Australia's AMP shares jump after full-year earnings

SYDNEY Wed Feb 19, 2014 6:33pm EST

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SYDNEY (Reuters) - Shares in Australia's AMP Ltd (AMP.AX) rose as much as 10 percent on Thursday after Australia's third-largest retail funds manager said it expected to stop profit declines in its wealth protection unit in 2015.

AMP reported a 10.6 percent fall in full-year underlying profit to A$849 million ($766.90 million) but said there were encouraging signs in the second half of the year in addressing lapses in insurance policies.

AMP's shares were up 7.8 percent at A$4.86 in early trade, having touched a high of A$4.94. The stock had dropped about a quarter in eight months after AMP gave two warnings about the wealth protection unit's shrinking profits.

(Reporting By Byron Kaye; Editing by Paul Tait)

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