Shares in AMP Limited (ASX: AMP) were up 3.55% to $4.96 on Tuesday after top broker Credit Suisse upgraded its rating on AMP to “outperform”. AMP’s share price has lagged the market with its share price down 8.3% over the last year.
AMP is a diversified financial services business with service offerings that include a retail bank, insurance products, superannuation and other wealth management products.
In August, the company announced a modest 4% first half increase in underlying profit and updated the market on a series of new reinsurance agreements as part of its strategy to release capital from AMP Life and reduce earnings volatility.
Should you invest?
The success of AMP’s Australian Wealth Management business unit remains critical to the group as it finalises its transition to MySuper fund products which have lower margins. Despite this, AMP is well positioned to benefit from growth in Australia’s superannuation industry.
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Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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