AMP sells wealth protection to Resolution Life

amp/financial-planning/wealth/AMP-Limited/divestment/australian-securities-exchange/ASX/Resolution-Life/Swiss-Re/sale/wealth-management-business/advice-business/initial-public-offering/IPO/mike-wilkins/

25 October 2018
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS