After steadily declining for almost nine years, the AMP Ltd (ASX: AMP) share price took a huge turn for the better in 2024.

Shares in the S&P/ASX 200 Index (ASX: XJO) financial services company ended 2023 trading for 93 cents apiece. When the closing bell rang on 31 December 2024, those same shares were swapping hands for $1.59 each.

This saw the AMP share price up 71.0% higher over the 12 months, smashing the 7.5% returns posted by the ASX 200 over this same period.

And that's not even including the 4 cents a share in partly franked dividends AMP delivered to eligible stockholders over 2024.

As you can see in the chart above, AMP shares managed to maintain a solid uptrend throughout the year just past.

Here's' what helped propel the financial stock to some outsized daily gains.

Why did the AMP share price smash the benchmark in 2024?

Looking at the AMP share price chart, you'll notice a few big daily leaps higher over the year.

On 8 August, for example, shares closed the day up a blistering 13.3%.

This came after investors reacted enthusiastically to the company's half year results.

Highlights from the six months to 30 June included a 4% year on year drop in revenue to $641 million, coupled with a 5.4% increase in underlying net profit after tax (NPAT) to $118 million.

Earnings before interest and taxes (EBIT) increased by 4.1% to $153 million.

"We have made good progress this half on our key strategic commitments, and we have positive momentum heading into the second half of the year," AMP CEO Alexis Georg said on the day.

On the same day, AMP reported on a new strategic partnership and ownership structure with Entireti and AZ Next Generation Advisory.

Returning to the AMP share price chart up top, you'll notice another big leg upward on 17 October, when the ASX 200 financial stock closed the day up a whopping 17.7%.

That came on the heels of the release of AMP's third quarter update (Q3).

Over the three months the company reported a 76% year on year increase in its platforms net cashflows to $750 million.

And the AMP Bank total loan book increased by $100 million from the prior quarter (Q2) to $23.0 billion, with total deposits of $20.9 billion up $300 million.

As for the nascent new year of 2025, the AMP share price has struggled alongside most other ASX 200 stocks. Shares closed down 1.7% at $1.57 apiece yesterday, putting the stock down 1.9% year to date.