AMP cuts financial advice deal, stemming losses

AMP chief executive Alexis George promised her new ownership structure for the financial advice business would arrest years of losses and put the simplified group on track for better returns.

The share price jumped 13 per cent on Thursday to $1.28 after the financial services giant posted a first-half net profit of $118 million and announced it was selling off a portion of its advice arm. The result was up 5.4 per cent on last year and 11 per cent above consensus, accompanied by a partially franked interim dividend of 2¢ a share.