RBNZ finally green-lights AMP Life sale with NZ policy holder safeguards

Tue, 23 Jun 2020

The Reserve Bank of New Zealand has approved the sale of AMP Life to Bermuda-based Resolution Life in a revised deal hammered out over 18 months that includes significant safeguards to protect NZ policy holders. AMP announced the sale of its life businesses on both sides of the Tasman for A$3.3 billion in October 2018. The RBNZ, however, insisted Resolution Life agree to have separate, ring-fenced assets held in NZ for the benefit of the NZ policyholders, who number about 200,000. AMP Life paid out $186 million in claims in 2019 in NZ,...

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