“This acquisition represents the next phase of Resolution Life’s Australasian journey as we position our platform for future growth and rebrand AMP Life to Resolution Life.

“Our vision is to be the leading in-force specialist life insurer in Australasia and we believe we can achieve this by being customer-focused and data-driven," she says.

In a release to the Australian Stock Exchange this morning, AMP Ltd states "...it has agreed the divestment of its 19.13% equity interest in Resolution Life Australasia (RLA) for a consideration of AUD$524 million to Resolution Life Group (RLG)".

“This divestment brings to a close our long and proud involvement in life insurance in Australia and New Zealand," AMP chief executive Alexis George said.

The divestment remains subject to regulatory approvals in Australia and New Zealand.

Beer says Resolution Life is well-positioned for growth in the Australian and New Zealand markets through managing customers’ existing policies as their needs change, transforming its business and continuing to adopt a disciplined approach to acquisitions.

"Since joining Resolution Life, the Australasian leadership team has been focused on separating from AMP and transforming the business to become data-driven and to introduce contemporary technology and digital offerings to enable better customer service and outcomes," she says.

“We have already achieved so much and the business is performing well. By acquiring the remaining interest in AMP Life we now have full ownership and control over our future."

Resolution Life is a global life insurance group focusing on the acquisition and management of life insurance policies and currently manages around US$60 billion of assets, employs over 1,500 people and provides services to approximately 2.5 million policyholders.

Resolution Life Australasia has approximately $30 billion in assets under management and is a well-capitalised business with 1.3 million customers.