Australian AMP to sell life insurance business for $2.03bn

Australia’s wealth manager AMP said on Thursday it would sell its life insurance business at revised terms to British insurer Resolution Life for A$3 billion ($2.03 billion).

The offer comprises a A$2.5 billion cash component, with a A$500 million, or 20%, equity interest in Resolution Life Australia, to be created by merging AMP Life.

Source: Reuters