The AMP Ltd (ASX: AMP) share price is leaping higher today.
Again.
Shares in the S&P/ASX 200 Index (ASX: XJO) financial services company closed yesterday trading for $1.70. At the time of writing on Friday morning, shares are changing hands for $1.76 apiece, up 3.5%.
That's more than eight times the 0.4% intraday gains posted by the ASX 200 at this same time.
As you can see on the chart above, today's outperformance is par for the course for the AMP share price over the past year. The financial services stock has soared 83.5% in 12 months, eclipsing the 12.0% one-year gains achieved by the benchmark index.
And that's not including the 4 cents a share in partly franked dividends AMP paid out over the year.
If we add that back in, then the accumulated value of the ASX 200 stock is up 87.5% since this time last year.
So far in 2025, AMP stock is up an impressive 10.5%.
Today's rise also sees the AMP share price smashing a new 52-week high at $1.765. In fact, you'd have to go all the way back to July 2020 to find shares trading at a higher level.
Image source: Getty Images
What's been going right for the AMP share price?
2024 was a remarkable rebound year for the struggling AMP share price, with the charge higher really kicking off in late November 2023.
More recently, investors reacted positively to the company's half-year results (H1 2024), released on 8 August. Although revenue declined by 4% from H1 2023 to $641 million, underlying net profit after tax (NPAT) was up 5.4% to $118 million. Earnings were up, too, with earnings before interest and taxes (EBIT) growing 4.1% year on year to $153 million.
The strong turnaround story continued when AMP released its third-quarter results on 17 October.
Highlights included a 76% year-on-year increase in AMP's platforms net cashflows to $750 million. And AMP's Platforms assets under management (AUM) increased by 5% from Q2 2024 to $78.1 billion.
AMP joins the Bitcoin bandwagon
While it may not have had a material impact on the AMP share price, 2024 also saw AMP become the first major Aussie super fund to invest directly in Bitcoin (CRYPTO: BTC), or any other cryptocurrency, for that matter.
"We generally thought that even though crypto is risky, new and not yet fully proven, that it had become too big, and its potential too great to continue to ignore," AMP senior portfolio Stephen Flegg said in December.
AMP bought around AU$27 million worth of Bitcoin in May when the price was between US$60,000 and US$70,000.
Bitcoin is currently trading just north of US$104,000.
