Resolution Life completes acquisition of AMP’s minority equity interest
Resolution Life Australasia has announced the completion of the acquisition of AMP Ltd’s remaining 19.13% equity interest in Resolution Life Australasia, initially announced in November, 2021.
The announcement coincided with Resolution Life Australasia having entered the last stage of full separation from AMP and the cessation of all transitional service agreements, the firm said in the press release.
Resolution said that since the acquisition of the majority interest in 2020, it focused on establishing its Australasian platform and transforming the business to become more data driven, digital and customer focused.
“These significant developments mean we have full ownership and control of our future and are also in a strong financial position to pursue our growth ambitions,” Megan Beer, chief executive Resolution Life Australasia, said.
“We will continue to lead by example like we have in lifting professional standards for the industry, using AI technology for claims assessment and being one of the first life insurers in Australasia to establish a cloud only strategy which we are in the final stages of executing.”
Since entering the Australasian market in 2020, Resolution Life Group said it had invested over $1bn in transforming and growing our Australasian platform as a core part of the global strategy.
Globally, Resolution Life currently manages US$82 billion of assets, employs over 2,000 people, provides services to over 3 million policyholders and invested approximately of $5 billion of capital since its 2018 launch.
So it's not just Asteron clients that TAL has been delivering lousy service to.
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