AMP is to sell its wealth protection and mature business, AMP Life, to Resolution Life and reinsure its New Zealand retail wealth protection with Swiss Re in a deal worth A$3.45 billion.
About 200,000 New Zealand insurance policies are involved in the deal. It also plans to sell its New Zealand wealth management and advice businesses via an initial public offering in 2019 subject to market conditions and regulatory approvals, unlocking further value.
That would include its KiwiSaver and pensions books and could mean the end of AMP’s brand in the New Zealand market. “The completion of our portfolio review marks a major step forward in reshaping AMP as a simpler, more focused group, that is well positioned to compete in our core markets,” Mike Wilkins, AMP’s acting chief executive said.
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