Yes, unfortunately for AMP they are tending to the very bottom of the cycle in their business lines while the market is "Late cycle".
Any growth in those business lines will be largely muted if we see a bear market, especially given they will have their Wealth and Capital arms anchored to equity and debt market returns.
As I said, not a lot to look forward too, especially given that most financial services business's have grossly underestimated their impairment provisions from the RC.
It's not a question of catching the next upswing in the cycle as much as it is a fight for survival. They need capital for that, and a lot of it.
News: AMP Australia's AMP says insurance business sale unlikely to proceed, page-33
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