Aug 10 (Reuters) - Australia's biggest life insurer, AMP Ltd AMP.AX , said on Thursday underlying half-yearly profit rose 4 percent, as earnings from its banking and capital arms lifted.
Underlying profit for the six months to June 30 was A$533 million ($420.32 million) up from A$513 million a year ago, beating analyst estimates of A$514.5 million, according to Thomson Reuters I/B/E/S.
The company also said it signed a series of reinsurance agreements covering its troubled AMP Life unit, which would release about A$500 million in capital, subject to regulatory approval. ($1 = 1.2681 Australian dollars)