AMP's reporting template for AXA
AMP Limited has announced a reporting template to cover its merger with AXA Asia Pacific, including reclassifying the operating earnings of AXA Financial Planning and Charter Financial Planning.
In an announcement released to the Australian Securities Exchange today, AMP said that while it would integrate AXA with its AMP Financial Services and AMP Capital Investors business units, AXA’s financial results for the period from 1 April to 30 June, 2011, would be reported separately.
It said it would be undertaking a number of reclassifications that would impact AXA’s operating earnings, including moving the operating earnings of AXA Financial Planning and Charter Financial Planning from investment experience to AXA’s operating earnings.
It said it would also allocate AXA employee long-term incentive costs to AXA operating earnings.
AMP is scheduled to release its results on 18 August.
AUTHOR
Mike Taylor
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
