AMP has pulled out of its life insurance joint venture in India, stating that it was withdrawing to focus on its core operation in Australia and New Zealand.
The Australian financial services group announced today that it had sold its 26 per cent stake in AMP Sanmar to Reliance Life Insurance Company, a subsidiary of Reliance Capital.
The business began life in 2002 as a joint venture between AMP and its Indian partner, Sanmar. It has 900 staff and a distribution force of 9,000 insurance agents.
AMP had flagged in June that it was reviewing its stake in the life insurance business.
In the wake of the sale, chief executive Andrew Mohl said AMP’s focus in Asia would now switch purely to funds management – an approach that was far less “capital intensive than the Indian life insurance business”.
He said the sale would have no material effect on AMP’s financial position.
