SUPERANNUATION and insurance firm AMP expects earnings to take a hit of up to $65 million in the final quarter of 2013 due to the poor performance of its wealth protection business.
The number of policy lapses - people cancelling or not renewing their insurance policies - continued to worsen in the three months to the end of September, AMP said on Friday.
It now estimates that earnings will take a hit of between $50 million and $65 million during the final three months of calendar 2013.
The forecast follows $24 million in losses from the company's wealth protection business - which provides life and income insurance - during the September quarter.
AMP said improving the wealth protection business was "one of its highest priorities".
Shares in AMP dropped 14 cents, or 2.8 per cent, to $4.80.
The company's wealth management business had $96.7 billion worth of assets under management at September 30, up from $91.8 billion 12 months earlier.
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