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.
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.