AMP is one step closer to what its CEO Francesco De Ferrari calls a “leaner and simpler operating model”, following its announcement yesterday that it has received all regulatory approvals for the sale of AMP Life to Resolution Life.

AMP expects to complete the deal by the end of the month. Resolution Life is a global company that has acquired or reinsured 28 life companies since 2003.

The Reserve Bank of New Zealand has put special arrangements in place for the security of NZ policyholders.

A trust has been established that will provide additional protection in the event of insolvency by holding capital in New Zealand.

“Because AMP Life is a branch of an Australian business and intended to be in run-off and not write new business, special arrangements were needed for the security of New Zealand policyholders,” the RBNZ said in a statement.

The remaining asset sale on the AMP board’s to-do list is the New Zealand wealth business.

The company is also “re-platforming” AMP Bank and integrating it into the Australian wealth business – a project it expects to complete this year.