AMP, the Australian insurance company, expects to take a hit of A$2.6bn (€1.4bn) in write-downs after it unveiled plans to demerge its UK and Australian businesses, signalling a retreat from its expansion strategy.
The company is to create two groups that will be operationally and financially independent. The firm said it plans to raise A$1.5bn in a share offering to fund the demerger and cut its debt pile.
