Former AMP Life policyholders moving to Asteron

The proposal comes after Resolution acquired Asteron Life at the start of last year then later on Nippon Life acquired Resolution Life.

At the time of the Asteron deal Resolution Life Australasia chief executive, Tim Tez said, “While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market.”

In a recent email to policyholders the proposal is to seperate the AMP Life Australian and New Zealand policyholders into seperate groups. This requires the establishment of a new Statutory Fund so the transfer can proceed. Once completed Asteron Life would manage the former AMP policies.

When Resolution bought AMP it planned to put the book into run down. It is unclear whether there are any changes here.