AMP shares have suffered after two global credit ratings giants both cut its outlook to negative from stable following the wealth manager's announcement of impairments to its life insurance business.
Financial stocks were the standout on the benchmark S&P/ASX 200 index on Monday, with the sector gaining about 1.8 per cent, but AMP closed down three cents, or 0.7 per cent, at $4.50 after both Fitch and Standard and Poors downgraded the stock's outlook.
AMP last month announced $668 million in impairments, about $500 million in losses and future hits to profit due to "constant deterioration" in the insurance market.
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