Resolution Life has taken full ownership of Resolution Life Australasia by acquiring AMP Limited’s minority equity interest in the business for AU$524m.
Resolution Life established itself in the Australasian market with the acquisition of AMP Life from AMP Limited in July last year, with AMP retaining a minority equity interest in Resolution Life Australasia at that time.
Megan Beer, CEO of AMP Life & CEO of Resolution Life Australasia, said: “This acquisition represents the next phase of Resolution Life’s Australasian journey as we position our platform for future growth and rebrand 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.
“We are 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,” she added.
Resolution Life said that since the July 2020 deal, its Australasian leadership team had concentrated 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.
“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 added.
The acquisition includes settlement of a number of warranty and indemnity claims with AMP. It is subject to regulatory approvals and expected to complete in the first half of 2022.
All transitional service arrangements with AMP are being progressively wound up and will be concluded by mid-2022.