COVID-19 uncertainty sees AMP withdraw guidance

AMP has withdrawn its full-year 2020 outlook as a result of ongoing economic uncertainty.

Announcing the move to the ASX this morning, AMP said its capital position and liquidity will help it navigate the uncertain environment but providing an accurate forecast wasn't possible.

"Our group balance sheet and liquidity remain strong and we are confident in our ability to support clients in this time of need," AMP chief executive Francesco De Ferrari said.

AMP will continue to execute its three-year transformational strategy during this period of volatility and uncertainty.

This includes the sale of AMP Life, which is "on track" for completion by June 30, as well as AMP's divestment process from its New Zealand-based wealth management business.

The firm's client remediation program is on track to be 80% complete by the end of FY20 and fully complete in 2021, AMP said.

AMP said it has activated its business continuity plans to ensure it can still service its clients.

"In response to uncertainty in Australia and globally, we have taken decisive action to support our clients and people, while working to maintain the strength and resilience of our business," De Ferrari said.

"Whilst the situation is rapidly evolving, our immediate priorities are to support the public health efforts, help our clients make the right choices, and ensure our people are safe and working in healthy environments.

"Protocols and contingency plans are also in place to ensure our operations and client services can continue throughout the pandemic."

The number of deaths from the pandemic has now surpassed 21,000, with nearly 470,000 cases worldwide, according to data collated by Johns Hopkins University.

The financial services giant joins a string of other listed companies that have withdrawn their FY2020 guidance due to the coronavirus, including Dexus Group, Link Group, Credit Corp, Mirvac and more.

Read our full COVID-19 news coverage and analysis here.

Read more: AMPASXAustraliacoronavirusCredit CorpDexus GroupFrancesco De FerrariJohns Hopkins UniversityLink GroupMirvac
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