News: AMP FY10 profit lifts 5%

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AMP Ltd (ASX:AMP) has reported a five per cent lift in its full year earnings, delivering a net profit of $755 million. 

In the 2010 calendar year underlying profit dipped two per cent to $760 million, which AMP says reflects a solid but subdued market.



The diversified wealth managers preferred measure of profitability is underlying profit because it removes some of the impact of market volatility.

CEO Craig Dunn says the result was achieved while driving a program of change and that AMP is well placed for future growth.

Mr Dunn adds that the proposed $13 billion buyout of AXA Asia Pacific Holdings Ltd (ASX:AXA) is on track and that the merger will create the largest independent, non wealth management company in Australia and New Zealand. 

A 60 per cent franked final dividend of 15 cents per share has been declared.

In its first half of the 2010 financial year, AMP reported a net profit of $412 million.