AMP profits down, but result solid

The business reported a 13% decline in operating earnings to $60.4 million in the six months ended June 30, citing skinnier profit margins from its wealth protection and mature life insurance products, and an increased number of claims on income protection products and a number of policy lapses in the period.

AMP's Australian parent company gave no update on the future of its New Zealand operations, however it noted that it "is well progressed with a portfolio review of its manage for value businesses, Australian wealth protection, New Zealand and Australian mature."

"All alternatives are being considered as part of the review. As a result, AMP is in discussions with a number of interested parties and will update the market as appropriate."

AMP Financial Services managing director Blair Vernon described the result as being "solid".