August 7, 2019 / 10:01 PM / 13 days ago

Australia's AMP Ltd to sell life insurance business for $2 bln

Aug 8 (Reuters) - Australian wealth manager AMP Ltd said on Thursday it would sell its life insurance business at revised terms to British insurer Resolution Life for A$3 billion ($2.03 billion).

The offer comprises a A$2.5 billion cash component, with a A$500 million, or 20%, equity interest in Resolution Life Australia, to be created by merging AMP Life.

$1 = 1.4789 Australian dollars Reporting By Rushil Dutta in Bengaluru; Editing by Shinjini Ganguli

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