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Feb 8 (Reuters) - Australia's AMP Ltd AMP.AX on Thursday posted a 114 percent rise in full-year underlying earnings, helped by a recovery in its Australian wealth protection earnings and strong operating earnings growth from AMP Bank.
AMP reported underlying earnings of A$1.04 billion ($814 million) for the year ended Dec. 31, up from A$486 million last year. The results topped the average estimate of A$1 billion, according to 13 analysts surveyed by Thomson Reuters I/B/E/S.
The country's largest wealth manager posted a net profit of A$848 million, compared with a net loss of A$344 million last year.
The company's full-year revenue rose to A$18.36 billion from A$14.80 billion from a year ago, with Australian wealth protection earnings recovering to A$110 million from a loss of A$415 million.
Strong operating earnings growth from AMP's banking and capital divisions lifted underlying profit for the year, although the company's mainstay wealth arm posted a marginal earnings decline.
"We've driven double-digit growth in AMP Bank's operating earnings while responding to tightening market regulation. We remain on track to double the value of the bank by full year 2021," Chief Executive Officer Craig Meller said.
The company's underlying earnings fell more than half last year because of a spike in both policy cancellations and payouts, plus a writedown on its life insurance unit. August last year, the company indefinitely suspended a planned share buyback to consider other capital management options, while it also signed a series of reinsurance agreements covering its troubled AMP Life unit. agreements were expected to release about A$500 million in capital that analysts said could be directed to buy backs.
($1 = 1.2776 Australian dollars)