AMP Ltd (ASX: AMP) shares crashed 26.65% over the course of the day on Thursday. When the ASX closed on Thursday afternoon the share price had dropped to $1.28 a piece. The crash means the shares are now 27.27% lower for the year.
The decline came straight off the back of the financial services company's FY25 results announcement posted on the ASX ahead of market open on Thursday morning.
According to The Australian, Thursday was the biggest one-day fall in the AMP share price since 2003, when its value tanked 36%.
The wealth manager reported a 20.8% lift in underlying net profit after tax (NPAT) to $285 million. It also reported a 9% increase in total assets under management (AUM) and a 11.3% decline in statutory NPAT over the year. AMP said this decline was due to legacy legal settlements.
The result was far below market expectations across the board.
Image source: Getty Images
So if I bought $2,000 worth of AMP shares in early 2026, what is it worth now?
The decline means $2,000 invested in AMP shares when the ASX first opened for the year on the 2nd of January would be worth just $1,467 at the close of the market on Thursday.
$2,000 invested in AMP shares this time last year would be worth even less, totalling $1,454 at the time of writing.
It remains to be seen whether AMP's shares can recover today, or whether the investor sell-off will continue through the end of the week.
It's not the first headwind to hit AMP shares this year
The disappointing results follow a dent in confidence last month after news that a new CEO will take over the business spooked investors.
The company announced that Blair Vernon will take the reins as the company's new CEO and sitting CEO, while Alexis George will retire from her executive roles on the 30th of March. George has served as AMP's CEO since August 2021, overseeing a period of significant transformation and growth for the company.
The move stirred up concerns about business uncertainty among investors even ahead of its FY25 results announcement. AMP has spent the past year or so reshaping its business after selling off its advice and insurance in August 2024. It looks like the latest financial results have done nothing to instil any confidence. I wouldn't be surprised if we see more downside from here.
