Australian insurer AMP said it had closed the books on its attempted UK expansion, positing a loss of A$5.542bn for 2003.
It said its results primarily reflected massive write-downs and the loss on the demerger from its UK operations.
The company spun-off its loss-making UK units at the end of 2003, creating HHG in the UK and AMP in Australia/New Zealand which are now listed separately on the Australian and London stock exchanges.
AMP's loss for 2003 is the second largest in Australian corporate history, said a report.
