AMP Limited (AMP)

5.360 AUD 0.060 (0.61%)

AMP Limited provides life insurance superannuation asset management products pensions retirement planning and other diversified financial services throughout Australia and New Zealand. The Company services individual customers small businesses corporations and associated superannuation funds.

AMP Limited (AMP) recently announced its results for the first half of 2013, headlined by a 6% increase in profit to $393 million. Despite the jump in official profit, underlying earnings dropped by 9% to $440 million.

The result was highly disappointing, but mostly expected after the company issued a profit warning in June. The insurance business is mostly to blame for the drop in underlying earnings, with the key division underestimating claim levels.

AMP declared an interim dividend of 11.5 cents a share – its lowest dividend in nine years. The disappointing results have led to changes at the top, with the company replacing CEO Craig Dunn after five and a half years in the top job. He will be replaced by Craig Meller in January. Meller has run AMP’s biggest division (Financial Services) for the last six years.

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