AMP Life is now proudly owned by Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of in-force life insurance policies, such as AMP Life.
AMP Life will continue to operate under the AMP Life name for the time being under a brand licence agreement from AMP Limited. In addition, AMP Limited will retain a minority economic interest in Resolution Life Australia.
AMP Life will continue to deliver on customer promises 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.
Importantly, the terms and conditions of policies or plans will not change due to the sale. Rest assured managing investments and insurance and paying customer claims will continue to be their utmost priority. By becoming part of the Resolution Life Group, AMP Life is now part of a business solely focused on existing customers rather than seeking to attract new customers.
Frequently asked questions…
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. AMP Life 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 their utmost priority. By becoming part of the Resolution Life Group, AMP Life is now part of a global manager of in-force life insurance portfolios which means they remain focused on existing customers rather than seeking to attract new customers.
How do customers contact AMP Life?
Customers can continue to contact AMP Life in the same way they always have. Customers can still find them on the amplife.co.nz website. Customers can still make changes and updates to their policy or plan including varying policy cover or nominating a beneficiary.
Customers can also contact us directly or contact AMP Life at askus@amp.co.nz or on 0800 808 267 from 8.30am to 5:30pm, Monday to Friday.
Where are AMP Life based?
AMP Life will maintain a physical presence in New Zealand and Australia to service customers. New Zealand customers will continue to be able to call teams in New Zealand if they need to speak to them 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 they 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, AMP Life is 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 their 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.
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.
AMP and Core Advice are still here to help
Contact Core Advice or AMP Life at askus@amp.co.nz or call on 0800 808 267, 8:30am to 5:30pm Monday to Friday.