Suncorp purchases AMP’s General Insurance Distribution business

Friday, 2 December, 2011

AMP Ltd and Suncorp jointly announced today that Suncorp has purchased AMP’s General Insurance Distribution (AMP GID) business.

Suncorp has previously provided general insurance products to AMP through an extensive national distribution network of more than 700 aligned General Insurance professionals, known as Authorised Representatives (ARs). This transaction secures the business for Suncorp for the long-term.

“This initiative is part of Suncorp’s strategy to strengthen its distribution footprint and grow its business, as well as provide distribution in line with clients’ preferences,” said Mr Anthony Day, Chief Executive Officer of Suncorp’s Commercial Insurance business.

AMP Director Financial Planning, Advice and Services Steven Helmich said the transaction will provide uninterrupted support for GID authorised representatives.

“Suncorp will continue to provide product, marketing and services under the same terms and conditions as today. With this transaction, GID Authorised Representatives will become part of a company committed to strong growth in general insurance and to investing in and developing general insurance professionals,” Mr Helmich said.

AMP will continue to focus on wealth management, investment management and advice businesses.  This transaction has no effect on AMP’s financial planning operations.

The transaction terms are commercial in confidence and the acquisition price is not material for either party.

In 2001 Suncorp acquired AMP’s general insurance manufacturing capability. AMP GID currently has distribution agreements in place with Suncorp’s GIO brand, National Transport Insurance and CGU.

The transaction is expected to complete on 31 December 2011 and is subject to a number of conditions.

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