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.”
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