AMP reports 'volatile' wealth protection profits
AMP Limited has provided an unaudited earnings update following “poor claims and lapse experience" in its Australian insurance and wealth protection business.
According to a statement, “underlying profit for 1H 13 is expected to be within the range of $415 million to $435 million”, while experienced losses for its Australian wealth protection business were “$32 million for the five months to 31 May 2013, comprising $26 million in insurance claims, $8 million in lapses, and offset by $2 million of other positive experience”.
“This reflects the ongoing volatile nature of experience across AMP’s insurance portfolio, which has in-force premiums of more than $1.7 billion,” the statement said.
“The industry is experiencing increased pressure on insurance claims and policy lapses.”
AMP to introduce annual advice agreements
AMP has announced it will introduce annual agreements for clients who currently ...
Only one in four retirees seek advice, report finds
New research has found that only one in four people aged 65 and over actively se...
Praemium adds three model portfolios to SMA
Advice platform Praemium has broadened its range of model portfolios on its sepa...