AMP sells wealth protection to Resolution Life
AMP Limited has announced it will be divesting its Australian and New Zealand wealth protection and mature businesses and reinsure New Zealand retail wealth protection for $3.45 billion.
The company announced to the Australian Securities Exchange today that it would exit its Australian and New Zealand wealth protection and mature businesses via sale to Resolution Life and that it had entered a binding agreement with Swiss Re to reinsure New Zealand retail wealth protection, releasing additional capital of up to $150 million to AMP prior to completion of sale.
It said that it intended to seek divestment of the New Zealand wealth management and advice businesses via an initial public offering next year.
Commenting on the move, AMP acting chief executive, Mike Wilkins said the moves followed completion of a portfolio review.
He said that for shareholders, the agreement with Resolution Life and AMP’s exit from wealth protection and mature delivered important strategic benefits and substantially simplified AMP’s portfolio.
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
