Important Update regarding AMP Life

28 February 2020

Important Update – 28 February 2020

I wanted to provide an update on the proposed sale of AMP Life to Resolution Life as there has been some speculation in the media in New Zealand recently that may be unduly causing concern for you.

What the proposed sale means for you
Importantly, all the terms and conditions of your policy will remain unchanged after the sale completes.
AMP Life will remain well capitalised, with customer promises being met every day. Paying claims will always be our priority.

Continuing governance and management of AMP Life
AMP Life has legal obligations to ensure that policyholders’ interests are prioritised, under both Australian and New Zealand law. AMP Life is regulated by both the RBNZ in New Zealand and APRA in Australia and will be subject to the same conditions in the future as it is today, including that the company is well capitalised. AMP Life will continue to be governed by a board of directors, with a majority of independent directors. The management team and employees supporting AMP Life customers will be the same under Resolution Life ownership, including the Chief Executive Officer, Megan Beer, and the Executive General Manager of New Zealand, Therese Singleton.

About Resolution Life
Resolution Life is an international insurance and reinsurance group whose management has a 16-year track record in providing quality service to in-force insurance customers. AMP Life policyholders will benefit from Resolution Life’s deep expertise in managing in-force insurance policies and its commitment to customer service. Since 2003 various Resolution entities have acquired, reinsured, consolidated or managed 27 life insurance companies, serving the needs of over 10 million policyholders. Resolution Life focuses on delivering policyholder benefits in a secure, well capitalised environment.
Resolution Life is backed by large investors who are leading financial institutions, insurance companies, pension plans, sovereign wealth funds and family offices. Resolution Life is headquartered in Bermuda, which is a global insurance hub that also has a strong and uniform regulatory framework that aligns with Resolution Life’s global operations.

About the sale process
Your interests have been paramount throughout the process followed by AMP Limited in making its decision to sell AMP Life to Resolution Life. AMP Life is also ensuring your interests are at the forefront of our considerations as we prepare for this transition to a new owner.

Next steps
You will next hear from us once the sale is completed, which is expected to be by 30 June 2020.
Please contact our call centre in New Zealand on 0800 808 267 or visit our website at amp.co.nz if you have any questions about the proposed sale or your policy.

Regards,
Trevor Matthews
Chairman of the Board of AMP Life Limited

Important information

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AMP Wealth Management is a specialist provider of KiwiSaver and general insurance, with approximately 9.8% of the total KiwiSaver market as at 30 June 2019 and about 225,000 KiwiSaver clients. The average member balance in the AMP KiwiSaver Scheme is $24,992, compared to the industry average of $19,246 (as at 31 March 2019). AMP Wealth Management was the first financial services provider to become a Living Wage Accredited Employer and is a proud partner of Key To Life Charitable Trust and Dignity NZ.