POWERED BY MOMENTUM MEDIA
AMP sells wealth protection to Resolution Life
AMP Limited has announced it will be divesting its Australian and New Zealand wealth protection and mature businesses and reinsure New Zealand retail wealth protection for $3.45 billion.
The company announced to the Australian Securities Exchange today that it would exit its Australian and New Zealand wealth protection and mature businesses via sale to Resolution Life and that it had entered a binding agreement with Swiss Re to reinsure New Zealand retail wealth protection, releasing additional capital of up to $150 million to AMP prior to completion of sale.
It said that it intended to seek divestment of the New Zealand wealth management and advice businesses via an initial public offering next year.
Commenting on the move, AMP acting chief executive, Mike Wilkins said the moves followed completion of a portfolio review.
He said that for shareholders, the agreement with Resolution Life and AMP’s exit from wealth protection and mature delivered important strategic benefits and substantially simplified AMP’s portfolio.
Recommended for you
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment