AMP profit beats predictions
AMP has exceeded analysts’ expectations despite recording a 22% decrease in first-half net profit of $366 million.
Analysts had predicted the insurer and wealth manager’s net profit would dip to just $281 million.
CEO Craig Dunn says the company has announced a solid result given the difficult market conditions.
Underlying profit, which excludes the effects of market volatility, fell 2% to $437 million for the first half.
“With market conditions likely to remain volatile for the rest of the year, delivering growth in the short term will continue to be challenging,” Mr Dunn said.
The NZ business performed well in the half, off the back of a strong risk result, with operating earnings up 13% to $27 million.
AMP also announced last week it has formed a strategic alliance with mortgage broker Aussie Home Loans to offer customers mortgage protection insurance.
Analysts had predicted the insurer and wealth manager’s net profit would dip to just $281 million.
CEO Craig Dunn says the company has announced a solid result given the difficult market conditions.
Underlying profit, which excludes the effects of market volatility, fell 2% to $437 million for the first half.
“With market conditions likely to remain volatile for the rest of the year, delivering growth in the short term will continue to be challenging,” Mr Dunn said.
The NZ business performed well in the half, off the back of a strong risk result, with operating earnings up 13% to $27 million.
AMP also announced last week it has formed a strategic alliance with mortgage broker Aussie Home Loans to offer customers mortgage protection insurance.