She cited challenging economic conditions and the decision to lower prices on superannuation and platform products for the profit miss.ĪMP slashed fees on its wealth platforms in May 2021 by up to 22 per cent in an attempt to curb a mass departure of assets under its management. "The completion of these transactions enables AMP to become a simplified and more customer-focused business," Ms George said. The company requires one more regulatory approval to complete the sale of AMP Capital's equity business to Dexus. "We continue to work towards completion of the sale of the real estate and domestic infrastructure equity business," chief executive Alexis George told investors. The 2.5 cent dividend was funded by an extra $1.1 billion recouped from the sale of AMP's infrastructure debt and equity businesses, part of the company's continued push to streamline its operations. Nevertheless, the statutory profit figure was a significant improvement on the previous year's $252 million loss, allowing AMP to deliver its first regular dividend since 2019, shortly after it was accused of criminal misconduct by the Hayne royal commission. At 2pm, AMP's share price was down to $1.13, its lowest level since October.
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