Australia's insurance giant AMP has posted one of the biggest losses in Australian corporate history.
It comes after moves into the UK's life insurance market which it has now admitted were badly timed.
AMP lost £880 million in the first six months of the year. In the same period last year it made £125 million profit.
AMP's British assets, including Pearl, NPI and London Life, have been written down according to the BBC.
AMP's new chief executive Andrew Mohl admitted British acquisitions had been "ill-timed" and called the write-down "another step" in the firm's painful journey.
The firm has come up with a rescue plan to demerge its Australian and British businesses.
But some analysts say the firm hasn't enough money to complete the operation.
AMP's expansion into the UK financial services industry caused the company serious difficulties, pushing its share price 70% lower during the past year.