Full year 2018 results, page-86

Shaw & Partners doesn't pull its punches, accusing AMP of having one gear and one direction: reverse. It's a predicament driven by falling revenue margins, increasing costs and rising cash outflows. The broker says the gap is widening between revenue-margin contraction in Australian wealth management and outflows. That as the life business has struggled of late and recently saw a spike in the lapse rate. Also, the banking arm has little growth and declining margins, with bad-debt charges sharply rising in 2H18. Shaw adds even the reasonably stable AMP Capital arm may not be far from trouble as 65% of assets come from internal sources.