POWERED BY MOMENTUM MEDIA
AMP claims vindication on Resolution transaction
Amid continuing shareholder disquiet over AMP Limited’s sale of its life insurance business to Resolution Life, the company has welcomed confirmation from the Australian Securities Exchange (ASX) that the transaction did not require shareholder approval.
AMP late on Friday issued a formal statement in which it said it had noted that the ASX had “reconfirmed its decision that there is no requirement for shareholder approval in relation to the company’s transaction with Resolution Life”.
It said the ASX had confirmed that the transaction did not represent a disposal of the company’s main undertaking.
The ASX regards the main undertaking of a business as accounting for more than 50 per cent of its revenue.
AMP said the underlying profit generated by the insurance business delivered 37 per cent of AMP’s profit to 31 December, last year, and 24 per cent based on the half year to 30 June, this year.
AMP had been fighting a rear-guard action on the Resolution Life transaction with a number of shareholders, including Merlon Capital Partners, agitating for an extraordinary general meeting on the basis of disputing the value gained from the sale.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
