Trumbull told reporters that prices of insurers and fund managers remained high in the United States and to a lesser extent in Britain, but there were opportunities in some parts of Asia.

Trumbull, speaking after opening an international insurance conference, said the Philippines, in particular, looked attractive at the moment with its stable government and its use of English as a language of business.

"We have people on the ground in Indonesia, the Philippines and China and they continue to talk to people about the opportunities to potentially do business with them," Trumbull said.

"It may be different than a straight-out acquisition, it could be a joint venture of some fashion," he said.

China and India were longer term prospects, with the instability seen since India's nuclear testsmaking the sub-continent an even longer term prospect.

"India is long term, although their recent involvement in, how would you say it, international issues, probably pushes that back a tad," he said, referring to India's recent nuclear tests and Pakistan's response. "The Philippines is attractive in the sense of they've generated some stability in the government side. I think (new Philippines president Joseph) Estrada will move that forward," Trumbull said.

"English is not an uncommon business language in the Philpppines and they're going to have to put in place some kind of pension and savings system," he said.

"I think there could be good opportunities in the Philippines to partner or venture with someone or perhaps even acquire." Trumbull has previously said AMP was focused on acquisitions in Britain and the United States in particular, with first preference for English language markets.

He has said previously the demutualised AMP would look to make acquisitions worth A$5 billion to A$8 billionover the next two to three years.

Trumbull said prices had recently come back in the United States and Britain in particular, but still remained high.

"Prices have been pretty high. It hasn't come back much in the States, it's come back some in the United Kingdom, but multiples in the States are still pretty pricey," he said.

AMP's most recent major acquisition was of British funds management group Henderson Plc for 382 million in February.

Trumbull said the integration of Henderson into AMP's British funds management operation had gone well.

"It's (the Henderson buy) on track and the results are better than we thought when we made the acquisition," he said.

Trumbull would not comment on AMP's results for the first six months of its calendar 1998 financial year or how they compared with AMP's float prospectus forecasts.

He said the first half results would released on August 24.