Hello Guest, welcome to torrentinvites.org - Your #1 source for Torrent Invites!
CLICK HERE to register for free and gain full access to TI.org!
Torrent Invites! Buy, Trade, Sell Or Find Free Invites, For EVERY Private Tracker! HDBits.org, BTN, PTP, MTV, Empornium, Orpheus, Bibliotik, RED, IPT, TL, PHD etc!
-
Power User
AMP announces $3.3bn portfolio sell-off
AMP shares have tumbled after the wealth manager announced it will sell its Australian and New Zealand wealth protection and mature businesses to London-based insurance firm Resolution Life for $3.3 billion.
The company which came under intense scrutiny from the royal commission into the country's financial sector for wrongdoing earlier this year, also said it was contemplating an initial public offering for its New Zealand wealth management and advice businesses in 2019.
The sale value of its Australia and New Zealand wealth protection and mature businesses would amount to $1.9 billion in cash, with a non-cash component making up for the rest.
AMP shares were down 29 cents, or 8.8 per cent, to $3.02 at 1158 AEDT.
The company said it expected to monetise the non-cash consideration over time, without putting a timeline on it.
AMP said it expected the sale to close in the second half of fiscal 2019.
Also, AMP said it has entered into a reinsurance agreement with Zurich-based insurance firm Swiss Re for the New Zealand retail wealth protection portfolio that is expected to release up to $150 million of capital, the company said.
In August, AMP booked its worst first-half profit in 15 years as it set aside cash to compensate customers it sold bad advice, and said that people were still withdrawing money amid a misconduct inquiry.
Tags for this Thread
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules