AMP Life acquirer raises $3 billion in capital

AMP-Life/Resolution-Life/amp/insurance/acquisition/life-insurance/capital-raising/reinsurance/

19 November 2019
| By Mike |
image
image
expand image

The company which is acquiring the life insurance business of AMP Limited, Resolution Life, has undertaken a US$3 billion capital raising.

The company announced it had completed its capital raise and secured commitments for over US$3 billion which it said would be deployed in line with the company’s mission as “a long-term manager of legacy life insurance portfolios globally; either through acquisition of companies or reinsurance”.

It said that since formation in 2018, Resolution Life had completed a US$5.7 billion ($8.37 billion) reinsurance transaction with Symetra Life Insurance and agreed the acquisition of AMP Life in Australia.

The Resolution Life announcement noted that the AMP Life transaction was valued at $3 billion and that AMP limited would receive $2.5 billion in cash and a 20% stake in Resolution Life Australia.

It said it expected the AMP Life transaction to close in the first half of next year.

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 2 weeks ago

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

2 months 3 weeks ago

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

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND