AMP Life

From Wikipedia, the free encyclopedia

AMP Life
TypeSubsidiary
IndustryFinancial services
Life insurance
Founded2018; 5 years ago (2018)
HeadquartersSydney, New South Wales, Australia
Key people
Megan Beer (CEO), David Clarke, (Chair, Australia), Anne Blackburn (Chair, New Zealand)
ProductsLife insurance, superannuation, retirement plans
ParentResolution Life Group Holdings

AMP Life is a superannuation, retirement investments and life insurance company based in Australia and New Zealand. It currently employs 1,000 people and manages $55 billion in funds for its 1.5 million[1] customers.[2] Its CEO is Megan Beer.[3] The company was created by AMP Limited and is now owned by Resolution Life Australia, which in turn is part of the Bermuda-registered holding company, Resolution Life Group Holdings Ltd.[4][5] AMP holds a 20% stake in the new company[6] as the AMP leadership sees the ongoing relationship as being one of partnership.[2] The AMP branding is expected to continue into the foreseeable future.[7] The new business is being supported by AMP for a two-year period and all services commitments to customers remain unchanged.[2]

History[edit]

"A certain friend in uncertain times" was the founding motto of AMP, which was built on life insurance. This "Amicus" statue stands above the AMP building in Oamaru in New Zealand.
AMP Place, Brisbane at 10 Eagle Street, Brisbane, Queensland, Australia.

Life insurance was the very first financial product offered to customers by AMP in 1849.[8] It remained a core business for the group until 2020. Notification of the sale of AMP Life to Resolution Life was announced to the market on 25 October 2018.[9] The plan was briefly “derailed” when the New Zealand aspects of the deal were blocked by the Reserve Bank of New Zealand[2] though this was later resolved. On 15 May 2020, the market was notified that AMP Life's retirement investments and life insurance products would now be under one trustee and super fund.[10] All policies made with AMP have continued to be honoured, as have services to customers and advisers.[7]

References[edit]

  1. ^ Moullakis, Joyce (8 July 2020). "Acquisitive Resolution to use AMP as vehicle for rationalisation in life insurance sector". The Australian. Retrieved 15 July 2020.{{cite news}}: CS1 maint: url-status (link)
  2. ^ a b c d "AMP officially exits life insurance after 170 years". Australian Financial Review. 2020-06-30. Retrieved 2020-07-13.
  3. ^ Simpkins, Sarah (2019-02-06). "AMP shakes up group with new appointments". www.investordaily.com.au. Retrieved 2020-07-13.
  4. ^ "AMP Life sale finally completes for $3b | Money Management". www.moneymanagement.com.au. 2020-06-30. Retrieved 2020-07-13.
  5. ^ "Resolution Life's acquisition of Voya's individual life business to close in Q4 - Reinsurance News". ReinsuranceNe.ws. 2020-09-01. Retrieved 2021-01-03.
  6. ^ "AMP reaches revised agreement with Resolution - Life Insurance - Insurance News - insuranceNEWS.com.au". insurancenews.com.au. Retrieved 2020-07-13.
  7. ^ a b "Resolution looks for Australian growth beyond AMP Life | Money Management". www.moneymanagement.com.au. 2020-07-06. Retrieved 2020-07-13.
  8. ^ Abjorensen, Norman; Docherty, James (2014). "Australian Mutual Provident Society (AMP)". Historical Dictionary of Australia. Rowman & Littlefield. p. 60. ISBN 978-1-4422-4502-0.
  9. ^ "AMP to sell wealth protection and mature businesses". corporate.amp.com.au. Retrieved 2020-07-13.
  10. ^ "Changes to our AMP Life Business – AMP". www.amp.com.au. Retrieved 2020-07-13.