AMP Expects Additional Impairment Charges of Around A$325 Million in FY 2021

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By David Winning
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Sydney-Australian wealth manager AMP Ltd said it expects to recognize an additional impairment charge of 325 million Australian dollars (US$234 million) after tax for the 12 months through December.

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AMP said the charges include partial loss of deferred tax assets and heavy lease contracts, and are on top of previously announced lump sum items totaling $110 million from the sale of its life insurance and maturing business and the treatment of retirement cases.

Chief Executive Alexis George said, “As we develop our strategy for the demerger businesses of the AMP and private markets, we have reviewed our balance sheet to ensure that recorded assets are in line with future strategic direction. Is.” “The fees are primarily non-cash and related to legacy issues, and our actions will ensure that both businesses are in a strong position to take advantage of opportunities in the future.”

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Write to David Wining at [email protected]

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