REPORTING SEASON: AMP Limited (AMP)

Brought to you by CommSec

 

Figure 1: AMP Limited Limited 12 month chart

 

Wealth management and banking firm AMP Limited (AMP) reported its half year results this morning.

AMP’s first half Net Profit increased by 5.4% to $393Million while its underlying profit fell 9% to $440Million but still above the company’s guidance of between $415 to $435Million recording in late June.

AMP had already flagged to the market revenue and business deterioration in its life insurance unit after a large increase in claims and falling demand for its products.

AMP’s overall cost control is improving down 3% and the integration of AXA is nearly complete (cost over the period related to integration $31Million) putting AMP in a strong position to take advantage of the expected growth in the Australian wealth management business AMP told the market today that its current Chief Executive Officer (CEO) Craig Dunn will retire at the end of the year and Craig Meller the head of AMP’s wealth management unit will take over.

1H13 dividend payment of $0.115 share- payable on the 11th of October 2013.

 

You can see all of CommSec’s reporting season analysis by clicking here.

Juliana Roadley, Market Analyst,