AMP suffers $2.5b loss, scraps dividend


AMP’s has posted a $2.5 billion full-year loss and will not declare a final dividend after a rough first half to the financial year when the wealth giant was forced to launch a capital raise to offset the massive writedown on its wealth management business.

Its results released on Thursday show, barring one-off costs, AMP’s underlying profit fell 32 per cent to $464 million and the wealth management earnings had also halved since the same time last year to $182 million.

AMP CEO Francesco De Ferrari says 2019 was a “fundamental reset” for the business. Credit:Dominic Lorrimer

AMP’s total assets under management also fell by $14 billion to $272 billion at December 31 and to stable the balance sheet, AMP will not declare a final dividend for FY19.

AMP’s chief executive Francesco De Ferrari has described last year as a “fundamental reset” for the business and pointed to the gains made by AMP Capital that saw operating earnings increase by 19 per cent to $198 million.



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