AMP Life

Last updated

AMP Life
Type Subsidiary
Industry Financial services
Life insurance
Founded2018;5 years ago (2018)
Headquarters Sydney, New South Wales, Australia
Key people
Megan Beer (CEO), David Clarke, (Chair, Australia), Anne Blackburn (Chair, New Zealand)
ProductsLife 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]

History

"A certain friend in uncertain times" was the founding motto of AMP, which was built on life insurance. This "Amicus" statue stands above the AMP building in Oamaru in New Zealand. AMP Society Building, Oamaru, New Zealand.jpg
"A certain friend in uncertain times" was the founding motto of AMP, which was built on life insurance. This "Amicus" statue stands above the AMP building in Oamaru in New Zealand.
AMP Place, Brisbane at 10 Eagle Street, Brisbane, Queensland, Australia. AMP Place, Brisbane at 10 Eagle Street, Brisbane, Queensland, Australia.jpg
AMP Place, Brisbane at 10 Eagle Street, Brisbane, Queensland, Australia.

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]

Related Research Articles

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

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.

<span class="mw-page-title-main">Woolworths Group (Australia)</span> Australian multinational retail company

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.

<span class="mw-page-title-main">Swiss Re</span> Swiss reinsurance company

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.

<span class="mw-page-title-main">Zurich Insurance Group</span> Swiss insurance company

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.

<span class="mw-page-title-main">AMP Limited</span> Financial services company located in Australia and New Zealand

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.

<span class="mw-page-title-main">Axa</span> French multinational insurance firm

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.

<span class="mw-page-title-main">Lincoln National Corporation</span> American insurance and investment management company

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.

<span class="mw-page-title-main">Wesfarmers</span> Australian conglomerate

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).

<span class="mw-page-title-main">Pacific Life</span> American insurance company

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.

<span class="mw-page-title-main">Resolution plc</span> UK insurance company

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.

<span class="mw-page-title-main">MLC Limited</span>

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.

<span class="mw-page-title-main">Bupa</span> Company that offers health insurance and healthcare services.

Bupa, legally British United Provident Association Limited, is a British multinational health insurance and healthcare company with over 43 million customers worldwide.

<span class="mw-page-title-main">Phoenix Group</span> British insurance company

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.

<span class="mw-page-title-main">Tower Insurance</span> New Zealand insurance company

Tower is a New Zealand-based insurance company that provides car, home, contents, business, boat, pet, travel and other general insurance.

References

  1. Moullakis, Joyce (8 July 2020). "Acquisitive Resolution to use AMP as vehicle for rationalisation in life insurance sector". The Australian. Retrieved 15 July 2020.
  2. 1 2 3 4 "AMP officially exits life insurance after 170 years". Australian Financial Review. 2020-06-30. Retrieved 2020-07-13.
  3. Simpkins, Sarah (2019-02-06). "AMP shakes up group with new appointments". www.investordaily.com.au. Retrieved 2020-07-13.
  4. "AMP Life sale finally completes for $3b | Money Management". www.moneymanagement.com.au. 2020-06-30. Retrieved 2020-07-13.
  5. "Resolution Life's acquisition of Voya's individual life business to close in Q4 - Reinsurance News". ReinsuranceNe.ws. 2020-09-01. Retrieved 2021-01-03.
  6. "AMP reaches revised agreement with Resolution - Life Insurance - Insurance News - insuranceNEWS.com.au". insurancenews.com.au. Retrieved 2020-07-13.
  7. 1 2 "Resolution looks for Australian growth beyond AMP Life | Money Management". www.moneymanagement.com.au. 2020-07-06. Retrieved 2020-07-13.
  8. Abjorensen, Norman; Docherty, James (2014). "Australian Mutual Provident Society (AMP)". Historical Dictionary of Australia. Rowman & Littlefield. p. 60. ISBN   978-1-4422-4502-0.
  9. "AMP to sell wealth protection and mature businesses". corporate.amp.com.au. Retrieved 2020-07-13.
  10. "Changes to our AMP Life Business – AMP". www.amp.com.au. Retrieved 2020-07-13.