Thursday, May 24, 2018

Australia’s AMP downplays reported China Life talks

Embattled Australian wealth manager AMP has kept silent on reports that it is exploring a deal with China Life.

However, the minutes of AMP’s board meeting in October 2017 covered Project Advance, the company’s strategic review of some of its assets and mentioned “proposed confidential discussions with China Life Group”, according to a report in The Sydney Morning Herald.

A company spokesman confirmed that Project Advance relates to AMP’s portfolio review, but declined to comment when asked why AMP would not confirm that it is exploring a deal with China Life.

Last February, several media outlets reported that China Life was in talks to buy up to US$3 bilion of AMP’s troubled life insurance assets.

AMP’s life operations disappointed investors with near-zero share price growth during the past year.

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