 net profit was the ideal way to signal the end of the GIO debacle. The company went from last year’s $2.2 billion loss to a $1.15 billion profit. The media was keenest to point out that AMP’s future growth lies in offshore markets, although the talk of relocating its market registration to London was quickly dismissed by CEO Paul Batchelor.

The company’s Australian operation, AMP Financial Services, was one of the big performers, contributing $370 million to the result.

Mr Batchelor said the global asset management division is the major weapon in AMP’s strategy to capture a big slice of the baby boomer retirement market here and in other developed countries. Weaker investment markets saw investment returns drop from $860 million in 1999 to $617 million.