Yes AMP have said for a few years that they would like to exit the life business. The strategic basis for this has not been clearly given other than it is capital intensive etc. life insurance is a valid product with demand. Why is not possible for AMP to find a way to make money while others can?
the sale has been made at a low point in the market due to........
AMP’s damaged situation
A number of other businesses for sale
bottom of the cycle
need to redesign products
it has been at what looks to be at the low end of any valuation basis
it has been done before AMP has presented its new strategy
they should have waited. Risk would have been low. You don’t sell at market bottom if you don’t have to. That they have says it is either a bad decision or they need the capital as they fear what may yet come - a point raised by BarnArse in that shareholders may not get a capital return.
This team just cannot get it right.
Yes AMP have said for a few years that they would like to exit...
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