Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn
About

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.

Please click here for full details

See more ASX300 News Announcements