AMP has sold its Australasian life insurance business to Resolution Life with an IPO planned for the NZ wealth management arm in 2019.
Resolution Life is a UK/US-based has bough almost 30 life insurance firms across the world.
In a statement issued this morning, AMP NZ chief, Blair Vernon, said.
“Importantly, policyholders will retain all terms and conditions of existing policies, so there’s nothing they need to do. There are no changes for AMP New Zealand’s wealth management or general insurance clients, including members of the AMP KiwiSaver Scheme.
The AMP NZ divestment includes
- Sale of AMP Australian and New Zealand wealth protection and mature businesses to Resolution Life Group Holdings (Resolution Life); transaction subject to regulatory approvals and expected to complete in the second half of 2019; terms and conditions of existing life insurance policies will be retained.
- Intention to seek divestment of AMP New Zealand wealth management and advice businesses via an IPO in 2019, subject to market conditions and regulatory approvals, unlocking further value.
- Binding agreement with Swiss Re to reinsure New Zealand retail wealth protection, releasing additional capital of up to A$150 million to AMP prior to completion of sale; subject to regulatory approvals.