Resolution Life has agreed to acquire AMP Limited’s minority equity interest in Resolution Life Australasia for AU$524 million.
A statement from Resolution Life, a global life insurance group focusing on the acquisition and management of life insurance policies, says it established its Australasian presence with the acquisition of AMP Life from AMP in July 2020.
AMP retained a minority equity interest in Resolution Life Australasia at that time (see: AMP Completes Sale of Life Insurance Business).
The statement says this acquisition “…marks a significant milestone for Resolution Life’s Australasian business and positions the platform for future growth”.
Megan Beer, CEO of AMP Life & CEO of Resolution Life Australasia, says the acquisition represents the next phase of the company’s Australasian journey as it positions its platform for future growth and rebrands AMP Life to Resolution Life.
“Our vision is to be the leading in-force specialist life insurer in Australasia and we believe we can achieve this by being customer focused and data driven,” she says.
Beer says that as an in-force provider the company has a unique customer proposition “…it means we are focused only on serving our existing customers and adapting our offering to specifically meet their needs”.
She adds the company is well positioned for growth in the Australian and New Zealand markets “…through managing our customers’ existing policies as their needs change, transforming our business and by continuing to adopt a disciplined approach to acquisitions”.
The statement notes that since joining Resolution Life, the Australasian leadership team has been focused on separating from AMP “…and transforming the business to become data driven and to introduce contemporary technology and digital offerings to enable better customer service and outcomes”.
…By acquiring the remaining interest in AMP Life we now have full ownership and control over our future…
“We have already achieved so much and the business is performing well. By acquiring the remaining interest in AMP Life we now have full ownership and control over our future,” Beer states.
The statement says the acquisition includes settlement of a number of warranty & indemnity claims with AMP. It is subject to regulatory approvals and expected to complete in H1 2022. All transitional service arrangements with AMP are being progressively wound up and will be concluded by mid 2022.