AMP sold AMP Life to Resolution Life for A$3.3bn.

AMP, a financial services company in Australia and New Zealand providing superannuation and investment products, insurance, financial advice and banking products including home loans and savings accounts, sold its wealth protection business, AMP Life to Resolution Life, a long term manager of legacy life insurance portfolios, for A$3.3bn. Mike Wilkins, AMP’s Acting CEO, commented: “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."