AMP says its first half results will be affected by declining equity markets. But don’t panic – operating earnings will still grow more than 9% this year.

And what of “Project Red”, the internal program to sell off AMP’s general insurance assets? CEO Paul Batchelor and Chairman Stan Wallis wouldn’t be drawn on questions at last week’s AMP AGM about the general operation’s future. “We’ve made no commitments about that,” Mr Wallis said.

Speculation continues that the general insurance operation, which is uncompetitive with its life and super stablemates in AMP, will be sold off. Analysts tip that AMP may choose to keep at least some specific general insurance products, possibly personal lines linked to the life portfolio. But these may be underwritten by a general insurance specialist.