Strong gains for financial services giant
AMP has announced a major turnaround in profit for the first half of 2000 with an increase of over $900 million over the same period last year.
AMP has announced a major turnaround in profit for the first half of 2000 with an increase of over $900 million over the same period last year.
The group has returned a $525 million profit compared to a $398 million loss in the first six months of 1999.
Paul Batchelor, AMP chief executive, says the result shows AMP has achieved the goals it set six months ago with return on equity up to 13 per cent from just over 10 per cent this time last year.
Batchelor says the end of year result is expected to show a further improvement in profitability.
Strong performance from the financial services and asset management divisions and better than anticipated savings from the integration of GIO contributed to the current profit figures.
AMP’s general insurance division also showed improvement turning a $1 million loss in the first half of 1999 into a $24 million profit.
The group’s global asset management business, Henderson Global Investors, re-corded an increase in profits of 147 per cent with a $156 million return.
Henderson Global Investors is the new name for AMP’s worldwide asset manage-ment group formed last year when AMP Asset Management and Henderson In-vestors merged.
Managing director, Roger Yates says in Australia and New Zealand the business will trade as AMP Henderson Global Investors to “retain and build on the strong brand equity attached to AMP”.
A new visual identity and brand template for the business is being developed and will be launched later this year.
“This decision reinforces our strategy to create a distinct brand and culture for the investment management business,” Yates says.
“Henderson Global Investors will be the international product manufacturer for all AMP business units.”
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