Wealth management and life insurance business AMP has bounced back in the black with a full-year $848 million profit.
It represents a $1.2 billion turnaround on last year's ugly $344 loss.
Importantly, underlying earnings — with one-off profits and losses excluded — more than doubled to $1.04 billion, well ahead of market expectations.
While the troubled life insurance business finally returned to profitability, its future in the company is still uncertain.
In a statement to the ASX, AMP said: "All alternatives were being considered."
It said it was in discussions with a number of parties about its possible sale.
AMP's investment wing, AMP capital, and AMP Bank were standout performers, with earning up 8 per cent and 17 per cent respectively.
While dividends were kept steady at 14.5 cents, investors nonetheless applauded the result, with shares jumping almost 4 per cent to $5.23 at midday (AEDT).
