FY16 Reported NPAT -$344m, versus our -$212m estimate; | AMP has decided to return the $500m in excess capital via an on market buyback (versus our expectation of a capital return to shareholders via one-off payment); | AMP has flagged it intends to reduce its cost base (excluding AMP Capital) by around 3% in FY17, which compares to a -14% drop in adviser numbers over the last year. | Outlook: No quantitative guidance provided. | Today’s share price reaction: Up 2.6% to $5.16 (10.05 am).
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