First Impression: AMP-AMP-Interim result

Wealth Protection worsened in the final quarter and that explains part of our miss (1H16 Wealth Protection at $47m versus our $76m expectation) | The company really hasn’t made any progress on the reinsurance of its Life book and indicated this is something that will be done over a longer period of time (this will be received negatively by the market) | Net-flows in AMP Capital are low at -2.6 billion during 1H16 | Net-flows on AMP Investment Platforms at $971m, down from $1,795m pcp | AMP Bank a small bright light in the result with $59m contribution, versus our $56m expectation.