AMP (ASX:AMP) said it will undertake an on-market share buyback of up to AU$150 million of ordinary shares, with the buyback expected to start following the release of its first-quarter cash flows on April 16, according to a Friday Australian bourse filing.

The company said all relevant regulatory approvals have been granted, with the buyback not to exceed 10% of issued capital over 12 months.

"We remain committed to returning surplus capital to shareholders in the absence of a compelling alternative, and prioritising organic growth in our wealth businesses," said Chief Executive Alexis George.

"Today's announcement demonstrates this, with an on-market share buyback the most efficient use of capital at this time," George added.