SYDNEY: Australian life insurer and fund manager AMP Ltd retreated from a failed offshore expansion yesterday, announcing a plan to hive off its troubled British unit and take A$2.6bil in write-downs.
Struggling with hefty losses from its British life insurance unit’s exposure to a tumbling FTSE-100 stock index, AMP also said it planned to raise A$1.5bil from institutional and retail investors to fund the split and pay down debt.
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