Tag: AMP

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.

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

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.

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.

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.

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

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.

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 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.

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 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.

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

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.

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.

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.

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

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

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

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.

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

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.

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.

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.

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

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.

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.

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.