S&P lifts AMP to stable

S&P said it revised to stable from negative the outlook on AMP Ltd., along with the group's core operating entities and the group's other subsidiaries.

The agency also said it affirmed the AA- ratings on AMP's core operating entities, A issuer credit ratings on AMP and AMP Group Holdings Ltd., and the A rating on AMP Bank Ltd.

S&P also said it withdrew the ratings on the National Mutual Life Association of Australasia Ltd. and the National Mutual Life Assoc. of Australasia Ltd. at the request of the company.

The outlook revision reflects a view that the resilience of AMP's capital and earnings has improved following the recent rebound in profitability and the likely benefit stemming from announced reinsurance arrangements for its life insurance business, the agency said.

AMP's half-year 2017 results were in line with the base case expectations and showed a strong return to profitability with sound performance across all business lines, S&P said.

The agency said it is anticipating less volatile performance in AMP's life insurance business following comprehensive reinsurance arrangements recently announced.

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