AMP sees up to 16 percent fall in 1H earnings as Australian wealth protection drags

Sun, 23 Jun 2013

June 24 (BusinessDesk) - AMP, the dual-listed financial services firm, expects first-half earnings to fall by as much as 16 percent after its Australian wealth protection business struggled in the second quarter. The Sydney-based firm anticipates underlying profit of between A$415 million and A$435 million in the six months ending June 30, from A$491 million a year earlier, the company said in a statement. Poor claims and lapse experience in its Australian wealth protection unit was the major factor in the weaker earnings, with experience los...

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