Due to poor claims and lapse experience, AMP announced on Monday that its half-year underlying profit would be $55 million below consensus estimates of $480...

Livewire
Due to poor claims and lapse experience, AMP announced on Monday that its half-year underlying profit would be $55 million below consensus estimates of $480 million. Although AMP is significantly skewed towards wealth and income insurance, the downgrade may be a bellwether for other insurance-related stocks as well as fund manager earnings too. With the sector having run hard, investors may need to consider whether financial stocks in their portfolio are overvalued and potentially vulnerable. The market may continue to suffer from negative profit surprises from other major life companies such as AMP, Comminsure, NAB's MLC, ANZ's OnePath and TAL.(VIEW LINK)
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Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
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