AMP Ltd
(ASX:AMP) has reported a $523 million profit for the first half of 2016. This result is a 3% improvement compared to the first half of 2015.
On the other hand, less rosy is its underlying profit figure, which fell by 10% to $570 million because of “higher claims in Australian wealth protection and volatile investment conditions”.
As for its cost to income ratio in the first half of 2016, that increased by 2.4 percentage points to 45.5% – compared to the same period last year.
AMP has declared a first half interim dividend of 14 cents per share, 90% franked. The company says this represents a payout ratio of 81% of underlying profit.