Suncorp purchases AMP insurance business
Suncorp has purchased AMP's General Insurance Distribution (AMP GID), securing the business for Suncorp for the long term, the two groups announced today.
Suncorp previously provided general insurance products to AMP through a national distribution network of more than 700 aligned general insurance professionals, or authorised representatives, Suncorp stated.
This initiative is part of Suncorp's strategy to strengthen its distribution footprint and grow its business, as well as provide distribution in line with clients' preferences, said Anthony Day, chief executive of Suncorp's commercial insurance business.
AMP’s director of financial planning, advice and services, Steven Helmich, said the transaction will provide uninterrupted support for GID authorised representatives.
"Suncorp will continue to provide product, marketing and services under the same terms and conditions as today. With this transaction, GID Authorised Representatives will become part of a company committed to strong growth in general insurance and to investing in and developing general insurance professionals," Helmich said.
The transaction will have no effect on AMP's financial planning operations, he said.
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