Type | Subsidiary |
---|---|
Industry | Financial services Life insurance |
Founded | 2018 |
Headquarters | Sydney, New South Wales, Australia |
Key people | Megan Beer (CEO), David Clarke, (Chair, Australia), Anne Blackburn (Chair, New Zealand) |
Products | Life insurance, superannuation, retirement plans |
Parent | Resolution Life Group Holdings |
AMP Life is a superannuation, retirement investments and life insurance company based in Australia and New Zealand. It currently employs 1,000 people and manages $55 billion in funds for its 1.5 million [1] customers. [2] Its CEO is Megan Beer. [3] The company was created by AMP Limited and is now owned by Resolution Life Australia, which in turn is part of the Bermuda-registered holding company, Resolution Life Group Holdings Ltd. [4] [5] AMP holds a 20% stake in the new company [6] as the AMP leadership sees the ongoing relationship as being one of partnership. [2] The AMP branding is expected to continue into the foreseeable future. [7] The new business is being supported by AMP for a two-year period and all services commitments to customers remain unchanged. [2]
Life insurance was the very first financial product offered to customers by AMP in 1849. [8] It remained a core business for the group until 2020. Notification of the sale of AMP Life to Resolution Life was announced to the market on 25 October 2018. [9] The plan was briefly “derailed” when the New Zealand aspects of the deal were blocked by the Reserve Bank of New Zealand [2] though this was later resolved. On 15 May 2020, the market was notified that AMP Life's retirement investments and life insurance products would now be under one trustee and super fund. [10] All policies made with AMP have continued to be honoured, as have services to customers and advisers. [7]
Financial services are economic services provided by the finance industry, which together encompass a broad range of service sector firms that provide financial management, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.
Woolworths Group Limited is an Australian multinational retail and finance company, primarily known for its operation of retail chain Woolworths Supermarkets across Australia and Woolworths in New Zealand, as well department stores Big W and Masters. Headquartered in Bella Vista, Sydney, it is the largest company in Australia by revenue and number of employees, and the second-largest in New Zealand.
Swiss Reinsurance Company Ltd, commonly known as Swiss Re, is a reinsurance company based in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by net premiums written. Swiss Re operates through offices in more than 25 countries and was ranked 118th in Forbes Global 2000 leading companies list in 2016. It was also ranked 313th on the Fortune Global 500 in 2015.
Zurich Insurance Group Ltd is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands.
AMP is a financial services company in Australia and New Zealand providing superannuation and investment products, financial advice, and banking products including home loans and savings accounts. Its headquarters is in Sydney, Australia.
Axa S.A. is a French multinational insurance company headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services.
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
Wesfarmers Limited is an Australian conglomerate, headquartered in Perth, Western Australia. It has interests predominantly in Australia and New Zealand, operating in retail, chemical, fertiliser, industrial and safety products. With revenue of A$30.8 billion in the 2020 financial year, it is one of Australia's largest companies by revenue. Wesfarmers is also one of the largest private employers in Australia, with approximately 107,000 employees.
Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's mid-size banks and its largest general insurance group, formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC).
Pacific Life Insurance Company is an American insurance company that provides a variety of products and services designed to create financial security for individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets.
Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.
Reliance Nippon Life Insurance Company (RNLI) is a life insurance company in India. The firm offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management. The company has a Gross Written Premium (GWP) of ₹217.71 billion (FY2023). The firm offers policy insurance and renewal through its intermediaries and website. It markets assurance products including Car Insurance, Health Insurance, International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, Home Insurance and Weather insurance. ICICI Lombard has 273 branches and 840 virtual offices spread across the nation.
MLC was an Australian business that provides investments, insurance and superannuation solutions to corporate, institutional, and retail customers. Due to divestments in the early 21st century, there are now two businesses, with no ownership links, that both use "MLC" in their branding:
The Ministry of Commerce ; abbreviated as MoCom), is a Cabinet-level ministry of the Government of Pakistan concerned with economic growth and commerce development and promotion in Pakistan. The administrative head of the ministry is the Commerce Secretary of Pakistan. The political head, Minister of Commerce, is required to be the member of Parliament.
Bupa, legally British United Provident Association Limited, is a British multinational health insurance and healthcare company with over 43 million customers worldwide.
Phoenix Group Holdings plc is a provider of insurance services based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Tower is a New Zealand-based insurance company that provides car, home, contents, business, boat, pet, travel and other general insurance.