SYDNEY, Feb 20 (Reuters) - Shares in Australia’s AMP Ltd 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.
$1 = 1.1071 Australian dollars Reporting By Byron Kaye; Editing by Paul Tait