Wednesday 1st July 2020 |
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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.
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