AMP blows $5bn on UK
AMP is poised to report a record corporate loss of between $5 billion and $5.6 billion, net of an expected $500 million operating profit. The company announced yesterday it would add a further $1.1 billion charge against the value of its UK spin-off HHG, bringing total writedowns to $3.6 billion for 2003. The full-year loss also includes about $2 billion in writedowns resulting from the group's demerger in addition to problems with its UK life insurance division. AMP's results will be announced on March 4.