AMP has salvaged the deal to sell its mature life business to Resolution Life for $3 billion, will raise $650 million in fresh equity and has written down the value of its business by $2.5 billion in a messy result for shareholders.

AMP revealed a second half net loss of $2.3 billion after writing down the goodwill in wealth management and AMP life businesses. The financial services company is reporting an underlying net profit of $309 million.