UPDATE: AMP warns 2018 net profit may fall to A$30 million

Fri, 25 Jan 2019

(Updates with further detail and reasons for AMP's poor performance throughout.) By Jenny Ruth Jan. 25 (BusinessDesk) - The fallout from the scandals exposed by Australia’s royal commission into financial services and the costs of remediation are behind life industry giant AMP’s plummeting profits. AMP says it expects to report an underlying profit of about A$680 million for calendar 2018 but that net profit attributable to shareholders will be just A$30 million. That’s down from an A$848 million net profit in 2017. First-half net p...

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