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AMP net profit down 41%

AMP has reported a 41% drop in annual profit to $580 million from $985 million in 2007.

The wealth management company says while economic and market conditions mean delivering growth in the short term will be challenging, it is still well placed for when markets recover.

CEO Craig Dunn says despite the difficult operating climate, AMP is confident about the medium to long-term outlook for the wealth management sector.

“We expect continued market volatility through 2009 as the full consequences of the global financial crisis work their way through the economy,” he said. “However, over the long term AMP remains confident about growth in the wealth management sector.”

AMP’s NZ business performed well last year, with operating earnings up 17% to $56 million, compared with AMP’s total operating earnings, which were down 4% to $737 million.