Australian financial services company AMP is no longer in the life insurance business after finally completing the sale of AMP Life to Resolution Life – a year and a half after the deal was announced. AMP revealed it was selling its life business to the UK-based insurance consolidator for A$3.3bn comprising of A$2.5m in cash and A$500m equity interest in Resolution Life Australia.
“The sale of the life business is a foundational step in our strategic transformation to become a simpler, client-led and growth-oriented organisation. The sale is a major milestone for AMP demonstrating our ability to execute complex projects including through the difficulties of covid-19. It is also a historic moment as AMP ceases to be a life insurer after 170 years. Our life teams will move to Resolution Life and will continue to support clients who will see no changes in their policy terms or conditions,” said AMP chief executive Francesco De Ferrari.
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