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Here to protect

AMP Life has proudly served customers in Australia since 1849 and New Zealand since 1854.  As one of Australasia’s leading life insurers, we are here to help our customers protect what matters most, people.  This is why we exist.

We help over 1.2 million families across Australia and New Zealand to protect what matters most. Whether it’s your ability to provide for your family or your health and wellbeing when the unexpected happens, we exist to help you when the unexpected happens in life.

As Australasia’s leading in-force life insurer, our focus is on serving our existing customers rather than seeking new ones. We are dedicated to making a real difference to the lives of our customers by engaging in smarter and better ways, to understand what is important to them so we can protect them, their loved ones, and their future.

Global experience local knowledge

AMP Life is proudly owned by Resolution Life.  With the global experience and scale of Resolution Life, combined with the local knowledge and experience we have in the Australian and New Zealand markets, we’ve learnt what matters most to our customers. That’s why we are committed to providing AMP Life customers with competitive premiums, quality investment management, great customer service and efficient claims management.

Committed to paying claims

In 2019, we paid $1.1 billion in Australian insurance claims and NZ $187 million in New Zealand insurance claims when people needed us most.  We actively manage over $29 billion portfolio of investments so we can continue to generate strong policyholder returns. 

Our customers across Australia and New Zealand can confidently live life to the fullest – because they trust us to be there to support them when they need us most.

Megan Beer
Chief Executive Officer Australasia, Resolution Life and Chief Executive Officer AMP Life Limited
Yvonne Le Bas
Chief Financial Officer
Peter Histon
Chief Technology Officer
Thérèse Singleton
Chief Executive Officer New Zealand & Chief Claims Officer
Megan Beer ×
Chief Executive Officer Australasia, Resolution Life and Chief Executive Officer AMP Life Limited

MBA (Exec), MEc, FIAA, ANZIIF (Fellow) CIP, GAICD

Megan Beer became Chief Executive Officer of Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Megan was appointed Chief Executive Officer of AMP Life on 1 January 2019, a position she retains under Resolution Life’s ownership. 

Megan is accountable for the management and performance of AMP Life’s operations and for growing Resolution Life’s business in the region.

Experience

Megan has more than 25 years’ experience in the financial services industry. She joined AMP in 2014, as Director, Insurance and was appointed to Group Executive, Insurance in January 2017 and later Chief Executive Officer of AMP Life in January 2019. 

Prior to AMP, Megan’s career spanned a range of executive, operational, finance, actuarial and consulting roles at MLC/NAB, Tower (now TAL) and Tillinghast (Consulting Actuaries).

Interests and passions

Megan believes it is a privilege to work in an industry that exists to help customers and their families face into an uncertain future. She recognises the need for industry change to adapt to our customers ever changing lives and feels motivated and rewarded to lead this change.   

Megan is passionate about delivering for our customers, by enabling people to be their best and transforming business operations. Outside work, Megan is passionate about her family, reading fiction and baking.

Other appointments

Megan is a Director of Resolution Life NOHC, AMP Life and RLNM Limited.

Megan is also the President of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

Qualifications

Megan is a Fellow of the Institute of Actuaries of Australia, a Fellow of the Australian and New Zealand Institute of Insurance and Finance, holds a Master of Economics from Macquarie University, a Master of Business Administration (Executive) from the Australian Graduate School of Management at the University of New South Wales, and is a Graduate of the Australian Institute of Company Directors.  

Yvonne Le Bas ×
Chief Financial Officer

BBS, MA, ICAA (Fellow), ICAEW (Fellow), FAICD

Yvonne Le Bas was appointed Chief Financial Officer to Resolution Life Australasia on 27 August 2020.

Yvonne is accountable for financial management, financial control and statutory reporting for Australasia.

Experience

Yvonne has extensive professional experience with over 25 years’ working with leading global companies across financial services, property and oil sectors. Her expertise spans banking; insurance and wealth management in a range of roles including CFO, COO, General Manager, Strategic Development; and major Transformation Program delivery with two of Australia’s major banks.

Yvonne’s most recent role was Chief Financial Officer, Wealth at Westpac Banking Corporation. Prior to this she also had senior roles at National Australia Bank/ MLC and Lend Lease.

Interests and passions

Yvonne is proud to be part of an industry that provides protection to customers and their families in times of uncertainty and financial security when it is most needed.

She is passionate about playing a critical role in business sustainable, protecting and growing value to meet customer needs. Outside of work Yvonne is passionate about her family, continued learning and walking for fitness.

Other appointments

Yvonne is Chairman of the Ireland Funds Australia (Registered Charity), Director of Loreto Kirribilli Ltd and a member of the Provost’s Council of Trinity College Dublin.

Qualifications

Yvonne is a Fellow of the Institutes of Chartered Accountants of Australia and England & Wales, holds a Master of Arts and Batchelor of Business Studies from Trinity College Dublin, the University of Dublin Ireland and is a Fellow of the Australian Institute of Company Directors.

Peter Histon ×
Chief Technology Officer

B.E. (Comp. Eng)

Peter Histon became Chief Technology Officer, Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Peter was appointed Chief Technology Officer of AMP Life in July 2019. 

Peter is accountable for AMP Life’s technology platforms, data and analytics functions. 

Experience

Peter has extensive strategic IT experience. He joined AMP in 2008 in the Strategy & Architecture team and since then has held different Head of Technology roles at AMP.  In 2015 Peter was appointed IT Director, Insurance and Superannuation and then IT Director, Insurance, Bank and New Zealand.
Prior to joining AMP Peter held a variety of roles within technology focussed software consulting firms and start-ups in Australia and the UK. 

Interests and passions

Peter is proud to be part of an industry that plays such a significant role in supporting Australian and New Zealand families at some of the most challenging times in their lives. He is passionate about the role his team plays in delivering solutions that help our customers. 

Qualifications

Peter holds a Bachelor of Computer Engineering (Hons 1st class) from UNSW where he majored in Artificial Intelligence.

Thérèse Singleton ×
Chief Executive Officer New Zealand & Chief Claims Officer

BCL UCD, Barrister and Solicitor

Therese Singleton became Chief Executive Officer New Zealand and Chief Claims Officer to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Therese was appointed as Executive General Manager AMP Life, New Zealand in July 2019.

Therese is accountable for the AMP Life New Zealand business. She also acts as Director of Resolution Life New Zealand and the Chief Executive Officer Resolution Life New Zealand. 

Experience

Therese has over 20 years’ experience in the financial services industry both overseas and in New Zealand. She joined AMP in New Zealand in 2003 and acted as general counsel for six years from 2008. Since then, she has held various roles at AMP spanning all aspects of the business including product management, distribution and advice including general manager of investments and insurance, and general manager of advice and sales. 

Therese has also served as a director of the New Zealand Financial Services Council and as a director of the AMP New Zealand corporate entities. 

Therese has played a fundamental role in liaising with Government, regulators and industry groups to represent customers and the industry in the development of policy and regulation to enhance opportunities and protection for consumers.

Interests and passions

Therese was the beneficiary of a life insurance benefit payment early in her life and is a strong advocate for the difference that life insurance can make to people’s lives. She is committed to driving for affordable, and sustainable insurance benefits for all customers.

Therese is passionate about leading people and harnessing their power to remove barriers so that the best possible customer outcomes can be delivered.

Other appointments

Therese is a member of the Advisory Board for the Sisters of Our Lady of the Missions Aotearoa- New Zealand and Samoa. She is also a member of the Enterprise Ireland New Zealand Advisory Council and a member of the New Zealand Government appointed Code Working Group. 

Qualifications

Therese holds a BCL UCD, is a qualified Barrister and Solicitor (admitted Ireland, England, Wales and New Zealand) and a member of the Institute of Directors New Zealand

Paul Tarlinton
Chief Human Resources Officer & Chief of Staff
Greg Bird
Chief Actuary and Chief Investment Officer
Michael Paff
Chief Customer Officer
Karen Malzard
Chief Risk Officer
Paul Tarlinton ×
Chief Human Resources Officer & Chief of Staff

Paul Tarlinton is Chief Human Resources Officer & Chief of Staff for Resolution Life Australasia. Paul was appointed as Executive General Manager, Corporate Services & Operations for AMP Life in July 2019. He transferred to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. 

Paul is responsible for AMP Life Corporate Services & Operations teams including Legal & Governance, People & Culture, Process Excellence, Corporate Affairs, Office of the Chief Executive Officer, Reinsurance and Operations.

Experience

Paul has extensive experience in business development and operational leadership roles. 

During his time at AMP, Paul has held a diverse range of executive and large-scale leadership roles and has extensive transformation experience having led transformations of customer services, operations and group human resources functions. He has led a number of merger and acquisitions through due diligence and business integration phases within large scale transformation programs.

Most recently, Paul led the AMP Group People and Culture shared services function incorporating business partnering, HR operations, HR data and analytics, HR systems and payroll, talent acquisition, organisational design and change, HR advice and employee relations. In this role, Paul led the transformation of the Group HR function with the design of a new operating model, systems and offshoring partnerships. 

He also led the end-to-end operating model design of the new AMP Life business and the workforce separation to successfully separate the business following the sale to Resolution Life.

Prior to joining AMP, Paul spent 11 years at Qantas Airways in business development and operational leadership roles.

Interests and passions

Paul believes in our purpose to ‘Protect Human Spirit’ (and was key in defining it), helping our customers live their best lives and being there for them when they need us.

He is passionate about leadership, creating an inclusive and diverse workplace and a culture that cares about its people and customers.

Greg Bird ×
Chief Actuary and Chief Investment Officer

BEc, FIAA, CERA

Greg Bird became Chief Actuary and Chief Investment Officer of Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Greg was appointed to Chief Actuary and Chief Investment Officer for AMP Life in July 2019.

Greg is accountable for leading AMP Life’s actuarial and investment functions.

Experience

Greg joined AMP as an Actuarial graduate in 2000. Since then, he has held various roles in Actuarial, Finance, Risk Management and Strategy and worked in Australia, New Zealand, India and the UK including AMP Group Chief Actuary, Chief Financial Officer for AMP’s Insurance and Superannuation and Chief Actuary for AMP’s New Zealand business.

Interests and passions

Greg is proud to be working in the life insurance industry and is committed to ensuring we continue to deliver on our promises to customers. He is passionate about constructive and collaborative leadership to deliver sustainable and lasting positive outcomes for customers.

Qualifications

Greg is a qualified actuary and became a Fellow of the Institute of Actuaries of Australia (FIAA) in 2003 and Certified Enterprise Risk Actuary (CERA) in 2010.

Michael Paff ×
Executive General Manager, AustChief Customer Officer

B.Acc, CA, M.AppFin, M.Mgt

Michael Paff became Chief Customer to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Michael was appointed as Executive General Manager, Customer Australia for AMP Life in April 2019.

Michael is accountable for product design, underwriting, operations, marketing, customer and adviser engagement.

Experience

Michael has significant life insurance industry experience. He joined AMP as a Finance Manager in 2002 and since then has held various roles in Finance, Operations, Strategy, Marketing, Product and Distribution. He was most recently Managing Director AMP Financial Planning, AMP Advice and AMP Assist which are AMP’s self-employed, employed and phone-based advice businesses. 

Interests and passions

Michael believes in the value life insurance can provide to support customers when they most need it, and the important role we play in supporting customers return to meaningful work that enables them to get their lives back on track.

He is passionate about diverse teams coming together to improve the outcomes that can be delivered to customers. He is also passionate about exploring how emergent technologies can further enhance these outcomes. Outside of work he enjoys long distance running.

Qualifications

Michael is a qualified Chartered Accountant. He also holds a Master in Applied Finance and a Master in Management.

Karen Malzard ×
Chief Risk Officer

MBA (Exec), ICAA, GAICD, B Comm 

Karen Malzard was appointed Chief Risk Officer to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Karen was previously the Executive General Manager – Risk for AMP Life since March 2020. 

Karen is accountable for leading AMP Life’s risk management function.

Experience

Karen is a highly experienced executive having held senior roles in the wealth sector of the finance industry covering superannuation platforms, product, projects, strategy, finance and risk.

Karen’s most recent role was acting Chief Risk Officer for the wealth division of the ANZ Bank. Prior to this, Karen has held a number of executive and senior roles at ANZ, Zurich Financial Services and BT Portfolios Services.

Interests and passions

Karen believes that the life insurance industry exists to provide customers with peace of mind that they will be supported in difficult times, and to provide that support should those circumstances occur. She believes that the trust bestowed on Resolution Life, is a privilege that will be honoured.

Karen is passionate about the role risk management plays in ensuring a well-managed business and driving a bold strategic agenda. She is also passionate about developing risk professionals of the future who understand the business the partner with and the external environment that impacts them.

Qualifications

Karen holds a Master of Business Administration and Bachelor of Commerce from the University of New South Wales. She is an associate member of the Institute of Chartered Accountants in Australia and a member of the Australian Institute of Company Directors.

Ivan Yu
Chief Transformation officer, Australasia
Ivan Yu ×
Chief Transformation Officer, Resolution Life Australasia

LLM BCom LLB (UNSW)

Ivan Yu joined AMP Life / Resolution Life Australasia in May 2020 to help drive the organisation’s strategic transformation agenda.

Ivan is accountable for ensuring that Resolution Life Australasia achieves its objectives and key results through the orchestration, development and relentless execution of its integrated plan.

Experience

Over the past eight years, Ivan has played an important role in nine whole-of-company transformations, the last three he led as Chief Transformation Officer. He brings deep transformation experience across a broad range of industries including telco, media, retail & consumer packaged goods, mining, electricity and financial services.

Ivan was previously a management consultant with McKinsey & Company helping organisations navigate turnaround, transformation and growth situations. He started his career as a lawyer with Herbert Smith Freehills, where he advised on contentious regulatory matters, M&A deals and capital raisings.

Interests and passions

Ivan enjoys working with people that have an appetite for step change and is drawn to scenarios where there are fundamental business model challenges and opportunities, shifts in the leadership team and changes to ways of working.

He is the proud father of two young children who occupy his time and often feature in the background of his video calls.

Qualifications

Ivan holds a Master of Laws, Bachelor of Commerce and Bachelor of Laws, all from the University of New South Wales. 

Sale of AMP Life to Resolution Life

AMP Life is now proudly owned by Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of in-force life insurance policies, such as AMP Life.

AMP Life will continue to operate under the AMP Life name for the time being under a brand licence agreement from AMP Limited. In addition, AMP Limited will retain a minority economic interest in Resolution Life Australia.

We will continue to deliver on customer promises and services, and customers will also benefit from Resolution Life’s experience, expertise and track record in delivering a high level of customer service and policyholder benefits in a secure, well capitalised environment.

Importantly, the terms and conditions of policies or plans will not change due to the sale. Rest assured managing super, investments and insurance and paying customer claims will continue to be our utmost priority. By becoming part of the Resolution Life Group, we are now part of a business solely focused on existing customers rather than seeking to attract new customers.

Find out more about Resolution Life

Can AMP Life customers still use My AMP?

Yes, customers can still access My AMP via the amp.com.au website using their existing login details.

Do policies change now that AMP Life is owned by Resolution Life?

The terms and conditions of customer policies or plans will not change due to the sale. We will not only continue to deliver on customer promises and services, but customers will also benefit from Resolution Life’s experience, expertise and track record in delivering a high level of customer service and policyholder benefits in a secure, well capitalised environment.

Managing super and investments and paying customer claims will continue to be our utmost priority. By becoming part of the Resolution Life Group, we are now part of a global manager of in-force life insurance portfolios which means we remain focused on existing customers rather than seeking to attract new customers.

Who do customers contact about their policy?

Customers can continue to contact us in the same way they always have. Customers can still find us on the amp.com.au website and use My AMP with existing login details. Customers can still make changes and updates to their policy or plan including varying cover or nominating a beneficiary.

Customers can also contact their adviser directly or call AMP Life on 133 731 from 8.30am to 7pm (Sydney time), Monday to Friday.

Where are you based now?

AMP Life will maintain a physical presence in Australia and New Zealand to service our customers. Customers will continue to be able to call our people in Australia and New Zealand if they need to speak to us about their policy or be supported through the claims process. AMP Life has offices and people in Sydney, Parramatta, Melbourne, Brisbane, Auckland and Wellington.

Who is Resolution Life?

Resolution Life is a global manager of in-force life insurance businesses who provide customers with peace of mind that their insurance is in safe and trusted hands for the long term.

Since 2003, prior Resolution entities have deployed US$16bn of equity in the acquisition, reinsurance, consolidation and management of 28 life insurance companies. Together, these companies have served the needs of 11.5 million policyholders while managing over US$320bn of assets. Resolution Life focuses on delivering policyholder benefits in a secure, well capitalised environment.

Resolution Life is backed by large investors who are leading financial institutions, insurance companies, pension plans, sovereign wealth funds and family offices.

Will you have a new Privacy Policy?

Yes, this can be found at amplife.com.au/privacy

Will you have a new Financial Services Guide?

 Yes, this can be found at amplife.com.au/financial-services-guide

Is Resolution Life subject to the same legal and regulatory requirements as AMP Limited?

Yes. Resolution Life will be subject to the same Australian and New Zealand regulatory requirements as AMP and as all other life insurance providers in Australia and New Zealand.

Under both Australian and New Zealand law, AMP Life has legal obligations to ensure that customer’s interests are prioritised ahead of shareholder’s interests if there is a conflict. AMP Life is regulated by both the RBNZ in New Zealand and APRA in Australia and will be subject to the same conditions in the future as it is today, including that the company is well capitalised.

Why is the sale to Resolution Life good for customers?

Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of in-force life insurance policies, such as AMP Life. By becoming part of the Resolution Life Group, we are now part of a business solely focused on existing customers rather than seeking to attract new customers.

AMP Life’s customers will benefit from Resolution Life’s experience, expertise and track record in delivering exceptional customer service and customer benefits in a secure, well capitalised environment.

Importantly, the terms and conditions of policies or plans, will not change due to the sale.

Will paying claims remain a priority?

Paying claims will always be an AMP Life priority.

Customers terms and conditions of their policy remain unchanged after the sale. AMP Life will continue to operate under the fundamental insurance principle of utmost good faith in dealing with all customer’s claims.

AMP Life paid out $1.1 billion in claims in 2019 in Australia. The same teams managing AMP Life in 2019 and today will continue to manage the company after the sale.

AMP Life will continue to be a life insurer licensed by the Australian Prudential Regulatory Authority and the Reserve Bank of New Zealand, and subject to Australian and New Zealand law. This means there are legal and regulatory measures to ensure we meet customer promises by paying claims and doing so in a timely manner.

Does the sale of AMP Life to Resolution Life mean life insurance premiums will go up?

AMP Life’s product and pricing philosophy is based on ensuring our products remain relevant, competitive and sustainable. Pricing reflects a range of factors, including the market environment and claims experience of specific products. Our priority is to ensure our products and pricing remains sustainable, competitive and relevant.

Resolution Life’s success is contingent upon its ability to retain customers. Increasing premiums in a manner which is out of step with the market would drive customers away and be detrimental to our business.

Will policies be managed overseas?

No, policies will continue to be managed by a local AMP Life management team in Australia and New Zealand.

Will Resolution Life be offering its own products in Australia or New Zealand?

Whilst that is an option for the future, for the foreseeable future Resolution Life is focusing on servicing the existing needs of customers and keeping the promises that were made to them when they took out their existing policies.

If AMP Life is now a closed book, does that mean customers can’t make changes to their life insurance?

If the terms of individual policies allow customers to make changes then these options will still be available.

Will customers be able to switch to other life insurers?

Yes, customers are able to switch to other life insurers. Resolution Life is committed to providing AMP Life customers with competitive premiums, quality investment management, great customer service and efficient claims management. It respects that certain customers may wish to review their options, but as this may result in the loss of some benefits customers are encouraged to speak to a financial adviser before making a decision about switching life insurance providers.

What is an in-force life insurance portfolio?

An in-force life insurance portfolio refers to the current policies held by customers of AMP Life. AMP Life does not seek to acquire new customers, instead AMP Life chooses to focus on the customers it already has. This will not change with the sale to Resolution Life.

What is an in-force life insurance specialist?

An in-force life insurer focuses on its existing customers. AMP Life became an in-force specialist following the sale announcement. AMP Life will remain an in-force life insurer, regardless of the sale to Resolution Life. AMP Life made this change to its business model in response to the market environment for life insurance. AMP Life is focused on servicing and retaining our customers, and this will not change with new ownership.

Will the acquisition mean that AMP Life will become a ‘zombie fund’?

A zombie fund is a colloquial expression for a participating life insurance fund that is closed to new customers and where the fund has capital constraints which prevent it from investing in growth assets. This is not the case for AMP Life whose funds are well capitalised to withstand market shocks. AMP Life’s participating fund has been closed to new customers for over 20 years in Australia and New Zealand. Over this time, the assets of the participating fund have grown as customers continue to pay premiums and make changes to their policies, the fund earns investment returns, while benefits are paid out to customers. Over time, the participating fund will inevitably run off as benefits are paid to customers.

AMP Life has plans in place to manage this gradual run off over the next 50 or so years and these plans will continue to be refined, benefiting from Resolution Life’s global expertise in managing the run-off of participating funds in a well-capitalised environment.

How does a participating policy work?

Many of AMP Life’s products are participating products, such as whole of life and endowment products. Your policy schedule will tell you if your policy is a participating policy. These policies have both savings elements (the policy pays out at maturity or earlier if you surrender) and protection elements (the policy pays out if you die earlier).

A participating policy means that policyholders participate in the profits of the life company from these policies, generally receiving 80 per cent of the profits. The shareholder’s share of the profits, the other 20 per cent share, was established at demutualisation of AMP Life (and also National Mutual Life Association of Australasia).

The terminal and annual or reversionary bonuses added to these policies are the way that the profits are shared with policyholders. These profits primarily arise from the investment of the assets of the life company in shares, property, bonds, and other assets. Reversionary bonuses are guaranteed additions once added to the policy. Terminal bonuses are paid at the point of paying out the policy, either on maturity, death or surrender. Terminal bonuses are not guaranteed and can be varied at any point in time. The shareholder only receives a share of profits when bonuses are paid to policyholders.

This means that there is alignment of the interests of the participating policyholders and the shareholder, currently Resolution Life. It is in both the participating policyholders and shareholder’s interests that the life company is run well and continues to maximise the profits from the participating policies over the duration of the policies.

These participating products have not been actively sold in New Zealand and Australia for over 20 years. Customers have continued to pay their premiums, receive their bonuses and the protection of their life policies over this time. There will be no changes to the terms and conditions of these policies with the sale to Resolution Life.

Where do the bonuses come from and how do customers know that Resolution Life will continue to pay them?

The terms and conditions of all policies remain the same after the sale to Resolution Life. This includes the right to bonuses.

The bonuses largely arise from the returns on investment monies invested for you and are directly linked to the performance of the funds and assets that the money is invested in. Where there are actual or expected lower future investment returns (eg lower government bond rates) or underperforming markets (eg the global financial crisis or the current recent experience due to uncertainties with COVID 19) then this will impact the level of the future bonuses paid to you and the dividends received by the shareholder.

Terminal bonuses at any point in time are not guaranteed into the future. Terminal bonuses are generally adjusted up or down more quickly to respond to market conditions and enable the fund to be more aggressively invested for your benefit.

Reversionary or annual bonuses already declared are guaranteed at maturity of your policy. At any time between your annual policy notice, you can call our call centre or contact your adviser if you would like to receive a current value assessment of your policy.

How do customers know that Resolution Life won’t mismanage the assets or invest in less risky assets, as these are cheaper to manage and therefore leave me with very low bonuses?

The investment returns form part of the profits of the participating business and form the basis for your bonuses. Profits are generally shared between the participating customers and the shareholder in an 80-20 share. This was agreed at demutualisation and is a legal requirement for the company. This means that for every $100 of profit declared, $80 goes to the participating customers bonuses and $20 to the shareholder as retained profits and ultimately paid to the shareholder as a dividend, provided the Fund has sufficient capital to protect against future adverse events.

It is not in the interests of Resolution Life to strive for lower returns for customers or to strive for excessive returns from extreme levels of risk. Resolution Life brings access to additional and global pools of quality asset managers and direct assets. This means that AMP Life can continue to manage the investment funds in a well-diversified manner seeking to maximise returns while at the same time having regard to liquidity to meet their requirements to be able to pay customers when required and sufficient capital to support the guarantees underpinning the policies.

Who controls all of this money and how do customers know Resolution Life won’t just take it all and use for themselves?

The assets that back all customers liabilities are held within what is known as a statutory fund. This is mandated by Australian and New Zealand law. This means that these assets are ringfenced (much like trust assets) and have strict legal requirements around how they are managed.

Regular reporting is provided to the regulators in Australia and New Zealand on the statutory funds. There is no ability for Resolution Life to use the funds in the statutory fund for their own purposes. The role of the AMP Life Board under the Life Act in Australia and the Insurance Prudential Supervision Act in New Zealand is to ensure that in the investment, administration and management of the assets of a statutory fund, a life company gives priority to the interests of owners of policies. If there is a conflict between shareholders and customers, the customer interests must be prioritised ahead of shareholder interests. This is a legal requirement of directors. The AMP Life Board has a majority of independent directors, which means they are independent of Resolution Life and of management.

The assets of the statutory fund are invested to achieve an appropriate risk adjusted investment return. For protection policy types, like term insurance, disability insurance or annuities, the assets are invested in a prudent manner to seek to ensure that there are sufficient assets to meet the future claims on policies. For participating policies, the assets are invested in a diversified pool of growth and defensive assets to generate higher expected returns. The higher levels of risk on these investments may lead to higher profits which will be used to increase bonuses for participating policies.

Are customers “captured” by AMP Life?

Retaining our customers is a priority for AMP Life and we do this by ensuring our products, pricing and service meet our customers’ reasonable expectations. We understand customers have a choice when it comes to their life insurance provider and we want to ensure they continue to remain with AMP Life.

Regulatory approvals and oversight

The sale of AMP Life required regulatory approval from APRA in Australia and RBNZ in New Zealand and AMP Life’s operations remain subject to the same regulatory conditions as before with the addition of enhanced requirements in New Zealand.

Important information

AMP Life Limited ABN 84 079 300 379, AFSL No. 233671 (AMP Life), has proudly served customers in Australia since 1849. AMP Limited ABN 49 079 354 519 (AMP Limited) has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited has no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. AMP Limited is not liable for products issued by AMP Life or any statements or representations made in the PDS or policy document for those products. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life under licence from AMP Limited.

Any advice and information on this website is general in nature and is provided by AMP Life, which is part of the Resolution Life group. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant product disclosure statement (PDS) or policy document, available from AMP Life at amplife.com.au or by calling 133 731, before making a decision about the product. Consider speaking to a financial adviser if you have any concerns.

If you decide to purchase or vary a financial product, AMP Life and/or other companies within the Resolution Life group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.

AMP Life is part of the Resolution Life group and can be contacted on 133 731 or via the contact us page.