AMP says market conditions are tough and the insurer and wealth manager is working on the assumption those conditions will continue into 2010.
Chairman Peter Mason has told shareholders at the group's annual general meeting today that even though stock markets had picked up in the past couple of months, the downturn still had a way to go.
"Market conditions in 2009 are tough and we are working on the basis that this will remain the case into 2010, and perhaps beyond,' he said.
"Even though stock markets have picked up over the past couple of months, the economic recession has a long way to go."
Mr Mason said AMP was also preparing for significant changes in the superannuation industry in the new few years due to new policies and regulation and consumer demand.
"As we work to preserve capital and control costs, we are also preparing the company for some significant changes that are likely to lie ahead," he said.
"There are a number of government reviews underway, or flagged to begin soon, that are likely to result in recommendations for changes in the financial services industry, and particularly in the superannuation."
Australia has one of the largest private pensions markets in the world, worth over $1 trillion and is projected to grow by 12% a year for the next 10 years.
"The size and liquidity of our superannuation market has enabled Australia to lead the world in the amount of new equity raised from global share markets over the past six months, to recapitalise financial and industrial companies," Mr Mason said.
"So, as you would expect, we have been in constant dialogue with the federal government since its election, to understand its views on superannuation and investment policy, and how it would like the industry to evolve."
Mr Mason said AMP could not pre-empt the outcome of any of the reviews underway or about to start.
But it was well aware of the government's viewpoint on a number of issues and was moving to anticipate change.
"Against this background, we retain a very positive view of the long-term attractiveness of the Australian superannuation market, and we are well positioned to capitalise on the changes we see coming," he added.
Chief executive Craig Dunn told the meeting AMP believed the Australian economy was "probably'' better placed than most other advanced economies to weather the current economic storm.
"Relative to other Western countries, our banks are strong,'' he said.
"We have an underlying shortage of housing stock and our fiscal and monetary flexibility has allowed the Government to provide significant economic stimulus.
"We also retain our very positive, long-term view of the wealth management sector.
"Australia remains an undeniably attractive wealth management market over the medium to long term.''
Mr Dunn said some of the changes announced in the 2009-10 federal budget on Tuesday will impact superannuation flows in the short term.
"But we don't believe that impact will be as significant in the long term,'' he said.
"No matter how you look at it the fact remains that Australia will continue to be one of the largest and most attractive pension markets in the world.''
Mr Dunn said AMP would continue to invest in its longer-term growth strategy, although there would be some minor changes.
"Given the current environment, we have made some modifications to how were executing this strategy,'' he said.
"In Asia, were maintaining our commitment to expand our asset management business into this region, but we are tightening its focus.''
AAP