For the full year ending 2016, AMP Ltd
(ASX:AMP) posted a net loss of $344 million. This fell below expectations and included a $415 million loss from its life insurance business.
In comparison, AMP reported a net profit in 2015 which totalled $972 million.
However, Australia’s largest wealth manager says it made an underlying profit of $486 million last year (compared to its $1.1 billion underlying profit in 2015).
AMP also says $500 million will be returned to its shareholders through an on-market share buy-back which will begin in the first quarter of this year.
The company declared a final dividend of 14 cents per share, 90% franked. And this brings AMP’s total dividend to 28 cents per share in 2016.
