The sale of AMP Life to Resolution Life Australia will “significantly simplify” AMP’s group structure, allowing it to focus on its wealth management platforms and products. The sale comprised $2.5 billion cash and a $500 million equity interest in Resolution.
“The sale of the life business is a foundational step in our strategic transformation to become a simpler, client-led and [growth-oriented] organisation,” said AMP CEO Francesco De Ferrari. “The sale is a major milestone for AMP demonstrating our ability to execute complex projects including through the difficulties of COVID-19.”
AMP will continue to provide technology and administrative services to AMP Life for a two-year period under a transitional services agreement, and customers’ terms and conditions will remain unchanged through the separation.