AMP full-year profit slips

Group says challenges in life insurance sector persist, will continue to seek out opportunities in high growth Asian markets.

AMP (AMP) has posted a modest decline in full-year net profit, but will continue to seek out opportunities in high growth Asian markets as it grapples with the ongoing challenges facing the domestic life insurance sector.

In the twelve months to December 31, AMP posted a net profit of $672 million, only a slight 2% decrease on the $689 million booked in the previous year.

Underlying profit was $849 million, 11% lower than the $950 million booked in 2012.

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