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About us

AMP Life has been proudly owned by Resolution Life since July 2020 and is a well-capitalised business with approximately $30 billion in assets under management and 1.3 million customers across Australasia. Since joining Resolution Life, we have focused on transforming our business through introducing contemporary technology and digital offerings to enable better service to our customers.

As Resolution Life we offer a unique customer proposition – we are a business focused only on our existing customers and adapting our offering to specifically meet their needs. We are fully committed to providing our customers with peace of mind that their insurance, superannuation and investment policies are in safe and trusted hands for the long term.

Customer focused

We strive to provide our customers with competitive premiums, quality investment management, great customer service and efficient claims management. Significant investment is being made in new technology, new website, new chat capability and new digital portals to provide more effective and efficient experiences for our customers.

In 2020 we paid out $1.142 billion in insurance claims to 9,180 Australian customers and we had some of the fastest, if not the fastest, speed to assessment rates in the industry across TPD, IPD and death claims (ASIC Money Smart Statistics, 2020).

Megan Beer

CEO AMP Life & Head of Resolution's Australasian region

Yvonne Le Bas

Chief Financial Officer

Peter Histon

Chief Technology Officer

Thérèse Singleton

Executive General Manager, New Zealand

Paul Tarlinton

Chief Human Resources Officer, Chief of Staff and interim Chief Customer Officer

Karen Malzard

Chief Risk Officer

Ivan Yu

Chief Transformation Officer, Resolution Life Australasia

Rebrand – moving to the Resolution Life brand

Resolution Life has commenced a wholesale rebrand that will see AMP Life completely transition to Resolution Life.

Over the coming months, customers can expect to notice changes to the AMP Life website, in our communications as well as their regular policy statements as we begin to roll out the rebrand to Resolution Life.

There will be no changes to the terms and conditions of existing policyholder plans as a result of the rebrand.

Find out more about Resolution Life

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

Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. 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 Resolution Life at resolutionlife.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, Resolution 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" and any other AMP trademarks are used by Resolution Life under licence from AMP Limited.