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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.”
Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.