I am struggling to see how this break up valuation of $15...

I am struggling to see how this break up valuation of $15 billion is justified. It does seem to have slight lack of realism and maybe even the facts.

Let us take the first one. AMPCI has a 20% Japanese shareholder. This means the valuation for AMPCI is ther $3.75 billion, a new figure to me, or that the valuation did not allow for this. Either way I reckon there’s a $750m problem here.

And who is going to value or pay $6billion for the life business, even including China. They have trying to flog it for ages. Can anyone see half a billion of profit from the life business supporting a stand alone or sold non growth business in the AMP results? The actual realised value here could be somewhat lower.

Finally, the bank valuation looks to be at the top end of the range.