not sure if u saw the news, courtesy of fin review:AMP delivers...

not sure if u saw the news, courtesy of fin review:

AMP delivers full-year warning
Jul 29 17:08
Damien Lynch


AMP said on Monday it was unlikely to achieve its long term goal of more than 10 per cent growth in recurring operating margins in calendar 2002, should financial markets continue at current levels.

Australia's largest life insurer and funds manager noted that the UK FTSE index had fallen about 13 per cent since the group's last update to the market on June 21, while the ASX 200 index had dropped 8 per cent in the same period.

"Given that actual performance for the 2002 financial year will depend on market levels throughout the entire year, it is currently not possible to provide more details," AMP said in a statement to the Australian Stock Exchange. "AMP is closely monitoring international financial markets and developments and will continue to keep the market informed."

AMP said it was still finalising its financial accounts for the the six months to June 30, due to be released on August 22.

AMP also provided an update on capital management initiatives in the UK. Last month, AMP said it would allocate an additional $1 billion in capital to support its UK financial services business.

It said the $1 billion, raised by divestments, had been used to improve the regulatory capital position in AMP Pearl by replacing assets, inadmissible for UK regulatory purposes, with admissible assets.

AMP's chief financial officer, Marc de Cure, said the group had also accelerated a number of other capital management initiatives, given the heavy declines in the market since June.

Shares in AMP closed 47¢ or 3.3 per cent higher at $14.57 on renewed buying after the stock succumbed to some selling pressure recently owing to concerns about the capital position of its UK operations.

However, Monday's warning about AMP not achieving its long-term goal of 10 per cent-plus growth in recurring operating margins in calendar 2002 is likely to weigh on the share price when trading resumes on Tuesday.