AMP non-executive director Peter Shergold will retire at the group’s AGM on May 11.

He has been a board member since 2008 and has chaired the risk committee, while also serving on the AMP Life board.

Chairman Catherine Brenner says Professor Shergold has made a “significant contribution to our boards, bringing considerable insight and acumen”.

Meanwhile, in an address to shareholders, CEO Craig Meller says the life insurance business has been “stabilised”.

His says the company will become more customer-centric, delivering services through a variety of platforms.

“We are giving our customers more options for how they interact with us, developing technology that supports a range of channels, and rolling out new approaches and platforms for financial advice,” he said.

“This is effectively the operating system that will support growth in our advice business, whether that’s face to face, online or over the phone.”

Mr Meller says financial advisers still play a major role.

“We continue to invest in our adviser network so we can help more people more often to achieve their goals. Through the new AMP Advice process we began rolling out last year, we are gaining deeper insights and developing stronger relationships with our customers.”

AMP’s annual report for last year shows the former head of AMP Life Pauline Blight-Johnston received a termination payment of $271,000 when she left last year. This pushed her total remuneration to $2.2 million for the year.

The former head of AMP’s financial advice business, Rob Caprioli, received a termination payment of $436,000 when the company’s management was restructured. His final remuneration for the year was $2.3 million.