AMP expects markets to remain tough this year and next at the very least.
Company chairman Peter Mason told shareholders in Sydney that the economic recession has a way to go, despite stock markets picking up in the past couple of months.
AMP says it continues to focus on preserving capital to strengthen its balance sheet.
In February, the Australasian insurer and fund manager cut its dividend payout after full-year profit fell 41% to $A580 million.
