February 12, 2020 / 8:45 PM / 10 days ago

Australia's AMP Ltd posts annual loss

Feb 13 (Reuters) - Australian wealth manager AMP Ltd on Thursday posted an annual loss, hurt by an exodus of clients following revelations of widespread misconduct.

Net statutory loss for the year ended Dec. 31 was A$2.47 billion ($1.66 billion), compared with a profit of A$28 million a year earlier.

AMP’s flagship wealth-management unit reported net cash outflows of A$6.3 billion for 2019, compared with A$4 billion a year earlier.

$1 = 1.4850 Australian dollars Reporting by Shreya Mariam Job and Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber

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