Two down, one to go for AMP
AMP hopes to have sold its general insurance business in New Zealand within the next three months.
Thursday, August 23rd 2001, 4:53PM
AMP chief executive Paul Batchelor says progress is being made with plans to sell its general insurance business in New Zealand and he hopes a deal can be done within three months.
Batchelor made these comments when releasing the group's half-year results in Sydney on Thursday.
The global financial services group made a strategic decision last year to exit its non-core businesses, such as general insurance, so it could concentrate on wealth management.
Consequently it has sold its Australian general insurance operations to Suncorp-Metway for A$1.24 billion (NZ$1.5 billion), and it has also exited its UK general insurance business.
Batchelor wouldn't disclose how many parties AMP was talking to, or if it was down to one player yet.
When asked he said: "It's more than a single party, but less than 100."
Potential buyers for its New Zealand business include, NRMA (formerly State Insurance) and Tower.
AMP has less than 10% of the general insurance market in New Zealand. The business generates annual premium income of around A$120 million each year.
Although AMP plans to sell the manufacturing part of its general insurance business it would still continue to sell the products underwritten by its alliance partners.
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