AMP Life acquirer raises $3 billion in capital

19 November 2019

The company which is acquiring the life insurance business of AMP Limited, Resolution Life, has undertaken a US$3 billion capital raising.

The company announced it had completed its capital raise and secured commitments for over US$3 billion which it said would be deployed in line with the company’s mission as “a long-term manager of legacy life insurance portfolios globally; either through acquisition of companies or reinsurance”.

It said that since formation in 2018, Resolution Life had completed a US$5.7 billion ($8.37 billion) reinsurance transaction with Symetra Life Insurance and agreed the acquisition of AMP Life in Australia.

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The Resolution Life announcement noted that the AMP Life transaction was valued at $3 billion and that AMP limited would receive $2.5 billion in cash and a 20% stake in Resolution Life Australia.

It said it expected the AMP Life transaction to close in the first half of next year.

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Wonderful, finally amp can continue its remodelling. Think we might be looking at the new MQG.....

Terrible news for AMP Life customers. Watch the customers see their premiums increased to pay for the purchase.

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