AMP flags $65m Q4 profit hit

Wealth manager warns trend of policy cancellations continues to worsen.

AMP (AMP) has flagged a hit to its full-year 2013 results of up to $65 million as more customers cancel policies.

In a statement to the Australian Securities Exchange, the wealth manager said it expects a capitalised loss of $40 million to $50 million in the fourth quarter as lapses in its income protection book increase. 

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