Amp Limited

Under-Pressure AMP Eyes Breakup

The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.

High Profile Trio To Exit Embattled AMP

AMP shares edged up yesterday in the wake of the shock exit of chairman David Murray and board room supporter, John Fraser, the former head of Federal Treasury.

Capital Return Covers Over Messy AMP Result

Woohoo, investors loved the AMP’s loss-strewn June half-year report yesterday. The reason? The decision to return of capital to shareholders by way of a special dividend from the sale of AMP Life and a $200 million share buyback (subject to stability in the market).

AMP Australia CEO Exit Raises More Questions Than Answers

Leaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.

Local Reporting Picks Up Pace As AMP Warns, Super Retail Delivers

The pace of the Australian June 30 reporting season accelerates slightly this week. Among the handful of companies due to report including Resmed (Thursday), Insurance Australia Group (loss), News Corp (loss) and REA (Friday, a smaller profit).

AMP Life Sale Clears RBNZ Hurdle On Second Attempt

The sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.

Uncertainty Reigns As AMP, Northern Star Withdraw Guidance

AMP shares bounced and those of gold miner, North Star resources slid yesterday after both withdrew their 2020 guidance.

AMP “Reset” Not Enough To Stem Investor Exodus

The fallen wealth management giant has posted a $2.5 billion full-year loss and scrapped its final dividend after a rough year that saw clients abandon its troubled wealth management arm.

AMP Shares Rise Despite Record Outflows In Q3

A surprisingly upbeat reaction from investors to the news that embattled wealth manager AMP continued to see retail investors move cash out of its funds in the three months to September 30.

Investors Sceptical On AMP Plan To Merge Banking, Wealth

AMP will merge its bank and Australian wealth unit as part of another shake-up of its structure ahead of the deal to spin off its life insurance arm. The market, however, appears unconvinced.

AFIC Sale Pressures AMP Shares To New All-Time Low

Shares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager. The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.

Is It Time To Wade Into AMP?

Early signs show AMP has promise. One of the best in the past two years. It’s possibly time to nibble but not gobble – just yet.

AMP Launches New Capital Raising, Resuscitates Life Sale

The once-mighty but now very troubled wealth manager AMP has gone on bended knee to the investment community to ask for $650 million to help it remain afloat.

“Terrible Sign”: Analysts Take Axe To AMP

AMP shares are at a new all-time low as several analysts mull a big capital raising to offset the losses incurred by the company in being forced to keep its underperforming life insurance business.

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.

AMP Readies For May Reckoning Scrapping Bonuses, Director Pay

Not before time: embattled wealth manager, AMP has scrapped short-term cash bonuses and cut directors’ fees for a second time in less than a year in an effort to avoid a second shareholder strike on remuneration and possible board spill at the annual meeting in May.

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.

AMP Dividend Slashed Following Horror Year

AMP has slashed its final dividend to 4 cents a share in the wake of the worst year in its financial history for more than a decade as the toll of the disclosures from the Hayne Royal Commission hit home.

Royal Commission Triggers Relief Rally In Financials

More than $20 billion was added to the value of listed financials - lead by the big four banks yesterday after investors concluded the outcome from the Hayne banking and finance royal commission would not damage their business models our futures.

Banks, Regulators Brace For Royal Commission Fallout

The long-awaited final report from the finance and banking Royal Commission will be released this afternoon at 4.10 pm (there is a media lock up this afternoon ahead of the release) and while there will be a lot of heat and light and promises from the Morrison government, there will be nothing concrete.

AMP’s Annus Horribilis: Earnings -96%, Dividend Slashed

More pain for suffering AMP shareholders with the company confirming a 96% slide in earnings in 2018 and as a result, the board has slashed the final dividend.

Macquarie Bid Speculation Lifts AMP

Macquarie Group management will come under pressure this morning to confirm whether or not it is interested in bidding for the struggling AMP.

AMP Defends “Preposterous” Sale Of Life Insurance Arm

AMP has been forced to strongly defend the valuation and $3.3 billion sale of its life insurance arm to UK group Resolution Life after a Sydney-based fund manager was revealed as leading a group of shareholders critical of the deal and threatening to push for a special shareholder meeting to get rid of the board.

Convoluted Breakup Sparks AMP Selloff

AMP shares have lost more than $2.3 billion in value after investors abandoned the company in the wake of news that it was to split itself up.

‘Elevated’ Outflows Add To AMP Pain

In a separate announcement, yesterday AMP warned its latest quarter had been challenging, thanks to a surge in the outflow of cash from its Australian wealth management arm, in part due to the royal commission disclosures

More Royal Commission Pain For AMP

The AMP has provided another reminder that there appears to be a long list of problems in financial services just waiting to be uncovered by the royal commission.

More Pain As S&P Downgrades AMP Life Credit Rating

More weakness for AMP shares yesterday after ratings group, S&P Global downgraded its rating on AMP Life, one notch to A+, in the latest fallout from the banking royal commission.

AMP Unveils Credit Suisse Banker As New CEO

AMP shares dipped yesterday after the troubled wealth manager revealed it had named long-term Credit Suisse banker Francesco De Ferrari as its new CEO.

AMP First-Half Confirms Royal Commission Carnage

Unlike the Commonwealth bank, the AMP showed considerable damage from its time being pulled apart by the Hayne Royal Commission.

AMP Posts Weaker H1, Flags $290m Provision

Struggling wealth manager AMP has provided a mixed half year update as it attempts to get on the front foot after several bruising months of poor publicity and weak share price.

ASIC Blow Bumps AMP Shares To 15-Year Low

AMP shares fell to a fresh 15-year low yesterday after ASIC launched Federal Court action against the wealth manager on Wednesday afternoon over allegations its advisers churned customers into less suitable insurance policies purely to win commissions.

ASIC Begins Legal Action Against AMP

Corporate regulator, ASIC has started Federal Court proceedings against AMP claiming the company and its financial planners who “churned” clients into similar, new insurance policies so they could claim inflated commissions.

AMP Demonstrates Capital Concern For Income Investors

So far this year the share price of AMP (ASX:AMP) is down by 22 per cent. That creates a problem for investors who were tempted by the stocks promise of juicy dividends. And reminds us that investing for income alone isn’t a good investment strategy.

Apologies Not Enough For Angry AMP Shareholders

Apologies just don’t cut it any more, judging by the outcome of the AMP board meeting yesterday.

AMP Attempts To Clear The Decks

AMP shares rose 0.5% or two cents yesterday to $4.014 after the chairmen, Catherine Brenner departed, along with the company’s chief legal counsel, Brian Salter.

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.

AMP Slumps On Royal Commission Roasting

AMP shares fell 4.4% yesterday on top of Monday’s more modest 0.4% fall as investors finally awoke to the growing dangers for the company from the disclosures at the financial services and banking royal commission.

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.

AMP Swings Back Into The Black

AMP has come back from the brink of 2016 losses by revealing a 11% rise in full-year underlying profit for the 12 months to the end of December 2017.

AMP Unveils New Reinsurance Deal

Wealth manager AMP has done a second reinsurance deal to try and release more capital from its underperforming wealth-protection business in Australia.

Long Dated Growth Strategy For AMP

AMP ((AMP)) has briefed the market on its plans to re-position its wealth management business around the advice it offers, and extract greater economic benefits from Self Managed Super Funds (SMSF).

MySuper Churns For AMP, But Bank Strong

The March quarter update from AMP Ltd ((AMP)) continued a recent trend of disappointing flows. The flagship business was affected by unexpectedly high outflows from default superannuation transitions ahead of the July 1 MySuper deadline.

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.

Analysts Label AMP ‘Shockingly Bad’

AMP shares took another pounding yesterday from investors upset at Friday’s shock announcement of more than a billion dollars in write-offs and losses on parts of its life insurance business.

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.

Insurance Drags On AMP

Shares in financial services giant AMP were sold off today after it surprised with a weaker than expected interim result.

Volatile Markets Stymie AMP Q1 Cashflows

AMP shares fell 6% at one stage yesterday after it shocked the market with a very weak first quarter report which revealed a near 40% slide in cashflow in its key wealth management division.

AMP Lifts Full-Year Profit 10%

AMP led off this morning’s reporting companies with a 10% rise in full-year net profit to $972 million and a higher dividend.

AMP H1 Profit Up 33%

Wealth manager AMP has boosted interim dividend 12% to 14 cents a share from 12.5 cents a year ago after reporting a 33% rise in net profit for the six months to June 30.

AMP Bounces Back

AMP shares ended higher in yesterday’s volatile market after reporting a solid recovery in full year earnings, and a higher dividend.

AMP Improving?

AMP said yesterday its first-half net profit dipped 3% to $382 million, but the company lifted its interim dividend 8.7% to 12.5c a share.

AMP Gets A New Chairman

The AMP has turned to a business ‘cleanskin’ Simon McKeon to be its new chairman, replacing eight year veteran, Peter Mason.

AMP’s Wealth Protection Black Hole Dents Profit

The continuing problems in its wealth protection business has seen AMP Limited (AMP) report a sharp fall in net underlying profit for the 12 months to the end of December, the company reported this morning to the ASX.

AMP Flags $65m Profit Hit

The AMP’s second earnings warning so far in 2013 on Friday has revealed that the deal two years ago to buy the local operation of AXA, has helped destroy over $1.5 billion in value, with more at stake.

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.

Profits: AMP’s Lacklustre Result

AMP and its prospective takeover target, AXA Asia Pacific, make a fine couple.

AMP Alone On AXA Bid

So that’s about it for the AMP and its ambitions to take over rival, AXA Asia Pacific Holdings, with Axa’s French parent, AXA SA.

AMP-AXA Sweeten Offer

Well, the AMP and its French bid partner, AXA, have blinked and added an extra $1.3 billion to the value of their joint bid for AXA Asia Pacific Holdings.

AMP’s Gloomy Outlook

Last month it was AXA Asia Pacific wondering about the next year or two and how tough it would be for investors and the markets. Yesterday it was the turn of the AMP to look to the next year or so.

Quarterly Update Can’t Unite Opinion On AMP

While equity markets have performed better since early March it was too little too late for Australian fund manager and insurer AMP (AMP) to benefit. Bank of America-Merrill Lynch noted March quarter fund inflows remained subdued, particularly with respect to the retail market.

Market Slump Hits AMP

AMP’s Mixed Outlook: Is Dividend Under Threat?