By Phil Boeyen, ShareChat Business News Editor
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Thursday 20th September 2001 |
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The purchase includes GIO NZ and its half-share in the AA joint venture, AA Insurance.
AMP says it will continue to distribute general insurance products from Royal & SunAlliance, branded under the AMP name.
The insurance company has been looking to exit its New Zealand general insurance business for some time as part of a strategy to divest non-core businesses and focus on its core wealth management expansion.
AMP recently sold its Australian and UK general insurance businesses in similar agreements.
CEO, Paul Batchelor, says general insurance remains an important part of the company's offer to customers and it will work closely with Royal & SunAlliance to transfer the business. Change of ownership is due by the start of October.
AMP recently announced a drop in half-year profits to A$403 million from A$525 million last year due to falls in investment income.
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