AMP shares bounce thanks to sale of Life Insurance interest
AMP +9.30%: the embattled financial services company rallied today after selling its interest in Resolution Life Australia. AMP held a ~19% stake in the business after selling AMP Life to Resolution last year. Now 18 months on, they’ve sold the final cut to the same buyer for a handy sum of $524m. After a few one offs, adjustments and taxes it will help boost AMP’s capital position by $459m, giving them a bit more dry powder to grow (turn around) the business and more flexibility as they look to divest the AMP Capital’s Private Markets business.
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