Oct 25 (Reuters) - AMP Ltd (AMP) :
- AMP AGREES TO SELL WEALTH PROTECTION AND MATURE BUSINESSES
- ANNOUNCES INTENTION TO DIVEST VIA IPO NEW ZEALAND WEALTH MANAGEMENT AND ADVICE BUSINESSES
- DEAL FOR FOR TOTAL PROCEEDS OF A$3.45 BILLION
- TRANSACTION EXPECTED TO COMPLETE IN 2H 2019
- FOR CUSTOMERS, THERE WILL BE NO CHANGE TO THEIR EXISTING INSURANCE POLICY TERMS OR CONDITIONS
- INTENDS TO SEEK DIVESTMENT OF NEW ZEALAND WEALTH MANAGEMENT AND ADVICE BUSINESSES VIA INITIAL PUBLIC OFFERING IN 2019
- ENTERED BINDING REINSURANCE DEAL WITH SWISS RE FOR NZ RETAIL WEALTH PROTECTION PORTFOLIO, EXPECTED TO GET UP TO A$150 MILLION OF CAPITAL TO AMP
- AMP EXPECTS TO MONETISE ALL NON-CASH CONSIDERATION OVER TIME
- REINSURANCE AGREEMENT IS EXPECTED TO REDUCE NEW ZEALAND PROFIT MARGINS BY A$20 MILLION ON A FULL-YEAR BASIS
- AMP CAPITAL WILL ALSO JOIN RESOLUTION LIFE'S GLOBAL PANEL OF PREFERRED ASSET MANAGERS
- NEW RELATIONSHIP AGREEMENT ESTABLISHED WITH RESOLUTION LIFE AND AMP CAPITAL WILL CONTINUE TO MANAGE WEALTH PROTECTION AND MATURE AUM
- SIMPLIFICATION AND SEPARATION COSTS RELATED TO RESOLUTION LIFE SALE TRANSACTION ARE EXPECTED TO BE IN ORDER OF A$320 MILLION POST-TAX
- BUSINESSES HAVE FY18 PRO FORMA OPERATING EARNINGS OF ABOUT A$40 MILLION ON A STANDALONE BASIS
- REINSURANCE AGREEMENT WITH SWISS RE FOR NEW ZEALAND RETAIL WEALTH PROTECTION PORTFOLIO EXPECTED TO RELEASE UP TO A$150 MILLION OF CAPITAL TO AMP
- CONTINUES TO TARGET TOTAL FY18 DIVIDEND PAYOUT TOWARDS LOWER END OF DIVIDEND GUIDANCE RANGE OF BETWEEN 70 - 90 PER CENT OF UNDERLYING PROFIT
- AMP WILL EXCLUDE 2H 18 EARNINGS FROM DISCONTINUED BUSINESSES IN DETERMINING FY 18 DIVIDEND
- ADDITIONAL CAPITAL FROM TRANSACTION WITH RESOLUTION LIFE WILL FACILITATE REDUCTION IN AMP'S CORPORATE DEBT OF UP TO A$800 MILLION
- REINSURANCE AGREEMENT WITH SWISS RE IS EXPECTED TO REDUCE NEW ZEALAND RETAIL WEALTH PROFIT MARGINS BY A$20 MILLION ON A FULL-YEAR BASIS
- TO SELL AUSTRALIAN AND NEW ZEALAND WEALTH PROTECTION & MATURE BUSINESSES TO RESOLUTION LIFE FOR TOTAL CASH & NON-CASH CONSIDERATION A$3.3 BILLION
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