SYDNEY, Aug 18 (Reuters) - Australian wealth manager AMP Ltd AMP.AX said on Thursday that first-half underlying profit fell 10 percent owing to tough market conditions and higher claims in its income protection insurance business.
Underlying profit came in at A$513 million ($393 million) for the six months to June 30 compared with A$570 million a year ago, the company said in filings to the Australian Stock Exchange. The result compared with an average of analysts' forecasts of A$535 million, according to ThomsonReuters I/B/E/S. Net profit rose 3 percent to A$523 million.
AMP reported an unchanged interim dividend of 14 cents.
Earnings from the income protection business fell 53 percent, compared with the same period a year ago, mainly because of higher-than-expected life insurance claims. Overall revenue for the half-year to 30 June fell 29 percent to A$6.1 billion. ($1 = 1.3065 Australian dollars) ($1 = 1.3062 Australian dollars)