An update on our insurance business

In early 2018 we announced a review of the long-term management of our insurance business, as part of our planning process. We’ve now completed the review and as a result are announcing the sale of our insurance business in Australia and New Zealand to Resolution Life, a specialist international insurance group. The sale is still subject to regulatory approvals and we expect it to complete in the second half of 2019.


There's nothing you need to do

This announcement does not impact any policies or products you may hold with AMP, and there’s nothing you need to do now:

  • terms and conditions remain the same
  • we’re processing all requests as usual
  • you can contact us and make changes the same way
  • you can lodge insurance claims, receive benefits, and work with your financial adviser the same way.

Find out more

We'll provide updates from time to time, or you can explore below to find out more.

 

To find out whether your policy or product is part of the proposal or if you'd like more information, contact us on 1300 137 267 or request a call-back.

Read the letter from Acting CEO, Mike Wilkins

FAQs

In recent years many of the major Australian life insurance groups have changed ownership, mostly to international companies, as the market has evolved. In 2018, we announced a review of our insurance business in Australia and New Zealand as part of our planning process. The objective was to review options to set up the business for a long and successful future in a changing market. We believe this sale is the most appropriate way to achieve this and is in the long-term interests of customers.

There's no change to terms and conditions of any insurance policy or product with AMP as explained in our letter to customers, and nothing you need to do now. You can continue to contact us, make changes to your policy or product, lodge claims, receive a claim benefit, and work with your financial adviser in just the same way. If the sale is approved by the regulators and proceeds next year, Resolution Life will become owner of the insurance business in the second half of 2019. This includes all insurance policies including insurance held within superannuation products, as well as some other products managed by our insurance business. Contact us for details.

Yes, you can make any changes the same way, simply by calling your financial adviser or by contacting us.

There's no change to insurance claims or benefits. We’ll continue to process your claim or benefit as usual.

Yes, this announcement will not change your relationship with your financial adviser. Your adviser will still be able to help you with your insurance, savings and superannuation needs as they did before.

Resolution Life is an international insurance group that specialises in owning and managing large insurance businesses with a focus on servicing and helping existing customers. Since 2003, Resolution Life entities have managed and operated 27 life insurance companies. These companies have served the needs of around ten million policyholders, while managing over US$300 billion of policyholder assets. You can find more information about Resolution Life here.

All insurance policies including insurance held within superannuation products, and some other products managed by the insurance business are part of the sale agreement. If you're not sure, simply contact us on 1300 137 267 or request a call-back and we'll be happy to help.

You can go to the My AMP secure site at www.amp.com.au/login, check your latest statement or talk to your financial adviser for more information. Or you can contact us on 1300 137 267 or request a call-back and we'll be happy to help.

We expect the sale to complete in the second half of 2019, when ownership of the insurance business will transfer to Resolution Life. AMP and Resolution Life will work closely together between now and then to ensure a smooth transition.

The Australian prudential regulatory body, APRA, has strict rules about the level of capital that insurance companies must set aside to pay claims as they arise. Resolution Life will be subject to the same Australian regulatory guidelines as AMP.

We'll be communicating with customers as things proceed - but if you'd like more information now simply contact us on 1300 137 267 or request a call-back.

For more detailed information about the transaction visit our shareholder centre.

Contact us on 1300 137 267 or request a call-back

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