Resolution Life unveils ‘significant milestone’ in Australasia expansion

Global life insurance group  Resolution Life has agreed to acquire AMP’s minority equity interest in  Resolution Life Australasia for a total consideration of A$524 million ($390 million).

The deal includes settlement of a number of warranty & indemnity claims with AMP. Subject to regulatory approvals, it is expected to complete in the first half of 2022.

Resolution Life established its Australasian presence with the acquisition of AMP Life in July 2020, with AMP retaining a minority equity interest in Resolution Life Australasia at that time.

The company said this acquisition marks a "significant milestone" for its Australasian business and positions the platform for future growth.

Megan Beer (pictured), chief executive officer 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. As an in-force provider we have a truly unique customer proposition – it means we are focused only on serving our existing customers and adapting our offering to specifically meet their needs.

"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 said.

Beer concluded: "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."

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