Resolution Life takes full control after buying AMP’s stake
4 July 2022
The acquisition was announced last November, with AMP receiving about $524 million from the deal.
Resolution Life Australasia says it has been focused on building its market presence since purchasing AMP’s life insurance business in 2020 for $3 billion. Under the acquisition terms, AMP holds a minority interest in the business.
The business has strengthened its leadership team with the appointments of John Lucey as Chief Investment Officer, Paul Tarlinton as Chief Customer and Operating Officer and Amy Greenaway as Chief Human Resources Officer and Chief of Staff.
It has also focused on growth through acquisitions such as the deal announced in February to buy AIA’s superannuation and investments business.
“These significant developments mean we have full ownership and control of our future and are also in a strong financial position to pursue our growth ambitions,” CEO Megan Beer said.
“We’ve achieved so much over the last few years and will continue to adapt our business and invest in contemporary digital offerings, data and artificial intelligence capabilities that benefit our customers.
“Our ambition to be the leading in-force specialist life insurer in Australasia. We are well on our way to achieving that.”
AMP says the completion of the deal “strengthens” its capital position. It will provide an update at its half-year results on August 11.