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Amp Limited

AMP has a long history of helping our customers manage their finances and achieve their goals.

We were founded 170 years ago on a simple yet bold idea: that financial security enabled people to live with dignity. Our founding purpose was captured by the Latin motto: Amicus Certus In Re Incerta – A sure friend in uncertain times. This deep commitment to helping clients continues and is articulated in our purpose statement today – Realise human ambitions.

A leader in the Australian market, our reach now spans around the world, where we use our expertise to help clients in New Zealand, and across Asia, the Middle East, Europe, the United Kingdom and North America

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News

AMP Drops Dividend As Life Sale Falls Over

Wealth management group AMP’s future has taken a major hit with the news yesterday that it is “highly unlikely” to finalise a $3.3 billion deal to sell off its life insurance business because of opposition from New Zealand’s central bank, and it will not pay an interim dividend for the June 30 half year.

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S&P Downgrades AMP Again

AMP shares hardly moved yesterday in the wake of Standard & Poor’s cutting the credit rating of the wealth manager for the second time since last August and warned there is a further cut to come that will see the embattled giant lose its A rating.

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AMP Chair Catherine Brenner To Step Down

The AMP announced this morning (Monday) the departure of chair Maxine Brenner after an emergency board meeting in Sydney on Sunday considered the recommendation of the Royal Commission’s Counsel assisting that Commissioner Kenneth Hayne could recommend criminal proceedings against the company.

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Royal Commission Blowtorch Turns To AMP

Judging by the first day of the second round of hearings by the financial services Royal Commission, financial advice will prove to be an even greater black hole for the banks and AMP than the first round which examined rorts such as poor loan documentation, liar home loans and fraud.

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AMP Distracts With Buyback

AMP has maintained its final dividend at 14 cents a share as it reported a huge, multi-million dollar loss and clean out of its life insurance business, plus a half a billion dollar share buyback that will effectively be financed by a higher reinsurance deal.

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AMP Attempts To End Life Insurance Woes

The AMP has given itself a big financial whack by taking on over half a billion in writedowns and other costs to clean up its messy life insurance business- especially its TPD and disability insurance. But shareholders won’t feel the impact of the losses because they are considered to be a one off, according to the board.

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Insurance Hurts AMP

AMP has joined the downgrade club, revealing that interim earnings for the six months to June 30 could fall by 13% or more, thanks to falling interest rates and the slide in stock markets since April.

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Analyst Views