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AMP share price up 7%

Having issued a downgrade which saw around 15% lopped off its share price in late June, diversified wealth manager and insurer AMP (ASX: AMP) has had a good week, with its share price gaining around 7% by late this morning.

This gain is despite the fact that management issued a rather downbeat assessment of the outlook for the wealth protection industry, which was backed up during the week by comments by the boss of fellow life insurer TAL, as reported here.

In fact it’s been a good week for all the major insurers on the bourse. Insurance Australia Group (ASX: IAG) and Suncorp (ASX: SUN) have both also outperformed the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) which is up 3.3%, with returns of 7.45% and 5% respectively, while QBE Insurance (ASX: QBE) is up but slightly less than the index at 2.4%.

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Motley Fool contributor Tim McArthur owns shares in QBE Insurance.

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