AMP completes sale of life insurance business to Resolution Life

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 

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