August 7, 2018 / 9:45 PM / 4 months ago

Australia's AMP posts 7 pct fall in 1st-half profit

Aug 8 (Reuters) - AMP Ltd reported a 7.1 percent fall in first-half profit, hurt by losses in its income insurance division, months after an inquiry into Australia’s financial sector revealed systematic wrongdoing at the nation’s biggest wealth manager.

Underlying profit for the six months to June 30 was A$495 million ($367.09 million), down from A$533 million a year ago and in line with company guidance of between A$490 million and A$500 million.

Revenue dipped 6 percent to A$7.17 billion. The wealth management unit posted operating earnings of A$204 million, compared with A$193 million last year. ($1 = 1.3484 Australian dollars) (Reporting by Aditya Soni in Bengaluru Editing by James Dalgleish)

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