Sale of AMP Life Limited by AMP Ltd to Resolution Life

AMP Limited’s divestment of AMP Life to Resolution Life was a landmark transaction in the Australian financial services sector, requiring the seamless execution of multiple complex financial, operational, and technological transitions as pre-conditions to the deal’s finalisation. The transaction involved the simultaneous execution of two Successor Fund Transfers (SFTs) and one Intra-Fund Transfer (IFT), as well as the extinguishment of investment-linked life policies and the corresponding transition of assets in consideration. Additionally, the sale required extensive data separation and migration activities, rigorous testing, and detailed impact analysis to ensure a smooth transition. Our team played a critical role in coordinating and executing these essential pre-conditions, ensuring compliance, operational continuity, and minimal disruption to stakeholders.

Demonstrated Capabilities:

Client Testimony

The completion of this complex, multi-faceted transaction reinforced IA's expertise in large-scale and complicated divestments, successor fund transfers, investment transitions, regulatory compliance, system and data separation and migration within the financial services industry. Their ability breakdown complex problems and offer solutions enabled us to efficiently execute pre-conditions ensured a smooth divestment process, delivering a successful outcome for AMP Limited, Resolution Life, and our members and policyholders.

Key Challenges

Pre-Condition Execution Complexity: The transaction could not be finalised until the SFTs, IFT, investment policy redemptions, and system migrations were successfully completed.
Regulatory & Compliance Demands: Meeting strict APRA, ASIC, and legal requirements while ensuring transparency for policyholders and members.
Investment Asset Transition & Policy Redemptions: Managing the transition of diverse investment-linked portfolios, ensuring proper valuation and compliance with contractual obligations.
Data Separation & Migration Risks: Ensuring the accurate segregation and migration of critical data, including policyholder records, investment data, and operational systems, while maintaining data integrity.
Stakeholder Coordination: Aligning multiple parties, including AMP Ltd, AMP Life Ltd, AMP Super, Resolution Life, custodians, fund managers, and regulators, to execute the pre-conditions within tight timelines.

Solution Highlights

Strategic Pre-Condition Management: Developed a structured roadmap to execute all required SFTs, IFTs, investment policy redemptions, and data migrations efficiently before deal closure.
Regulatory & Compliance Oversight: Provided expert guidance to ensure all transitions met APRA and ASIC requirements while maintaining policyholder protections.
Asset Transition & Investment Policy Redemption Execution: Facilitated the timely redemption of investment-linked life policies and the corresponding transfer of assets, ensuring value preservation and adherence to contractual terms.
Data Separation & Migration Coordination: Led the end-to-end coordination of data separation, ensuring a clean transition of records, policyholder data, and investment information between AMP and Resolution Life.
Testing & Quality Assurance: Managed extensive testing cycles to validate data integrity, operational readiness, and system functionality, mitigating post-migration risks.
Seamless Member & Policyholder Migration: Supported the smooth transition of member accounts and policyholder benefits, ensuring minimal disruption and maintaining data accuracy.

Outcome

Successful Execution of Pre-Conditions – All required SFTs, IFT, investment policy redemptions, and data migrations were completed on time, enabling the finalisation of the divestment.
Seamless Fund & Policyholder Transfers – The transition of superannuation members and policyholders was executed with minimal disruption.
Efficient Investment Asset Transition – The structured redemption and transfer of investment-linked assets preserved value and ensured compliance with contractual obligations.
Data Integrity & System Readiness – Successfully separated and migrated critical data, ensuring clean system cutover and operational continuity.
Regulatory Compliance & Stakeholder Alignment – Achieved full adherence to APRA and ASIC regulations while ensuring clear communication with policyholders and members.
Completion of the AMP Life Divestment – Enabled the successful transition of AMP Life to Resolution Life, allowing AMP to execute its strategic business transformation.

Are you planning on undertaking a SFT or alternatively a large scale asset transition? Contact us to discuss how we can tailor our approach to your specific needs.