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AMP to sell $389 million stake in Resolution Life Australasia, sealing life insurance exit -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : The logo of AMP Ltd can be seen at the company’s head office in Sydney (Australia), May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray//File Photo

(Reuters) – Australia’s AMP Ltd (OTC) Ltd announced Wednesday that it had agreed to sell 19% of Resolution Life Australia to the British firm. This marks the exit of the wealth manager from life insurance.

The sale of AMP’s remaining stake for A$524 million ($389.28 million) follows the company selling its life insurance arm for A$3 billion to Resolution Life in 2020, years after it agreed to offload the business at a discount https://www.reuters.com/article/amp-divestiture-idUSL3N1X45YL.

($1 = 1.3461 Australian dollars)

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