The AMP Ltd (ASX: AMP) share price has fallen even further into the red in Tuesday morning trade.
At the time of writing, the shares are down around 8% for the day so far, and trading at $2.16 each.
The decline also extends a 6% share price loss at the close of the ASX on Monday afternoon, totalling 14% so far this week.
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What has happened?
There has been only one price-sensitive announcement from AMP this week, which could offer some insight into the share price crash.
The ASX issued a price query to AMP on Monday requesting information about a significant increase in the volume of AMP securities traded on the 2nd of November.
The regulator noted that AMP's share price had swung wildly from an intraday high of $2.51 to a low of $2.22 on Monday, 2 November 2026, and asked if the company is aware of why.
AMP replied to the price query within the ASX deadline, at around 2pm on Monday afternoon, stating that it isn't aware of any information that has not been announced to the market that would explain the recent trading activity.
The company also said that a third-quarter solvency report, published by China Life Pension Company (CLPC) on 30 October 2026, may have contributed to the share price swing.
The solvency report indicates that CLPC's 3Q 26 net profit was lower on prior corresponding period. This has been noted in some Australian sell-side analyst reports released today.
AMP holds a 19.99% interest in CLPC and recognises its share of CLPC's earnings as part of its overall partnerships portfolio, which includes CLPC, CLAMP, PCCP and other interests.
This update from CLPC does not change AMP's FY 26 guidance for partnerships, which anticipates a combined annualised 12-15% ROI, subject to market conditions.
AMP also confirmed it is complying with the ASX listing rules.
So, why is the AMP share price still falling?
It looks like, while the two are directly related, the ASX query didn't create the AMP share price crash directly, but rather was a regulatory consequence.
It's most likely, as AMP indicates, that the share price decline follows news of the CLPC profit decline.
AMP holds a 19.99% strategic equity stake in CLPC, making it a primary component of its Partnerships & Group reporting segment, and its contributions flow directly into AMP's overall profitability.
It's possible that profit-taking investors started selling off their shares because this creates near-term earnings concerns and offshore volatility for AMP. However, the company maintains that its FY26 partnership guidance is unchanged.
Elsewhere the business is strong
AMP has managed to execute an operational turnaround this year, improving its earnings and reigniting investor confidence.
The company has posted strong financial results, too. Over the course of the year, its assets under management (AUM) have climbed, its wealth business has improved, it has boosted its interim dividend, and it has also completed a series of share buybacks.
Last month, as part of its third-quarter FY26 cash flow and business update, AMP confirmed that platforms net cash flows have increased by 20% compared to the same quarter last year, and that superannuation and investment net cash outflows have improved year on year.
The update follows the company's first-half FY26 results announcement in August. At the time, AMP announced a 33% increase in underlying NPAT and an 8.2% increase in AUM for the six-month period ending 30th of June.
Total AUM has now reached $168 billion across its Australian and New Zealand wealth business.
Are AMP shares a buy, sell, or hold at the current share price?
TradingView data shows that the majority (five out of nine) of analysts are still bullish on the outlook for AMP shares and hold a buy/strong buy rating.
The average $2.59 target price now implies an upside of around 20%, at the time of writing.
But some are even more bullish that the financial services company's shares could rebound even higher. The maximum $2.80 target price implies a 30% increase over the next 12 months, at the time of writing. The ASX stock last traded at around the $3 level back in October 2018.
