China Life reportedly acquiring AMP’s life assets for US$3bn

February 13 2018 by InsuranceAsia News Staff

China Life is rumoured to be in talks to buy up to US$3 billion of AMP’s troubled life insurance assets.

Talks about selling AMP’s life operations came after it disappointed investors with near-zero share price growth over the past year.

China Life’s interest in AMP’s insurance unit is borne out of the strong ties it has with the Australian company.

The companies have a joint venture together, China Life AMP Asset Management, while AMP has a 19.9% stake in China Life Pension Company.

In 2017, China Life, Kohlberg Kravis Roberts and Macquarie Group considered a takeover of AMP Limited but the deal did not push through.

According to reports, a possible deal could be announced in May when AMP shareholders meet.