Former AMP Life policyholders moving to Asteron

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Resolution Life, which acquired AMP Life a number of years ago is proposing moving the AMP policyholders to Asteron Life.

Wednesday, July 22nd 2026, 6:51AM 1 Comment

The proposal comes after Resolution acquired Asteron Life at the start of last year, then later on Nippon Life acquired Resolution Life.

At the time of the Asteron deal Resolution Life Australasia chief executive, Tim Tez said, “While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market.”

In a recent email to policyholders the company proposes is to seperate the AMP Life Australian and New Zealand policyholders into seperate groups. This requires the establishment of a new Statutory Fund so the transfer can proceed. Once completed Asteron Life would manage the former AMP policies.

When Resolution bought AMP it planned to put the book into run down. It is unclear whether there are any changes here.

Resolution says the changes are: "To simplify our structure and better align our New Zealand business."

"We’re proposing a two-stage process to move all New Zealand policyholders from Resolution Life Australasia to Asteron Life."

Under the proposal New Zealand policyholders will move out of Statutory Fund No 1 into a new Statutory Fund No 5. 

Reports from the Appointed Actuary plus one from an independent actuary, KPMG, say the proposal is fair and the assets being transferred are sufficient to cover the liabilities. They also note there will be no changes to benefits. A report says:

• the restructure will not involve any change to contractual benefits and rights
• policyholders' overall reasonable benefit expectations will continue to be met and will not be adversely affected
• Statutory Fund No 5 will be established in a sound financial position, and
• the security of policyholders benefits will remain adequate.

After Nippon Life Insurance Company acquired Resolution Life Group globally it created the Acenda Group for its New Zealand and Australia. Asteron Life is part of the Acenda Group.

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