Business
AMP profit slumps after ‘tough’ year of COVID-19 and failed takeover – ABC News
Embattled wealth management firm AMP will not pay shareholders a dividend after its full-year profit dropped 33 per cent due to the impact of coronavirus on its…
Embattled wealth management firm AMP is the latest company to reveal details of its “tough year” as profit reporting season ramps up.
Key points:
- US firm Ares has abandoned its plans to purchase AMP for $6.36 billion
- AMP sold its life insurance division to Resolution Life for $3 billion last year
- Its earnings took a hit as more customers pulled their money out of the company
Shareholders will not receive a final dividend, with the company reporting its underlying annual profit dropped (-32.8pc) to…
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