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Australian investment manager AMP has withdrawn its outlook for 2020 due to the market turmoil caused by the Covid-19 pandemic.

However, the firm stressed that its capital position and liquidity continue to be strong.

AMP CEO Francesco De Ferrari noted: “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.

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By GlobalData

“Our group balance sheet and liquidity remain strong and we are confident in our ability to support clients in this time of need.

At the same time, the firm confirmed that it will go ahead with the plan to simplify its business.

As a result, the AMP Life divestiture is on track to conclude by this June.

The life insurance business of AMP will be acquired by British insurer Resolution Life.

AMP will also continue with its plan to offload its New Zealand wealth management business. An update on the deal will be offered prior to or alongside its 1H 2020 earnings release.

The firm further stated that its client remediation programme is on track to achieve 80% completion this year.

The programme is scheduled to wrap up completely next year.