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BRIEF-AMP announces wealth protection business outlook

Published 28/10/2016, 09:34 am
© Reuters.  BRIEF-AMP announces wealth protection business outlook
AMP
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Oct 28 (Reuters) - AMP Ltd AMP.AX :

* Deterioration in insurance sector over course of 2016 has "significantly" impacted performance of wealth protection business

* Amp ltd - estimated net impact from agreement on australian wealth protection business profit margins is a $25 million reduction annually from fy 17

* Expects capitalised losses and other one off experience items in order of $500 million in fy 16

* Amp - anticipated assumption changes will reduce australian wealth protection embedded value at fy 16 by approximately $1.0 billion at a 5 percent discount margin

* Amp ltd - goodwill attributable to australian wealth protection business expected to be fully impaired by $668 million when preparing 2016 year-end financial statements

* Impairment charges will not impact amp's fy 16 underlying profit

* "anticipated assumption changes will reduce australian wealth protection embedded value at fy 16 by $1.0 billion at a 5 per cent discount margin"

* Amp's policy remains to pay dividends on a payout ratio of 70-90 per cent of underlying profits

* Impact of anticipated best estimate assumption changes will absorb approximately $270 million of regulatory capital Source text for Eikon: Further company coverage: AMP.AX

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