AMP lost $1.8 billion from its wealth management arm last quarter as investors and superannuation fund members continued to dump the troubled group.

It adds to nearly $4 billion in cash outflows recorded at the end of last year.

Meanwhile, Chairman David Murray came under pressure last week from investors unhappy at the decision to sell AMP’s life insurance business to Resolution Life. Nearly 13% of shareholders voted against his nomination as director at the group’s AGM in Sydney on Thursday.

Mr Murray told the meeting results reinforce the fact AMP is not the right owner of a life business with higher capital requirements and earnings volatility.

“The significance of selling a business that has been a proud part of AMP’s heritage since inception was not lost on the board.

“But we are bound to act in the best interests of the company and all shareholders, rather than satisfy the particular agenda of a few.”

Structural changes in the life industry and global regulation have restricted AMP’s ability to compete on a sustainable basis, and the business’ deteriorating prospects have made selling the best option, he told shareholders.

Financial analysts have criticised AMP for selling cheaply to Resolution Life.

The unit is selling for about $2 billion, minus transaction costs and lost earnings, when its estimated value is $4 billion.

Meanwhile, CFO Gordon Lefevre has retired after five years in the job, to be replaced by John Patrick Moorhead.

Mr Moorhead has been CFO and COO of AMP Capital since last year.

Four new non-executive directors have joined the board: John Fraser, Andrea Slattery, Debra Hazelton, and John O’Sullivan.