Financial services giant AMP has announced it expects to record a $900m (£556m) loss for 2002.

AMP has slashed its 2002 forecasts for operating margins at its UK Financial Services business by around $100m (£36m).

An AMP statement said: "The anticipated reduction in UK Financial Services' operating margins means AMP expects to report a 2002 net operating profit of $500m (£309m).

"After those items, AMP currently expects to report a total net loss of around $900m for the 2002 year."

AMP chief executive Andrew Mohl said the reduction in its UK Financial Services forecast reflected the deterioration in equity markets.

Mohl said: "The UK results underline the impact of depressed equity markets and the continued difficult operating environment we face there.

"However, we have over $7bn of our capital invested in the UK and we are committed to extracting value from our mature business and selectively growing our contemporary business in the best interests of shareholders."

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