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Company News Summary

AMP Completes Sale of Life Insurance Business to Resolution Life

01 Jul 2020  |  07:48:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: AMP completes sale of life insurance business

AMP announced the completion of the sale of its life insurance business, AMP Life, to Resolution Life for A$3.0bn delivering a key priority in Company's transformation strategy. The total sale proceeds are A$3.0bn comprising A$2.5bn cash; and A$500m equity interest in Resolution Life Australia, a new Australian-domiciled, Resolution Life-controlled holding company that is the owner of AMP Life. The final cash proceeds from the sale are subject to a number of post completion adjustments, however Company expects the net proceeds to increase its capital in excess of target surplus by A$1.1bn.

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