- Resolution Life completes A$3bn (US$2.1bn) acquisition of AMP Limited’s life insurance business, AMP Life
- This transaction gives Resolution Life the platform for further growth in Australia and New Zealand
- Since 2003 Resolution Life and prior Resolution entities have deployed US$16bn of equity in the acquisition, reinsurance, consolidation and management of 28 life insurance companies
Resolution Life Group Holdings LP (“Resolution Life”), a global manager of in-force life insurance businesses, is delighted to announce that it has completed the A$3bn acquisition of AMP Life.
The agreement will see Resolution Life acquire AMP’s mature and wealth protection business, which is the largest business of its type in Australia and New Zealand. AMP Limited will take a minority stake in Resolution Life Australia, ensuring close alignment between AMP Limited and Resolution Life with regards to customers and advisers.
Resolution Life Australia’s board will be chaired by David Clarke and Resolution Life New Zealand’s board will be chaired by Anne Blackburn. AMP Life will continue to be governed by an independent board of directors.
The acquisition gives Resolution Life a strategic platform for further growth outside of its traditional markets in Europe and North America, and positions the company strongly for future growth in the Australian and New Zealand markets in the coming years.
It also demonstrates Resolution Life’s proven capability of executing complex transactions, in close partnership with current owners, in the highly specialist, international insurance sector.
Since 2018, Resolution Life has raised over US$3bn of equity from leading financial institutions, insurance companies, pension funds and sovereign wealth funds.
Megan Beer, Chief Executive Officer, Resolution Life Australasia and AMP Life Limited, said:
“We are thrilled to be part of Resolution Life. We welcome this investment, which will enable our people to focus on initiatives to enhance outcomes for AMP Life policyholders. Our policyholders will also benefit from both the continuity of local management and the experience and financial backing of a successful global manager with a key focus on meeting core promises to life insurance policyholders.”
Sir Clive Cowdery, Resolution Life Founder and Executive Chairman, said:
“We are delighted to have completed our acquisition of AMP Life. It is a great example of Resolution Life’s ability to help insurers restructure via complex global transactions and we are ready to start work with our new colleagues at AMP Life to continue to serve our policyholders.
“The strategic need for life insurance groups to release trapped capital and resources continues to grow globally, and we look forward to further growth in Australia and New Zealand.”
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.