AMP halves advice losses
AMP Limited has revealed it still has turned at least one corner with its full-year results seeing it recovering from last year’s loss to post a $387 million profit but it still has a long way to go.
The directors declared a final dividend of 2.5 cents, franked at 20%.
However, the company’s wealth management division continued to struggle with assets under management (AUM) standing at $124.2 million with AMP saying it was impacted by the decline in investment markets and net cash outflows of $5.3 billion.
Nonetheless, AMP chief executive, Alexis George said the company had made excellent progress on delivery of its strategy.
“Our strategic focus has been on simplifying our operations and repositioning AMP as a leading wealth management and banking business in Australia and New Zealand,” she said. “We are now focused on driving growth in our core businesses and exploring new business opportunities for longer term growth.”
George said the profit for the year reflected the challenging economic environment as well as strategic decisions to reprice AMP’s offers in Master Trust and Platforms.
“We are seeing positive momentum around the transformation of our Advice business where we have halved the losses and our key growth businesses – and our key growth businesses – AMP Bank and Platforms – are starting to benefit from the investments we are making in those businesses,” she said.
The AMP report showed that the advice business had halved its losses from $146 million last year, to just $68 million this year.
You wouldn’t buy a stock like AMP – the advice industry is dying a slow and painful death, suffocated by stupid and ignorant public servants. Good luck AMP…
What they don’t say is that the loss has been halved by gouging the remaining Advisers with 4 x increase in Dealer Cut with no improvement in or additional services.
AMP has been a basket case for 20 years. Please just die nicely, let your Advisers go live a decent Advice life without AMP, sell the funds management or merge it with a new boss and let AMP drift off to sleep with the last of the Whole of Life policies.
A once proud business now a laughing stock.
Bye bye AMP, thanks for the history.