BRIEF-AMP says FY14 group-wide controllable costs expected to rise about 1.5 pct from FY13

Feb 20 (Reuters) - AMP Ltd AMP.AX :

* Says shareholders will be invited to participate in amp's dividend

reinvestment plan

* Says no discount will be applied to the drp allocation price

* Result has clearly been impacted by the ongoing challenges facing the life insurance sector"

* Strengthening of assumptions across both retail income protection and lump sum products expected to reduce profit margins by around A$35 mln in FY 14"

* FY 14 group-wide controllable costs expected to rise by around 1.5% from FY 13"

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