AMP suffers fallout of London's losses

Friday 23rd August 2002

Falling equity markets have hit financial services group AMP, which yesterday reported a 25% lower $A303 million ($352 million) first-half profit.

AMP has a heavy exposure to the British sharemarket, where insurers have suffered from heavy falls. That exposure was the biggest factor in a $A6 million loss from investment activities.

The result was in line with analysts' expectations following two consecutive profit warnings. Since March AMP's share price has fallen 26% to $A14.

AMP's "core recurring operating margins" rose 3% to $A470 million but the company said markets would remain "difficult."

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AIA - Analyst and media webcast for FY26 interim results
The Warehouse Group confirms leaner operating structure
SML - Synlait provides half year performance update
RYM - Refreshed strategy and new capital management framework
ENS - Clarification of Gina Tuzcet’s status
BGP - 4th Quarter Sales to 25 January 2026
Contact Energy 2026 Half Year Results Presentation
February 2nd Morning Report
VHP - Half year results announcement date and webcast details
Devon Funds Morning Note - 30 January 2026