MELBOURNE: Australian life insurance giant AMP Ltd warned yesterday that its poorly performing British arm would drive it to a A$900mil loss for 2002 and hurt it again this year, sending its shares to a record low.
The latest profit red flag came as the group was in the process of retreating on its ill-fated expansion into Britain and slashing nearly half its global workforce to boost its returns and rescue its share price from last September's slump.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
