AMP Limited (ASX:AMP) has posted a 2 per cent fall in its full year net profit in the same period its underlying profit fell 11 per cent. The wealth manager’s net profit came in at $672 million over the year to December 2013, compared to an underlying profit of $849 million in the same period.
AMP has attributed the result to growth in its Wealth Management, AMP Bank, Mature and New Zealand divisions, but offset by the challenging life insurance environment and a decline in investment income on shareholder funds.
CEO Craig Meller says while the company delivered strong underlying earnings growth across the majority of its business units the result was impacted the ongoing challenges facing the life insurance sector.
Mr Meller has also affirmed AMP’s growth strategy remains focused on high growth Asian markets and says the company is well positioned to participate in China’s rapidly growing mutual fund investment market.
A final dividend of 11.5 cents per share has been declared, in line with the year before.
