AMP Life has been proudly owned by Resolution Life since July 2020 and is a well-capitalised business with approximately $30 billion in assets under management and 1.3 million customers across Australasia. Since joining Resolution Life, we have focused on transforming our business through introducing contemporary technology and digital offerings to enable better service to our customers.
As Resolution Life we offer a unique customer proposition – we are a business focused only on our existing customers and adapting our offering to specifically meet their needs. We are fully committed to providing our customers with peace of mind that their insurance, superannuation and investment policies are in safe and trusted hands for the long term.
We strive to provide our customers with competitive premiums, quality investment management, great customer service and efficient claims management. Significant investment is being made in new technology, new website, new chat capability and new digital portals to provide more effective and efficient experiences for our customers.
In 2020, we paid $1.1 billion in Australian insurance claims and $201 million in New Zealand insurance claims when people needed us most. We actively manage a over $30 billion portfolio of investments so we can continue to generate strong policyholder returns.
MBA (Exec), MEc, FIAA, ANZIIF (Fellow) CIP, GAICD
Megan Beer became Chief Executive Officer of Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Megan was appointed Chief Executive Officer of AMP Life on 1 January 2019, a position she retains under Resolution Life’s ownership.
Megan is accountable for the management and performance of AMP Life’s operations and for growing Resolution Life’s business in the region.
Megan has more than 25 years’ experience in the financial services industry. She joined AMP in 2014, as Director, Insurance and was appointed to Group Executive, Insurance in January 2017 and later Chief Executive Officer of AMP Life in January 2019.
Prior to AMP, Megan’s career spanned a range of executive, operational, finance, actuarial and consulting roles at MLC/NAB, Tower (now TAL) and Tillinghast (Consulting Actuaries).
Interests and passions
Megan believes it is a privilege to work in an industry that exists to help customers and their families face into an uncertain future. She recognises the need for industry change to adapt to our customers ever changing lives and feels motivated and rewarded to lead this change.
Megan is passionate about delivering for our customers, by enabling people to be their best and transforming business operations. Outside work, Megan is passionate about her family, reading fiction and baking.
Megan is a Director of Resolution Life NOHC, AMP Life and RLNM Limited.
Megan is also the President of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
Megan is a Fellow of the Institute of Actuaries of Australia, a Fellow of the Australian and New Zealand Institute of Insurance and Finance, holds a Master of Economics from Macquarie University, a Master of Business Administration (Executive) from the Australian Graduate School of Management at the University of New South Wales, and is a Graduate of the Australian Institute of Company Directors.
BBS, MA, ICAA (Fellow), ICAEW (Fellow), FAICD
Yvonne Le Bas was appointed Chief Financial Officer to Resolution Life Australasia on 27 August 2020.
Yvonne is accountable for financial management, financial control and statutory reporting for Australasia.
Yvonne has extensive professional experience with over 25 years’ working with leading global companies across financial services, property and oil sectors. Her expertise spans banking; insurance and wealth management in a range of roles including CFO, COO, General Manager, Strategic Development; and major Transformation Program delivery with two of Australia’s major banks.
Yvonne’s most recent role was Chief Financial Officer, Wealth at Westpac Banking Corporation. Prior to this she also had senior roles at National Australia Bank/ MLC and Lend Lease.
Interests and passions
Yvonne is proud to be part of an industry that provides protection to customers and their families in times of uncertainty and financial security when it is most needed.
She is passionate about playing a critical role in business sustainable, protecting and growing value to meet customer needs. Outside of work Yvonne is passionate about her family, continued learning and walking for fitness.
Yvonne is Chairman of the Ireland Funds Australia (Registered Charity), Director of Loreto Kirribilli Ltd and a member of the Provost’s Council of Trinity College Dublin.
Yvonne is a Fellow of the Institutes of Chartered Accountants of Australia and England & Wales, holds a Master of Arts and Batchelor of Business Studies from Trinity College Dublin, the University of Dublin Ireland and is a Fellow of the Australian Institute of Company Directors.
B.E. (Comp. Eng)
Peter Histon became Chief Technology Officer, Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Peter was appointed Chief Technology Officer of AMP Life in July 2019.
Peter is accountable for AMP Life’s technology platforms, data and analytics functions.
Peter has extensive strategic IT experience. He joined AMP in 2008 in the Strategy & Architecture team and since then has held different Head of Technology roles at AMP. In 2015 Peter was appointed IT Director, Insurance and Superannuation and then IT Director, Insurance, Bank and New Zealand.
Prior to joining AMP Peter held a variety of roles within technology focussed software consulting firms and start-ups in Australia and the UK.
Interests and passions
Peter is proud to be part of an industry that plays such a significant role in supporting Australian and New Zealand families at some of the most challenging times in their lives. He is passionate about the role his team plays in delivering solutions that help our customers.
Peter holds a Bachelor of Computer Engineering (Hons 1st class) from UNSW where he majored in Artificial Intelligence.
BCL UCD, Barrister and Solicitor
Therese Singleton became Chief Executive Officer New Zealand and Chief Claims Officer to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Therese was appointed as Executive General Manager AMP Life, New Zealand in July 2019.
Therese is accountable for the AMP Life New Zealand business. She also acts as Director of Resolution Life New Zealand and the Chief Executive Officer Resolution Life New Zealand.
Therese has over 20 years’ experience in the financial services industry both overseas and in New Zealand. She joined AMP in New Zealand in 2003 and acted as general counsel for six years from 2008. Since then, she has held various roles at AMP spanning all aspects of the business including product management, distribution and advice including general manager of investments and insurance, and general manager of advice and sales.
Therese has also served as a director of the New Zealand Financial Services Council and as a director of the AMP New Zealand corporate entities.
Therese has played a fundamental role in liaising with Government, regulators and industry groups to represent customers and the industry in the development of policy and regulation to enhance opportunities and protection for consumers.
Interests and passions
Therese was the beneficiary of a life insurance benefit payment early in her life and is a strong advocate for the difference that life insurance can make to people’s lives. She is committed to driving for affordable, and sustainable insurance benefits for all customers.
Therese is passionate about leading people and harnessing their power to remove barriers so that the best possible customer outcomes can be delivered.
Therese is a member of the Advisory Board for the Sisters of Our Lady of the Missions Aotearoa- New Zealand and Samoa. She is also a member of the Enterprise Ireland New Zealand Advisory Council and a member of the New Zealand Government appointed Code Working Group.
Therese holds a BCL UCD, is a qualified Barrister and Solicitor (admitted Ireland, England, Wales and New Zealand) and a member of the Institute of Directors New Zealand
Paul Tarlinton is Chief Human Resources Officer & Chief of Staff for Resolution Life Australasia. Paul was appointed as Executive General Manager, Corporate Services & Operations for AMP Life in July 2019. He transferred to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life.
Paul is responsible for AMP Life Corporate Services & Operations teams including Legal & Governance, People & Culture, Process Excellence, Corporate Affairs, Office of the Chief Executive Officer, Reinsurance and Operations.
Paul has extensive experience in business development and operational leadership roles.
During his time at AMP, Paul has held a diverse range of executive and large-scale leadership roles and has extensive transformation experience having led transformations of customer services, operations and group human resources functions. He has led a number of merger and acquisitions through due diligence and business integration phases within large scale transformation programs.
Most recently, Paul led the AMP Group People and Culture shared services function incorporating business partnering, HR operations, HR data and analytics, HR systems and payroll, talent acquisition, organisational design and change, HR advice and employee relations. In this role, Paul led the transformation of the Group HR function with the design of a new operating model, systems and offshoring partnerships.
He also led the end-to-end operating model design of the new AMP Life business and the workforce separation to successfully separate the business following the sale to Resolution Life.
Prior to joining AMP, Paul spent 11 years at Qantas Airways in business development and operational leadership roles.
Interests and passions
Paul believes in our purpose to ‘Protect Human Spirit’ (and was key in defining it), helping our customers live their best lives and being there for them when they need us.
He is passionate about leadership, creating an inclusive and diverse workplace and a culture that cares about its people and customers.
B.Acc, CA, M.AppFin, M.Mgt
Michael Paff became Chief Customer Officer for Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Michael was appointed as Executive General Manager, Customer Australia for AMP Life in April 2019.
Michael is accountable for product design, underwriting, operations, marketing, customer and adviser engagement.
Michael has significant life insurance industry experience. He joined AMP as a Finance Manager in 2002 and since then has held various roles in Finance, Operations, Strategy, Marketing, Product and Distribution. He was most recently Managing Director AMP Financial Planning, AMP Advice and AMP Assist which are AMP’s self-employed, employed and phone-based advice businesses.
Interests and passions
Michael believes in the value life insurance can provide to support customers when they most need it, and the important role we play in supporting customers return to meaningful work that enables them to get their lives back on track.
He is passionate about diverse teams coming together to improve the outcomes that can be delivered to customers. He is also passionate about exploring how emergent technologies can further enhance these outcomes. Outside of work he enjoys long distance running.
Michael is a qualified Chartered Accountant. He also holds a Master in Applied Finance and a Master in Management.
MBA (Exec), ICAA, GAICD, B Comm
Karen Malzard was appointed Chief Risk Officer to Resolution Life Australasia on 1 July 2020 following Resolution Life’s acquisition of AMP Life. Karen was previously the Executive General Manager – Risk for AMP Life since March 2020.
Karen is accountable for leading AMP Life’s risk management function.
Karen is a highly experienced executive having held senior roles in the wealth sector of the finance industry covering superannuation platforms, product, projects, strategy, finance and risk.
Karen’s most recent role was acting Chief Risk Officer for the wealth division of the ANZ Bank. Prior to this, Karen has held a number of executive and senior roles at ANZ, Zurich Financial Services and BT Portfolios Services.
Interests and passions
Karen believes that the life insurance industry exists to provide customers with peace of mind that they will be supported in difficult times, and to provide that support should those circumstances occur. She believes that the trust bestowed on Resolution Life, is a privilege that will be honoured.
Karen is passionate about the role risk management plays in ensuring a well-managed business and driving a bold strategic agenda. She is also passionate about developing risk professionals of the future who understand the business the partner with and the external environment that impacts them.
Karen holds a Master of Business Administration and Bachelor of Commerce from the University of New South Wales. She is an associate member of the Institute of Chartered Accountants in Australia and a member of the Australian Institute of Company Directors.
LLM BCom LLB (UNSW)
Ivan Yu joined AMP Life / Resolution Life Australasia in May 2020 to help drive the organisation’s strategic transformation agenda.
Ivan is accountable for ensuring that Resolution Life Australasia achieves its objectives and key results through the orchestration, development and relentless execution of its integrated plan.
Over the past eight years, Ivan has played an important role in nine whole-of-company transformations, the last three he led as Chief Transformation Officer. He brings deep transformation experience across a broad range of industries including telco, media, retail & consumer packaged goods, mining, electricity and financial services.
Ivan was previously a management consultant with McKinsey & Company helping organisations navigate turnaround, transformation and growth situations. He started his career as a lawyer with Herbert Smith Freehills, where he advised on contentious regulatory matters, M&A deals and capital raisings.
Interests and passions
Ivan enjoys working with people that have an appetite for step change and is drawn to scenarios where there are fundamental business model challenges and opportunities, shifts in the leadership team and changes to ways of working.
He is the proud father of two young children who occupy his time and often feature in the background of his video calls.
Ivan holds a Master of Laws, Bachelor of Commerce and Bachelor of Laws, all from the University of New South Wales.
Rebrand – moving to the Resolution Life brand
Resolution Life has commenced a wholesale rebrand that will see AMP Life completely transition to Resolution Life.
Over the coming months, customers can expect to notice changes to the AMP Life website, in our communications as well as their regular policy statements as we begin to roll out the rebrand to Resolution Life.
There will be no changes to the terms and conditions of existing policyholder plans as a result of the rebrand.
Find out more about Resolution Life
FAQs regarding the sale of AMP Life to Resolution Life
Do policies change now that AMP Life is owned by Resolution Life?
The terms and conditions of customer policies or plans will not change due to the sale. We will continue to deliver on customer promises and services, and customers will also benefit from Resolution Life’s experience, expertise and track record in delivering a high level of customer service and policyholder benefits in a secure, well capitalised environment.
Managing investments and paying customer claims will continue to be our utmost priority. By becoming part of the Resolution Life Group, we are now part of a global manager of in-force life insurance portfolios which means we remain focused on existing customers rather than seeking to attract new customers.
How do customers contact AMP Life?
Customers can continue to contact us in the same way they always have. Customers can still find us on the amplife.co.nz website. Customers can still make changes and updates to their policy or plan including varying policy cover.
Where are you based now?
AMP Life will maintain a physical presence in New Zealand and Australia to service our customers. New Zealand customers will continue to be able to call our teams in New Zealand if they need to speak to us about their policy or be supported through the claims process. AMP Life has offices in Auckland, Wellington, Sydney, Parramatta, Melbourne and Brisbane.
Who is Resolution Life?
Resolution Life is a global manager of in-force life insurance businesses who provide customers with peace of mind that their insurance is in safe and trusted hands for the long term.
Since 2003, various Resolution Life entities have committed over US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 28 life insurance companies. Together, these companies have served the needs of over 10 million policyholders while managing over US$320 billion of assets. 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.
Is Resolution Life subject to the same legal and regulatory requirements as AMP Limited?
Yes. Resolution Life will be subject to the same New Zealand and Australian regulatory requirements as AMP and as all other life insurance providers in New Zealand and Australia are.
Under both New Zealand and Australian law, AMP Life has legal obligations to prioritise customers’ interests ahead of shareholders’ interests if there is a conflict. AMP Life is regulated by both the Reserve Bank of New Zealand in New Zealand and the Australian Prudential Regulatory Authority in Australia and will be subject to the same conditions in the future as it is today, including that the company is well capitalised. This means there are legal and regulatory measures to ensure we meet customer promises by paying claims and doing so in a timely manner.
New legislation is currently proposed in New Zealand that will regulate the conduct of all life insurers. If passed, this will apply to AMP Life as it will to all life insurers who operate in New Zealand. AMP Life will continue to operate under the NZ Financial Services Council Code of Conduct and the Financial Services Council Code of Practice in Australia.
Why is the sale to Resolution Life good for customers?
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of in-force life insurance policies, such as AMP Life. By becoming part of the Resolution Life Group, we are now part of a business solely focused on existing customers rather than seeking to attract new customers.
AMP Life’s customers will benefit from Resolution Life’s experience, expertise and track record in delivering exceptional customer service and customer benefits in a secure, well capitalised environment.
Importantly, the terms and conditions of policies or plans will not change due to the sale.
Paying claims remains our priority
Paying claims will always be an AMP Life priority.
Customers terms and conditions of their policies remain unchanged after the sale. AMP Life will continue to operate under the fundamental insurance principle of utmost good faith in dealing with all customer claims.
AMP Life paid out NZ$186m in claims in 2019 in New Zealand. The same team that was managing AMP Life before the sale will continue to manage the company after the sale.
Does the sale of AMP Life to Resolution Life mean life insurance premiums will go up?
AMP Life’s pricing product and pricing philosophy is based on ensuring our products remain relevant, competitive and sustainable. Pricing reflects a range of factors, including the market environment and claims experience of specific products. Our priority is to ensure our products and pricing remains sustainable, competitive and relevant.
Resolution Life’s success is contingent upon its ability to retain customers. Increasing premiums in a manner which is out of step with the market would drive customers away and be detrimental to our business.
Will policies be managed overseas?
No, policies will continue to be managed by local AMP Life teams in New Zealand and Australia.
Will Resolution Life be offering its own products in New Zealand or Australia?
Whilst that is an option for the future, for the foreseeable future, Resolution Life is focusing on servicing the existing needs of customers and keeping the promises that were made to them when they took out their existing policies.
If AMP Life is now a closed book, does that mean customers can’t make changes to their life insurance?
If the terms of individual policies allow customers to make changes then these options will still be available.
Will customers be able to switch to other life insurers?
Yes, customers are able to switch to other life insurers. Resolution Life is committed to providing AMP Life customers with competitive premiums, great customer service and efficient claims management. It respects that certain customers may wish to review their options, but as this may result in the loss of some benefits, customers are encouraged to speak to a financial adviser before making a decision about switching life insurance providers.
What is an in-force life insurance portfolio?
An in-force life insurance portfolio refers to the current policies held by customers of AMP Life. AMP Life does not seek to acquire new customers, instead AMP Life chooses to focus on the customers it already has. This will not change with the sale to Resolution Life.
What is an in-force life insurance specialist?
An in-force life insurer focuses on its existing customers. AMP Life became an in-force specialist following the sale announcement. AMP Life will remain an in-force life insurer, regardless of the sale to Resolution Life. AMP Life made this change to its business model in response to the market environment for life insurance. AMP Life is focused on servicing and retaining our customers, and this will not change with new ownership.
Will the acquisition mean that AMP Life will become a ‘zombie fund’?
A zombie fund is a colloquial expression for a participating life insurance fund that is closed to new customers and where the fund has capital constraints which prevent it from investing in growth assets. This is not the case for AMP Life whose funds are well capitalised to withstand market shocks. AMP Life’s participating fund has been closed to new customers for over 20 years in New Zealand and Australia. Over this time, the assets of the participating fund have grown as customers continue to pay premiums and make changes to their policies, the fund earns investment returns, while benefits are paid out to customers. Over time, the participating fund will inevitably run off as benefits are paid to policyholders.
AMP Life has plans in place to manage this gradual run off over the next 50 or so years and these plans will continue to be refined, benefiting from Resolution Life’s global expertise in managing the run-off of participating funds in a well-capitalised environment.
How does a participating policy work?
Many of AMP Life’s products are participating products, such as whole of life and endowment products. Your policy schedule will tell you if your policy is a participating policy. These policies have both savings elements (the policy pays out at maturity or earlier if you surrender) and protection elements (the policy pays out if you die earlier).
A participating policy means that customers participate in the profits of the life company from these policies, generally receiving 80 per cent of the profits. The shareholder’s share of the profits, the other 20 per cent share, was established at demutualisation of AMP Life (and also National Mutual Life Association of Australasia).
The terminal and annual or reversionary bonuses added to these policies are the way that the profits are shared with customers. These profits primarily arise from the investment of the assets of the life company in shares, property, bonds, and other assets. Reversionary bonuses are guaranteed additions once added to the policy. Terminal bonuses are paid at the point of paying out the policy, either on maturity, death or surrender. Terminal bonuses are not guaranteed and can be varied at any point in time. The shareholder only receives a share of profits when bonuses are paid to policyholders.
This means that there is alignment of the interests of the participating policyholders and the shareholder, currently Resolution Life. It is in both the participating customers’ and shareholder’s interests that the life company is run well and continues to maximise the profits from the participating policies over the duration of the policies.
These participating products have not been actively sold in New Zealand and Australia for over 20 years. Customers have continued to pay their premiums, receive their bonuses and the protection of their life policies over this time. There will be no changes to the terms and conditions of these policies with the sale to Resolution Life.
Where do the bonuses come from and how do customers know that Resolution Life will continue to pay them?
The terms and conditions of all policies remain the same after the sale to Resolution Life. This includes the right to bonuses.
The bonuses largely arise from the returns on investment monies invested for you and are directly linked to the performance of the funds and assets that the money is invested in. Where there are actual or expected lower future investment returns (e.g. lower government bond rates) or underperforming markets (e.g. the global financial crisis or the current recent experience due to uncertainties with COVID 19) then this will impact the level of the future bonuses paid to you and the dividends received by the shareholder.
Terminal bonuses at any point in time are not guaranteed into the future. Terminal bonuses are generally adjusted up or down more quickly to respond to market conditions and enable the fund to be more aggressively invested for your benefit.
Reversionary or annual bonuses already declared are guaranteed at maturity of your policy. At any time between your annual policy notice, you can call our call centre or contact your financial adviser if you would like to receive a current value assessment of your policy.
How do customers know that Resolution Life won’t mismanage the assets or invest in less risky assets, as these are cheaper to manage and therefore leave me with very low bonuses?
The investment returns form part of the profits of the participating business and form the basis for your bonuses. Profits are generally shared between the participating customers and the shareholder in an 80-20 share. This was agreed at demutualisation and is a legal requirement for the company. This means that for every $100 of profit declared, $80 goes to the participating customers’ bonuses and $20 to the shareholder as retained profits and ultimately paid to the shareholder as a dividend, provided the Fund has sufficient capital to protect against future adverse events.
It is not in the interests of Resolution Life to strive for lower returns for customers or to strive for excessive returns from extreme levels of risk. Resolution Life brings access to additional and global pools of quality asset managers and direct assets. This means that AMP Life can continue to manage the investment funds in a well-diversified manner seeking to maximise returns while at the same time having regard to liquidity to meet their requirements to be able to pay customers when required and sufficient capital to support the guarantees underpinning the policies.
Who controls all of this money and how do customers know Resolution Life won’t just take it all and use for themselves?
The assets that back all customers liabilities are held within what is known as a statutory fund. This is mandated by New Zealand and Australian law. This means that these assets are ringfenced (much like trust assets) and have strict legal requirements around how they are managed.
Regular reporting is provided to the regulators in New Zealand and Australia on the statutory funds. There is no ability for Resolution Life to use the funds in the statutory fund for their own purposes. The role of the Insurance Prudential Supervision Act in New Zealand and the AMP Life Board under the Life Act in Australia is to ensure that in the investment, administration and management of the assets of a statutory fund, a life company gives priority to the interests of owners of policies. If there is a conflict between shareholders and customers, the customer interests must be prioritised ahead of shareholder interests. This is a legal requirement of directors. The AMP Life Board has a majority of independent directors, which means they are independent of Resolution Life and of management.
The assets of the statutory fund are invested to achieve an appropriate risk adjusted investment return. For protection policy types, like term insurance, disability insurance or annuities, the assets are invested in a prudent manner to seek to ensure that there are sufficient assets to meet the future claims on policies. For participating policies, the assets are invested in a diversified pool of growth and defensive assets to generate higher expected returns. The higher levels of risk on these investments may lead to higher profits which will be used to increase bonuses for participating policies.
The Reserve Bank of New Zealand has further strengthened protection for New Zealand policyholders with the requirement for AMP Life to establish a trust for assets backing New Zealand policyholder liabilities.
Are customers “captured” by AMP Life?
Retaining our customers is a priority for AMP Life and we do this by ensuring our products, pricing and service meet our customers’ reasonable expectations. We understand customers have a choice when it comes to their life insurance provider and we want to ensure they continue to remain with AMP Life.
Regulatory approvals and oversight
The sale of AMP Life required regulatory approval from the Reserve Bank of New Zealand in New Zealand and the Australian Prudential Regulatory Authority in Australia. AMP Life’s operations remain subject to the same regulatory conditions as before with the addition of enhanced requirements in New Zealand.
New Zealand AMP Life Operating Model
AMP Life Limited is licensed to carry on insurance business in New Zealand under the prudential supervision of the Reserve Bank of New Zealand (Reserve Bank).
When AMP Life was acquired by Resolution Life in June 2020, changes were made to the structures of its New Zealand business following engagement with the Reserve Bank and the Australian Prudential Regulation Authority (APRA). The changes are designed to ensure that the benefits New Zealand policyholders enjoy under their AMP Life policies are maintained and protected. AMP Life remains your insurer and the terms of your policy are unchanged.
The structural changes that AMP Life has put in place are
- Resolution Life New Zealand Limited (Resolution Life NZ)- a new company in New Zealand which is a licensed insurer governed by a board of majority independent directors and supervised by the Reserve Bank. It is also the trustee of the AMP Life NZ Trust Fund (see below);
- AMP Life NZ Trust Fund– a trust to hold a pool of investment assets with Resolution Life NZ as trustee and AMP Life as the manager of the trust, whose assets support the policies issued by AMP Life to New Zealand policyholders
- New Zealand Policyholder Advisory Committee (NZPAC)– a committee of the AMP Life Board, whose members include the independent directors of Resolution Life NZ, established to enhance and protect the interests of New Zealand policyholders.
The links below contain further details of each component of these changes.
AMP Life’s Insurer Licence and Exemptions
Because AMP Life is licensed and supervised by APRA, AMP Life in New Zealand continues to be exempted from requirements of the statutory fund provisions in New Zealand legislation, as well as the application of the New Zealand solvency standard for life insurers. These exemptions were granted to AMP Life on the basis that AMP Life must comply with the equivalent Australian requirements under the supervision of APRA. Those exemptions are subject to a number of conditions, some of which relate to the changes described above.
Click here to view the conditions of exemptions at the Reserve Bank website.
The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.
AMP Life Limited ABN 84 079 300 379 (AMP Life) has proudly served customers in Australia and New Zealand since 1849. AMP Limited ABN 49 079 354 519 has sold AMP Life to the Resolution Life group whilst retaining a minority economic interest. AMP Limited (and its related companies) have no day-to-day involvement in the management of AMP Life whose products and services are not affiliated with or guaranteed by AMP Limited. “AMP”, “AMP Life” and any other AMP trademarks are used by AMP Life and Resolution Life under licence from AMP Limited.