February 7, 2018 / 8:42 PM / in a year

Australia's AMP full-year profit more than doubles

Feb 8 (Reuters) - Australia’s AMP Ltd on Thursday posted a 114 percent rise in full-year underlying earnings, helped by a recovery in its Australian wealth protection earnings and strong operating earnings growth from AMP Bank.

AMP reported underlying earnings of A$1.04 billion ($814 million) for the year ended Dec. 31, up from A$486 million last year. The results topped the average estimate of A$1 billion, according to 13 analysts surveyed by Thomson Reuters I/B/E/S.

The country’s largest wealth manager posted a net profit of A$848 million, compared with a net loss of A$344 million last year. ($1 = 1.2776 Australian dollars) (Reporting by Sandhya Sampath in Bengaluru; editing by Alexander Smith)

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