Aug 13 (Reuters) - AMP Ltd AMP.AX :
* AUSTRALIAN WEALTH MANAGEMENT NET CASH OUTFLOWS $4.4 BILLION IN 1H 20
* UNDERLYING PROFIT FOR HALF YEAR ENDED 30 JUNE 2020 WAS $149 MILLION VERSUS $256 MILLION
* HY AUSTRALIAN WEALTH MANAGEMENT EARNINGS $59 MILLION DECLINED 43% FROM 1H 19
* HY NET PROFIT ATTRIBUTABLE $203 MILLION VERSUS LOSS OF $2,292 MILLION
* DOES NOT EXPECT TO DECLARE A FINAL FY20 DIVIDEND
* HY REVENUE FROM ORDINARY ACTIVITIES OF CONTINUING OPERATIONS $1,976 MILLION VERSUS $2,135 MILLION
* ON TRACK TO COMPLETE ITS CLIENT REMEDIATION PROGRAM IN 2021 WITH 80% OF PROGRAM EXPECTED TO BE COMPLETE BY END OF FY 20
* REMAINS COMMITTED TO DELIVERING $300 MILLION OF ANNUAL RUN-RATE COST SAVINGS & ITS TRANSFORMATION INVESTMENT OF $1.0 BILLION TO $1.3 BILLION BY FY 22
* RETURN OF CAPITAL OF UP TO $544 MILLION TO SHAREHOLDERS, COMPRISING A $344 MILLION FULLY FRANKED SPECIAL DIVIDEND IN NEXT 12 MONTHS
* DECLARED SPECIAL CASH DIVIDEND OF 10.00 CENTS PER SHARE
* TOTAL CLIENT REMEDIATION PROGRAM SPEND TO DATE IS $328 MILLION WITH $64 MILLION PAID IN 1H 20
* SEES $200 MILLION ON-MARKET SHARE BUY-BACK DURING COURSE OF NEXT 12 MONTHS
* OVERALL REMEDIATION COSTS REMAIN BROADLY IN LINE WITH ORIGINAL ESTIMATE PROVIDED IN NOVEMBER 2018
* ENTERED INTO AN AGREEMENT TO REPURCHASE MUTB'S 15% SHAREHOLDING IN AMP CAPITAL
* AMOUNT PAYABLE UNDER PURCHASE AGREEMENT IS TOTAL CASH CONSIDERATION OF $460 MILLION
* AGREEMENT TO REPURCHASE MUTB'S 15% SHAREHOLDING IN AMP CAPITAL EXPECTED TO COMPLETE IN Q3 20
* FOLLOWING SALE OF AUSTRALIAN AND NEW ZEALAND WEALTH PROTECTION AND MATURE BUSINESSES, HOLDS $500 MILLION EQUITY INTEREST IN RESOLUTION LIFE NOHC
* DEAL TO REPURCHASE MUTB'S 15% SHAREHOLDING IN AMP CAPITAL WILL BE FUNDED FROM EXISTING CAPITAL RESERVES
* AT DEAL CLOSE, EXISTING BUSINESS AND CAPITAL ALLIANCES BETWEEN MUTB, AMP LTD AND AMP CAPITAL WILL END
* AT DEAL CLOSE, MUTB WILL NO LONGER HAVE REPRESENTATIVE ON AMP CAPITAL BOARD