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
Insignia Financial has announced a board director will be stepping down next year after almost a decade amid a board refresh.
Zenith Investment Partners has appointed a Brisbane-based business development manager, who previously led Fitzpatrick Private Wealth Partners as a director and senior adviser.
Praemium has said it is open to investing in artificial intelligence “in a big way” as it believes it can transform the business and details how it is already being used by the firm.
Sequoia has shared its strategic initiatives for FY25, including organically increasing its licensee market share and restructuring its specialist investment arm.
