AMP has received about $44 million from insurance claims to cover historical remediation programs that ended in 2022.

The financial services group said in a statement today it “has reached agreements to settle with some insurers legal proceedings brought by AMP ... AMP sought recovery under its insurance policy of compensation and costs arising out of these historical remediation programs.”

The group says it remains in discussions with other insurers following a hearing last month.

The remediation programs followed an Australian Securities and Investments Commission review of the financial services sector that found many customers were charged fees for services they never received.

In a separate announcement today, AMP said it has reached in-principle agreement to settle a class action against AMP Superannuation, AMP Services and NM Superannuation for $120 million.

“The proceedings related to fees charged to members of certain AMP superannuation funds and the interest rates received and fees charged on cash-only fund options.

“AMP will contribute approximately $75 million of the $120 million settlement, with the balance met by insurance. In reaching a settlement, AMP makes no admission of liability.”

The settlement is subject to the finalisation and execution of a deed of settlement and approval by the Federal Court.

AMP CEO Alexis George said: “The settlement of this class action … means we can put this legacy matter behind us.

“We have transformed our superannuation offer in recent years and we remain focused on delivering for members through strong investment returns, competitive fees and insurance, and quality service.”