AMP exceeds debt-reduction forecast

AMP has confirmed it has exceeded expectations with its debt-reduction program in buying back $747 million of offshore bonds – $47 million more than originally targeted. AMP has now cut its debt from $4.3 billion to $1.56 billion since December, slicing millions off its annual interest bill. The announcement saw AMP's shares soaring to $6.18, their highest level in over a year. The company intends to return excess capital to shareholders through higher dividends and share buybacks.