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AMP 1H 18 results, new NED, CEO/chair remuneration

Press Release – AMP

1H 18 underlying profit of A$495 million (1H 17: A$533 million) and net profit of A$115 million (1H 17: A$445 million). Net profit reflects advice remediation provision announced on 27 July.AMP has today announced the following:

• 1H 18 results. Key figures below.

• The appointment of John Fraser as a non-executive director.

• Remuneration arrangements for David Murray and Mike Wilkins.

Summary of 1H 18 results:

• 1H 18 underlying profit of A$495 million (1H 17: A$533 million) and net profit of A$115 million (1H 17: A$445 million). Net profit reflects advice remediation provision announced on 27 July.

• Strong growth in AMP Bank with earnings up 20 per cent on 1H 17.

• Continued momentum in AMP Capital; operating earnings up 2 per cent on 1H 17 during period of investment in real assets capability and international expansion.

• Australian wealth management resilient in a challenging environment; operating earnings increased 6 per cent to A$204 million; assets under management increased 6 per cent to A$132 billion.

• Australian wealth protection profit margins of A$46 million (1H 17: A$49 million); operating earnings declined to A$1 million due to higher than expected claims activity and reserve strengthening on a large terminated group plan.

• Strong performance on controllable costs; on track to at least achieve FY 18 cost guidance.

• Surplus capital of A$1.8 billion above minimum regulatory requirements. Interim dividend of 10 cents per share, franked to 50 per cent.

Media_release__AMP_reports_1H_18_results__FINAL.pdf
20180808__AMP_Limited_appoints_John_Fraser_as_NonExecutive_Director_final.pdf
20180807_AMP_Chairman_and_Acting_CEO_rem_arrangments_final.pdf

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