Sharechat Logo

AMP completes sale of life insurance business to Resolution Life

Wednesday 1st July 2020

Text too small?

AMP Limited today announced the completion of the sale of its life insurance business, AMP Life, to Resolution Life for A$3.0 billion delivering a key priority in AMP’s transformation strategy. The total sale proceeds are A$3.0 billion comprising:

•A$2.5 billion cash; and

•A$500 million equity interest in Resolution Life Australia1, a new Australian-domiciled, Resolution Life-controlled holding company that is now the owner of AMP Life.

 

The final cash proceeds from the sale are subject to a number of post completion adjustments, however AMP expects the net proceeds to increase AMP’s capital in excess of target surplus by approximately A$1.1 billion. See link for detail. 

 

AMP SALE ANNOUNCEMENT 




  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Good Spirits Hospitality Limited (NZX: GSH) Half Year Results to 31 Dec 2020
NZ Automotive Investments Limited (NZX: NZA) FY21 Earnings Guidance
T&G Global Limited (NZX: TGG) 2020 Full Year Results
Vista Group International Limited (NZX: VGL) Vista Group in the Box Seat for the Future of Movies
Private Land and Property Fund (NZX: PLP) Change in Harvest Estimates
Allied Farmers Limited (NZX: ALF) FY21 Half Year Report
New Zealand Rural Land Company Limited (NZX: NZL) Interim Report to 31 December 2020
Seeka Limited (NZX: SEK) Announces its 31 December 2020 Result
Evolve Education Group Limited (NZX: EVO) Announces Results for Year Ended 31 December 2020
Port of Tauranga Limited (NZX: POT) Reports Improved Profits

IRG See IRG research reports