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."

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