AMP is selling the group's reinsurance and general insurance operations, Cobalt/Gordian, for $585 million.
According to AMP chief executive Andrew Mohl ,the sale of the operations to the NASDAQ-listed Enstar Group, allows AMP to concentrate on its primary businesses.
"AMP is now fully focused on its core businesses of financial planning and advice, corporate and retail superannuation, retirement income and investment products, life insurance, banking and investment management, and is well positioned to continue to grow earnings and shareholder value in these areas," Mohl said.
AMP forecasts that it will make around $83 million profit from the sale.
The trade is subject to the approval of regulators, including APRA, and is expected to be completed in the first quarter of 2008.
