Connect with us

Hi, what are you looking for?

Loan And Finance

AMP set for life exit with divestment move – Life Insurance – Insurance News


AMP set for life exit with divestment move

8 November 2021

AMP has agreed to sell its near-20% stake in Resolution Life Australasia, with the transaction expected to complete in the first-half of next year, subject to regulatory approvals in Australia and New Zealand.

It will receive about $524 million from Resolution Life, the global insurer that acquired AMP Life in July last year for $3 billion and set up Resolution Life Australasia as a holding company for the business.

The $3 billion includes AMP’s minority equity interest in the holding company.

Resolution Life will take full control of the holding company once the transaction is approved.

The sale of the 19.13% equity stake will complete AMP’s exit from its former life insurance and mature business, the business said.

Advertisement. Scroll to continue reading.

“This divestment brings to a close our long and proud involvement in life insurance in Australia and New Zealand,” CEO Alexis George said.

“It enables us to realise capital to further strengthen our balance sheet ahead of our demerger and continue supporting our businesses.

“The separation of our businesses is progressing well and will continue until mid-next year as planned.”

Ms George says the business will continue to provide transitional services to Resolution Life Australasia as agreed, and will have a shared customer and adviser connection into the future.

Resolution Life Australasia CEO Megan Beer, who is also AMP Life CEO, says the business is well positioned for growth in Australia and New Zealand.

“This acquisition represents the next phase of Resolution Life’s Australasian journey as we position our platform for future growth and rebrand AMP Life to Resolution Life,” she said. “We have already achieved so much and the business is performing well.

“By acquiring the remaining interest in AMP Life we now have full ownership and control over our future.”

The acquisition includes settlement of a number of warranty & indemnity claims with AMP.

Advertisement. Scroll to continue reading.

.



Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement

Latest

Loan And Finance

AMP set for life exit with divestment move 8 November 2021 AMP has agreed to sell its near-20% stake in Resolution Life Australasia, with...

Top Stories

The number of Ethereum addresses holding 32 or more Ether (ETH) reached a one-month low on Nov. 9. The number of externally owned Ethereum...

Technology

Apple TV+ has released a new video that dives into the behind-the-scenes of its new Sci-Fi series. The service dropped a new featurette for...

Top Stories

Morgan Harper, a former senior advisor at the Consumer Financial Protection Bureau, is coming out as ‘crypto curious’ in her race to be the...

Social Media

Instagram is seemingly the more popular app, but Facebook has more users – so which of Meta’s big social platforms gives you the most...

Online Business Success

Picture of some electrical grids. — Reuters/File Per notification, the discount package will be applicable from November 1, 2021 to February 28, 2022. The...

Top Stories

Delegate representatives from the Climate Chain Coalition spoke at the United Nations Climate Change Conference, also known as COP26, in Glasgow, Scotland on Tuesday....

Top Stories

This week, a number of contenders are set to participate in Polkadot’s first parachain auctions and this process tends to place buy pressure on...

Advertisement

You May Also Like

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Technology

Sonos is one of the most popular wireless speaker brands in the world, and for good reason – its range of portable Bluetooth speakers,...

Online Business Success

Carrying Credit Card Debt Isn’t Just Bad for Your Budget. It May Also Affect Your Health. The stress of carrying card debt through adulthood...

Online Business Success

File photo The Economist Intelligence Unit (EIU) has said that inflation will remain high in Pakistan for the next six months and the rupee...

Advertisement