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Business update
AMP Life
AMP Life continued to deliver a stable financial result for the 6 months to 30 June 2021 while substantially progressing the separation of the business from the AMP Limited group and the execution of transformation initiatives.
AMP Life reported a statutory profit of A$113 million1 for the 6 months ended 30 June 2021 and in September 2021 declared a dividend of A$129 million relating to 1H21.
At 30 June 2021 AMP Life’s capital base of A$2,715 million was A$1,623 million in excess of the Prescribed Capital Amount of A$1,092 million which represents a Capital Adequacy Multiple of 249%.
Resolution Life Group
Resolution Life Group has raised almost US$5 billion of equity and continues to actively seek out further acquisition opportunities both within Australia and New Zealand and globally.
On 3 November 2021, Resolution Life Group announced the acquisition of AMP Limited’s remaining equity stake in Resolution Life NOHC Pty Ltd (the holding company of the AMP Life business)
On the 30 September 2021 Resolution Life Group announced the reinsurance of 80% of the liabilities of Allianz Suisse’s Traditional Individual Life Business.
On the 17 September 2021 Resolution Life Group announced the completion of its acquisition of Lincoln National Life Insurance Company’s Bank owned / corporate owned life insurance business alongside a smaller component of universal life business.
Key metrics – AMP Life
| 1H21 | 2H20 | Change | ||
| Operating profit | A$112m | A$127m | (A$63m) | Down 12% |
| Investment earnings | A$1m | (A$29m) | A$30m | large increase |
| Statutory profit | A$113m | A$98m | A$15m | Up 15% |
| Net assets | A$2,241m | A$2,202m | A$39m | Up 2% |
| Capital base | A$2,715m | A$2,598m | A$117m | Up 4% |
| Prescribed Capital Amount | A$1,092m | A$1,096m | (A$4m) | Down <1% |
| Capital adequacy multiple | 249% | 237% | Up 12% | |
| Superannuation & Investments AUM2 | A$24.0b | A$24.5b | (A$0.5b) | Down 2% |
| Wealth Protection API2 | A$1,707m | A$1,733m | A$26m | Down 2% |
Credit ratings
| Rating Agency | Rating | Outlook | Last review date | |
|---|---|---|---|---|
| AMP Life Insurance Financial Strength Rating | Moody’s | A3 | Negative | 30 September 2020 |
| AMP Life Issuer Credit Rating and Financial Strength Rating | S&P | A- | Stable | 30 August 2021 |
| AMP Tier 2 Subordinated Notes | Moody’s | Baa2(hyb) | 8 December 2020 |
| AMP Life P&L | YTD 30 June 2021 $m | YTD 31 December 2020 $m |
|---|---|---|
| Life insurance contract related revenue1 | 1,212 | 2,564 |
| Interest income, dividends and distributions and net gains and losses at fair value through profit or loss | 833 | (5,079) |
| Fee revenue | 44 | 372 |
| Life insurance contract claims expenses2 | (1,352) | (3,064) |
| Finance costs | (6) | (11) |
| Fee and commission expenses | (90) | (328) |
| Other operating expenses | (162) | (445) |
| - life insurance contracts | 122 | 356 |
| - investment contracts | (401) | 5,631 |
| Income tax (expense) credit | (87) | 238 |
| Profit for the period | 113 | 234 |
1 include life insurance claims recovered from reinsurers
2 include life insurance contract premiums ceded to reinsurers
| AMP Life Balance Sheet | YTD 30 June 2021 $m | YTD 31 December 2020 $m |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | 197 | 158 |
| Receivables and prepayments | 691 | 656 |
| Investment in financials assets | 29,739 | 30,177 |
| Intangibles | 65 | 65 |
| Current tax assets | 26 | - |
| Deferred tax assets | 490 | 444 |
| TOTAL ASSETS | 31,209 | 31,499 |
| LIABILITIES | ||
| Payables | 690 | 759 |
| Interest-bearing liabilities | 11 | 50 |
| Deferred tax liabilities | 983 | 1,008 |
| Provisions | 81 | 86 |
| Other financial liabilities | 73 | 76 |
| Investment contract liabilities | 4,631 | 4,476 |
| Insurance contract liabilities | 22,199 | 22,530 |
| Subordinated Debt | 300 | 300 |
| TOTAL LIABILITIES | 28,968 | 29,284 |
| NET ASSETS | 2,241 | 2,215 |
| EQUITY | ||
| Contributed equity | 1,632 | 1,632 |
| Reserve | (66) | (64) |
| Retained earnings | 675 | 634 |
| TOTAL EQUITY ATTRIBUTED TO SHAREHOLDERS | 2,241 | 2,202 |
Audited Financial Report
This update should be read in conjunction with AMP Life Limited’s audited financial report for the year ended 31 December 2020 which is available at amplife.com.au and amplife.co.nz.
Contact details
For investor enquiries, please contact:
Graham Duff
Treasurer & Deputy CFO, Resolution Life Australasia
+61 411 703 429
graham.duff@resolutionlife.com.au
For any media enquiries, please contact:
Erica Borgelt
Erica.borgelt@secnewgate.com.au
or
Matthew Jackson
Matthew.jackson@secnewgate.com.au
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and 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 relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
