AMP to suffer more investment losses
TheAMPgroup has announced that it is expecting to face greater than anticipated losses in its investment income as a result of the continuing downturn in global equity markets.
In an announcement to the Australian Stock Exchangetoday, AMP said its investment income in the first half of 2002 would be negative, and worse than the result recorded by the group for first half of 2001.
AMP announced at its annual general meeting (AGM) in May that it had recorded a $26 million loss on investment income in 2001, a sever slump from the $617 million investment profit it achieved in 2000.
At the time, AMP chief executive Paul Batchelor said the result reflected the poor performance of global share markets throughout 2001.
But Batchelor told the AGM that even if investment markets remained at their May levels, the group’s investment income in the first half of 2002 would be stronger than the first half of 2001.
In its announcement today, AMP said the revised expectation was the result of substantial falls in international investment markets over the last month.
The UK market, were AMP has significant exposure, has fallen by 11.5 per cent since the AGM in May.
AMP will report its full half-year results on August 22.
Recommended for you
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
